Company Registration No. 14492056 (England and Wales)
Five Wealth Holdings Limited
Unaudited financial statements
for the year ended 31 July 2024
Pages for filing with the registrar
Five Wealth Holdings Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Five Wealth Holdings Limited
Statement of financial position
As at 31 July 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
1
1
Current assets
Debtors
4
10,696,302
10,705,921
Creditors: amounts falling due within one year
5
(789,548)
(216,092)
Net current assets
9,906,754
10,489,829
Total assets less current liabilities
9,906,755
10,489,830
Creditors: amounts falling due after more than one year
6
(6,975,319)
(6,329,066)
Net assets
2,931,436
4,160,764
Capital and reserves
Called up share capital
7
5,628
4,524
Share premium account
4,646,179
4,532,478
Profit and loss reserves
(1,720,371)
(376,238)
Total equity
2,931,436
4,160,764
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Five Wealth Holdings Limited
Statement of financial position (continued)
As at 31 July 2024
2
The financial statements were approved by the board of directors and authorised for issue on 22 April 2025 and are signed on its behalf by:
Philip Shaw
Director
Company Registration No. 14492056
Five Wealth Holdings Limited
Notes to the financial statements
For the year ended 31 July 2024
3
1
Accounting policies
Company information
Five Wealth Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Level 8 Abc Building, 21-23 Quay Street, Manchester, M3 4AE.
1.1
Reporting period
The reporting period spans 12 months to 31 July 2024. The previous period covered the 8.5 month period to 31 July 2023 to bring in line the period ends of it's subsidiaries.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Five Wealth Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 July 2024
1
Accounting policies (continued)
4
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (excluding non-remunerated directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
3
Five Wealth Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 July 2024
5
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1
1
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10,651,999
10,651,999
Other debtors
15,443
10,651,999
10,667,442
Deferred tax asset
44,303
38,479
10,696,302
10,705,921
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
764,285
196,252
Other creditors
25,263
19,840
789,548
216,092
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
6,975,319
6,329,066
Foresight Regional Investment LP hold a fixed and floating charge over all property and undertaking of the company.
Five Wealth Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 July 2024
6
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 0.1p each
570,750
570,750
571
571
B Ordinary shares of 1p each
395,150
395,150
3,952
3,952
Deferred shares of £1 each
1
1
1
1
C Ordinary shares of 1p each
110,389
-
1,104
-
1,076,290
965,901
5,628
4,524
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
PP Ordinary shares of £1 each
697,000
697,000
-
-
697,000
697,000
-
-
During the previous period, the company allotted A Ordinary shares, B Ordinary shares and PP Ordinary shares as detailed above. PP Ordinary shares have been classified as a financial liability under FRS102 Section 22.3 and the balance is included in other creditors due after one year.
Deferred shares of £1 were reclassified from Ordinary shares of £1.
During the current period, the company alloted C Ordinary shares as detailed above. These shares do not have voting or dividend rights and are treated equally to the other equity shares in a sale event.
8
Related party transactions
Included in other creditors is a loan from Five Wealth Limited, a wholly owned subsidiary, amounting to £764,285 (2023 : £196,252). No interest is charged on the loan and the balance is repayable on demand.
Included in debtors is a loan to Five Wealth Intermediate Limited, a wholly owned subsidiary, amounting to £10,651,999 (2023 : £10,651,999). No interest is charged on the loan and the balance is repayable on demand.