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Registered number: 14317527










MM WEALTH GROUP HOLDINGS LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

 
MM WEALTH GROUP HOLDINGS LTD
 

COMPANY INFORMATION


Directors
A F J Atkinson 
D A Jones 




Registered number
14317527



Registered office
Wellbrook Court
Girton

Cambridge

CB3 0NA




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ





 
MM WEALTH GROUP HOLDINGS LTD
 

CONTENTS



Page
Group Strategic Report
 
1 - 4
Directors' Report
 
5 - 6
Independent Auditors' Report
 
7 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Balance Sheet
 
12
Company Balance Sheet
 
13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15 - 16
Consolidated Statement of Cash Flows
 
17 - 18
Notes to the Financial Statements
 
19 - 38


 
MM WEALTH GROUP HOLDINGS LTD
 

GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

Introduction
 
The directors present a balanced and comprehensive report on the development and performance of our business during the period and its position for the 11 month period ended 31 December 2024.

Business review
 
The overall performance of the Group during the 11 month period ending 31 December 2024 continued to be posed by volatile inflation, interest rate cuts, slowing growth along with geo-political impact including a change in UK and US government. 
Despite this, the trading subsidiary, MM Wealth Ltd, saw an increase in revenue, from £5.5m to £5.9m* indicating growth of 6.2% with clients requiring additional financial planning in light of the new Chancellor’s reforming budget. The funds under management are in excess of £550m. Recurring revenue has increased from £5.2m* to £5.4m an increase of 4%.  Profit before tax has increased by 14%*  to £2.6m. 
As we start the new financial year we remain mindful of how reactive the markets can be especially to the continued events occurring in Europe, the US and the style of politics coming from President Trump, the Israel-HAMAS war and the budgetary changes. The focus of the business continues to remain to support our clients and manage expectations with market and budget uncertainty by providing regular updates and insights through client seminars and client webinars.
*based on the equivalent 11 month period in the previous year  

Principal risks and uncertainties
 
Regulatory risk
The Group is required to manage capital and liquidity requirements to ensure it has the financial strength and capital adequacy to support its growth and meet the Overall Financial Adequacy Rule (“OFAR”) requirement of the Financial Conduct Authority (FCA). The business is considered as a MIFIDPRU small and non-interconnected firm (SNI) Investment Firm.
The FCA has established higher and clearer standards of consumer protection across financial services, particularly with the implementation of the Consumer Duty on 31 July 2023.  Under these rules, firms are required to consider the needs, characteristics and objectives of their clients including those with characteristics of vulnerability, and how these factors influence client behaviour at every stage of the client journey. In addition to striving to deliver good client outcomes, firms must understand and evidence whether those outcomes are being met.  The Directors and Risk Management department are committed to ensuring that our clients receive good outcomes. The risk of non-compliance is managed through a strong compliance culture, with oversight provided by the Risk Management department. We engage external professional advisers who conduct regular reviews and provide advice. They are contracted to monitor our control environment through regular regulatory requirement updates, file reviews, and annual business risk assessments, with any recommendations promptly implemented.  
Operational risk
Staff are key to the performance and future development of the business and therefore it faces the risk of losing key staff to the competition. This risk is managed by ensuring staff are robustly trained, including sitting professional qualifications well in excess of the FCA requirements and appropriately remunerated with over 50% of staff completing more than 5 years service with the trading subsidary, MM Wealth Ltd.
Market risk 
The financial year has posed challenges to trading subsidiary, MM Wealth's Ltd’s investment strategies, despite market concentration, as well as the risks posed by volatile inflation, interest rate cuts, and slowing growth, The Investment team continue to mitigate the risk by monitoring the investment strategies on a regular basis ensuring a broad range of well diversified investment solutions are strategically positioned for our clients. Every month the Investment Committee meet and make assessments of the changes in markets and economic environment. The Investment Committee continue to use outside consultants, including Economic and Strategy Consultant, Dr James Clunie and Fund Research Consultant Tim Stubbs. The firm’s investment performance in 2024 has
Page 1

