1.
General Information
Daintree Wealth Management Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
10762963
. The registered office and principal place of business is 1 Balloon Street, Manchester, M4 4BE.
The functional and presentational currency of the company is Pound Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
-
the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
-
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
-
the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
2.3.
Significant judgements and estimations
The directors made a judgement in respect of the goodwill arising on acquisitions and the appropriate useful economic life of this asset. The directors have estimated that this goodwill has a useful economic life of 10 years.
2.4.
Turnover
Turnover is measured at the fair value of the consideration receivable in the year net of VAT. VAT is charged on all fees except for trading and financial planning fees.
Implementation fees are recognised once the funds are transferred.
Trading fees are recognised at the time of the transaction.
All other fees are calculated daily and invoiced on a monthly basis.
2.5.
Intangible Fixed Assets and Amortisation - Goodwill
Intangible assets are stated at cost less accumulated amortisation and are represented by:
Goodwill - This arose from the acquisition of a business in 2020. Amortisation is being provided evenly over its estimated useful economic life of 10 years.
2.6.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are stated at cost less accumulated amortisation and are represented by:
Website expenditure: this is capitalised where there is a clearly defined project, related expenditure is separately identifiable and it has been assessed for technical and commercial viability. Amortisation is being provided evenly over its useful life of five years. This has now been fully amortised.
The carrying amounts of the company's assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable. If any such indication exists, the asset's recoverable amount is estimated and an impairment provision made if appropriate.
Daintree Wealth Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.7.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Motor Vehicles |
|
| Computer and Office Equipment |
|
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.
2.8.
Leasing and Hire Purchase Contracts
Assets held under hire purchase agreements are capitalised in the Statement of Financial Position and depreciated over their useful economic lives. The obligation to the lessor is recognised as a liability.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.
2.9.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.11.
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.12.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.13.
Trade and other debtors
Trade and other debtors are stated at amortised cost less impairment losses for bad and doubtful debts.
2.14.
Trade and other creditors
Trade and other creditors are recognised at amortised cost.
Daintree Wealth Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.15.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
3.
Turnover
There is only one class of business and all income is generated in the United Kingdom.
4.
Other Operating Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other operating income |
|
|
|
| 91,300 | 54,835 | ||
The other operating income represents management recharges in both years.
5.
Operating Profit
The operating profit is stated after charging:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Operating lease rentals |
|
|
|
| Exchange differences | - |
|
|
| Depreciation of tangible fixed assets |
|
|
|
| Amortisation of intangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Office and administration |
|
|
|
|
|
|
||
Daintree Wealth Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9.
Directors' remuneration
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
The number of directors to whom retirement benefits were accruing was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
10.
Interest Payable and Similar Charges
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
11.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 23.5% |
|
|
|
| Prior period adjustment |
|
( |
|||
|
|
|
||||
| Deferred Tax | |||||
| Deferred taxation |
( |
|
|||
| Total tax charge for the period |
|
|
|||
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:↔
|
|||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Profit before tax | 363,176 | 342,696 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Capital allowances |
( |
( |
|||
| Prior period adjustment |
|
( |
|||
| Group relief |
( |
( |
|||
| Deferred tax from unrecognised tax loss or credit |
( |
|
|||
| Total tax charge for the period | 92,100 | 80,241 | |||
Daintree Wealth Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
12.
Intangible Assets
| Goodwill | Other | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 January 2024 |
|
|
|
| As at 31 December 2024 |
|
|
|
| Amortisation | |||
| As at 1 January 2024 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 December 2024 |
|
|
|
| Net Book Value | |||
| As at 31 December 2024 |
|
|
|
| As at 1 January 2024 |
|
|
|
Other represents website costs.
13.
Tangible Assets
| Motor Vehicles | Computer and Office Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 January 2024 |
|
|
|
| Additions |
|
|
|
| As at 31 December 2024 |
|
|
|
| Depreciation | |||
| As at 1 January 2024 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 December 2024 |
|
|
|
| Net Book Value | |||
| As at 31 December 2024 |
|
|
|
| As at 1 January 2024 |
|
|
|
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Motor Vehicles |
|
|
|
Daintree Wealth Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
14.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Amounts owed by group undertakings | 19,409 | 64,700 | |
| Other debtors | 32,914 | 36,343 | |
|
|
|
||
There was no bad debt provision at either year end.
15.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Other loans | - |
|
|
| Other creditors | 6,638 | 5,986 | |
| Corporation tax |
|
|
|
| Taxation and social security | 25,147 | 14,606 | |
| Accruals and deferred income | 23,160 | 16,655 | |
|
|
|
||
16.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Bank loans |
|
|
|
|
|
|
||
Of the creditors the following amounts are secured.
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | 57,487 | 65,105 |
The hire purchase liability is secured on the vehicle financed.
Daintree Wealth Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
17.
Loans
An analysis of the maturity of loans is given below:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Bank loans |
|
|
|
| Other loans | - |
|
|
|
|
|
||
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due between one and five years: | |||
| Bank loans |
|
|
|
18.
Obligations Under Finance Leases and Hire Purchase
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
|
|
|
||
19.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 January 2024 |
|
18,143 |
| Reversals |
( |
(3,436) |
| Balance at 31 December 2024 |
|
14,707 |
Deferred tax comprises accelerated capital allowances at each year end.
21.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years | - |
|
|
|
|
|
||
Daintree Wealth Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
22.
Pension Commitments
The company operates a defined contribution pension scheme. The pension charge for the year represents the contributions payable by the company to the scheme and amounted to £8,203 (2023: £5,190). There were £2,655 (2023: £1,158) of contributions payable to the scheme at the year end.
23.
Dividends
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
|
|
|
24.
Reserves
|
2024
|
2023
|
||
|
£
|
£
|
||
|
At 1 January 2024
|
281,300
|
153,844
|
|
|
Profit for the year
|
271,076
|
262,456
|
|
|
Dividends
|
(287,000)
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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|
(135,000)
|
|
|
At 31 December 2024
|
265,376
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
281,300
|
This reserve includes all current and past retained profits and losses less dividends and other distributions.
25.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
At the year end the company was owed £19,409 (2023: £64,700) by group companies.
At the year end the company owed the dirctors £1,872 (2023: £2,226).
26.
Controlling Parties
Wellbeing Holdco Limited is regarded by the directors as being the company's ultimate parent company.
Consolidated financial statements, which include those of this company, are publicly available from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is
Mark Parello
by virtue of his shareholding in the ultimate parent company.