Registration number:
UnaVida Wealth Management Limited
for the Year Ended 31 August 2023
UnaVida Wealth Management Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
UnaVida Wealth Management Limited
Company Information
Director |
Mr R L C Best |
Registered office |
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Accountants |
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UnaVida Wealth Management Limited
(Registration number: 05553273)
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
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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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Investments |
49 |
20,997 |
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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 |
34,750 |
34,750 |
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Share premium reserve |
7,810 |
7,810 |
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Profit and loss account |
245,085 |
331,032 |
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Total equity |
287,645 |
373,592 |
For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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UnaVida Wealth Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
4 Beech Court
Wokingham Road
Hurst
Berkshire
RG10 0RQ
These financial statements were authorised for issue by the
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.
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.
Tax
The tax expense for the period comprises current 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.
UnaVida Wealth Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
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.
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:
Asset class |
Depreciation method and rate |
Computer equipment |
20% Straight line on cost |
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:
Investments
Investments are measured at fair value
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits,
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured less any 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.
UnaVida Wealth Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
UnaVida Wealth Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2022 |
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At 31 August 2023 |
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Depreciation |
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At 1 September 2022 |
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Charge for the year |
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At 31 August 2023 |
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Carrying amount |
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At 31 August 2023 |
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At 31 August 2022 |
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Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 September 2022 |
20,997 |
20,997 |
Additions |
10,917 |
10,917 |
Fair value adjustments |
(2,338) |
(2,338) |
Disposals |
(29,527) |
(29,527) |
At 31 August 2023 |
49 |
49 |
Carrying amount |
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At 31 August 2023 |
|
49 |
UnaVida Wealth Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
- |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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7,500 |
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7,500 |
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2,250 |
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2,250 |
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Allotted, called up and not fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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15,000 |
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15,000 |
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10,000 |
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10,000 |
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25,000 |
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25,000 |
UnaVida Wealth Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
- |
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Dividends |
Final dividends paid
2023 |
2022 |
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Final dividend of £Nil per each |
- |
- |
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Interim dividends paid
2023 |
2022 |
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Interim dividend of £ |
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Related party transactions |
Included as other debtors, as at 31 August 2023, the director owes £25,000 (2022 - £25,000) to the company with respect to a share rights issue on 6 June 2018. This is share capital not paid up and is disclosed under other debtors. No interest is charged on this balance
Included as other borrowings in creditors, the company owed the director £Nil at 31 August 2022 (2022: £2,483).
UnaVida Wealth Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Director's remuneration
The director's remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Contributions paid to money purchase schemes |
- |
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45,000 |
29,000 |
Summary of transactions with entities with joint control or significant interest
These have included lease rental costs, rates, motor, travel and telephony costs.
During the year ended 31 August 2023, Wills Tax and Trusts Ltd has made recharges for these costs of £76,781 which include VAT of £12,797 (VAT that is not recoverable by UnaVida) in order to reimburse the related company.
The inter company loan is open item, repayable on demand and carries no interest on outstanding balances.
Expenditure with and payables to related parties
2023 |
Entities with joint control or significant influence |
Rendering of services |
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2022 |
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Loans to related parties
2023 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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At end of period |
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UnaVida Wealth Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
2022 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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At end of period |
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Terms of loans to related parties
No interest is charged on the balance.
Financial instruments |
Categorisation of financial instruments
2023 |
2022 |
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Financial assets measured at fair value through profit or loss |
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Financial assets measured at fair value
Portfolio investments
Mid Market values as advised at period ends
The fair value is £49 (2022 - £20,997) and the change in value included in profit or loss is £(2,338) (2022 - £(4,822)).