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Registered number: 14950188










WKM WEALTH HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

 
WKM WEALTH HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
B J Wattam 
N J Wattam 
T A Kirby 
A Mee 
D J Partridge (appointed 20 September 2024)




Registered number
14950188



Registered office
Atelius House
2 Smith Way

Grove Park

Leicester

Leicestershire

LE19 1SX




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
WKM WEALTH HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Consolidated statement of 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 statement of cash flows
 
15
Notes to the financial statements
 
16 - 30


 
WKM WEALTH HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the period ended 31 December 2024.
The accounts include the results of the Company and its subsidiary, WKM Wealth Limited (together "the Group") and have been consolidated on the merger accounting basis. Accordingly the results of the Group are included for the whole of the current and previous periods.

Business review
 
In the year to 31 December 2024 the Group generated an operating profit of £910,045 (2023: £638,641) from turnover of £1,518,863 (2023: £1,218,250). This reflects another year of growth both in terms of turnover and profit. 
Further growth in client numbers and assets under management, combined with the significant contributions of a great number of people throughout the business, and strong partnerships, enabled a strong performance for the year.
The Group continues its strategy of maintaining a financially resilient and profitable business. The financial statements report net assets of the Group increasing to £206,760 (2023: £121,147). The Group maintains a position of having no external debt.

Principal risks and uncertainties
 
The business activities, financial condition and trading results are subject to risk factors and uncertainties that the directors keep under review. The directors are of the opinion that principal risks and uncertainties facing the Group relate to general economic, political and investment market conditions, which influence the demand for its products and services. Economic risks and uncertainties brought about by higher interest rates and geopolitical tensions remain closely monitored by the directors. The directors consider that the Group is well placed to continue in line with its business strategy.

Financial key performance indicators
 
The Group measures its financial performance and broader position by reference to key performance indicators. The key performance indicators used by the business include those relating to turnover, operating profit and net assets as referenced in the business review above.

Other key performance indicators
 
The Group uses a range of other KPI's to monitor and measure performance within the business on a regular basis. These cover the whole business and reflect its growing nature. KPI’s cover diverse areas of the business such as assets under management, number of client families and clients per advisor. 

Page 1

 
WKM WEALTH HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Group
 
The board of directors consider, both individually and together, that they have acted in a way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a) (f) of the Act) in the decisions taken during the period ended 31 December 2024.
Decision making at the Board
The directors meet on a regular basis. When making decisions which are in the best interests of the Company they consider any potential impacts and risks for our customers, employees and other stakeholders including our partners, suppliers, the communities in which we operate, and serve, and the environment and how they are to be managed. 
Stakeholders
Our key stakeholders are our shareholders, employees, customers, partners, and the communities in which we operate. We take a current and future view in relation to all such stakeholders.  
Sustainability 
We are proud that WKM has provided employment, training and financial reward for its employees and owners and benefits for a wide group of stakeholders. When making business decisions we consider the needs of our current and future customers, employees, suppliers and the communities in which we operate to ensure we are conducting all our business relationships with integrity. The continued sustainability of the Company is paramount in our decision making, particularly in response to the changing economic and political environment. 
Employees
Our people are fundamental to the delivery of our business plans. We aim to be a responsible employer in our approach to the pay and benefits our people receive. The health, safety and wellbeing of our team is one of our primary considerations in the way we do business. We place considerable value on the involvement of our employees and continue to keep them informed on matters affecting them. Engagement with customers who form the community we serve is key to our success and the company has plans to grow the team during 2025, as part of our strategy to ensure our clients are supported effectively.
Partners and Suppliers 
The Company partner with various financial institutions to provide services to clients and therefore strong relationships with those partners is fundamental to what we do. We maintain regular communication with our key partners through regular meetings and conversations. 
Communities and environment
The Company and the Group continue to support good causes, both locally and nationally. Part of the 1% pledge initiative to which WKM participates, the company strives to donate profit and time to good causes. Numerous charities have benefitted from donations from the company. Individuals within the business have spent time supporting financial education in schools, giving blood and litter picking in the local community.
Business Conduct
The Board of Directors always strive to behave responsibly and ensure that the management of the Company operate the business in a responsible manner and with high standards of business conduct and governance.

