Registered number |
Accountancy 4 Wealth Limited |
Accountants and Business Advisors |
33 Wolverhampton Road |
Cannock |
Staffordshire |
WS11 1AP |
Registered number: 05578449 | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Current assets | |||||||
Debtors | 3 | ||||||
Creditors: amounts falling due within one year | 4 | ( |
( |
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Net current liabilities | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
( |
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M Levey | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Taxation | ||||||||
2 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Other debtors | ||||||||
4 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Other taxes and social security costs | ||||||||
Other creditors | ||||||||
5 | Related party transactions | |||||||
6 | Controlling party | |||||||
7 | Contingent liabilities | |||||||
Since the Company's cessation of trade in 2014, the Company has been subject to a HMRC enquiry into the 2012/13 tax year where HMRC contend £77,672 PAYE and £35,040 NI totalling £112,712 is due. The Director had taken specialist professional advise at the time and was advised that no liability existed. Whilst it was initially agreed that the disputed tax would be stood over pending the outcome of the dispute, HMRC has subsequently issued a notice for advance payment of this disputed amount and the Company has joined a joint judicial review to challenge the validity of these notices. In the interim HMRC have issued late payment penalties totalling £16,907 which themselves have been challenged via the tax tribunal and deferred pending the outcome of the initial dispute. During the year, following a review by different HMRC officer within HMRC, it has been agreed that the decision to charge the NI of £35,240 was incorrect and it is no longer payable and a test case relating to the PAYE has been heard with no decision yet been given. Creditors include a provision of £93,579 in respect of PAYE and late payment penalties which HMRC still consider are payable with a further provision against interest that would be payable if they are correct. If the company is unsuccessful in its defence on this matter or is unsuccessful in its own unconnected ongoing litigation claim for breach of agreement and associated losses it will almost certainly be necessary to liquidate this company. |