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REGISTERED NUMBER: 08565865 (England and Wales)


















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: N Heeley





REGISTERED OFFICE: Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA





REGISTERED NUMBER: 08565865 (England and Wales)





ACCOUNTANTS: TGFP
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 2,003 2,464

CURRENT ASSETS
Debtors 5 712,266 748,809
Investments 6 211,137 50,001
Cash at bank 59,426 238,533
982,829 1,037,343
CREDITORS
Amounts falling due within one year 7 104,372 74,804
NET CURRENT ASSETS 878,457 962,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

880,460

965,003

PENSION LIABILITY 8 (670,000 ) (670,000 )
NET ASSETS 210,460 295,003

CAPITAL AND RESERVES
Called up and paid share capital 100 100
Retained earnings 210,360 294,903
SHAREHOLDERS' FUNDS 210,460 295,003

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 June 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 February 2025 and were signed by:





N Heeley - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

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 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 30 June 2023 8,183 15,764 23,947
Additions - 820 820
At 29 June 2024 8,183 16,584 24,767
DEPRECIATION
At 30 June 2023 6,241 15,242 21,483
Charge for year 486 795 1,281
At 29 June 2024 6,727 16,037 22,764
NET BOOK VALUE
At 29 June 2024 1,456 547 2,003
At 29 June 2023 1,942 522 2,464

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 14,569 29,112
Other debtors 622,366 622,366
Tax 75,331 75,331
Prepayments and accrued income - 22,000
712,266 748,809

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 151 601
Tax 15,288 797
Social security and other taxes 1,444 1,068
VAT 4,471 19,760
Directors' current accounts 1,493 928
Accruals and deferred income 81,525 51,650
104,372 74,804

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%


20242023
£   £   
Present value of defined benefit obligations670,000670,000
Fair value of scheme assets--
Liability recognised in the balance sheet670,000670,000

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 year670,000