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REGISTERED NUMBER: 09437056 (England and Wales)















PENSIONHELP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










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


PENSIONHELP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: K M Wilson
M Wilson
D E Hardy-Dearness
J M Stevenson





REGISTERED OFFICE: 5 - 7 Byrom Street
Manchester
M3 4PF





REGISTERED NUMBER: 09437056 (England and Wales)





AUDITORS: Clarke Nicklin LLP
Chartered Accountants and
Statutory Auditors
Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

STRATEGIC REPORT
The company offers independent advice on pensions and retirement planning to a range of customers, who are mainly referred to the company via third party connections. The management team are successful in developing long-term relationships with third parties through formal introducer agreements.

In the financial year ending March 2024 the UK base interest rate increased, resulting in lower pension transfer values and, in turn, a reduction in the company's turnover from £9.97m to £3.55m. The Directors have reduced the overhead cost base of the company accordingly, whilst continuing to build relationships with additional introducers to further diversify lead generation.

During the year a brought forward provision for redress payments to customers was reversed, following the completion of a past business review.

The main key performance indicators used by management on a regular basis include New case volumes, Gross and Net profit margins, Current ratio and FCA capital adequacy headroom

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the full range of risks affecting the company on a regular basis, and where appropriate take action to address such risks. The principal risks and uncertainties facing the company are detailed below:

Risks To Introducer Relationships
The company has developed strong long-term relationships with a range of introducers and does not feel overly dependent on any one introducer.

Economic and Political Risk
Business volumes are reactive to changes in the economic and political environment, including interest rates. The directors monitor these changes to ensure resources are appropriate to numbers of referrals.

Compliance Risk
Remaining compliant with the Financial Conduct Authority and Financial Ombudsmen Service regulations is critical to the company. Significant time and resource is invested in training and compliance to ensure the company minimises compliance risk.

Technology Risk
The company continues to invest in IT to improve efficiency and client experience, whilst maintaining its high level of cyber security.

ON BEHALF OF THE BOARD:





M Wilson - Director


21 October 2024

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of provision of Pensions advice

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £2,334,280 (2023: £401,136).

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

K M Wilson
M Wilson
D E Hardy-Dearness
J M Stevenson

Other changes in directors holding office are as follows:

M D McPhun - resigned 30 July 2023

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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Clarke Nicklin LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Wilson - Director


21 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PENSIONHELP LIMITED


Opinion
We have audited the financial statements of Pensionhelp Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 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 March 2024 and of the group's profit 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PENSIONHELP LIMITED


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.

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
PENSIONHELP 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Procedures to identify risks:
- enquiring of management concerning the company's procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: timing of recognition of income and related expenses, posting of unusual journals; and
- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation, tax legislation, and Financial Conduct Authority regulations.

The procedures to respond to risks identified included:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;
- enquiring of management, concerning actual and potential litigation, claims, and customer complaints;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reviewing correspondence with HMRC and the Financial Conduct Authority, where appropriate;
- testing the timing and matching of income and related expense transactions either side of the year end; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through collusion.

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
PENSIONHELP 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.




Graham Travis FCA (Senior Statutory Auditor)
for and on behalf of Clarke Nicklin LLP
Chartered Accountants and
Statutory Auditors
Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD

21 October 2024

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 3,559,752 9,966,103

Cost of sales 964,466 2,522,483
GROSS PROFIT 2,595,286 7,443,620

Administrative expenses 4,311,064 6,661,027
OPERATING (LOSS)/PROFIT 4 (1,715,778 ) 782,593

Exceptional items 5 1,941,552 479,747
225,774 1,262,340

Interest receivable and similar income 228,909 69,175
454,683 1,331,515

Interest payable and similar expenses 6 3,005 3,005
PROFIT BEFORE TAXATION 451,678 1,328,510

Tax on profit 7 132,833 244,066
PROFIT FOR THE FINANCIAL YEAR 318,845 1,084,444
Profit attributable to:
Owners of the parent 318,845 1,084,444

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 318,845 1,084,444


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

318,845

1,084,444

Total comprehensive income attributable to:
Owners of the parent 318,845 1,084,444

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 9,730 17,335
Tangible assets 11 205,334 410,293
Investments 12 - -
215,064 427,628

