Company registration number 08948879 (England and Wales)
ST MARY'S PRIVATE WEALTH LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
ST MARY'S PRIVATE WEALTH LIMITED
COMPANY INFORMATION
Director
P Liu
Secretary
P Liu
Company number
08948879
Registered office
Wework
30 Churchill Place
London
E14 5RE
Auditors
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
Wework
30 Churchill Place
London
E14 5RE
ST MARY'S PRIVATE WEALTH LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 18
ST MARY'S PRIVATE WEALTH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Fair review of the business

The principal activities of the company are that of investment advisory services, discretionary portfolio management, mortgage advisory services, and insurance advisory services.

 

We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

 

As an investment advisory and management business, the company continues to provide services to high-net worth individuals who predominantly come from China under the Tier 1 Investor Visa route. However, due to the closure of the UK Tier 1 (Investor) Visa to new applicants during 2022, the company's core Tier 1 investment management business has been significantly impacted. As a result, in April 2024, the company submitted a Voluntary Requirement (VREQ) application to the FCA to gradually wind down its FCA-regulated operations. All actions have been carried out in full accordance with the requirements of the VREQ, ensuring compliance with FCA instructions, including dealing with all existing clients during the wind-down process. The company has also submitted an application to the FCA to remove St Mary’s Private Wealth Limited’s regulatory permissions, with client assets transferred to suitable investment platforms or advisors.

 

We consider that our key financial performance indicator is turnover, which communicates the financial performance and strength of the company as a whole. Turnover for the year is £306,932 (£422,125 for the twelve months ended 31 December 2022).

 

As the company transitions away from regulated investment activities following the VREQ, it is exploring opportunities in non-regulated financial services. Future business strategies will be aligned with this new direction, ensuring compliance and sustainable operations in a less regulated environment.

 

With these risks and uncertainties in mind, we are aware that any future development plans of the business may be subject to unforeseen future events outside of our control.

 

A copy of the Pillar 3 Disclosure document is available at WeWork, 30 Churchill Place, London, E14 5RE.

On behalf of the board

2 March 2025
P Liu
Director
ST MARY'S PRIVATE WEALTH LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The director presents his report and financial statements for the year ended 31 December 2023.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

P Liu
Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
P Liu
Director
2 March 2025
ST MARY'S PRIVATE WEALTH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ST MARY'S PRIVATE WEALTH LIMITED
- 3 -
Opinion

We have audited the financial statements of St Mary's Private Wealth Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's 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 UK, including the FRC’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.

Material uncertainty 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.

 

We draw attention to note 1.2 of the financial statements, which indicates that the company's ability to continue trading is reliant on the financial support provided by the director. These conditions indicate that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

ST MARY'S PRIVATE WEALTH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ST MARY'S PRIVATE WEALTH LIMITED
- 4 -
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 Director's 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:

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

Extent to which the audit was considered capable of detecting irregularities

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the company.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

 

ST MARY'S PRIVATE WEALTH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ST MARY'S PRIVATE WEALTH LIMITED
- 5 -
Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our 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 auditor's 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.

