Registration number:
Wealth Advisory Partners Limited
for the Year Ended 31 December 2024
Wealth Advisory Partners Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
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Detailed Profit and Loss Account |
Wealth Advisory Partners Limited
Company Information
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Directors |
Mr Fedele Cova Ms Linda Garbarino |
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Company secretary |
Laggan Secretaries Limited |
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Registered office |
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Auditors |
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Wealth Advisory Partners Limited
Strategic Report for the Year Ended 31 December 2024
OBJECTIVES AND POLICIES
WAP assets under management were stable in 2024, with 3 new accounts signed during the year. Indeed, the main objective of the company remains to consolidate the initial investor base and focus on acquiring more selected HNWI. Private clients’ AUM remained at circa GBP 150mln, with 14 different mandates at the end of the year.
2024 performances across mandates remained extremely positive, with double-digit returns across all of our 3 Investment Strategies (Bond Ony, Low Beta Balanced and High Beta Balanced).
Consolidation of our existing client base and the addition of new accounts remains the main target of 2024, as our focus continues to be on performance and developing client relationships.
FAIR REVIEW OF THE BUSINESS
Wealth Advisory Partners Ltd advises and manages portfolios transparently, with robust risk parameters and controls, in a cost-effective way. The aim is to generate constant and predictable cash flows that substantially outperform the long-term cost of living of our typical investors. Achieving this goal ensures that a family can maintain its purchasing power unchanged and, hence, the lifestyle it is accustomed to and that it appreciates.
Wealth Advisory Partners Limited is 100% controlled by Mr. Fedele Cova and authorized and regulated in the UK by the Financial Conduct Authority. The German subsidiary is 100% controlled by Wealth Advisory Partners Ltd.
WAP has an extremely simple investment process where we identify the client ́s strategic objectives over the short, medium and long term.
All of our investment portfolios prioritize capital preservation and the achievement of spendable income over capital gains. With a distinct focus on capital preservation and income generation, WAP targets returns in excess of 3-5% per annum above German Bunds or US Treasuries with comparable maturities. This is more than the 2.40% - 3.20% average wealth growth in Western Europe for the last 3 years and is achieved through an actively traded and risk managed, diversified portfolio of bonds.
HNWI:
WAP operates a “Separately Managed Account” (SMA) business model, providing advice to private clients using a client’s existing or newly established bank accounts.
Clients can choose among three main objectives:
1) Capital Preservation
2) Spendable Income
3) Capital Gains
WAP has agreements with a number of global custodian banks helping clients obtain significant cost savings. All external bank fees are paid directly by the client.
FUNDS:
Having managed fixed income portfolios for institutional clients for over two decades, Mr. Cova and WAP are capable of structuring and managing portfolios also for third party Fund managers.
Wealth Advisory Partners Limited
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
(i ) Risk profile of the firm: WAP is an investment manager/investment advisor. Its regulatory permissions do not allow it to risk its own capital in the financial markets. As such the performance of the firm is based on management/advisory and performance fees received from clients.
(ii) Material risk takers: As an SNI firm WAP does not have any material risk takers as defined by SYSC19G.1.1R.
(iii) Link between pay and performance: Pay is made up of fixed and bonus. Bonuses are determined by looking at the contribution of the individual to the profitability of the firm as a whole and market levels. Bonuses for front office staff are linked to profitability which aligns their interest with that of our investors. Bonuses for control function staff are determined based on their performance in achieving and execution of their objectives.
A proportion of bonuses are deferred for front office staff and are clawed back in the event of any future losses.
(iv) Decision-making process for determining remuneration: The Firm sets the variable remuneration of its Code Staff primarily based on the individual performance of the individual, however, adjustments may be made depending on the overall performance of the Firm. This policy is consistent with the way in which the Firm generates its income. Whilst under the Remuneration Code it is not required to do so, in line with group practice, the Firm requires Code Staff to defer receipt of a proportion of their variable remuneration.
Remuneration is not based on the age, religion, gender, sexual orientation, ethnicity, or disability of any member of staff.
(v) Split Between Fixed and Discretionary Components - the firm reviews the split between fixed and discretionary remuneration to seek to ensure that it aligns the interests of the staff member with that of the firm.
(vi) The firm's partners do not receive any remuneration that is absolutely fixed but instead are entitled to a
priority profit share, for the purposes of these disclosures this has been disclosed as fixed remuneration.
(vii) Quantitative Remuneration Disclosures
YE 31/12/2024
Total Fixed Remuneration Paid £213,753
Total Variable Remuneration Paid £273,106
Approved and authorised by the
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Wealth Advisory Partners Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
“Alpha” is generated through Credit Risk, Rate Risk and FX Risk on the basis of the individual requirements and risk tolerance of the client. The Company manages its foreign currency risk through its internal control.
The Company must ensure that a sufficient liquidity level is always met, taking also into account regulatory requirements and any extraordinary losses. This is reached by a robust planning process, which has the full involvement of the management team. The Company also obtains financial support from its shareholder, Mr Fedele Cova.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Wealth Advisory Partners Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Wealth Advisory Partners Limited
Independent Auditor's Report to the Members of Wealth Advisory Partners Limited
Opinion
We have audited the financial statements of Wealth Advisory Partners Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Wealth Advisory Partners Limited
Independent Auditor's Report to the Members of Wealth Advisory Partners Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Other matters
The comparative financial statements were not audited.
