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REGISTERED NUMBER: 12584748 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

ONEWEALTH LTD

ONEWEALTH LTD (REGISTERED NUMBER: 12584748)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ONEWEALTH LTD

COMPANY INFORMATION
for the Year Ended 31 MAY 2024







DIRECTORS: Mr S D Boughton
Mr D Pert





REGISTERED OFFICE: 260-270 Butterfield
Great Marling
Luton
Bedfordshire
LU2 8DL





BUSINESS ADDRESS: Fourth Floor
40 Bank Street
Canary Wharf
London
E14 5NR





REGISTERED NUMBER: 12584748 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

ONEWEALTH LTD (REGISTERED NUMBER: 12584748)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 3,400,000 1,272,090
Tangible assets 5 12,102 3,195
3,412,102 1,275,285

CURRENT ASSETS
Debtors 6 425,978 81,559
Cash at bank 41,467 271,746
467,445 353,305
CREDITORS
Amounts falling due within one year 7 491,952 530,287
NET CURRENT LIABILITIES (24,507 ) (176,982 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,387,595

1,098,303

CREDITORS
Amounts falling due after more than one
year

8

(1,653,083

)

(1,106,676

)

PROVISIONS FOR LIABILITIES (2,299 ) (561 )
NET ASSETS/(LIABILITIES) 1,732,213 (8,934 )

CAPITAL AND RESERVES
Called up share capital 12 100 100
Other reserves 2,127,910 -
Retained earnings (395,797 ) (9,034 )
SHAREHOLDERS' FUNDS 1,732,213 (8,934 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

ONEWEALTH LTD (REGISTERED NUMBER: 12584748)

BALANCE SHEET - continued
31 MAY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:




Mr S D Boughton - Director



Mr D Pert - Director


ONEWEALTH LTD (REGISTERED NUMBER: 12584748)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 MAY 2024

1. STATUTORY INFORMATION

Onewealth Ltd 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Computer Equipment - 33% on reducing balance
Plant and Machinery - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

ONEWEALTH LTD (REGISTERED NUMBER: 12584748)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Intangibles
and
intellectual
property
£   
COST OR VALUATION
At 1 June 2023 1,272,090
Revaluations 2,127,910
At 31 May 2024 3,400,000
NET BOOK VALUE
At 31 May 2024 3,400,000
At 31 May 2023 1,272,090

Cost or valuation at 31 May 2024 is represented by:

Intangibles
and
intellectual
property
£   
Valuation in 2024 3,400,000

If intangible fixed assets had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,272,090 1,272,090

Intangible fixed assets were valued on an open market basis on 31 May 2024 by the directors .

ONEWEALTH LTD (REGISTERED NUMBER: 12584748)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 June 2023 - 5,861 5,861
Additions 8,313 5,078 13,391
At 31 May 2024 8,313 10,939 19,252
DEPRECIATION
At 1 June 2023 - 2,666 2,666
Charge for year 2,078 2,406 4,484
At 31 May 2024 2,078 5,072 7,150
NET BOOK VALUE
At 31 May 2024 6,235 5,867 12,102
At 31 May 2023 - 3,195 3,195

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 128,605 49,817
Other debtors 73,084 -
Directors' loan accounts 166,195 -
Tax 55,105 28,954
Called up share capital not paid 100 100
Prepayments 2,889 2,688
425,978 81,559

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 176,408 212,600
Trade creditors 37,670 36,129
Corporation tax 104 (98 )
Taxation and social security 14,452 10,449
Directors' loan accounts - 8,000
Accruals and deferred income 263,318 263,207
491,952 530,287

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 1,653,083 1,106,676

ONEWEALTH LTD (REGISTERED NUMBER: 12584748)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MAY 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 947,451 468,875

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 176,408 212,600

Amounts falling due between two and five years:
Bank loans - 2-5 years 705,632 637,801

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 947,451 468,875

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 58,746 -
Between one and five years 88,120 -
146,866 -

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,829,491 1,319,276

The bank loan with Metro Bank PLC is secured by a fixed and floating charge which covers all the property or undertaking of the company.

ONEWEALTH LTD (REGISTERED NUMBER: 12584748)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MAY 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
40 Ordinary A £1 40 40
40 Ordinary B £1 40 40
10 Ordinary C £1 10 10
10 Ordinary D £1 10 10
100 100

All classes of shares have equal voting rights and the right to dividends.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
Mr S D Boughton
Balance outstanding at start of year (4,000 ) (3,000 )
Amounts advanced 121,829 100,000
Amounts repaid (34,731 ) (101,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 83,098 (4,000 )

Mr D Pert
Balance outstanding at start of year (4,000 ) (3,000 )
Amounts advanced 121,829 100,000
Amounts repaid (34,731 ) (101,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 83,098 (4,000 )

Interest has been charged at the approved rate.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S D Boughton and Mr D Pert.