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Registered number: 10339119










OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




















 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
Company Information


Directors
A Price (resigned 1 May 2024)
R Handcock (appointed 17 May 2023)
D Marsh (appointed 1 May 2024)




Registered number
10339119



Registered office
7th Floor
33 Holborn

London

EC1N 2HT




Independent auditors
Sayers Butterworth LLP
Chartered Accountants and Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW




Bankers
HSBC Bank plc
60 Queen Victoria Street

London

EC4N 4TR





 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT 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 - 23


 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT 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:

A Price (resigned 1 May 2024)
R Handcock (appointed 17 May 2023)

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 FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Directors' Report (continued)
For the Year Ended 30 April 2024

Post balance sheet events

On 18 November 2024, as a result of an intragroup reorganisation, ownership of Octopus Money Financial Solutions Limited was transferred from OPV 2 Limited (formerly known as Hatch Financial Planning Limited) to Octopus Money Holdings Limited.
On 8 January 2025 the company changed its name from TW11 Wealth Management Limited to Octopus Money Financial Solutions Limited.

Auditors

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

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.

This report was approved by the board on 16 January 2025 and signed on its behalf.
 





R Handcock
Director

Page 2

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Independent Auditors' Report to the Members of Octopus Money Financial Solutions Limited (formerly known as TW11 Wealth Management Limited)
 

Opinion


We have audited the financial statements of Octopus Money Financial Solutions Limited (formerly known as TW11 Wealth Management 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 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 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 FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Independent Auditors' Report to the Members of Octopus Money Financial Solutions Limited (formerly known as TW11 Wealth Management 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; or
the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 4

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Independent Auditors' Report to the Members of Octopus Money Financial Solutions Limited (formerly known as TW11 Wealth Management Limited) (continued)


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.


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, Employment Law, Tax and Pensions legislation and distributable profits legislation. It is considered that non-compliance with Financial Conduct Authority regulations would 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, and reviewed reports submitted to 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).
Page 5

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Independent Auditors' Report to the Members of Octopus Money Financial Solutions Limited (formerly known as TW11 Wealth Management Limited) (continued)




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.


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

17 January 2025
Page 6

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
Statement of Comprehensive Income
For the Year Ended 30 April 2024

2024
Restated
2023
£
£

  

Turnover
 4 
2,147,074
1,158,890

Cost of sales
  
(1,166,064)
(613,494)

Gross profit
  
981,010
545,396

Administrative expenses
  
(11,806,526)
(5,991,124)

Other operating income
 5 
802,501
-

Operating loss
 6 
(10,023,015)
(5,445,728)

Interest payable and similar expenses
  
(2,144)
-

Loss before tax
  
(10,025,159)
(5,445,728)

Tax on loss
 10 
2,301,438
1,029,309

Loss for the financial year
  
(7,723,721)
(4,416,419)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 23 form part of these financial statements.

Page 7

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
Registered number: 10339119

Balance Sheet
As at 30 April 2024

2024
Restated
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
2,656,556
-

Tangible assets
 12 
86,507
49,147

  
2,743,063
49,147

Current assets
  

Debtors: amounts falling due within one year
 13 
4,888,615
2,557,606

Cash at bank and in hand
 14 
2,255,475
2,376,740

  
7,144,090
4,934,346

Creditors: amounts falling due within one year
 15 
(1,618,253)
(1,690,372)

Net current assets
  
 
 
5,525,837
 
 
3,243,974

Total assets less current liabilities
  
8,268,900
3,293,121

  

Net assets
  
8,268,900
3,293,121


Capital and reserves
  

Called up share capital 
 16 
227,785
105,287

Share premium account
  
22,540,771
10,413,471

Other reserves
 17 
631,276
181,574

Profit and loss account
  
(15,130,932)
(7,407,211)

  
8,268,900
3,293,121


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 January 2025.




R Handcock
Director

The notes on pages 10 to 23 form part of these financial statements.

