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Registration number: SC793557

Wood Wealth Ltd

Unaudited Financial Statements

for the Period from 28 December 2023 to 31 December 2024

 

Wood Wealth Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Wood Wealth Ltd

(Registration number: SC793557)
Balance Sheet as at 31 December 2024

Note

2024
£

Fixed assets

 

Intangible assets

5

719,187

Tangible assets

6

628

 

719,815

Current assets

 

Debtors

7

13,259

Cash at bank and in hand

 

43,219

 

56,478

Creditors: Amounts falling due within one year

8

(271,643)

Net current liabilities

 

(215,165)

Total assets less current liabilities

 

504,650

Creditors: Amounts falling due after more than one year

8

(498,346)

Provisions for liabilities

(155)

Net assets

 

6,149

Capital and reserves

 

Called up share capital

1

Retained earnings

6,148

Shareholders' funds

 

6,149

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Wood Wealth Ltd

(Registration number: SC793557)
Balance Sheet as at 31 December 2024

Approved and authorised by the director on 21 March 2025
 

Gemma Claire Wood
Director

   
     
 

Wood Wealth Ltd

Notes to the Unaudited Financial Statements for the Period from 28 December 2023 to 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
8 Birley Court
St. Boswells
Melrose
TD6 0DT
United Kingdom

These financial statements were authorised for issue by the director on 21 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date, the company had net current liabilties of £215,165. The direcor has pledged to financially support the company for a period of at least 12 months and therefore feels it is appropriate to prepare the financial statements under the going concern basis.

 

Wood Wealth Ltd

Notes to the Unaudited Financial Statements for the Period from 28 December 2023 to 31 December 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Reducing Balance

 

Wood Wealth Ltd

Notes to the Unaudited Financial Statements for the Period from 28 December 2023 to 31 December 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Wood Wealth Ltd

Notes to the Unaudited Financial Statements for the Period from 28 December 2023 to 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2.

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

Depreciation expense

129

Amortisation expense

44,551

 

Wood Wealth Ltd

Notes to the Unaudited Financial Statements for the Period from 28 December 2023 to 31 December 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

763,738

763,738

At 31 December 2024

763,738

763,738

Amortisation

Amortisation charge

44,551

44,551

At 31 December 2024

44,551

44,551

Carrying amount

At 31 December 2024

719,187

719,187

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

757

757

At 31 December 2024

757

757

Depreciation

Charge for the period

129

129

At 31 December 2024

129

129

Carrying amount

At 31 December 2024

628

628

7

Debtors

2024
£

Trade debtors

12,588

Prepayments

71

Other debtors

600

13,259

 

Wood Wealth Ltd

Notes to the Unaudited Financial Statements for the Period from 28 December 2023 to 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

33,220

Taxation and social security

 

25,545

Accruals and deferred income

 

1,500

Other creditors

 

211,378

 

271,643


Creditors include loans which are secured of £33,220.

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

498,346


Creditors include loans which are secured of £498,346.

9

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary Shares of £1 each

1

1

     

New shares allotted

During the period 1 Ordinary Share having an aggregate nominal value of £1 was allotted for an aggregate consideration of £1 . The share was allotted on incorporation of the company.

 

Wood Wealth Ltd

Notes to the Unaudited Financial Statements for the Period from 28 December 2023 to 31 December 2024

10

Dividends

2024

£

Interim dividend of £31,487.00 per ordinary share

31,487

 

11

Related party transactions

At the balance sheet date, the company owed the director, Gemma Wood, £211,185. The loan is interest free and there are no terms for repayment.