Page 2

 
WKM WEALTH HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024


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



N J Wattam
Director

Date: 21 March 2025

Page 3

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the period ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £686,386 (2023 - £486,696).

During the year the Group declared dividends of £626,048 (2023: £478,313)

Directors

The directors who served during the period were:

B J Wattam 
N J Wattam 
T A Kirby 
A Mee 
D J Partridge (appointed 20 September 2024)

Future developments

The Group is continually looking for opportunities to expand to continue the path of steady growth.

Engagement with suppliers, customers and others

Engagement with suppliers, customers and other key stakeholders are explained within the strategic report.

Page 4

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





N J Wattam
Director

Date: 21 March 2025

Page 5

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WKM WEALTH HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of WKM Wealth Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the period 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 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 Group's or 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.


Page 6

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WKM WEALTH HOLDINGS 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 Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report 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 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 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.


Page 7

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WKM WEALTH HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 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.


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 Group 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:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR).
We understood how the Group and Company are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.
We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


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


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

Page 8

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WKM WEALTH HOLDINGS 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.





John Fletcher BA(Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

26 March 2025
Page 9

 
WKM WEALTH HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,518,863
1,218,250

Cost of sales
  
(66,422)
(63,510)

Gross profit
  
1,452,441
1,154,740

Administrative expenses
  
(542,396)
(516,099)

Operating profit
  
910,045
638,641

Interest receivable and similar income
 8 
7,273
3,260

Interest payable and similar expenses
 9 
(4,342)
(2,151)

Profit before taxation
  
912,976
639,750

Tax on profit
 10 
(226,590)
(153,054)

Profit for the financial period
  
686,386
486,696

Profit for the period attributable to:
  

Owners of the parent Company
  
686,386
486,696

  
686,386
486,696

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

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

The notes on pages 16 to 30 form part of these financial statements.

Page 10

 
WKM WEALTH HOLDINGS LIMITED
REGISTERED NUMBER: 14950188

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
91,540
19,780

  
91,540
19,780

Current assets
  

Debtors: amounts falling due within one year
 13 
232,585
162,304

Current asset investments
 14 
100,000
50,000

Cash at bank and in hand
 15 
143,625
92,674

  
476,210
304,978

Creditors: amounts falling due within one year
 16 
(305,034)
(203,611)

Net current assets
  
 
 
171,176
 
 
101,367

Total assets less current liabilities
  
262,716
121,147

Creditors: amounts falling due after more than one year
  
(55,956)
-

Net assets
  
206,760
121,147


Capital and reserves
  

Called up share capital 
 19 
126,375
101,100

Profit and loss account
 20 
80,385
20,047

Equity attributable to owners of the parent Company
  
206,760
121,147

  
206,760
121,147


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N J Wattam
Director

Date: 21 March 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 11

 
WKM WEALTH HOLDINGS LIMITED
REGISTERED NUMBER: 14950188

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 12 
101,100
101,100

  
101,100
101,100

Current assets
  

Debtors: amounts falling due within one year
 13 
25,000
-

Cash at bank and in hand
 15 
10,275
-

  
35,275
-

Total assets less current liabilities
  
 
 
136,375
 
 
101,100

  

  

Net assets excluding pension asset
  
136,375
101,100

Net assets
  
136,375
101,100


Capital and reserves
  

Called up share capital 
 19 
126,375
101,100

Profit and loss account carried forward
  
10,000
-

  
136,375
101,100


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


N J Wattam
Director

Date: 21 March 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 12

 
WKM WEALTH HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100,000
12,764
112,764


Comprehensive income for the year

Profit for the year

-
486,696
486,696


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
486,696
486,696


Contributions by and distributions to owners

Dividends: Equity capital
-
(478,313)
(478,313)

Capitalisation/bonus issue
-
(1,100)
(1,100)

Shares issued during the year
1,100
-
1,100


Total transactions with owners
1,100
(479,413)
(478,313)



At 1 January 2024
101,100
20,047
121,147


Comprehensive income for the period

Profit for the period

-
686,386
686,386


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
686,386
686,386


Contributions by and distributions to owners

Dividends: Equity capital
-
(626,048)
(626,048)

Shares issued during the period
25,275
-
25,275


Total transactions with owners
25,275
(626,048)
(600,773)


At 31 December 2024
126,375
80,385
206,760


The notes on pages 16 to 30 form part of these financial statements.