 
MM WEALTH GROUP HOLDINGS LTD
 

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

delivered positive returns broadly in line with expectations, demonstrating the resilience of our strategies amid unprecedented geopolitical change, economic challenges, and a market environment dominated by a narrow group of tech and AI-driven companies.
Cyber risk (information security)
The risk that the IT systems become compromised by a cyber attack is mitigated through training of our staff of the latest cyber protection techniques and making aware of any spam and phishing emails. Electronic data is protected with user access controls and Two step verification. External 3rd parties are used to monitor and maintain cyber protection software. 
Future Developments and performance 
The Group intends to continue to build on its long-standing reputation and looks to deliver further enhanced services to clients and professional connections, maintaining the management policies that have resulted in the substantial growth of recent years. This is through achieving our Chartered Financial Planning Status with the Chartered Insurance Institute. We are very proud that this was successfully retained in April 2025 for the tenth consecutive year and all Financial Planners being Chartered in their own right. Demonstrating our staff’s commitment and resilience to any sudden change and maintaining the high standards required to retain Chartered Financial Planning Status.
MM Wealth Ltd are proud to celebrate 40 years in business, in recent years with many of its competitors opting for consolidation, The Group remains ultimately independently owned and in a strong position to manage the future growth of the business. The Shareholders continue to give commitment that it does not want to sell out to national conglomerates or private equity and the focus continues on the development of its core wealth management offering, family wealth management services and bespoke financial planning service, to existing and new clients. Collaborating with professional 3rd party connections including accountants and solicitors to provide the best wealth management service to our clients.
 
Page 2

 
MM WEALTH GROUP HOLDINGS LTD
 

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


S172 (1) statement
The directors of the company have throughout the period acted in good faith to promote the success of the company for the benefit of its members as a whole and fully understand their responsibilities over s172(1). The Board have been reviewing its 5-year strategy and holds annual strategy days to consider the likely consequence of such decisions in the long term. 
Clients First; 
The Board considers their clients as the most important stakeholder in which the entire business model is centred around. The business continues to form and develop its client relationships to ensure that the highest level of service can be provided. This is through meeting with clients regularly either face to face or virtually and ensuring their individual needs and expectations are met.  
Employees Matter;
Without our employees, we cannot function, with commitment from the Board enriching our team through exams and training. The Group continues to focus on employees’ well-being with the Company having 3 trained mental health first-aiders and publishing quarterly  mental health newsletters. The Group continued to assess the engagement of the staff through surveys which the board reviews along with the Management Team. 
Suppliers Matter;
Maintaining key supplier relationships is key in order to develop the business’ long terms strategies. The recognition of technology continuingly developing remains a major Company focus to enhance our client experience with the collaboration of key suppliers. Ensuring timely payment of supplier invoices allows our suppliers to continue to see us as their important client.  
The Community and the Environment matters;
The directors are focused on ensuring that the business mitigates its impact on the surrounding environment through its continued project of understanding and reducing its environmental impact. Each staff member is allocated one day per year to undertake community work of their choice equating to over 200 hours a year. The Group has made donations to Cambridgeshire Community Foundation (CCF), Booktrust, East Anglian Air Ambulance and Crisis UK along with other local donations during the year.
Regulators Matter;
The trading subsidary is regulated by the Financial Conduct Authority (FCA). MM Wealth conducts itself with the highest possible standards. To ensure it is meeting these high standards; the business continues to consult regularly with several third party consultants along with initiating voluntary audit and inspections of files to ensure that these highest standards do not decrease.   

Financial key performance indicators
 
The Group's key financial and other performance indicators during the period were as follows:
                Unit    11 Months                      12 Months 
                                                                                               Dec 24                           Jan 24   
Turnover       £ 5,937,150                   6,051,154
Profit before tax      £ 1,671,171                   1,287,342

Other key performance indicators
 
The total number of employees for the 11 month period has remained at 23 FTE (2024: 23 - 12 month period).

Page 3

 
MM WEALTH GROUP HOLDINGS LTD
 

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


This report was approved by the board on 25 April 2025 and signed on its behalf.



