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Registered number: 14069098










OCTOPUS MONEY LIMITED

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




















 
OCTOPUS MONEY LIMITED
 
 
Company Information


Directors
D Marsh 
R Handcock 




Company secretary
Octopus Company Secretarial Services Limited



Registered number
14069098



Registered office
6th Floor
33 Holborn

London

EC1N 2HT




Independent auditors
Sayers Butterworth LLP
Chartered Accountants and Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW





 
OCTOPUS MONEY LIMITED
 

Contents



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Balance sheet
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 17


 
OCTOPUS MONEY LIMITED
 
 
 
Directors' report
For the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

D Marsh 
R Handcock 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
OCTOPUS MONEY LIMITED
 
 
 
Directors' report (continued)
For the Year Ended 30 April 2024

Post balance sheet events

Post year end the company acquired a controlling shareholding in a company operating in the same industry and region. The total consideration is £3m, of which £1.3m has been initially paid, with the remainder payable over 4 years, dependent on achievement of specified performance related targets.

Auditors

The auditorsSayers Butterworth LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 November 2024 and signed on its behalf.
 





R Handcock
Director

Page 2

 
OCTOPUS MONEY LIMITED
 
 
 
Independent auditors' report to the members of Octopus Money Limited
 

Opinion


We have audited the financial statements of Octopus Money Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 30 April 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 3

 
OCTOPUS MONEY LIMITED
 
 
 
Independent auditors' report to the members of Octopus Money Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 1, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
OCTOPUS MONEY LIMITED
 
 
 
Independent auditors' report to the members of Octopus Money Limited (continued)


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 an Auditors' report 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:

Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity. Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Financial Conduct Authority (FCA) regulations, GDPR legislation, Tax legislation and distributable profits legislations. It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. We also reviewed correspondence with the FCA in the period. We did not have any concerns to note.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditors' report.


Other matters 
 

The corresponding figures in the financial statements of Octopus Money Limited were not audited as the company did not require a statutory audit under the Companies Act 2006 in the prior period.


Page 5

 
OCTOPUS MONEY LIMITED
 
 
 
Independent auditors' report to the members of Octopus Money Limited (continued)


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 2006Our 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 an Auditors' report 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.





Hannah Clegg (Senior statutory auditor)
  
for and on behalf of
Sayers Butterworth LLP
 
Chartered Accountants and Statutory Auditor
  
3rd Floor
12 Gough Square
London
EC4A 3DW

3 December 2024
Page 6

 
OCTOPUS MONEY LIMITED
 
 
Statement of comprehensive income
For the Year Ended 30 April 2024

30 April
Unaudited
Period ended
30 April
2024
2023
Note
£
£

  

Turnover
 4 
352,537
-

Cost of sales
  
(147,259)
-

Gross profit
  
205,278
-

Administrative expenses
  
(20,260)
-

Operating profit
  
185,018
-

Interest payable and similar expenses
 7 
(27,704)
-

Profit before tax
  
157,314
-

Tax on profit
 8 
(45,252)
-

Profit for the financial year
  
112,062
-

The notes on pages 10 to 17 form part of these financial statements.

Page 7

 
OCTOPUS MONEY LIMITED
Registered number: 14069098

Balance sheet
As at 30 April 2024

2024
Unaudited
2023
Note
£
£

Fixed assets
  

Intangible assets
 9 
455,934
-

  
455,934
-

Current assets
  

Debtors: amounts falling due within one year
 10 
132,771
1

Cash at bank and in hand
 11 
183,898
-

  
316,669
1

Creditors: amounts falling due within one year
 12 
(660,540)
-

Net current (liabilities)/assets
  
 
 
(343,871)
 
 
1

Total assets less current liabilities
  
112,063
1

  

Net assets
  
112,063
1


Capital and reserves
  

Called up share capital 
 13 
1
1

Profit and loss account
  
112,062
-

  
112,063
1


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 November 2024.




R Handcock
Director

The notes on pages 10 to 17 form part of these financial statements.

Page 8

 
OCTOPUS MONEY LIMITED
 

Statement of changes in equity
For the Year Ended 30 April 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
1
-
1



At 1 May 2023
1
-
1



Profit for the year
-
112,062
112,062


At 30 April 2024
1
112,062
112,063


The notes on pages 10 to 17 form part of these financial statements.

Page 9

 
OCTOPUS MONEY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

1.


General information

Octopus Money Limited is a private company limited by shares incorporated in England & Wales. The principal activities of the Company were to provide investment platform and discretionary fund management services. The company is an appointed representative of Octopus Investments Limited, a firm that is authorised and regulated by the Financial Conduct Authority.
The comparative information is presented for the long period from 26 April 2022 to 30 April 2023. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Octopus Group Holdings Limited as at 30 April 2024 and these financial statements may be obtained from 6th Floor, 33 Holborn, London, EC1N 2HT.

