Registrar
Registration number:
Fiducia Wealth Management Limited
for the Year Ended 31 December 2024
Fiducia Wealth Management Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fiducia Wealth Management Limited
Company Information
Directors |
S E Laws J Millican G Kearney B C Gant |
Registered office |
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Bankers |
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Accountants |
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Fiducia Wealth Management Limited
(Registration number: 03029164)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
10,001 |
10,001 |
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Retained earnings |
182,394 |
130,864 |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Director
Fiducia Wealth Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fiducia Wealth Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Tangible assets |
Land and buildings |
Office equipment |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 January 2024 |
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27,953 |
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At 31 December 2024 |
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27,953 |
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Depreciation |
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At 1 January 2024 |
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21,720 |
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Charge for the year |
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2,169 |
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At 31 December 2024 |
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23,889 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £5,755 (2023 - £6,587) in respect of leasehold land and buildings.
Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Directors loan |
5,000 |
- |
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Prepayments and accrued income |
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Fiducia Wealth Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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10,001 |
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10,001 |
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 £
Related party transactions |
Transactions with directors |
2024 |
At 1 January 2024 |
Advances to director |
At 31 December 2024 |
G Kearney |
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Directors loan account |
- |
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The directors loan account ins unsecured, interest free and repayable on demand.
Summary of transactions with parent