................................................
A F J Atkinson
Director

Page 4

 
MM WEALTH GROUP HOLDINGS LTD
 

 
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.

Principal activity

The principal activity of the Company is that of a holding company and the principal activity of its subsidiary undertaking MM Wealth Ltd continues to be that of the provision of financial services within the UK market. MM Wealth Ltd is regulated by the Financial Conduct Authority (no. 148496).

Directors

The directors who served during the period were:

A F J Atkinson 
D A Jones 

Results and dividends

The profit for the period, after taxation, amounted to £993,508 (2024 - £715,242).

Ordinary dividends were paid amounting to £810,103 (2024 - £731,432). The directors do not recommend payment of a final dividend.

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;

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 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.

Future developments

Likely future developments in the business are discussed in the strategic report.

Page 5

 
MM WEALTH GROUP HOLDINGS LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Financial instruments

Objectives and policies
The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments are to finance the business' operations.
Price risk, credit risk, liquidity risk and cash flow risk
In respect of bank balances, the liquidity risk is managed by maintaining a sufficient cash reserve at the bank to allow for short term net cash outflows. All the business’ cash balances are held in such a way that achieves a competitive rate of interest.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to clients and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

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 period end.

Auditors


Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 25 April 2025 and signed on its behalf.
 



................................................
A F J Atkinson
Director

Page 6

 
MM WEALTH GROUP HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MM WEALTH GROUP HOLDINGS LTD
 

Opinion


We have audited the financial statements of MM Wealth Group Holdings Ltd (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 7

 
MM WEALTH GROUP HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MM WEALTH GROUP HOLDINGS LTD (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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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.


Page 8

 
MM WEALTH GROUP HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MM WEALTH GROUP HOLDINGS LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:

We gained an understanding of the legal and regulatory framework applicable to the Group and parent company and the industry in which they operate and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law, health and safety and Financial Conduct Authority regulations.
We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.
These included the following:
- agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiries of management including those responsible for key regulations; and
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- we obtained an understanding of the legal and regulatory requirements applicable to the Group and parent company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and rules and regulations as prescribed by the Financial Conduct Authority.
In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.
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 9

 
MM WEALTH GROUP HOLDINGS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MM WEALTH GROUP HOLDINGS LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's shareholders, 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 shareholders 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 shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.





Shaun Jordan ACA (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

28 April 2025
Page 10

 
MM WEALTH GROUP HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024

11 months ended
31 December
12 months ended
31 January
2024
2024
Note
£
£

  

Turnover
 4 
5,937,150
6,051,184

Cost of sales
  
(576,575)
(590,340)

Gross profit
  
5,360,575
5,460,844

Administrative expenses
  
(3,775,614)
(4,219,207)

Operating profit
  
1,584,961
1,241,637

Income from fixed assets investments
  
39,617
-

Interest receivable and similar income
  
115,066
50,666

Interest payable and similar expenses
  
(68,473)
(4,961)

Profit before taxation
  
1,671,171
1,287,342

Tax on profit
 12 
(677,663)
(572,100)

Profit for the financial period
  
993,508
715,242

  

Profit for the period attributable to:
  

Owners of the parent Company
  
993,508
715,242

The notes on pages 19 to 38 form part of these financial statements.

Page 11

 
MM WEALTH GROUP HOLDINGS LTD
REGISTERED NUMBER: 14317527

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

31 December
31 January
2024
2024
Note
£
£

Fixed assets
  

Intangible assets
 14 
8,582,547
9,555,827

Tangible assets
 15 
176,090
163,360

  
8,758,637
9,719,187

Current assets
  

Debtors: amounts falling due within one year
 17 
1,591,838
627,575

Current Asset Investments
 18 
1,704,564
-

Cash at bank and in hand
 19 
3,635,402
5,515,704

  
6,931,804
6,143,279

Creditors: amounts falling due within one year
 20 
(1,350,927)
(1,425,861)

Net current assets
  
 
 
