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REGISTERED NUMBER: 06272499 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WESSEX INVESTMENT HOLDINGS LIMITED

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


WESSEX INVESTMENT HOLDINGS LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: K J Bailey
R M L Taylor FCCA



SECRETARY: R M L Taylor FCCA



REGISTERED OFFICE: 1 Carnegie Road
Newbury
Berkshire
RG14 5DJ



REGISTERED NUMBER: 06272499 (England and Wales)



AUDITORS: Clifford Fry & Co
St Mary's House
Netherhampton
Salisbury
Wiltshire
SP2 8PU



BANKERS: Royal Bank of Scotland
Drummond House
1 Redheughs Avenue
Edinburgh
EH12 9JN

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

GROUP STRATEGIC REPORT
For The Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

PRINCIPAL PLACE OF BUSINESS
Wessex Investment Holdings Limited is a company incorporated in England and domiciled in Shaftesbury and has a registered office at 1 Carnegie Road, Newbury, Berkshire, RG14 5DJ. The principal activity of the company is that of a holding company which holds shares.

REVIEW OF BUSINESS
2023 continued where 2022 left off with the ongoing effects of the war in Ukraine and cost of living crisis continuing to impact investors' confidence although this began to lift towards the end of 2023.

The true impact of Consumer Duty is only now beginning to be understood by the financial services industry. The cost of implementation and ongoing compliance with it will increase both financially and in the man hours spent to monitor compliance.
Regulatory and associated fees continue to increase at rates greater than inflation and despite ongoing industry-wide concerns over professional indemnity insurance, the firm renewed its cover.

KEY PERFORMANCE INDICATORS
The directors consider the two main key performance indicators during the year are in relation to the performance of Wessex Investment Management Limited.

On a monthly basis the level of fee income and liquidity within the subsidiary are reviewed to ensure:
a) the performance compared to the fee forecast
b) the compliance of the company with the regulatory capital adequacy requirements and the businesses future cash requirements.

PRINCIPAL RISKS AND UNCERTAINTIES
As highlighted above and in last year's Report, Consumer Duty will have a far greater impact than was possibly intended. It will take time for existing third party systems to catch up with the increased monitoring and reporting required. This will continue to be undertaken manually until we are in a position to rely fully on our back-office systems.

FCA will be adding to its regulatory work with more thematic reviews such as the retirement income advice review.

FUTURE DEVELOPMENTS
The board was able to recruit an advisor in Wessex Investment Management Limited to support clients in the Thames Valley at the end of the year. His impact will not be felt fully until the third quarter of 2024. It is hoped this will lead to greater recognition of the firm in and around the Newbury office.
We will continue to monitor developments in AI and see where we may be able to incorporate it in our business processes to improve client servicing whilst reducing overall costs.

FINANCIAL INSTRUMENTS
The group has the normal level of exposure to price, credit liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The company does not enter into any hedging transactions.

ON BEHALF OF THE BOARD:





R M L Taylor FCCA - Secretary


16 July 2024

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

K J Bailey
R M L Taylor FCCA

Other changes in directors holding office are as follows:

M Herring FCCA - resigned 18 October 2023

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the Company's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:



R M L Taylor FCCA - Secretary


16 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESSEX INVESTMENT HOLDINGS LIMITED

Opinion
We have audited the financial statements of Wessex Investment Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESSEX INVESTMENT HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESSEX INVESTMENT HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company, including obtaining details on how they identify and comply with laws and regulations and whether they were aware of any non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and finally the controls they have in order to mitigate risks of fraud or non-compliance with laws and regulations.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, intentional misrepresentations.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit recognition.

We focussed on laws and regulations which could give rise to a material misstatement in the financial
statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud.

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESSEX INVESTMENT HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Simon Allenby (Senior Statutory Auditor)
for and on behalf of Clifford Fry & Co
St Mary's House
Netherhampton
Salisbury
Wiltshire
SP2 8PU

29 July 2024

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

CONSOLIDATED INCOME STATEMENT
For The Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 677,537 697,127

Cost of sales 20,608 22,904
GROSS PROFIT 656,929 674,223

Administrative expenses 672,418 724,956
(15,489 ) (50,733 )

Other operating income 5,250 5,093
OPERATING LOSS 5 (10,239 ) (45,640 )


Interest payable and similar expenses 6 864 356
LOSS BEFORE TAXATION (11,103 ) (45,996 )

