REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2024 |
FOR |
RESIDUAL WEALTH MANAGEMENT LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2024 |
FOR |
RESIDUAL WEALTH MANAGEMENT LIMITED |
RESIDUAL WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08565865) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RESIDUAL WEALTH MANAGEMENT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 JUNE 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Fulford House |
Newbold Terrace |
Leamington Spa |
Warwickshire |
CV32 4EA |
RESIDUAL WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08565865) |
BALANCE SHEET |
29 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PENSION LIABILITY | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up and paid share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
RESIDUAL WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08565865) |
BALANCE SHEET - continued |
29 JUNE 2024 |
The financial statements were approved by the director and authorised for issue on |
RESIDUAL WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08565865) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2024 |
1. | STATUTORY INFORMATION |
Residual Wealth Management Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
RESIDUAL WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08565865) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries. |
Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. |
Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 30 June 2023 |
Additions |
At 29 June 2024 |
DEPRECIATION |
At 30 June 2023 |
Charge for year |
At 29 June 2024 |
NET BOOK VALUE |
At 29 June 2024 |
At 29 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Prepayments and accrued income |
RESIDUAL WEALTH MANAGEMENT LIMITED (REGISTERED NUMBER: 08565865) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JUNE 2024 |
6. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Unlisted investments | 211,137 | 50,001 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 4,471 | 19,760 |
Directors' current accounts | 1,493 | 928 |
Accruals and deferred income |
8. | EMPLOYEE BENEFIT OBLIGATIONS |
The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £670,000 (2023 - £670,000) was on 29 June 2024. During the year the expense incurred was nil (2023 - £20,000). |
The principal assumptions used are: |
- Discount rate - 3.8% |
- Inflation RPI - 3.3% |
- Inflation CPI - 2.7% |
- Pre and Post Retirement mortality - S3PMA tables with improvements in the CMI 2020 model and a long term rate of improvement of 1% |
2024 | 2023 |
£ | £ |
Present value of defined benefit obligations | 670,000 | 670,000 |
Fair value of scheme assets | - | - |
Liability recognised in the balance sheet | 670,000 | 670,000 |
Movements in the present value of the defined benefit obligations were as follows: |
2024 |
£ |
At the beginning of the year | 670,000 |
Current service cost | - |
Interest cost | - |
Actuarial gains | - |
At end of year | 670,000 |