Registered number
11058541
Opulence Wealth Management UK Ltd
Unaudited Filleted Accounts
31 March 2024
Opulence Wealth Management UK Ltd
Registered number: 11058541
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 53,090 56,212
Tangible assets 4 24,752 33,001
77,842 89,213
Current assets
Debtors 5 3,700 3,500
Cash at bank and in hand 7,195 19,106
10,895 22,606
Creditors: amounts falling due within one year 6 (60,679) (12,851)
Net current (liabilities)/assets (49,784) 9,755
Total assets less current liabilities 28,058 98,968
Creditors: amounts falling due after more than one year 7 (8,037) (57,065)
Net assets 20,021 41,903
Capital and reserves
Called up share capital 1 1
Profit and loss account 20,020 41,902
Shareholders' funds 20,021 41,903
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Shabeer Ahmed
Director
Approved by the board on 10 October 2024
Opulence Wealth Management UK Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 93,684
Additions 23,422
At 31 March 2024 117,106
Amortisation
At 1 April 2023 37,472
Provided during the year 26,544
At 31 March 2024 64,016
Net book value
At 31 March 2024 53,090
At 31 March 2023 56,212
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 5,326 40,270 45,596
At 31 March 2024 5,326 40,270 45,596
Depreciation
At 1 April 2023 4,541 8,054 12,595
Charge for the year 195 8,054 8,249
At 31 March 2024 4,736 16,108 20,844
Net book value
At 31 March 2024 590 24,162 24,752
At 31 March 2023 785 32,216 33,001
5 Debtors 2024 2023
£ £
Trade debtors 3,700 3,500
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 11,942 12,101
Other creditors 48,737 750
60,679 12,851
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 8,037 57,065
8 Other information
Opulence Wealth Management UK Ltd is a private company limited by shares and incorporated in England. Its registered office is:
24 Fitzroy Court
6 Whitehorse Road
Croydon
Surrey
CR0 2AX
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