Tax on loss 7 1,384 (6,226 )
LOSS FOR THE FINANCIAL YEAR (12,487 ) (39,770 )
Loss attributable to:
Owners of the parent (12,487 ) (39,770 )

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
For The Year Ended 31 December 2023

2023 2022
Notes £    £   

LOSS FOR THE YEAR (12,487 ) (39,770 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(12,487

)

(39,770

)

Total comprehensive income attributable to:
Owners of the parent (12,487 ) (39,770 )

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

CONSOLIDATED BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 6,903 8,525
Investments 11 5 5
6,908 8,530

CURRENT ASSETS
Debtors 12 74,077 86,511
Cash at bank 93,195 116,763
167,272 203,274
CREDITORS
Amounts falling due within one year 13 69,150 84,361
NET CURRENT ASSETS 98,122 118,913
TOTAL ASSETS LESS CURRENT
LIABILITIES

105,030

127,443

CREDITORS
Amounts falling due after more than one
year

14

8,280

18,206
NET ASSETS 96,750 109,237

CAPITAL AND RESERVES
Called up share capital 17 22,660 22,660
Share premium 18 103,740 103,740
Retained earnings 18 (29,650 ) (17,163 )
SHAREHOLDERS' FUNDS 96,750 109,237

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2024 and were signed on its behalf by:





K J Bailey - Director


WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

COMPANY BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 70,005 70,005
70,005 70,005

CURRENT ASSETS
Cash at bank 13,500 26,055

CREDITORS
Amounts falling due within one year 13 18,155 24,168
NET CURRENT (LIABILITIES)/ASSETS (4,655 ) 1,887
TOTAL ASSETS LESS CURRENT
LIABILITIES

65,350

71,892

CAPITAL AND RESERVES
Called up share capital 17 22,660 22,660
Share premium 18 103,740 103,740
Retained earnings 18 (61,050 ) (54,508 )
SHAREHOLDERS' FUNDS 65,350 71,892

Company's loss for the financial year (6,542 ) (11,062 )

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2024 and were signed on its behalf by:





K J Bailey - Director


WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 22,660 22,607 103,740 149,007

Changes in equity
Total comprehensive income - (39,770 ) - (39,770 )
Balance at 31 December 2022 22,660 (17,163 ) 103,740 109,237

Changes in equity
Total comprehensive income - (12,487 ) - (12,487 )
Balance at 31 December 2023 22,660 (29,650 ) 103,740 96,750

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

COMPANY STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 22,660 (43,446 ) 103,740 82,954

Changes in equity
Total comprehensive income - (11,062 ) - (11,062 )
Balance at 31 December 2022 22,660 (54,508 ) 103,740 71,892

Changes in equity
Total comprehensive income - (6,542 ) - (6,542 )
Balance at 31 December 2023 22,660 (61,050 ) 103,740 65,350

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (3,575 ) (53,542 )
Interest paid (864 ) (356 )
Tax paid (8,763 ) 7,080
Net cash from operating activities (13,202 ) (46,818 )

Cash flows from investing activities
Purchase of tangible fixed assets (2,162 ) (3,718 )
Net cash from investing activities (2,162 ) (3,718 )

Cash flows from financing activities
Loan repayments in year (10,026 ) (13,855 )
Decrease in amount owed to associate 1,822 -
Net cash from financing activities (8,204 ) (13,855 )

Decrease in cash and cash equivalents (23,568 ) (64,391 )
Cash and cash equivalents at
beginning of year

2

116,763

181,154

Cash and cash equivalents at end of
year

2

93,195

116,763

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 31 December 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Loss before taxation (11,103 ) (45,996 )
Depreciation charges 3,783 9,871
Finance costs 864 356
(6,456 ) (35,769 )
Decrease/(increase) in trade and other debtors 10,903 (4,630 )
Decrease in trade and other creditors (8,022 ) (13,143 )
Cash generated from operations (3,575 ) (53,542 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 93,195 116,763
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 116,763 181,154


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 116,763 (23,568 ) 93,195
116,763 (23,568 ) 93,195
Debt
Debts falling due within 1 year (10,048 ) 100 (9,948 )
Debts falling due after 1 year (18,206 ) 9,926 (8,280 )
(28,254 ) 10,026 (18,228 )
Total 88,509 (13,542 ) 74,967

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Wessex Investment Holdings Limited is a private company, limited by shares, registered in England
and Wales. The company's registered number is 06272499 and registered office address is:

1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
In their assessment of going concern, the directors have taken account of the effect of the continuing war in Ukraine on the capital markets and the uncertainty in relation to interest rates following a general election on the subsidiary.

