3 false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2021 22,766 5,770 28,536 22,766 5,770 239,084 10,000 33,408 262,492 262,492 239,084 xbrli:pure xbrli:shares iso4217:GBP 04981925 2023-04-01 2024-03-31 04981925 2024-03-31 04981925 2023-03-31 04981925 2022-04-01 2023-03-31 04981925 2023-03-31 04981925 2022-03-31 04981925 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 04981925 bus:Director1 2023-04-01 2024-03-31 04981925 core:WithinOneYear 2024-03-31 04981925 core:WithinOneYear 2023-03-31 04981925 core:ShareCapital 2024-03-31 04981925 core:ShareCapital 2023-03-31 04981925 core:RetainedEarningsAccumulatedLosses 2024-03-31 04981925 core:RetainedEarningsAccumulatedLosses 2023-03-31 04981925 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 04981925 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-03-31 04981925 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 04981925 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 04981925 core:Non-currentFinancialInstruments 2024-03-31 04981925 core:Non-currentFinancialInstruments 2023-03-31 04981925 bus:SmallEntities 2023-04-01 2024-03-31 04981925 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04981925 bus:FullAccounts 2023-04-01 2024-03-31 04981925 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04981925 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04981925 core:ComputerEquipment 2023-04-01 2024-03-31 04981925 core:ComputerEquipment 2023-03-31 04981925 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 04981925
Wealth Management & Growth Limited
Filleted Unaudited Financial Statements
31 March 2024
Wealth Management & Growth Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Wealth Management & Growth Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Wealth Management & Growth Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wealth Management & Growth Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Wealth Management & Growth Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Wealth Management & Growth Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wealth Management & Growth Limited and its director for our work or for this report.
It is your duty to ensure that Wealth Management & Growth Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wealth Management & Growth Limited. You consider that Wealth Management & Growth Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Wealth Management & Growth Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
14 October 2024
Wealth Management & Growth Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
5,770
Investments
6
262,492
239,084
---------
---------
268,262
239,084
Current assets
Debtors
7
488,580
447,394
Cash at bank and in hand
49,637
107,143
---------
---------
538,217
554,537
Creditors: amounts falling due within one year
8
7,629
13,484
---------
---------
Net current assets
530,588
541,053
---------
---------
Total assets less current liabilities
798,850
780,137
Provisions
Taxation including deferred tax
1,443
---------
---------
Net assets
797,407
780,137
---------
---------
Wealth Management & Growth Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
797,307
780,037
---------
---------
Shareholders funds
797,407
780,137
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
Mr P R Wells
Director
Company registration number: 04981925
Wealth Management & Growth Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is F1 Works 57, Chippinghouse Road, Sheffield, South Yorkshire, S8 0ZF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents revenue generated during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer & telecoms equipment
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023
22,766
22,766
Additions
5,770
5,770
--------
--------
At 31 March 2024
28,536
28,536
--------
--------
Depreciation
At 1 April 2023 and 31 March 2024
22,766
22,766
--------
--------
Carrying amount
At 31 March 2024
5,770
5,770
--------
--------
At 31 March 2023
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023
239,084
Disposals
( 10,000)
Revaluations
33,408
---------
At 31 March 2024
262,492
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
262,492
---------
At 31 March 2023
239,084
---------
The investments are valued at the period end date and on an open market value basis as determined by the market price, which is easily available as a listed investment. The total amount invested by the company in this regard is a cumulative £210,000.
7. Debtors
2024
2023
£
£
Other debtors
488,580
447,394
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
1,220
536
Other creditors
6,409
12,948
-------
--------
7,629
13,484
-------
--------
9. Director's advances, credits and guarantees
A loan account exists as between the company and the director. At the latest accounting reference date, the amount owing by the director to the company, in this regard, was a total of £31,434 (2023: £7,897 owing by the company to the director). There are no formal repayment terms relating to this loan and interest is not being charged, albeit the loan is to be repaid in full, to the company, by the end of September 2024.
10. Related party transactions
A loan account exists as between the company and Properties R Wells Limited, a company related by way of common ownership. At 31 March 2024, Properties R Wells Limited is indebted to Wealth Management and Growth Limited, in this regard, in the sum of £430,000 (2023: £420,000). The balance is included within 'other debtors' at note 8 above. There are no formal terms for repayment of this loan and interest is not being charged.