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Registered number: 11073543






FALCO PRIVATE WEALTH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










img7266.png

 
FALCO PRIVATE WEALTH LIMITED
 
 
COMPANY INFORMATION


Directors
P J Greenslade 
J D Lamb 
W G O'Neill 
L Thistlethwaite 




Registered number
11073543



Registered office
Millhouse
32-38 East Street

Rochford

Essex

SS4 1DB




Independent auditors
Venthams
Chartered Accountants & Statutory Auditor

Summit House

12 Red Lion Square

London

WC1R 4QH





 
FALCO PRIVATE WEALTH LIMITED
 

CONTENTS



Page
Strategic report
 
 
1
Directors' report
 
 
2 - 3
Independent auditors' report
 
 
4 - 7
Statement of income and retained earnings
 
 
8
Balance sheet
 
 
9
Statement of cash flows
 
 
10
Analysis of net debt
 
 
11
Notes to the financial statements
 
 
12 - 18


 
FALCO PRIVATE WEALTH LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The directors present their report and financial statements of Falco Private Wealth Limited for the year ended 31 July 2024.

Business review
 
Falco Private Wealth Limited (FPW) is part of the Falco Group which provides a wide range of investment services to its clients. FPW’s primary activity over the year was the provision of family office & wealth management services which encompasses investment management, financial governance and reporting, and general financial planning.  

Principal risks and uncertainties
 
The primary risk to the future performance of the business is not being able to deliver on its business plan over the next few years which is very much focussed on increasing its funds under management and family office fee income through new and existing clients. The business has spent considerable time on developing its core client offering over the financial year and it’s anticipated that this will enable the company to deliver on its business plan and deliver increased revenues and profits.
The new consumer duty regulations and some additional compliance requirements have placed some further costs on the business. Part of the mitigation of this increased cost aspect is to reduce overall operational costs through the further use of technology which the company is currently implementing which will also provide an improved and streamlined client service.

Financial key performance indicators
 
The company has performed in line with expectations for the year. Revenue is deemed to be a key indicator of performance.
The revenue streams of the business come from three principal sources:
• Retainer fee income.
• Investment management fees which are levied on a % of assets under management.
• Initial fees charged for implementation work.
In the year the company has achieved revenue of £400,819 compared to £165,388 in 2023. The directors view this performance as consistent and in line with expectations based on the focus in the year to be develop its offering to increase future revenues.

Other key performance indicators
 
A key non-financial metric is customer numbers and retention. The directors believe that the company now has the foundations and business structure to grow its customer base and in turn its financial position.


This report was approved by the board and signed on its behalf.



J D Lamb
Director

Date: 29 January 2025

Page 1

 
FALCO PRIVATE WEALTH LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £274,999 (2023 -£26,979).



Directors

The directors who served during the year were:

P J Greenslade 
J D Lamb 
W G O'Neill 
L Thistlethwaite 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
FALCO PRIVATE WEALTH LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Auditors

The auditorsVenthamswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J D Lamb
Director

Date: 29 January 2025

Page 3

 
FALCO PRIVATE WEALTH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FALCO PRIVATE WEALTH LIMITED
 

Opinion


We have audited the financial statements of Falco Private Wealth Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 July 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
FALCO PRIVATE WEALTH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FALCO PRIVATE WEALTH LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
FALCO PRIVATE WEALTH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FALCO PRIVATE WEALTH LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial
reporting standards, Company Law, Tax legislation, and distributable profits legislation.
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the
business and therefore may have a material effect on the financial statements include the Financial Conduct Authority regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Other matters 
 

The financial statements of Falco Private Wealth Limited for the year ended 31 July 2022 were not subject to an audit due to it not being required and therefore the comparative financial statements are unaudited.