CURRENT ASSETS
Debtors 13 1,284,449 1,432,789
Cash at bank 4,671,551 8,254,994
5,956,000 9,687,783
CREDITORS
Amounts falling due within one year 14 1,082,031 997,587
NET CURRENT ASSETS 4,873,969 8,690,196
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,089,033

9,117,824

CREDITORS
Amounts falling due after more than one
year

15

(25,500

)

(57,188

)

PROVISIONS FOR LIABILITIES 18 (17,239 ) (1,998,907 )
NET ASSETS 5,046,294 7,061,729

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 5,046,194 7,061,629
SHAREHOLDERS' FUNDS 5,046,294 7,061,729

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





M Wilson - Director


PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 9,730 17,335
Tangible assets 11 205,334 410,293
Investments 12 2,675,000 2,675,000
2,890,064 3,102,628

CURRENT ASSETS
Debtors 13 1,252,960 1,422,027
Cash at bank 1,535,167 5,198,297
2,788,127 6,620,324
CREDITORS
Amounts falling due within one year 14 977,521 997,313
NET CURRENT ASSETS 1,810,606 5,623,011
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,700,670

8,725,639

CREDITORS
Amounts falling due after more than one
year

15

(25,500

)

(57,188

)

PROVISIONS FOR LIABILITIES 18 (17,239 ) (1,998,907 )
NET ASSETS 4,657,931 6,669,544

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 4,657,831 6,669,444
SHAREHOLDERS' FUNDS 4,657,931 6,669,544

Company's profit for the financial year 322,667 927,549

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





M Wilson - Director


PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 6,378,321 6,378,421

Changes in equity
Dividends - (401,136 ) (401,136 )
Total comprehensive income - 1,084,444 1,084,444
Balance at 31 March 2023 100 7,061,629 7,061,729

Changes in equity
Dividends - (2,334,280 ) (2,334,280 )
Total comprehensive income - 318,845 318,845
Balance at 31 March 2024 100 5,046,194 5,046,294

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 6,143,031 6,143,131

Changes in equity
Dividends - (401,136 ) (401,136 )
Total comprehensive income - 927,549 927,549
Balance at 31 March 2023 100 6,669,444 6,669,544

Changes in equity
Dividends - (2,334,280 ) (2,334,280 )
Total comprehensive income - 322,667 322,667
Balance at 31 March 2024 100 4,657,831 4,657,931

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,577,251 ) 30,616
Interest element of hire purchase
payments paid

(3,005

)

(3,005

)
Tax paid 260,994 300,221
Net cash from operating activities (1,319,262 ) 327,832

Cash flows from investing activities
Purchase of intangible fixed assets (4,266 ) -
Purchase of tangible fixed assets (26,605 ) (73,372 )
Interest received 228,909 69,175
Net cash from investing activities 198,038 (4,197 )

Cash flows from financing activities
Capital repayments in year (31,689 ) (31,688 )
Amount introduced by directors 374,780 9,586
Amount withdrawn by directors (471,030 ) (9,418 )
Equity dividends paid (2,334,280 ) (401,136 )
Net cash from financing activities (2,462,219 ) (432,656 )

Decrease in cash and cash equivalents (3,583,443 ) (109,021 )
Cash and cash equivalents at
beginning of year

2

8,254,994

8,364,015

Cash and cash equivalents at end of
year

2

4,671,551

8,254,994

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 451,678 1,328,510
Depreciation charges 243,435 268,068
Redress provision (1,926,964 ) (1,965,869 )
Finance costs 3,005 3,005
Finance income (228,909 ) (69,175 )
(1,457,755 ) (435,461 )
(Increase)/decrease in trade and other debtors (18,393 ) 1,431,000
Decrease in trade and other creditors (101,103 ) (964,923 )
Cash generated from operations (1,577,251 ) 30,616

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 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 4,671,551 8,254,994
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 8,254,994 8,364,015


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 8,254,994 (3,583,443 ) 4,671,551
8,254,994 (3,583,443 ) 4,671,551
Debt
Finance leases (88,878 ) 31,689 (57,189 )
(88,878 ) 31,689 (57,189 )
Total 8,166,116 (3,551,754 ) 4,614,362

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Pensionhelp Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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.

Basis of consolidation
The consolidated income statement and balance sheet include the financial statements of the company and its subsidiary undertakings. The results of subsidiaries acquired or sold during the period are included in the consolidated income statement from, or up to, the date control passes. Intra-group transactions are eliminated fully on consolidation.

