Company Registration No. 07853934 (England and Wales)
WEALTHIFY GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
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 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
2
2,983,033
724,998
Current assets
Debtors
4
97
100
Net current assets
97
100
Total assets less current liabilities
2,983,130
725,098
Capital and reserves
Called up share capital
5
24,174
20,473
Share premium account
2,458,956
704,625
Other reserves
500,000
-
Total equity
2,983,130
725,098

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 17 September 2018 and are signed on its behalf by:
Mr R  Theodossiades
Director
Company Registration No. 07853934
WEALTHIFY GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 2 -
2017
2016
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
8
3
-
Investing activities
Purchase of fixed asset investments
(2,258,035)
-
Proceeds on disposal of fixed asset investments
-
(224,998)
Net cash used in investing activities
(2,258,035)
(224,998)
Financing activities
Proceeds from issue of shares
1,758,032
224,998
Issue of preference shares
500,000
-
Net cash generated from financing activities
2,258,032
224,998
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of Period
-
-
Cash and cash equivalents at end of Period
-
-
WEALTHIFY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 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
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 PERIOD ENDED 31 DECEMBER 2017
1
Accounting policies (Continued)
- 4 -
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 direct issue 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
2017
2016
£
£
Investments
2,983,033
724,998
3
Subsidiaries

Details of the company's subsidiaries at 31 December 2017 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Wealthify Limited
England and Wales
Fund management
Ordinary
100.00
WEALTHIFY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
3
Subsidiaries (Continued)
- 5 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Wealthify Limited
(2,052,035)
442,927
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
97
100
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
24,174 Ordinary of £1 each
24,174
20,473
24,174
20,473
6
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 MHA Broomfield Alexander.
7
Events after the reporting date

On February 8 2018 Aviva Group Holdings Limited acquired a majority shareholding in Wealthify Group Limited.

WEALTHIFY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 6 -
8
Cash generated from operations
2017
2016
£
£
Profit for the Period after tax
-
-
Movements in working capital:
Decrease in debtors
3
-
Cash generated from/(absorbed by) operations
3
-
2017-12-31 2016-10-01 false CCH Software CCH Accounts Production 2018.220 No description of principal activity 20 September 2018 This audit opinion is unqualified Mr R Theodossiades Mr A E M Doull 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 07853934 2016-10-01 2017-12-31 07853934 2017-12-31 07853934 2016-09-30 07853934 core:CurrentFinancialInstruments 2017-12-31 07853934 core:CurrentFinancialInstruments 2016-09-30 07853934 core:ShareCapital 2017-12-31 07853934 core:ShareCapital 2016-09-30 07853934 core:SharePremium 2017-12-31 07853934 core:SharePremium 2016-09-30 07853934 core:OtherMiscellaneousReserve 2017-12-31 07853934 core:ShareCapitalOrdinaryShares 2017-12-31 07853934 core:ShareCapitalOrdinaryShares 2016-09-30 07853934 bus:Director1 2016-10-01 2017-12-31 07853934 2015-10-01 2016-09-30 07853934 bus:AllPreferenceShares 2016-10-01 2017-12-31 07853934 core:Subsidiary1 2016-10-01 2017-12-31 07853934 core:Subsidiary1 1 2016-10-01 2017-12-31 07853934 core:Subsidiary1 2 2016-10-01 2017-12-31 07853934 bus:OrdinaryShareClass1 2016-10-01 2017-12-31 07853934 bus:OrdinaryShareClass1 2017-12-31 07853934 bus:PrivateLimitedCompanyLtd 2016-10-01 2017-12-31 07853934 bus:FRS102 2016-10-01 2017-12-31 07853934 bus:Audited 2016-10-01 2017-12-31 07853934 bus:SmallCompaniesRegimeForAccounts 2016-10-01 2017-12-31 07853934 bus:Director2 2016-10-01 2017-12-31 07853934 bus:Director3 2016-10-01 2017-12-31 07853934 bus:Director4 2016-10-01 2017-12-31 07853934 bus:Director5 2016-10-01 2017-12-31 07853934 bus:Director6 2016-10-01 2017-12-31 07853934 bus:Director7 2016-10-01 2017-12-31 07853934 bus:Director8 2016-10-01 2017-12-31 07853934 bus:FullAccounts 2016-10-01 2017-12-31 xbrli:pure xbrli:shares iso4217:GBP