Page 8

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 

Statement of Changes in Equity
For the Year Ended 30 April 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
45,977
4,541,821
-
(2,990,792)
1,597,006



Loss for the year
-
-
-
(4,416,419)
(4,416,419)

Shares issued during the year
59,310
5,871,650
-
-
5,930,960

Share based payment charge
-
-
181,574
-
181,574



At 1 May 2023 (as previously stated)
105,287
10,413,471
-
(7,225,637)
3,293,121

Prior year adjustment (note 18)
-
-
181,574
(181,574)
-


At 1 May 2023 (as restated)
105,287
10,413,471
181,574
(7,407,211)
3,293,121



Loss for the year
-
-
-
(7,723,721)
(7,723,721)

Shares issued during the year
122,498
12,127,300
-
-
12,249,798

Share based payment charge
-
-
449,702
-
449,702


At 30 April 2024
227,785
22,540,771
631,276
(15,130,932)
8,268,900


The notes on pages 10 to 23 form part of these financial statements.

Page 9

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

1.


General information

Octopus Money Financial Solutions Limited is a private company limited by shares incorporated in England & Wales. The principal activity of the company is that of the provision of financial advice and coaching services. The company is authorised by the Financial Conduct Authority.  
On 8 January 2025 the company changed its name from TW11 Wealth Management Limited to Octopus Money Financial Solutions Limited.

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 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
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.

 
2.3

Going concern

Octopus Money Holdings Limited has pledged funds of up to £26,000,000 available which will be repayable in 2030. The purpose of these funds is to finance the activity of this company. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 10

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue in respect of subscription fees and service charges are recognised over the period that the service is provided.
Revenue in respect of administration and introducers fees are recognised at the point of introducing the client to a coach.
Revenue in respect of advice fees are recognised over the period that the service is provided. Revenue in respect of asset transfer fees, included within advice fees, are recognised at the point of completion of client onboarding.
Revenue in respect of commissions is recognised once the company is notified by the agent that they are entitled to such revenue.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

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. 

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 11

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.8

Share-based payments

The Group has an equity settled share option scheme. Options are exercisable at a price determined by the directors estimated to be a fair valuation of the Group on the date of grant.
The fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
In accordance with section 26 of FRS 102, the company has adopted the alternative treatment in measuring the share-based payment expense on the basis of reasonable allocation for the group.
Share options issued relate to Octopus Group Holdings Limited as the Ultimate Parent Company.

 
2.9

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.


 
2.10

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

Page 12

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)

 
2.11

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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

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.

 
2.12

Debtors

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

 
2.13

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. 

 
2.14

Creditors

Short-term creditors are measured at the transaction price. 

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.16

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
Page 13

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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.


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 11.

Page 14

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Coaching subscription fees
1,148,894
653,039

Service fees
212,930
128,056

Administration fees
66,596
72,730

Introducer fees
136,520
181,778

Advice fees
407,649
79,977

Product commissions
174,485
43,310

2,147,074
1,158,890


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Rents receivable
683,882
-

R&D expenditure credit
118,619
-

802,501
-



6.


Operating loss

The operating loss is stated after charging:

2024
Restated
2023
£
£

Operating lease rentals
972,547
168,857

Share-based payment
449,702
181,574

Page 15

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
11,500
10,100

Fees payable to the Company's auditors and their associates in respect of:

The auditing of accounts of associates of the Company
16,310
4,450

Taxation compliance services for associates of the Company
2,930
1,400

Taxation compliance services
1,000
900


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,640,876
3,578,052

Social security costs
712,460
411,777

Pension costs
486,695
297,787

7,840,031
4,287,616


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
1



Employees
86
49

88
50

Page 16

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
355,226
184,585

Company contributions to defined contribution pension schemes
31,668
17,052

386,894
201,637


The directors' remuneration in relation to the group share scheme is disclosed in the financial statements of the Company's ultimate parent company, Octopus Group Holdings Limited.