Page 10

 
OCTOPUS MONEY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.3

Revenue

The Company earns revenue from customers for access to and use of its investment platform and portfolio management services. Revenue is recognised in accordance with FRS 102, Section 23 "Revenue", which requires that revenue is recognised when it is probable that the economic benefits will flow to the entity and the amount can be measured reliably.
Platform and portfolio management fees revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, and taxes. 
Platform and portfolio management fees are charged as a percentage of the customers assets held on the platform and are recognised once the perfomance obligations have been satisfied. 

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Client relationships
-
7
years

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

Page 11

 
OCTOPUS MONEY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 12

 
OCTOPUS MONEY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and expenses.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Judgments
In the course of preparing the financial statements the only judgments that may have a significant effect are those involving estimates as explained below.
Estimates
The carrying amounts of intangible assets are based on management’s estimates of their useful lives, future cash flows and potential for impairment. Changes in these estimates may have a material effect on the reported amounts of assets and expenses. No significant revisions to estimates were made during the current financial year.
Details of the carrying value of intangible assets are set out in note 9.


4.


Turnover

30 April
Unaudited
Period ended
30 April
2024
2023
£
£

Platform fees
288,522
-

Portfolio management fees
64,015
-

352,537
-


All turnover arose within the United Kingdom.


5.


Auditors' remuneration

Auditor's remuneration is borne by TW11 Wealth Management Limited, a fellow subsidiary. The audit fee
attributable to the statutory audit for this company is £7,200 (2023 - £NIL) and non-audit fees amounted
to £800 (2023 - £NIL).




6.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).





Page 13

 
OCTOPUS MONEY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

7.


Interest payable and similar expenses

30 April
Unaudited
Period ended
30 April
2024
2023
£
£


Other loan interest payable
27,704
-

27,704
-


8.


Taxation


30 April
Unaudited
Period ended
30 April
2024
2023
£
£

Corporation tax


Current tax on profits for the year
45,252
-


Total current tax
45,252
-

Factors affecting tax charge for the year/period

The tax assessed for the year/period is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

30 April
Unaudited
Period ended
30 April
2024
2023
£
£


Profit on ordinary activities before tax
157,314
-


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
39,329
-

Effects of:


Non-tax deductible amortisation of intangible asset
5,323
-

Expenses not deductible for tax purposes
600
-

Total tax charge for the year/period
45,252
-

Page 14

 
OCTOPUS MONEY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024
 
8.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Intangible assets




Client relationships

£



Cost


Additions
477,231



At 30 April 2024

477,231



Amortisation


Charge for the year on owned assets
21,297



At 30 April 2024

21,297



Net book value



At 30 April 2024
455,934



At 30 April 2023
-


The individual intangible assets which are material to the financial statements are the acquisition of a client assets book, which has a carrying value of £455,934 and a remaining amortisation period of 6 years.


Page 15

 
OCTOPUS MONEY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

10.


Debtors

2024
Unaudited
2023
£
£


Other debtors
31,772
1

Prepayments and accrued income
100,999
-

132,771
1



11.


Cash and cash equivalents

2024
Unaudited
2023
£
£

Cash at bank and in hand
183,898
-

183,898
-



12.


Creditors: Amounts falling due within one year

2024
Unaudited
2023
£
£

Trade creditors
25,520
-

Amounts owed to group undertakings
547,803
-

Corporation tax
45,252
-

Accruals and deferred income
41,965
-

660,540
-



13.


Share capital

2024
Unaudited
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Normal £1 shares share of £1.00
1
1


Page 16

 
OCTOPUS MONEY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 30 April 2024

14.


Related party transactions

The company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transactions with other group members, where the group members are wholly owned.
During the year, the company paid asset custody and platform interface fees to an entity under common control on terms made on an arm's length basis. For the year ended 30 April 2024, the company paid custody fees totalling £104,963 (2023: £NIL) and platform interface fees totalling £21,000 (2023: £NIL).


15.


Post balance sheet events

Post year end the company acquired a controlling shareholding in a company operating in the same industry and region. The total consideration is £3m, of which £1.3m has been initially paid, with the remainder payable over 4 years, dependent on achievement of specified performance related targets.


16.


Controlling party

The immediate parent company is Octopus Money Holdings Limited. The ultimate parent company is Octopus Group Holdings Limited. Both companies are registered in England and Wales.
The parent undertaking of the smallest group of which the company is a member and consolidated financial statements are prepared is Octopus Group Holdings Limited. Copies of consolidated financial statements can be obtained from 6th Floor, 33 Holborn, London, EC1N 2HT.

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