There has been no initial impact since the year end on the management fee income as a result of the fall in income received by the subsidiary. It is not clear how long the current circumstances are likely to last and what the long term impact will be.

The directors have updated their annual budgets and forecasts based upon the current impact of the crisis and undertaken the preparation of a contingency plan in order to ensure that the company has sufficient liquid capital in place to meet their operating cash requirements in the foreseeable future.

Basis of consolidation
The group accounts comprise the accounts of the company and its subsidiary undertaking at 31 December 2023, excluding the dormant subsidiaries, Just IFA Limited and Wessex Wealth Limited. The group profit and loss and cashflow statements include the results and cash flows of Wessex Investment Management Limited.

A separate profit and loss account dealing only with the results of the company has not been presented, as permitted by section 408 of the Companies Act 2006.

Investments in subsidiaries and associate companies
Investments in subsidiaries and associate companies are recognised on a cost model basis.

Turnover
Turnover, all of which is generated in the UK, represents commissions received from the sale of assurance, pension policies and investments and fees receivable from clients. Commission received on non indemnity terms is included in turnover. Renewal commissions and fee income due from clients arising as a result of contractual arrangements is recognised when invoiced and subsequent receipts in the period up to 30 days after the year end are included as sales. Sundry introductory commissions are recognised on receipt.

Goodwill
Goodwill represents the excess of the fair value and directly attributable costs of the acquisition of a
business over the fair values of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill is amortised over its expected useful life which is estimated to be fifteen years. Goodwill is assessed for impairment on an annual basis.

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives:
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the group has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amounts can be reliably estimated.

Bounce back loan
The Bounce Back Loan is a basic financial instrument and is reported in the financial statements at amortised cost. Any finance charges are calculated at the effective rate of interest and charged to the profit and loss on an accruals basis.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Subsidiary commission and fees 677,537 697,127
677,537 697,127

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 310,558 362,888
Social security costs 33,562 39,958
Other pension costs 37,365 46,111
381,485 448,957

The average number of employees during the year was as follows:
2023 2022

Management 3 3

The average number of employees by undertakings that were proportionately consolidated during the year was 8 (2022 - 11 ) .

2023 2022
£    £   
Directors' remuneration 148,476 148,077
Directors' pension contributions to money purchase schemes 26,389 27,124

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

5. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
£    £   
Hire of plant and machinery - 210
Depreciation - owned assets 3,784 5,024
Goodwill amortisation - 4,847
Auditors' remuneration 10,540 8,458

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 622 343
Corporation tax interest 242 13
864 356

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,384 (6,226 )
Tax on loss 1,384 (6,226 )

UK corporation tax was charged at 19 %) in 2022.

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (11,103 ) (45,996 )
Loss multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

(2,110

)

(8,739

)

Effects of:
Expenses not deductible for tax purposes 880 1,880
Depreciation in excess of capital allowances 215 854
Adjustments to tax charge in respect of previous periods (22 ) (221 )
Losses carried forward 2,421 -

Total tax charge/(credit) 1,384 (6,226 )

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 87,250
AMORTISATION
At 1 January 2023
and 31 December 2023 87,250
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Company
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 72,686
AMORTISATION
At 1 January 2023
and 31 December 2023 72,686
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS

Group
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 25,048 46,944 71,992
Additions 400 1,762 2,162
At 31 December 2023 25,448 48,706 74,154
DEPRECIATION
At 1 January 2023 21,071 42,396 63,467
Charge for year 1,005 2,779 3,784
At 31 December 2023 22,076 45,175 67,251
NET BOOK VALUE
At 31 December 2023 3,372 3,531 6,903
At 31 December 2022 3,977 4,548 8,525

11. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 5
NET BOOK VALUE
At 31 December 2023 5
At 31 December 2022 5
Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 70,005
NET BOOK VALUE
At 31 December 2023 70,005
At 31 December 2022 70,005

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Wessex Investment Management Limited
Registered office: 1 Carnegie Road, Newbury, Berkshire, RG14 5DJ
Nature of business: Independent Financial Advisors
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 101,397 107,342
Loss for the year (5,945 ) (28,707 )

Just IFA Limited
Registered office: 1 Carnegie Road, Newbury, Berkshire, RG14 5DJ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.1.23 31.1.22
£    £   
Aggregate capital and reserves 1 1

