18 18 Fiducia Wealth Management Limited 03029164 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is independent financial advisors Digita Accounts Production Advanced 6.30.9574.0 true 03029164 2024-01-01 2024-12-31 03029164 2024-12-31 03029164 bus:Director3 1 2024-12-31 03029164 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-12-31 03029164 core:CurrentFinancialInstruments 2024-12-31 03029164 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 03029164 core:ComputerEquipment 2024-12-31 03029164 core:FurnitureFittings 2024-12-31 03029164 core:LandBuildings 2024-12-31 03029164 bus:SmallEntities 2024-01-01 2024-12-31 03029164 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 03029164 bus:FilletedAccounts 2024-01-01 2024-12-31 03029164 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 03029164 bus:RegisteredOffice 2024-01-01 2024-12-31 03029164 bus:Director1 2024-01-01 2024-12-31 03029164 bus:Director2 2024-01-01 2024-12-31 03029164 bus:Director3 2024-01-01 2024-12-31 03029164 bus:Director3 1 2024-01-01 2024-12-31 03029164 bus:Director4 2024-01-01 2024-12-31 03029164 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-01-01 2024-12-31 03029164 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03029164 bus:Agent1 2024-01-01 2024-12-31 03029164 core:ComputerEquipment 2024-01-01 2024-12-31 03029164 core:FurnitureFittings 2024-01-01 2024-12-31 03029164 core:LandBuildings 2024-01-01 2024-12-31 03029164 core:LeaseholdImprovements 2024-01-01 2024-12-31 03029164 core:OfficeEquipment 2024-01-01 2024-12-31 03029164 core:ParentEntities 2024-01-01 2024-12-31 03029164 countries:AllCountries 2024-01-01 2024-12-31 03029164 2023-12-31 03029164 bus:Director3 1 2023-12-31 03029164 core:ComputerEquipment 2023-12-31 03029164 core:LandBuildings 2023-12-31 03029164 2023-01-01 2023-12-31 03029164 2023-12-31 03029164 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-12-31 03029164 core:CurrentFinancialInstruments 2023-12-31 03029164 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03029164 core:ComputerEquipment 2023-12-31 03029164 core:FurnitureFittings 2023-12-31 03029164 core:LandBuildings 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares

Registrar

Registration number: 03029164

Fiducia Wealth Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Fiducia Wealth Management Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Fiducia Wealth Management Limited

Company Information

Directors

S E Laws

J Millican

G Kearney

B C Gant

Registered office

Dedham Hall Business Centre
Brook Street
Dedham
Essex
CO7 6AD

Bankers

Handelsbanken
Greenwood House
91 - 99 New London Road
Chelmsford
Essex
CM2 0PP

Accountants

Lambert Chapman LLP 3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Fiducia Wealth Management Limited

(Registration number: 03029164)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,916

14,573

Current assets

 

Debtors

5

54,701

55,051

Cash at bank and in hand

 

275,145

255,647

 

329,846

310,698

Creditors: Amounts falling due within one year

6

(147,367)

(184,406)

Net current assets

 

182,479

126,292

Net assets

 

192,395

140,865

Capital and reserves

 

Called up share capital

7

10,001

10,001

Retained earnings

182,394

130,864

Shareholders' funds

 

192,395

140,865

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

Directors' responsibilities:

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

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 April 2025 and signed on its behalf by:
 

G Kearney
Director

 

Fiducia Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Dedham Hall Business Centre, Brook Street, Dedham, Essex, CO7 6AD.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of financial planning and advisory services in the ordinary course of the company’s activities.

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

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Fiducia Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

10% Straight line method

Office equipment

33% Straight line method

Fixtures and fittings

15% Straight line method

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

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.

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.

Employee holiday pay accrual

The holiday year for the company ends at the reporting date.

Any unused holiday by employees is carried forward but must be used by the end of the following January. The cost of any unused entitlement is recognised in the period in which the employee's services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

Fiducia Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Office equipment
 £

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2024

8,320

12,719

27,953

48,992

At 31 December 2024

8,320

12,719

27,953

48,992

Depreciation

At 1 January 2024

1,733

10,966

21,720

34,419

Charge for the year

832

1,656

2,169

4,657

At 31 December 2024

2,565

12,622

23,889

39,076

Carrying amount

At 31 December 2024

5,755

97

4,064

9,916

At 31 December 2023

6,587

1,753

6,233

14,573

Included within the net book value of land and buildings above is £5,755 (2023 - £6,587) in respect of leasehold land and buildings.
 

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

8,345

2,700

Other debtors

 

36,126

38,726

Directors loan

9

5,000

-

Prepayments and accrued income

 

5,230

13,625

 

54,701

55,051

 

Fiducia Wealth Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,580

65,941

Taxation and social security

107,697

82,207

Other creditors

13,504

5,383

Accruals and deferred income

21,586

30,875

147,367

184,406

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,001

10,001

10,001

10,001

       

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £235,125 (2023 - £295,625). The financial commitments are in respect minimum lease payments under non-cancellable operating lease for property.

9

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

At 31 December 2024
£

G Kearney

Directors loan account

-

5,000

5,000

The directors loan account ins unsecured, interest free and repayable on demand.

Summary of transactions with parent

During the year the company wrote off intercompany loans owed by the parent company amounting to £nil (2023 - £2,600).