On acquisition of a subsidiary, the subsidiary's assets and liabilities that exist at the date of acquisition are recorded at their fair values reflecting their condition at that date. All changes to those assets and liabilities, and the resulting gains and losses that arise after the group has gained control of the subsidiary are charged to the post acquisition income statement.

Significant judgements and estimates
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Redress provision - The estimated cost of future redress payments is charged to the income statement when the directors become aware of a complaint or potential complaint for past unsuitable advice. In addition, provisions are included where the Financial Conduct Authority commissions a wider review into a specific group of past advice cases.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 33% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost


PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

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.

Financial assets
Basic financial assets, including trade debtors, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

If there is a decrease in the the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial liabilities
Basic financial liabilities, including trade creditors and amounts owed to group undertakings, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,250,962 4,234,737
Social security costs 222,750 426,688
Other pension costs 175,089 227,730
2,648,801 4,889,155

The average number of employees during the year was as follows:
2024 2023

Directors 4 6
Staff 44 98
48 104

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

2024 2023
£    £   
Directors' remuneration 475,876 623,864
Directors' pension contributions to money purchase schemes 69,236 40,738

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

Money purchase schemes 3 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 216,535 194,301
Pension contributions to money purchase schemes 29,984 36,738

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 231,564 257,118
Development costs amortisation 11,871 10,950
Auditor's remuneration 18,000 16,000

5. EXCEPTIONAL ITEMS
2024 2023
£    £   
Exceptional items 1,941,552 479,747

Exceptional items includes a redress provision (see note 18).

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 3,005 3,005

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 187,537 262,096

Deferred tax (54,704 ) (18,030 )
Tax on profit 132,833 244,066

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. TAXATION - continued

Reconciliation of total tax charge 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:

2024 2023
£    £   
Profit before tax 451,678 1,328,510
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

112,920

252,417

Effects of:
Expenses not deductible for tax purposes 19,913 15,491
Income not taxable - (29,810 )
Capital allowances super deduction - (4,182 )
Adjustment in respect of prior year - (7,116 )
Effect of rate change - 17,266
Total tax charge 132,833 244,066

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. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of 1 each
Interim 2,334,280 401,136

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. INTANGIBLE FIXED ASSETS

Group
Developme
costs
£   
COST
At 1 April 2023 33,180
Additions 4,266
At 31 March 2024 37,446
AMORTISATION
At 1 April 2023 15,845
Amortisation for year 11,871
At 31 March 2024 27,716
NET BOOK VALUE
At 31 March 2024 9,730
At 31 March 2023 17,335

Company
Developme
costs
£   
COST
At 1 April 2023 33,180
Additions 4,266
At 31 March 2024 37,446
AMORTISATION
At 1 April 2023 15,845
Amortisation for year 11,871
At 31 March 2024 27,716
NET BOOK VALUE
At 31 March 2024 9,730
At 31 March 2023 17,335

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 139,551 256,435 231,724 231,056 858,766
Additions 14,795 8,253 - 3,557 26,605
At 31 March 2024 154,346 264,688 231,724 234,613 885,371
DEPRECIATION
At 1 April 2023 73,465 130,345 97,691 146,972 448,473
Charge for year 44,345 74,463 57,931 54,825 231,564
At 31 March 2024 117,810 204,808 155,622 201,797 680,037
NET BOOK VALUE
At 31 March 2024 36,536 59,880 76,102 32,816 205,334
At 31 March 2023 66,086 126,090 134,033 84,084 410,293

The net book value of Motor vehicles acquired on hire purchase amounted to £52,855 (2023: £95,287)
and the depreciation charge for the year was £42,432 (2023: £42,433).

Company
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 139,551 256,435 231,724 231,056 858,766
Additions 14,795 8,253 - 3,557 26,605
At 31 March 2024 154,346 264,688 231,724 234,613 885,371
DEPRECIATION
At 1 April 2023 73,465 130,345 97,691 146,972 448,473
Charge for year 44,345 74,463 57,931 54,825 231,564
At 31 March 2024 117,810 204,808 155,622 201,797 680,037
NET BOOK VALUE
At 31 March 2024 36,536 59,880 76,102 32,816 205,334
At 31 March 2023 66,086 126,090 134,033 84,084 410,293

The net book value of Motor vehicles acquired on hire purchase amounted to £52,855 (2023: £95,287) and the depreciation charge for the year was £42,432 (2023: £42,433).