Page 13

 
WKM WEALTH HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the year

Profit for the year
-
172,750
172,750


Contributions by and distributions to owners

Dividends: Equity capital
-
(172,750)
(172,750)

Shares issued during the year
101,100
-
101,100



At 1 January 2024
101,100
-
101,100


Comprehensive income for the year

Profit for the period
-
636,049
636,049
Total comprehensive income for the period
-
636,049
636,049


Contributions by and distributions to owners

Dividends: Equity capital
-
(626,049)
(626,049)

Shares issued during the period
25,275
-
25,275


Total transactions with owners
25,275
(626,049)
(600,774)


At 31 December 2024
126,375
10,000
136,375


The notes on pages 16 to 30 form part of these financial statements.

Page 14

 
WKM WEALTH HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
686,386
486,696

Adjustments for:

Depreciation of tangible assets
21,244
16,462

Profit/Loss on disposal of tangible assets
(7)
1,136

Interest paid
4,342
2,151

Interest received
(7,273)
(3,260)

Taxation charge
226,590
153,054

(Increase) in debtors
(45,281)
(28,573)

Increase in creditors
14,677
5,982

Corporation tax (paid)
(153,054)
(98,127)

Net cash generated from operating activities

747,624
535,521


Cash flows from investing activities

Purchase of tangible fixed assets
(93,252)
(12,276)

Sale of tangible fixed assets
255
-

Purchase of short-term listed investments
(50,000)
-

Interest received
7,273
3,260

Net cash from investing activities

(135,724)
(9,016)

Cash flows from financing activities

Issue of ordinary shares
275
-

New finance leases
69,166
-

Dividends paid
(626,048)
(478,313)

Interest paid
(4,342)
(2,151)

Net cash used in financing activities
(560,949)
(480,464)

Net increase in cash and cash equivalents
50,951
46,041

Cash and cash equivalents at beginning of period
92,674
46,633

Cash and cash equivalents at the end of period
143,625
92,674


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
143,625
92,674

143,625
92,674


Page 15

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

WKM Wealth Holdings Limited is a private company, limited by shares, incorporated and domiciled in England and Wales with its registered office and principal place of business at Atelius House, 2 Smith Way, Grove Park, Leicester, Leicestershire, LE19 1SX.
The principal activity of the Group is that of investment managers.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the merger accounting method, where the relevant requirements of company law and FRS102 are met. The results and cost price of all consolidated entities are brought into the accounts from the beginning of the financial year in which the combination ocurred. Comparatives are restated to combine the results of the consolidating entities for the previous period.

 
2.3

Going concern

The Directors have undertaken an exercise to review the appropriateness of the continued use of the Going Concern basis that underpins the preparation of the financial statements, following the review the Directors are confident that the group can continue trading for at least 12 months from the date of the authorisation of these financial statements, and therefore continue to adopt the going concern basis. 
This review considers the likely performance of the Group, with reference to the forecasts for the period to 31 December 2026.

Page 16

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 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 Group 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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.8

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 and the Group operate and generate income.


Page 17

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

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:

Leasehold property
-
2-3 years
Plant and machinery
-
2-4 years
Motor vehicles
-
4 years
Office equipment
-
2-4 years

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.13

Creditors

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

Page 18

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group 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.

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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
 
Page 19

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Impairment of financial assets

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 profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Page 20

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements 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.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Turnover

The whole of the turnover is attributable to the Group's principal activity.

All turnover arose within the United Kingdom.