John Griffin FCCA
Senior Statutory Auditor
For and on behalf of Newby Castleman LLP
3 March 2025
Chartered Accountants
Statutory Auditor
West Walk Building
110 Regent Road
Leicester
LE1 7LT
ST MARY'S PRIVATE WEALTH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
as restated
Notes
£
£
Turnover
3
306,931
422,126
Administrative expenses
(1,289,800)
(726,343)
Operating loss
4
(982,869)
(304,217)
Interest receivable and similar income
6
-
0
484
Loss before taxation
(982,869)
(303,733)
Taxation
7
-
0
2,948
Loss for the financial year
(982,869)
(300,785)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ST MARY'S PRIVATE WEALTH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
8
16,007
33,409
Current assets
Debtors
9
28,959
315,893
Cash at bank and in hand
920,015
863,467
948,974
1,179,360
Creditors: amounts falling due within one year
10
(1,423,176)
(1,038,095)
Net current (liabilities)/assets
(474,202)
141,265
Net (liabilities)/assets
(458,195)
174,674
Capital and reserves
Called up share capital
12
850,000
500,000
Profit and loss reserves
13
(1,308,195)
(325,326)
Total equity
(458,195)
174,674
The financial statements were approved and signed by the director and authorised for issue on 2 March 2025
P Liu
Director
Company registration number 08948879 (England and Wales)
ST MARY'S PRIVATE WEALTH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
170,000
(24,541)
145,459
Year ended 31 December 2022:
Loss and total comprehensive income
-
(300,785)
(300,785)
Issue of share capital
12
330,000
-
330,000
Balance at 31 December 2022
500,000
(325,326)
174,674
Year ended 31 December 2023:
Loss and total comprehensive income
-
(982,869)
(982,869)
Issue of share capital
12
350,000
-
350,000
Balance at 31 December 2023
850,000
(1,308,195)
(458,195)
ST MARY'S PRIVATE WEALTH LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
19
(1,155,327)
418,538
Income taxes paid
-
0
(9,043)
Net cash (outflow)/inflow from operating activities
(1,155,327)
409,495
Investing activities
Purchase of tangible fixed assets
(4,595)
(30,915)
Proceeds from disposal of tangible fixed assets
4,310
-
0
Interest received
-
0
484
Net cash used in investing activities
(285)
(30,431)
Financing activities
Proceeds from issue of shares
350,000
330,000
Loans to the company
862,160
-
0
Net cash generated from financing activities
1,212,160
330,000
Net increase in cash and cash equivalents
56,548
709,064
Cash and cash equivalents at beginning of year
863,467
154,403
Cash and cash equivalents at end of year
920,015
863,467
ST MARY'S PRIVATE WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

St Mary's Private Wealth Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wework, 30 Churchill Place, London, E14 5RE.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Going concern

Due to the closure of the UK Tier 1 (Investor) Visa to new applicants during 2022, the company's core Tier 1 investment management business was significantly impacted. As a result, in April 2024, the company submitted a Voluntary Requirement (VREQ) application to the FCA to gradually wind down its FCA-regulated operations. The company has also submitted an application to the FCA to remove St Mary’s Private Wealth Limited’s regulatory permissions, with client assets transferred to suitable investment platforms or advisors. true

 

The company has suffered significant losses over the past three years as a result of the changes explained above. During this time the company has met its day to day working capital requirements through the ongoing support from its director, who has confirmed his intention to continue to provide sufficient financial support to the company for the foreseeable future.

 

On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the financial support provided by the director.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and comprises investment management fees and mortgage and insurance advisory fees derived from the company's principal activities. Turnover arises wholly within the United Kingdom and is recognised when the advisory services have been provided. Commissions receivable from mortgage and insurance providers are recognised on the effective date of the product to which they relate.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
3 years straight line
1.5
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

ST MARY'S PRIVATE WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

 

Loans are initially measured at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.7
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease.

ST MARY'S PRIVATE WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are not considered to be any estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover
Investment management and advisory services
306,932
422,125
Other revenue
Interest income
-
484

All turnover originates in the United Kingdom from the company's principal activity.