The highest paid director received remuneration of £210,262 (2023 - £184,585).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2023 - £17,052).


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(2,301,438)
(1,029,309)


Total current tax
(2,301,438)
(1,029,309)
Page 17

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%) as set out below:

2024
Restated
2023
£
£


Loss on ordinary activities before tax
(10,025,159)
(5,445,728)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
(2,506,290)
(1,061,917)

Effects of:


Non-tax deductible amortisation of intangibles
74,751
-

Expenses not deductible for tax purposes including depreciation
151,110
43,241

Capital allowances for year in excess of depreciation
(20,512)
(10,633)

Adjustment in research and development tax credit leading to an decrease in the tax charge
(29,655)
-

Prior year differences written off leading to an increase in the tax charge
29,158
-

Total tax charge for the year
(2,301,438)
(1,029,309)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

11.


Intangible assets




Client relationships

£



Cost


Additions
2,955,558



At 30 April 2024

2,955,558



Amortisation


Charge for the year on owned assets
299,002



At 30 April 2024

299,002



Net book value



At 30 April 2024
2,656,556



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 £665,781 and a remaining amortisation period of 6 years and 7 months; and the acquisition of separate client assets book, which has a carrying value of £1,990,775 and a remaining amortisation period of 6 years and 2 months.


Page 19

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

12.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 May 2023
72,756


Additions
82,048


Disposals
(17,973)



At 30 April 2024

136,831



Depreciation


At 1 May 2023
23,609


Charge for the year on owned assets
40,592


Disposals
(13,877)



At 30 April 2024

50,324



Net book value



At 30 April 2024
86,507



At 30 April 2023
49,147

Page 20

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

13.


Debtors

2024
2023
£
£


Trade debtors
472,503
302,426

Amounts owed by group undertakings
3,488,800
1,569,282

Other debtors
130,281
30,711

Prepayments and accrued income
797,031
655,187

4,888,615
2,557,606



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,255,475
2,376,740

2,255,475
2,376,740



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
148,496
267,580

Amounts owed to group undertakings
37,438
37,438

Other taxation and social security
250,701
108,866

Other creditors
114,228
69,723

Accruals and deferred income
1,067,390
1,206,765

1,618,253
1,690,372



16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



22,778,455 (2023 - 10,528,658) Ordinary shares of £0.01 each
227,785
105,287


Page 21

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

16.Share capital (continued)

During the period the company issued 12,249,798 ordinary shares of £0.01 for a total premium of £12,127,300.


17.


Reserves

Other reserves

Other reserves comprises the equity value of outstanding share options.


18.


Prior year adjustment

The comparative information for the year ended 30 April 2024 has been restated to include a share based payment charge. The impact of the restatement is as follows:
Other reserves increased from £NIL to £181,574.
Loss for the year increased from £4,234,845 to £4,416,419.
There was no impact on Net Assets.


19.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


20.


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.


21.


Post balance sheet events

On 18 November 2024, as a result of an intragroup reorganisation, ownership of Octopus Money Financial Solutions Limited was transferred from OPV 2 Limited (formerly known as Hatch Financial Planning Limited) to Octopus Money Holdings Limited.
On 8 January 2025 the company changed its name from TW11 Wealth Management Limited to Octopus Money Financial Solutions Limited.

Page 22

 
OCTOPUS MONEY FINANCIAL SOLUTIONS LIMITED (FORMERLY KNOWN AS TW11 WEALTH MANAGEMENT LIMITED)
 
 
 
Notes to the Financial Statements
For the Year Ended 30 April 2024

22.


Controlling party

At the year end the immediate parent company was OPV 2 Limited. On 18 November 2024, as a result of an intragroup reorganisation ownership of Octopus Money Financial Solutions Limited was transferred from OPV 2 Limited to Octopus Money Holdings Limited. The ultimate parent company is Octopus Group Holdings Limited. Both companies are registered in England and Wales. There is no one ultimate controlling party.
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.

 
Page 23