5,580,877
 
 
4,717,418

Total assets less current liabilities
  
14,339,514
14,436,605

Creditors: amounts falling due after more than one year
 21 
(383,670)
(669,205)

Provisions for liabilities
  

Deferred taxation
 23 
(35,629)
(30,590)

Other provisions
 24 
(67,500)
(67,500)

  
 
 
(103,129)
 
 
(98,090)

Net assets
  
13,852,715
13,669,310


Capital and reserves
  

Called up share capital 
 25 
737
737

Share premium account
 26 
13,684,763
13,684,763

Profit and loss account
 26 
167,215
(16,190)

  
13,852,715
13,669,310


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2025.


................................................
A F J Atkinson
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 12

 
MM WEALTH GROUP HOLDINGS LTD
REGISTERED NUMBER: 14317527

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

31 December
31 January
2024
2024
Note
£
£

Fixed assets
  

Investments
 16 
15,712,589
15,712,589

Current assets
  

Current asset investments
  
1,704,564
-

Cash at bank and in hand
 19 
2,443,457
4,017,044

Current liabilities
  
4,148,021
4,017,044

Creditors: amounts falling due within one year
 20 
(1,783,540)
(1,357,886)

Net current assets
  
 
 
2,364,481
 
 
2,659,158

Total assets less current liabilities
  
18,077,070
18,371,747

  

Creditors: amounts falling due after more than one year
 21 
(333,357)
(669,205)

  

Net assets
  
17,743,713
17,702,542


Capital and reserves
  

Called up share capital 
 25 
737
737

Share premium account
 26 
13,684,763
13,684,763

Profit and loss account
  
4,058,213
4,017,042

  
17,743,713
17,702,542


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2025.


................................................
A F J Atkinson
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 13

 
MM WEALTH GROUP HOLDINGS LTD
 

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


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

£
£
£
£

At 1 February 2024
737
13,684,763
(16,190)
13,669,310



Profit and total comprehensive income for the period
-
-
993,508
993,508

Dividends: Equity capital
-
-
(810,103)
(810,103)


At 31 December 2024
737
13,684,763
167,215
13,852,715


The notes on pages 19 to 38 form part of these financial statements.


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


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


Comprehensive income for the period

Profit for the period
-
-
715,242
715,242
715,242

Dividends: Equity capital
-
-
(731,432)
(731,432)
(731,432)

Shares issued during the period
737
13,684,763
-
13,685,500
13,685,500


At 31 January 2024
737
13,684,763
(16,190)
13,669,310
13,669,310


The notes on pages 19 to 38 form part of these financial statements.

Page 14

 
MM WEALTH GROUP HOLDINGS LTD
 

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


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

£
£
£
£

At 1 February 2024
737
13,684,763
4,017,042
17,702,542



Profit and total comprehensive income for the period
-
-
851,274
851,274

Dividends: Equity capital
-
-
(810,103)
(810,103)


At 31 December 2024
737
13,684,763
4,058,213
17,743,713


The notes on pages 19 to 38 form part of these financial statements.

Page 15

 
MM WEALTH GROUP HOLDINGS LTD
 

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


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

£
£
£
£


Comprehensive income for the period

Profit for the period
-
-
4,748,474
4,748,474

Dividends: Equity capital
-
-
(731,432)
(731,432)

Shares issued during the period
737
13,684,763
-
13,685,500


Total transactions with owners
737
13,684,763
(731,432)
12,954,068


At 31 January 2024
737
13,684,763
4,017,042
17,702,542


The notes on pages 19 to 38 form part of these financial statements.