5.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
10,700
10,700

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

All non-audit services not included above
5,000
1,800

Page 21

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

6.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
188,879
219,618

Social security costs
15,097
19,190

Cost of defined contribution scheme
78,688
69,214

282,664
308,022


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
9
8
4
4


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
69,464
127,237

Group contributions to defined contribution pension schemes
73,189
65,555

142,653
192,792


During the period retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
7,273
3,260

7,273
3,260

Page 22

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
4,342
2,151

4,342
2,151


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
226,590
153,054


226,590
153,054


Total current tax
226,590
153,054

Deferred tax

Total deferred tax
-
-


Tax on profit
226,590
153,054
Page 23

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the period/year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
912,976
639,750


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
228,244
150,341

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
1,410

Short-term timing difference leading to an increase (decrease) in taxation
(1,654)
1,036

Book profit on chargeable assets
-
267

Total tax charge for the period/year
226,590
153,054


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

11.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
2,744
19,095
-
38,501
60,340


Additions
-
1,450
79,690
12,112
93,252


Disposals
-
(245)
-
(9,899)
(10,144)



At 31 December 2024

2,744
20,300
79,690
40,714
143,448



Depreciation


At 1 January 2024
1,915
12,970
-
25,675
40,560


Charge for the period on owned assets
-
4,545
5,318
11,381
21,244


Disposals
-
(7)
-
(9,889)
(9,896)



At 31 December 2024

1,915
17,508
5,318
27,167
51,908



Net book value



At 31 December 2024
829
2,792
74,372
13,547
91,540



At 31 December 2023
829
6,125
-
12,826
19,780

Page 25

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

12.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
101,100



At 31 December 2024
101,100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Holding

WKM Wealth Limited
Atelius House, 2 Smith Way, Grove Park, Leicester, Leicestershire, LE19 1SX.
100%


13.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,970
243
-
-

Other debtors
16,802
16,974
-
-

Called up share capital not paid
25,000
-
25,000
-

Prepayments and accrued income
187,813
145,087
-
-

232,585
162,304
25,000
-


Page 26

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

14.


Current asset investments

Group
Group
2024
2023
£
£

Listed investments
100,000
50,000

100,000
50,000



15.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
143,625
92,674
10,275
-

143,625
92,674
10,275
-



16.


Creditors: Amounts falling due within one year

Group
Group
2024
2023
£
£

Trade creditors
2,627
1,730

Corporation tax
226,590
153,054

Other taxation and social security
26,199
22,769

Obligations under finance lease and hire purchase contracts
14,400
-

Other creditors
6,017
18,493

Accruals and deferred income
29,201
7,565

305,034
203,611


Page 27

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
54,766
-

Accruals and deferred income
1,190
-

55,956
-





18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
14,400
-

Between 1-5 years
54,766
-

69,166
-


19.


Share capital

2024
£
Allotted


100,000 (2023 - 100,000) Ordinary A-H shares of £1.00 each
100,000
137,500 (2023 - 110,000) Ordinary I-L & O-T shares of £0.01 each
1,375
25,000 (2023 - 0) ) Ordinary M-N shares of £1.00 each
25,000

126,375


During the year the following shares were issued:
 - 25,000 ordinary M & N shares with a nominal value of £1; 
 - 2,500 ordinary O shares with a nominal value of £0.01; and
 - 25,000 ordinary P shares with a nominal value of £0.01.
£25,000 of the allotted share capital remains unpaid. 

Page 28

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

20.


Reserves

Profit and loss account

The Profit and Loss account represents the cumulative profits of the Group and Company since incorporation less any distributions made.

21.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

92,674

50,951

143,625

Debt due within 1 year

(17,250)

12,250

(5,000)

Finance leases

-

(69,166)

(69,166)

Liquid investments

50,000

50,000

100,000


125,424
44,035
169,459


22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £78,688 (2023 - £69,214) . Contributions totalling £971.18 (2023: £867.98) were payable to the fund at the balance sheet date and are included in creditors.


23.


Commitments under operating leases

At 31 December 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
76,284
35,674

Later than 1 year and not later than 5 years
111,928
89,913

188,212
125,587
Page 29

 
WKM WEALTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

24.


Related party transactions

The Company has taken advantage of the exemption available under FRS 102 not to disclose transactions with other 100% owned group undertakings.
Included in other debtors is a director's loan account with an outstanding balance at year end of £9,000 (2023: £9,173).
During the year, the Group operated loan accounts on behalf of the directors. At the year end £5,000 (2023: £17,250) was due from the Group to the directors and is shown within other creditors due within one year. 


25.


Controlling party

There is no ultimate controlling party.

 
Page 30