Company Registration No. 07853934 (England and Wales)
WEALTHIFY GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
WEALTHIFY GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Statement of cash flows
2
Notes to the financial statements
3 - 6
WEALTHIFY GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
2
17,483,033
17,483,033
Current assets
Debtors
4
97
97
Creditors: amounts falling due within one year
5
(370,407)
(370,407)
Net current liabilities
(370,310)
(370,310)
Total assets less current liabilities
17,112,723
17,112,723
Capital and reserves
Called up share capital
6
50,770
50,770
Share premium account
17,061,953
17,061,953
Total equity
17,112,723
17,112,723

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 10 July 2020 and are signed on its behalf by:
Mr M Ashford
Director
Company Registration No. 07853934
WEALTHIFY GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
2019
2018
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
9
-
370,407
Investing activities
Purchase of fixed asset investments
-
(14,500,000)
Net cash used in investing activities
-
(14,500,000)
Financing activities
Proceeds from issue of shares
-
14,129,593
Net cash (used in)/generated from financing activities
-
14,129,593
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 2019
- 3 -
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
Going concern

This company is a holding company of its trading subsidiary Wealthify Limited. The group is reliant upon the continued support from its ultimate parent company Aviva Group Holdings. Post year end, additional funding has been provided to its subsidiary via a loan from its ultimate parent whilst management have undertaken measures to significantly reduce the current run rate in cash. true

At the date of signing the financial statements, updated forecasts and working capital projections have been prepared which account for current trading conditions alongside the impact of Covid-19 and show the company having sufficient headroom to meet its liabilities as and when they fall due for a period of 12 months from the date of signing. On this basis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities .

1.4
Cash and cash equivalents

Cash and cash equivalents 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.

WEALTHIFY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.5
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.

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.

1.6
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.

1.7
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.

WEALTHIFY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
2
Fixed asset investments
2019
2018
£
£
Investments
17,483,033
17,483,033
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2019 & 31 December 2019
17,483,033
Carrying amount
At 31 December 2019
17,483,033
At 31 December 2018
17,483,033
3
Subsidiaries
Details of the company's subsidiaries at 31 December 2019 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Wealthify Limited
Tec Marina, Terra Nova Way, Penarth, UK, CF64 1SA
Ordinary
100.00
0
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
97
97
5
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts owed to group undertakings
370,407
370,407
WEALTHIFY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
3,084,572 A Ordinary Shares of 1p each
30,846
30,846
1,992,382 B Ordinary Shares of 1p each
19,924
19,924
50,770
50,770
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.

Emphasis of matter

We draw attention to note 1.2 of the financial statements, which describes the company's ability to continue as a going concern. The audit report has not been modified in respect of this matter.

The senior statutory auditor was Ian Thomas BSc FCA DChA.
The auditor was Baldwins Audit Services.
8
Parent company
The ultimate controlling party is considered to be Aviva Group Holdings Limited by virtue of its shareholding in Wealthify Group Limited, the parent company of Wealthify Limited.
9
Cash (absorbed by)/generated from operations
2019
2018
£
£
Profit for the year after tax
-
-
Movements in working capital:
Increase in creditors
-
370,407
Cash (absorbed by)/generated from operations
-
370,407
2019-12-31 2019-01-01 false 17 July 2020 CCH Software CCH Accounts Production 2020.200 No description of principal activity 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 Mr B M Luckett 07853934 2019-01-01 2019-12-31 07853934 2019-12-31 07853934 2018-12-31 07853934 core:CurrentFinancialInstruments 2019-12-31 07853934 core:CurrentFinancialInstruments 2018-12-31 07853934 core:ShareCapital 2019-12-31 07853934 core:ShareCapital 2018-12-31 07853934 core:SharePremium 2019-12-31 07853934 core:SharePremium 2018-12-31 07853934 core:ShareCapitalOrdinaryShares 2019-12-31 07853934 core:ShareCapitalOrdinaryShares 2018-12-31 07853934 bus:Director5 2019-01-01 2019-12-31 07853934 2018-01-01 2018-12-31 07853934 core:Associate1 2019-01-01 2019-12-31 07853934 core:Associate1 1 2019-01-01 2019-12-31 07853934 core:WithinOneYear 2019-12-31 07853934 core:WithinOneYear 2018-12-31 07853934 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 07853934 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 07853934 bus:FRS102 2019-01-01 2019-12-31 07853934 bus:Audited 2019-01-01 2019-12-31 07853934 bus:Director1 2019-01-01 2019-12-31 07853934 bus:Director2 2019-01-01 2019-12-31 07853934 bus:Director3 2019-01-01 2019-12-31 07853934 bus:Director4 2019-01-01 2019-12-31 07853934 bus:Director6 2019-01-01 2019-12-31 07853934 bus:Director7 2019-01-01 2019-12-31 07853934 bus:Director8 2019-01-01 2019-12-31 07853934 bus:FullAccounts 2019-01-01 2019-12-31 xbrli:pure xbrli:shares iso4217:GBP