Wessex Wealth Management Limited
Registered office: 1 Carnegie Road, Newbury, Berkshire, RG14 5DJ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1 1

Associated company

Barrett & Thomson Financial Services Limited
Registered office: 1 Carnegie Road, Newbury, Berkshire, RG14 5DJ
Nature of business: Appointed Representatives
%
Class of shares: holding
Ordinary 50.00
2023 2022
£    £   
Aggregate capital and reserves 6,782 4,566
Profit for the year 2,216 1,604


WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 1,267 1,384
Amounts owed by associates - 1,531
Other debtors 2,188 12,233
Prepayments and accrued income 70,622 71,363
74,077 86,511

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 15) 9,948 10,048 - -
Amounts owed to associates 290 - - -
Tax 2,458 9,837 2,458 2,487
Social security and other taxes 12,550 9,283 - -
Other creditors 29,296 30,318 11,897 18,801
Accrued expenses 14,608 24,875 3,800 2,880
69,150 84,361 18,155 24,168

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 15) 8,280 18,206

15. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,948 10,048
Amounts falling due between one and two years:
Bank loans - 1-2 years 8,280 10,048
Amounts falling due between two and five years:
Bank loans - 2-5 years - 8,158

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

16. FINANCIAL INSTRUMENTS


Group Company
2023 2022 2023 2022
Financial assets £ £ £ £

Financial assets measured at fair value
through profit or loss

93,195


116,763


13,500


26,055
Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
22,660 Ordinary £1 22,660 22,660

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.

Called up share capital represents the nominal value of shares that have been issued

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses

18. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 (17,163 ) 103,740 86,577
Deficit for the year (12,487 ) (12,487 )
At 31 December 2023 (29,650 ) 103,740 74,090

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 (54,508 ) 103,740 49,232
Deficit for the year (6,542 ) (6,542 )
At 31 December 2023 (61,050 ) 103,740 42,690


19. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The amount charged to the profit and loss during the year was £37,365 (2022 - £46,111). The balance outstanding at the year end was £5,706 (2022 - £15,960).

WESSEX INVESTMENT HOLDINGS LIMITED (REGISTERED NUMBER: 06272499)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

20. OTHER FINANCIAL COMMITMENTS

The total of future minimum lease payments under non-cancellable operating leases due not later than one year is £16,261 (2022 - £794), due 1-5 years is £9,266 (2022 - £nil).

21. RELATED PARTY DISCLOSURES

The group is not disclosing transactions with its 100 percent subsidiary Wessex Investment Management Limited, as it is taking advantage of the exemption available under FRS102 to not disclose transactions with subsidiaries if consolidated accounts are publicly available.

Within the profit and loss account is the following amount charged for accountancy and professional services, by a business previously owned by two shareholders, R M L Taylor and M Herring, and now wholly owned by R M L Taylor who holds less than 20 percent of the issued share capital, and who is a director.

Banks & Co Limited £600 (2022 - £600) of which £600 (2022 - £600) is in creditors at the year end.

Within the profit and loss account of Wessex Investment Management Limited is the following amount recharged by a business previously owned by two shareholders, R M L Taylor and M Herring, now wholly owned by R M L Taylor, who holds less than 20 percent of the issued share capital, and who is a director, in respect of establishment and recharged office expenses.

Banks & Co Limited £3,074 (2022 - £2,196) of which £504 (2022 - £1,507) is a creditor/debtor at the year end.

During the year Wessex Investment Management Limited made the following payment to a business previously owned by two shareholders, R M L Taylor and M Herring, now wholly owned by R M L Taylor who owns less than 20 percent of the issued share capital, and who is a director, in respect of payroll bureau services.

TFS Payroll Solutions Limited £1,614 (2022 - £1,932) of which £nil (2022 - £270) is outstanding at the year end.

Within the profit and loss account of Wessex Investment Management Limited is an amount of £nil (2022 - £nil) received from Barrett & Thomson Financial Services Limited. At the year end £290 (2022 - £1,531) was due to/from Barrett & Thomson Financial Services Limited to/from Wessex Investment Management Limited.

Key management personnel compensation during the year was £142,908 (2022 - £142,118).

22. ULTIMATE CONTROLLING PARTY

The directors consider the controlling parties to be K Bailey and R M L Taylor, who together own 54% of the shares and are directors of Wessex Investment Holdings Limited, who are able to act in concert to control the financial affairs of the company.