Company Registration No. SC152826 (Scotland)
SAVE & INVEST GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SAVE & INVEST GROUP LIMITED
COMPANY INFORMATION
Directors
P W Feeney
(Appointed 29 October 2024)
G T Hotson
(Appointed 29 October 2024)
Company number
SC152826
Registered office
100 West Regent Street
Glasgow
G2 2QD
Accountants
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
SAVE & INVEST GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
SAVE & INVEST GROUP LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,510,056
1,150,267
Tangible assets
5
33,020
10,485
Investments
6
780,217
780,217
2,323,293
1,940,969
Current assets
Debtors
7
1,593,905
658,405
Investments
8
196,794
168,768
Cash at bank and in hand
1,628,577
541,110
3,419,276
1,368,283
Creditors: amounts falling due within one year
9
(5,169,753)
(2,555,604)
Net current liabilities
(1,750,477)
(1,187,321)
Total assets less current liabilities
572,816
753,648
Provisions for liabilities
(325,766)
(187,224)
Net assets
247,050
566,424
Capital and reserves
Called up share capital
10
8,021
8,021
Share premium account
49,681
49,681
Capital redemption reserve
1,884
1,884
Profit and loss reserves
187,464
506,838
Total equity
247,050
566,424

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SAVE & INVEST GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
G T Hotson
Director
Company Registration No. SC152826
SAVE & INVEST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Save & Invest Group Limited is a private company limited by shares incorporated in Scotland. The registered office is 100 West Regent Street, Glasgow, G2 2QD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

These financial statements have been prepared on a going concern basis.true

 

Whilst there can be no absolute certainty, having considered the current results of the company, including plausible downside scenarios impacting revenues, expenses and financial resilience, and the current liquidity and net assets of the company, the directors are satisfied that it remains a reasonable assumption that the company should have sufficient resources to meet its working capital requirements for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

 

The directors recognise that there is a net current liability which arises from the balance on the intercompany account as the company, which does not trade, requires working capital funding from its trading subsidiaries to finance its outgoings.  Consequently, the directors are comfortable with this position given the profitability and cash generation of its subsidiaries.

1.3
Turnover
The turnover shown in the profit and loss account represents a management charge to Save & Invest (Financial Planning) Limited and LGD Services Limited in respect of expenses paid on their behalf.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of five years. The carrying value of goodwill is reviewed annually for any permanent impairment in value and any such reduction in value is taken to the profit and loss account.
1.5
Intangible fixed assets other than goodwill

Software development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

SAVE & INVEST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives once the asset is deemed ready for use on the following bases:

Software
25% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less the estimated residual value of each asset over its expected useful life, as follows:
Fixtures & fittings
20% - 50% straight line
Computer equipment
33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SAVE & INVEST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors and loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

SAVE & INVEST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or intangible assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are investments in subsidiaries and the capitalisation and amortisation of internally developed software costs.

 

Investment in subsidiaries

Investment in subsidiaries are assessed for indicators of impairment each year which requires management to exercise judgement with regards to the future strategic direction of these investments. This is completed through a review over the recoverable amount of the underlying investments. It is management’s view that there is significant headroom.

 

Capitalisation and amortisation of internally developed software costs

Internally developed software is recognised in the balance sheet to the extent that the technical, commercial and financial feasibility can be demonstrated. The software is carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Internally developed software is considered to have a definite life and are therefore amortised on a straight line basis over their estimated useful lives. Internally developed software will be amortised from the date that the asset is brought into use and will be assessed for impairment annually until that point.

 

Impairment testing involves an assessment of whether the asset continues to be actively used together with an estimation of the external costs to replace it with a like for like alternative.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
11
SAVE & INVEST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 July 2023
2,188,082
2,561,206
4,749,288
Additions
-
0
481,137
481,137
At 30 June 2024
2,188,082
3,042,343
5,230,425
Amortisation and impairment
At 1 July 2023
2,188,082
1,410,939
3,599,021
Amortisation charged for the year
-
0
121,348
121,348
At 30 June 2024
2,188,082
1,532,287
3,720,369
Carrying amount
At 30 June 2024
-
0
1,510,056
1,510,056
At 30 June 2023
-
0
1,150,267
1,150,267
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
21,584
Additions
31,009
At 30 June 2024
52,593
Depreciation and impairment
At 1 July 2023
11,099
Depreciation charged in the year
8,474
At 30 June 2024
19,573
Carrying amount
At 30 June 2024
33,020
At 30 June 2023
10,485
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
780,217
780,217
SAVE & INVEST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
992,605
-
0
Other debtors
601,300
658,405
1,593,905
658,405

Other debtors includes £579,513 (2023 - £604,246) in respect of amounts owed by directors who held office during the current financial year. Further details are outlined at note 13.

8
Current asset investments
2024
2023
£
£
Listed investments
196,794
168,768

Listed investments are carried at fair value which is determined by quoted market prices.

9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,387
8,446
Amounts owed to group undertakings
4,995,972
2,393,526
Corporation tax
-
0
26,887
Other taxation and social security
126,042
91,707
Other creditors
33,352
35,038
5,169,753
2,555,604
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
79,587
79,587
7,959
7,959
SAVE & INVEST GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Called up share capital
(Continued)
- 9 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of 0.1p each
62,000
62,000
62
62
Preference shares classified as equity
62
62
Total equity share capital
8,021
8,021

The preference shares carry no voting rights, carry no rights to dividends and in the event of liquidation rank the preference shares as a class shall have the preferential right to payment in aggregate of the sum of £14,308 from the assets of the company after settlement of its liabilities but shall not be entitled to any further participation in the assets of the company.

11
Events after the reporting date

On 1 October 2024, the entire share capital of the company's subsidiary, LGD Services Limited, was sold to the shareholders of the company. Immediately following the sale, the intercompany creditor of £924,719 owed by LGD Services Limited to the company as at that date was waived. The company has made appropriate provision against the balance due from LGD Services Limited at the reporting date.

On 29 October 2024, the entire share capital of the company was sold to Canary Bidco (Guernsey) Limited. 

On 13 November 2024, a £1.8m dividend was paid from the company's subsidiary, Save & Invest (Financial Planning) Limited to the company. Then, on 14 November 2024, a £1.8m dividend was paid by the company to its new parent undertaking, Canary Bidco (Guernsey) Limited.

12
Related party transactions

The company has taken advantage of the exemption available in FRS 102 1A whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

13
Directors' transactions

Dividends totalling £25,110 (2023 - £5,006) were paid in the year in respect of shares held by directors holding office during the year.

Advances or credits have been granted by the group to directors holding office during the year as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' loans
-
604,246
579,513
(604,246)
579,513
604,246
579,513
(604,246)
579,513

Amounts due are non-interest bearing and have no fixed repayment date.

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