Company Registration No. 07853934 (England and Wales)
WEALTHIFY GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
WEALTHIFY GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Statement of cash flows
3
Notes to the financial statements
4 - 7
WEALTHIFY GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
2
17,483,033
2,983,033
Current assets
Debtors
4
97
97
Creditors: amounts falling due within one year
5
(370,407)
-
Net current (liabilities)/assets
(370,310)
97
Total assets less current liabilities
17,112,723
2,983,130
Capital and reserves
Called up share capital
6
50,770
24,174
Share premium account
17,061,953
2,458,956
Other reserves
-
500,000
Total equity
17,112,723
2,983,130
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 5 June 2019 and are signed on its behalf by:
Mr R Theodossiades
Director
Company Registration No. 07853934
WEALTHIFY GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
Share capital
Share premium account
Other reserves
Total
Notes
£
£
£
£
Balance at 1 October 2016
20,473
704,625
-
725,098
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
-
-
-
Issue of share capital
6
3,701
1,754,331
-
1,758,032
Transfers
-
-
500,000
500,000
Balance at 31 December 2017
24,174
2,458,956
500,000
2,983,130
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
-
-
-
Issue of share capital
6
26,596
14,602,997
-
14,629,593
Other movements
-
-
(500,000)
(500,000)
Balance at 31 December 2018
50,770
17,061,953
-
17,112,723
WEALTHIFY GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
2018
2017
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
8
370,407
3
Investing activities
Purchase of fixed asset investments
(14,500,000)
(2,258,035)
Net cash used in investing activities
(14,500,000)
(2,258,035)
Financing activities
Proceeds from issue of shares
14,129,593
1,758,032
Issue of preference shares
-
500,000
Net cash generated from financing activities
14,129,593
2,258,032
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
-
Cash and cash equivalents at end of year
-
-
WEALTHIFY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
1
Accounting policies
Company information
Wealthify Group Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Tec Marina, Terra Nova Way, PENARTH, UK, CF64 1SA.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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 balance sheet 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 and cash and bank balances, 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.
WEALTHIFY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies (Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, 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
paymen
ts 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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest 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
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
2
Fixed asset investments
2018
2017
£
£
Investments
17,483,033
2,983,033
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2018
2,983,033
Additions
14,500,000
At 31 December 2018
17,483,033
Carrying amount
At 31 December 2018
17,483,033
At 31 December 2017
2,983,033
WEALTHIFY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
3
Subsidiaries
Details of the company's subsidiaries at 31 December 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Wealthify Limited
Tec Marina, Terra Nova Way, Penarth, UK, CF64 1SA
Fund management
Ordinary
100.00
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
97
97
5
Creditors: amounts falling due within one year
2018
2017
£
£
Amounts owed to group undertakings
370,407
-
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
3,084,572 A Ordinary Shares of 1p each
30,846
24,174
1,992,382 B Ordinary Shares of 1p each
19,924
-
50,770
24,174
Reconciliation of movements during the year:
A Ordinary
B Ordinary
Number
Number
At 1 January 2018
24,174
-
Issue of fully paid shares
6,672
19,924
At 31 December 2018
30,846
19,924
WEALTHIFY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Ian Thomas BSc FCA DChA.
The auditor was Baldwins Audit Services.
8
Cash generated from operations
2018
2017
£
£
Profit for the year after tax
-
-
Movements in working capital:
(Increase)/decrease in debtors
-
3
Increase in creditors
370,407
-
Cash generated from operations
370,407
3
2018-12-31
2018-01-01
false
CCH Software
CCH Accounts Production 2019.100
No description of principal activity
13 June 2019
This audit opinion is unqualified
Mr R Theodossiades
Ms M A Pearce
Mr R P Avery-Wright
Mr M Ashford
Mr D F S Rogers
Mr B M Turnbull
Ms L C Rix
Baldwins
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