4
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,750
6,285
Depreciation of owned tangible fixed assets
15,867
9,663
Loss on disposal of tangible fixed assets
1,820
-
Operating lease charges
457,482
150,343
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Management
2
2
Other
3
5
Total
5
7
ST MARY'S PRIVATE WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 13 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
362,190
247,116
Social security costs
34,913
22,974
Pension costs
8,355
5,764
405,458
275,854
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
484
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
0
484
7
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
-
0
(2,948)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(982,869)
(303,733)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(231,176)
(57,709)
Tax effect of expenses that are not deductible in determining taxable profit
8,369
7,056
Change in unrecognised deferred tax assets
236,742
66,019
Other adjustments
75
(1,762)
Change in deferred tax rate
(14,010)
(16,552)
Taxation charge/(credit) for the year
-
(2,948)
ST MARY'S PRIVATE WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
8
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2023
53,122
Additions
4,595
Disposals
(30,311)
At 31 December 2023
27,406
Depreciation and impairment
At 1 January 2023
19,713
Depreciation charged in the year
15,867
Eliminated in respect of disposals
(24,181)
At 31 December 2023
11,399
Carrying amount
At 31 December 2023
16,007
At 31 December 2022
33,409
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,965
10,517
Other debtors
20,606
181,464
Prepayments and accrued income
2,388
73,912
28,959
265,893
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
0
50,000
Total debtors
28,959
315,893
ST MARY'S PRIVATE WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
10
Creditors: amounts falling due within one year
2023
2022
£
£
Director's current account
261,062
957,638
Trade creditors
-
0
136
Other taxation and social security
10,745
11,194
Other creditors
1,119,186
19,991
Accruals and deferred income
32,183
49,136
1,423,176
1,038,095
11
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,355
5,764

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

12
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
850,000
500,000
850,000
500,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

 

On 3 February 2023, 350,000 Ordinary shares of £1 each were issued at par.

13
Profit and loss reserves

The profit and loss reserves comprise retained profits and losses for the current and prior periods.

 

14
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
102,301
202,618
ST MARY'S PRIVATE WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
15
Events after the reporting date

Amounts showing within other creditors at the year end, totalling £460,129, were converted from debt to equity in April 2024.

 

A further issue of share capital was made on 10 May 2024, totalling £751,190.

16
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
67,986
59,166
Transactions with related parties

During the year the company entered into an agreement with Oxbridge Education Limited (OEL), a company whose director is a close family connection of the director and shareholder of St Mary's Private Wealth Limited. St Mary's Private Wealth Limited acted as agent of OEL to receive monies on behalf of OEL from one of their customers. The amount held by St Mary's Private Wealth Limited on behalf of OEL as at 31 December 2023 was £254,761 (2022: £Nil).

17
Directors' transactions

During the year the director made interest free loans to the company. The amount owed to the director at 31 December 2023 was £261,062 (2022: £957,638).

18
Ultimate controlling party

The ultimate controlling party is P Liu who owns 82% of the issued share capital as at 31 December 2023.

19
Cash (absorbed by)/generated from operations
2023
2022
£
£
Loss for the year after tax
(982,869)
(300,785)
Adjustments for:
Taxation charged/(credited)
-
0
(2,948)
Investment income
-
0
(484)
Loss on disposal of tangible fixed assets
1,820
-
Depreciation and impairment of tangible fixed assets
15,867
9,663
Movements in working capital:
Decrease/(increase) in debtors
286,934
(297,013)
(Decrease)/increase in creditors
(477,079)
1,010,105
Cash (absorbed by)/generated from operations
(1,155,327)
418,538
ST MARY'S PRIVATE WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
20
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
863,467
56,548
920,015
Borrowings excluding overdrafts
-
(862,160)
(862,160)
863,467
(805,612)
57,855
21
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Creditors due within one year
Other creditors
(992,124)
(34,777)
(1,026,901)
Capital and reserves
Profit and loss reserves
(290,549)
(34,777)
(325,326)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Administrative expenses
(691,566)
(34,777)
(726,343)
Loss for the financial period
(266,008)
(34,777)
(300,785)
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Profit and loss reserves
-
(34,777)
Equity as previously reported
145,459
209,451
Equity as adjusted
145,459
174,674
Analysis of the effect upon equity
Profit and loss reserves
-
(34,777)
ST MARY'S PRIVATE WEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Prior period adjustment
(Continued)
- 18 -
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Profit and loss reserves
(34,777)
Loss as previously reported
(266,008)
Loss as adjusted
(300,785)
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