Company registration number 13810742 (England and Wales)
Wealth Experts Group Limited
Unaudited financial statements
For the year ended 31 December 2024
Wealth Experts Group Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Wealth Experts Group Limited
Statement of financial position
As at 31 December 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
4,197,446
5,190,318
Current assets
Debtors
4
111
1,111
Creditors: amounts falling due within one year
5
(454,000)
(625,318)
Net current liabilities
(453,889)
(624,207)
Total assets less current liabilities
3,743,557
4,566,111
Creditors: amounts falling due after more than one year
6
(225,000)
Net assets
3,743,557
4,341,111
Capital and reserves
-
Called up share capital
7
3,341,111
4,341,111
Profit and loss reserves
402,446
Total equity
3,743,557
4,341,111
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 December 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.
The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
Mr P Darley
Director
Company Registration No. 13810742
Wealth Experts Group Limited
Notes to the financial statements
For the year ended 31 December 2024
- 2 -
1
Accounting policies
Company information
Wealth Experts Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.
1.1
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. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Wealth Experts Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4,197,446
5,190,318
Wealth Experts Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
5,190,318
Additions
7,129
Disposals
(1)
At 31 December 2024
5,197,446
Impairment
At 1 January 2024
-
Impairment losses
1,000,000
At 31 December 2024
1,000,000
Carrying amount
At 31 December 2024
4,197,446
At 31 December 2023
5,190,318
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
111
1,111
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
229,000
400,318
Other creditors
225,000
225,000
454,000
625,318
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
225,000
Wealth Experts Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
10,000
10,000
1,000
1,000
B Ordinary of 10p each
1,111
1,111
111
111
11,111
11,111
1,111
1,111
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
3,340,000
4,340,000
(3,340,000)
(4,340,000)
Preference shares classified as equity
(3,340,000)
(4,340,000)
Total equity share capital
3,341,111
4,341,111