Page 6

 
FALCO PRIVATE WEALTH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FALCO PRIVATE WEALTH LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Taylor (Senior statutory auditor)
  
for and on behalf of
Venthams
 
Chartered Accountants
Statutory Auditor
  
Summit House
12 Red Lion Square
London
WC1R 4QH

30 January 2025
Page 7

 
FALCO PRIVATE WEALTH LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

  

Turnover
 3 
400,819
165,388

Cost of sales
  
(82,422)
(92,540)

Gross profit
  
318,397
72,848

Administrative expenses
  
(43,826)
(38,859)

Operating profit
  
274,571
33,989

Interest receivable and similar income
  
428
230

Profit before tax
  
274,999
34,219

Tax on profit
 6 
-
(7,240)

Profit after tax
  
274,999
26,979

  

  

Retained earnings at the beginning of the year
  
61,414
34,435

  
61,414
34,435

Profit for the year
  
274,999
26,979

Retained earnings at the end of the year
  
336,413
61,414
Page 8

 
FALCO PRIVATE WEALTH LIMITED
REGISTERED NUMBER:11073543

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 8 
20,859
23,320

Cash at bank and in hand
 9 
367,178
105,393

  
388,037
128,713

Creditors: amounts falling due within one year
 10 
(11,623)
(27,298)

Net current assets
  
 
 
376,414
 
 
101,415

Total assets less current liabilities
  
376,414
101,415

  

Net assets
  
376,414
101,415


Capital and reserves
  

Called up share capital 
 11 
40,001
40,001

Profit and loss account
 12 
336,413
61,414

  
376,414
101,415


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J D Lamb
Director

Date: 29 January 2025

Page 9

 
FALCO PRIVATE WEALTH LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
274,999
26,979

Adjustments for:

Depreciation of tangible assets
-
388

Taxation charge
-
7,240

Decrease in debtors
2,461
6,908

(Decrease) in creditors
(8,435)
(39,598)

Corporation tax (paid)
(7,240)
(10,193)

Net cash generated from operating activities

261,785
(8,276)



Cash flows from financing activities

Issue of ordinary shares
-
40,000

Net cash used in financing activities
-
40,000

Net increase in cash and cash equivalents
261,785
31,724

Cash and cash equivalents at beginning of year
105,393
73,669

Cash and cash equivalents at the end of year
367,178
105,393


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
367,178
105,393

367,178
105,393


Page 10

 
FALCO PRIVATE WEALTH LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

105,393

261,785

367,178


105,393
261,785
367,178

Page 11

 
FALCO PRIVATE WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Falco Private Office Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex SS4 1DB.
The principal activity of the company continued to be that of investment management and financial planning.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


Page 12

 
FALCO PRIVATE WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13

 
FALCO PRIVATE WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Fees
288,746
53,006

Commissions receivable
112,073
112,382

400,819
165,388


All turnover arose within the United Kingdom.

Page 14

 
FALCO PRIVATE WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
2,400
2,400


5.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
4
4


6.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
7,240



Tax on profit
-
7,240
Page 15

 
FALCO PRIVATE WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
6.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023 -19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax

274,999
34,219


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19%)
68,750
6,502

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
254
664

Capital allowances for year in excess of depreciation
-
74

Group relief
(69,004)
-

Total tax charge for the year
-
7,240


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 16

 
FALCO PRIVATE WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Tangible fixed assets





Office equipment
Total

£
£



Cost or valuation


At 1 August 2023
7,608
7,608



At 31 July 2024

7,608
7,608



Depreciation


At 1 August 2023
7,608
7,608



At 31 July 2024

7,608
7,608



Net book value



At 31 July 2024
-
-



At 31 July 2023
-
-

Page 17

 
FALCO PRIVATE WEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Debtors

2024
2023
£
£


Trade debtors
12,191
8,811

Prepayments and accrued income
8,668
14,509

20,859
23,320



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
367,178
105,393

367,178
105,393



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
132
-

Taxation and social security
-
7,240

Other creditors
764
765

Accruals and deferred income
10,727
19,293

11,623
27,298



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



40,001 (2023 -40,001) Ordinary shares of £1.00 each
40,001
40,001

During the prior year 40,000 ordinary shares of £1.00 each were issued.



12.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

 
Page 18