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Wealth Advisory Partners Limited
Independent Auditor's Report to the Members of Wealth Advisory Partners Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
7-10 Chandos Street
London
W1G 9DQ
Wealth Advisory Partners Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
27,922 |
23,979 |
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Other interest receivable and similar income |
- |
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Interest payable and similar expenses |
( |
( |
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(3,138) |
(15,370) |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Wealth Advisory Partners Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Wealth Advisory Partners Limited
(Registration number: 10019736)
Balance Sheet as at 31 December 2024
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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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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Wealth Advisory Partners Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Retained earnings |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
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At 31 December 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
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New share capital subscribed |
|
- |
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At 31 December 2023 |
401,000 |
82,180 |
483,180 |
Wealth Advisory Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.
Wealth Advisory Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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 in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant & Machinery |
25% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
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Patents, trademarks, licenses, concessions and similar |
over 4 years, straight line |
Wealth Advisory Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
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2024 |
2023 |
|
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Rendering of services |
|
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
Wealth Advisory Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Loss from disposals of investments |
- |
( |
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Other finance income |
- |
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
- |
|
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Foreign exchange gains |
|
|
|
|
|
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Other short-term employee benefits |
|
- |
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Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
Wealth Advisory Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
- |
|
|
Tax expense in the income statement |
|
|
Wealth Advisory Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Trademarks, patents and licenses |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
- |
- |
|
Tangible assets |
|
Other tangible assets |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
Additions |
|
|
|
At 31 December 2024 |
|
|
|
Depreciation |
||
|
At 1 January 2024 |
|
|
|
Charge for the year |
|
|
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At 31 December 2024 |
|
|
|
Carrying amount |
||
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At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
|
Debtors |
Wealth Advisory Partners Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
- |
|
|
|
Accruals |
|
|
|
|
Income tax liability |
11,797 |
2,409 |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
401,000 |
|
401,000 |
18 Controlling party
The Company's controlling party is Mr Fedele Cova.
Advances from director during the year amounted to £569, the balance at the year end was £894.
Wealth Advisory Partners Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Turnover (analysed below) |
1,745,777 |
1,015,208 |
|
Gross profit (%) |
100% |
100% |
|
Administrative expenses |
||
|
Employment costs (analysed below) |
(539,124) |
(362,491) |
|
Establishment costs (analysed below) |
(75,925) |
(63,536) |
|
General administrative expenses (analysed below) |
(1,101,144) |
(563,359) |
|
Finance charges (analysed below) |
(556) |
(450) |
|
Depreciation costs (analysed below) |
(1,106) |
(1,109) |
|
Other expenses (analysed below) |
- |
(284) |
|
(1,717,855) |
(991,229) |
|
|
Operating profit |
27,922 |
23,979 |
|
Other interest receivable and similar income (analysed below) |
- |
135 |
|
Interest payable and similar charges (analysed below) |
(3,138) |
(15,505) |
|
(3,138) |
(15,370) |
|
|
Profit before tax |
24,784 |
8,609 |
Wealth Advisory Partners Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2024
|
2024 |
2023 |
|
Turnover |
||
|
Sales - type 2, UK |
1,745,777 |
1,015,208 |
|
Employment costs |
||
|
Directors remuneration |
(233,753) |
(184,138) |
|
Private health insurance |
(1,866) |
- |
|
Staff bonuses |
(273,106) |
(141,556) |
|
Travelling |
(30,399) |
(36,797) |
|
(539,124) |
(362,491) |
|
Establishment costs |
||
|
Rent |
(44,261) |
(41,430) |
|
Insurance |
(28,354) |
(19,074) |
|
Repairs and maintenance |
(3,310) |
(3,032) |
|
(75,925) |
(63,536) |
|
General administrative expenses |
||
|
Telephone and fax |
(196) |
(52) |
|
Computer software and maintenance costs |
(51,107) |
(41,233) |
|
Printing, postage and stationery |
(654) |
(381) |
|
Trade subscriptions |
(1,124) |
(200) |
|
Sundry expenses |
- |
(52,070) |
|
Travel and subsistence |
(1,746) |
- |
|
Advertising |
(2,000) |
- |
|
Customer entertaining (disallowable for tax) |
(24,091) |
(3,249) |
|
Accountancy fees |
(8,622) |
(18,647) |
|
Auditor's remuneration - The audit of the company's annual accounts |
(6,375) |
(10,000) |
|
Introductory fees |
(882,779) |
(323,997) |
|
Consultancy fees |
(100,784) |
(69,617) |
|
Legal and professional fees |
(21,666) |
(16,368) |
|
Bad debts written off |
- |
(27,545) |
|
(1,101,144) |
(563,359) |
|
Finance charges |
||
|
Bank charges |
(556) |
(450) |
|
Depreciation costs |
||
|
Depreciation of plant and machinery (owned) |
(1,106) |
(1,109) |
|
Other expenses |
||
|
(Profit)/loss on disposal of fixed asset Investments - group loan/shares |
- |
(284) |
|
Other interest receivable and similar income |
||
|
Other interest receivable |
- |
135 |
Wealth Advisory Partners Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2024
|
2024 |
2023 |
|
Interest payable and similar expenses |
||
|
Bank interest payable |
- |
(214) |
|
Foreign currency (gains)/losses |
(3,138) |
(15,291) |
|
(3,138) |
(15,505) |