During the year, Radcliffe and Newlands Wealth Limited was under common control and management with the following entities:
- Radcliffe and Newlands Limited
- Radcliffe and Newlands Mortgages Limited
- Radcliffe and Newlands Estate Planning Limited
- Radcliffe and Newlands Holding One Limited
- Radcliffe and Newlands Holding Two Limited
During the year, there were shared directors and shareholders across the group of companies, and certain operational and financial arrangements continued between the entities, including the allocation of staff, costs, and shared services.
However, during the period and prior to the reporting date, a group restructuring occurred which resulted in a change in ownership of Radcliffe and Newlands Holding One Limited, and consequently, Radcliffe and Newlands Mortgages Limited. As a result, these companies were no longer under common ownership or control with Radcliffe and Newlands Wealth Limited at the reporting date. Nevertheless, as there remained common management and transactions continued during the period, appropriate disclosure is included within these financial statements.
Related Party Transactions – Radcliffe and Newlands Limited
In addition to the group restructuring described above, Radcliffe and Newlands Limited recharged various overheads to Radcliffe and Newlands Wealth Limited during the period as part of the transition of services. These recharges were as follows:
- Advertising: £80
- Cleaning: £2,735
- Client Compensation: £5,066
- Computer Software: £1,120
- Staff Entertainment: £1,230
- Insurance: £263
- Internet: £2,293
- Electricity: £2,219
- Medical Insurance: £5,872
- Sundries: £732
- Hire of Equipment: £2,108
- Other Staff Costs & Benefits: £3,142
- Postage: £1,026
- Printing & Stationery: £715
- Professional Fees: £1,108
- Rates: £13,842
- Rent: £42,169
- Staff Training: £91
- Telephone: £1,908
Additionally, Radcliffe and Newlands Limited sold fixed assets to Radcliffe and Newlands Wealth Limited during the period, comprising:
- Computer Equipment: £4,104
- Fixtures & Fittings: £3,622
These recharges and asset transfers occurred while Radcliffe and Newlands Wealth Limited was assuming the relevant operational functions and responsibilities.
Additionally, Radcliffe and Newlands Limited transferred retained profits of £160,199 to Radcliffe and Newlands Wealth Limited.
Subsequently Radcliffe and Newlands Wealth Limited loaned £165,000 from generated profits to Radcliffe and Newlands Limited following the network company of which Radcliffe and Newlands Limited was a member of going into adminstration.
The net effect of these transactions was £4,801, which represents a loan written off. This amount has been recognized in the financial statements of Radcliffe and Newlands Wealth Limited as a write-off of an intercompany loan.
At the period end Radcliffe and Newlands Wealth Limited owed Radcliffe and Newlands Limited £82, which is included in Trade Creditors.
Related Party Transactions – Radcliffe and Newlands Mortgages Limited
During the period, the following related party transactions occurred between Radcliffe and Newlands Wealth Limited and Radcliffe and Newlands Mortgages Limited:
- Sale of assets: Radcliffe and Newlands Wealth Limited sold computer equipment to Radcliffe and Newlands Mortgages Limited for £601.
- Telephone costs: Radcliffe and Newlands Wealth Limited reimbursed Radcliffe and Newlands Mortgages Limited for telephone costs amounting to £260.
Related Party Transactions – Radcliffe and Newlands Estate Planning Limited
There were no transactions with Radcliffe and Newlands Estate Planning Limited in the period.