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 April 2023
and 31 March 2024 2,675,000
NET BOOK VALUE
At 31 March 2024 2,675,000
At 31 March 2023 2,675,000

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

Subsidiary

M3 Insurance Company Limited
Registered office: Level 2, Samuel Harris House, 5-11 St George's Street, Douglas, IM1 1AJ, Isle of Man
Nature of business: Insurance
%
Class of shares: holding
Ordinary 100.00


13. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 631,181 900,790 631,181 900,790
Amounts owed by related parties - 6,229 - 6,229
Other debtors 4,334 23,904 4,334 23,904
Directors' current accounts 96,250 - 96,250 -
Corporation tax - 262,983 - 262,983
Prepayments and accrued income 432,684 118,883 401,195 108,121
1,164,449 1,312,789 1,132,960 1,302,027

Amounts falling due after more than one year:
Amounts owed by related parties 120,000 120,000 120,000 120,000

Aggregate amounts 1,284,449 1,432,789 1,252,960 1,422,027

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 31,689 31,690 31,689 31,690
Trade creditors 206,255 112,878 206,255 112,878
Amounts owed to related parties 2,486 - 2,486 -
Corporation tax 185,548 - 185,548 -
Social security and other taxes 43,819 71,671 42,183 69,671
Other creditors 316,339 508,892 221,657 516,883
Accrued expenses 295,895 272,456 287,703 266,191
1,082,031 997,587 977,521 997,313

Included in other creditors are unpaid pension contributions of £14,645 (2023: £Nil).

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 25,500 57,188 25,500 57,188

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 31,689 31,690
Between one and five years 25,500 57,188
57,189 88,878

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 31,689 31,690
Between one and five years 25,500 57,188
57,189 88,878

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


16. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 53,550 324,000
Between one and five years 73,500 810,000
127,050 1,134,000

17. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts 57,189 88,878 57,189 88,878

Hire purchase liabilities are secured on the underlying assets to which they relate.

18. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 17,239 71,943 17,239 71,943
Other provisions
Redress provision - 1,926,964 - 1,926,964

Aggregate amounts 17,239 1,998,907 17,239 1,998,907

Group
Deferred Redress
tax provision
£    £   
Balance at 1 April 2023 71,943 1,926,964
Provided during year (54,704 ) -
Credit to Income Statement during year - (1,926,964 )
Balance at 31 March 2024 17,239 -

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


18. PROVISIONS FOR LIABILITIES - continued

Company
Deferred Redress
tax provision
£    £   
Balance at 1 April 2023 71,943 1,926,964
Credit to Income Statement during year (54,704 ) (1,926,964 )
Balance at 31 March 2024 17,239 -

The provision for deferred taxation is made up as follows:
2024 2023
£ £
Accelerated capital allowances 20,900 71,943
Other timing differences (3,316 ) -
17,239 71,943

The redress provision, which was originally made for the estimated costs of likely compensation payments related to past unsuitable advice, has been resolved following the FCA’s final determination. This provision included estimated amounts for former members of the British Steel Pension Scheme. While some claims pertained to prior periods, due to the complexity and variability in calculating each claim retrospectively, the final provision, has been released to the profit and loss for the current year.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
70 A Ordinary 1 70 70
30 B Ordinary 1 30 30
100 100

20. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 7,061,629
Profit for the year 318,845
Dividends (2,334,280 )
At 31 March 2024 5,046,194

PENSIONHELP LIMITED (REGISTERED NUMBER: 09437056)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


20. RESERVES - continued

Company
Retained
earnings
£   

At 1 April 2023 6,669,444
Profit for the year 322,667
Dividends (2,334,280 )
At 31 March 2024 4,657,831


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 March 2024 the company was owed £96,250 (2023: £Nil) by the directors.
The amount is interest free and repayable on demand.

22. RELATED PARTY DISCLOSURES

At 31 March 2024 the company owed £7,584 (2023: £35,149) to entities under common control. Amounts are interest free and repayable on demand.

At 31 March 2024 the company was owed £267,224 (2023: £126,229) by entities under common control. Amounts are interest free. £120,000 (2023: £120,000) is repayable after more than 1 year, with the balance repayable on demand.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J & N Stevenson by virtue of their shareholding.