Page 16

 
MM WEALTH GROUP HOLDINGS LTD
 

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

11 months ended
31 December
12 months ended
31 January
 2024
2024
£
£

Cash flows from operating activities

Profit for the financial period
993,508
715,242

Adjustments for:

Amortisation of intangible assets
973,279
1,061,758

Depreciation of tangible assets
78,227
89,072

Dividends Received
(39,617)
-

Interest paid
68,473
4,961

Interest received
(115,066)
(50,666)

Taxation charge
677,662
572,100

(Increase)/decrease in debtors
(964,264)
125,509

(Decrease) in creditors
(494,008)
(41,283)

Corporation tax (paid)
(603,088)
(462,245)

Net cash generated from operating activities

575,106
2,014,448


Cash flows from investing activities

Purchase of tangible fixed assets
(90,957)
(61,862)

Current asset investments
(1,704,564)
-

Payment to acquire subsidiary
-
(957,882)

Cash acquired on acquisition on subsidiary
-
5,224,902

Interest received
115,066
50,666

HP interest paid
(4,321)
(4,961)

Dividends received
39,617
-

Net cash from investing activities

(1,645,159)
4,250,863

Cash flows from financing activities

Repayment of finance leases
(146)
(18,175)

Dividends paid
(810,103)
(731,432)

Net cash used in financing activities
(810,249)
(749,607)

Net (decrease)/increase in cash and cash equivalents
(1,880,302)
5,515,704
Page 17

 
MM WEALTH GROUP HOLDINGS LTD
 

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

11 months ended
31 December
12 months ended
31 January

2024
2024

£
£



Cash and cash equivalents at beginning of period
5,515,704
-

Cash and cash equivalents at the end of period
3,635,402
5,515,704


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
3,635,402
5,515,704


Page 18

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

MM Wealth Group Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wellbrook Court, Girton, Cambridge, CB3 0NA.

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 financial statements are presented in GBP, which is the functional currency of the Group. The level of rounding applied is to the nearest £.

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 purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
 

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
A forecast has been prepared and reviewed for the 18 months following the reporting date and this demonstrates adequate headroom available to the Group during the forecasted period. The current environment brought about by the continuation of the Global economy and political environment creates uncertainty however the Group has plans in place to manage the foreseeable challenges and the directors continue to conclude that the adoption of the going concern basis of accounting remains appropriate. 

Page 19

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised at the fair value of consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Initial Financial planning charges and discretionary management charges are recognised as Revenue at the point when the client's investment funds have been submitted to the product provider. 
Ongoing adviser charges are based on the value of assets invested during the period the assets are held in the investment portfolio.
Revenue is shown net of VAT and clawbacks.
When cash inflows and deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Page 20

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

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.

Page 21

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Current and Deferred Taxation

The tax expense for the period comprises current and deferred tax. 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 corporation 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


  
2.12

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life, which is considered to be 10 years.
For the purpose of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of teh unit pro-rata on the basis of the carrying amount of each asset in the unit.

 
2.13

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.

Page 22

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

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 improvements
-
10%
straight line basis
Motor vehicles
-
33%
straight line basis
Fixtures and fittings
-
15%
straight line basis
Office equipment
-
25%
straight line basis

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Debtors

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

 
2.16

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.

 
2.17

Creditors

Short-term creditors are measured at the transaction price.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Profit and Loss account. 

 
2.20

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.

Page 24

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies 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 revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effects on amounts recognised in the financial statements.
Useful economic lives of tangible assets
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful lives and residual values are re-assessed annually.
Dilapidations
Provision is made for dilapidations. These provisions require managements best estimate of the costs that will be incurred on contractual obligations.
Accrued income
The Group estimates accrued income due to the timings of when adviser charges are received. These estimates are based on a variety of factors including the value of assets invested and pre-determined adviser charges with the product providers.
Goodwill
Intangible assets are sensitive to change in the estimated lives and residual values of the assets. The useful economic lives and residual values are assessed annually by management, with impairment reviews also being performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. These reviews are based on managements experience of past events and their knowledge of upcoming business changes.
Investment Valuation
An assessment has been made by management as to the carrying value of investments in subsidiaries to ensure there are no indications of impairment.


4.


Turnover

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


11 months ended
31 December
12 months ended
31 January
2024
2024
£
£

Financial services
5,937,150
6,051,184


All turnover arose within the United Kingdom.

Page 25

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

11 months ended
31 December
12 months ended
31 January
2024
2024
£
£

Amortisation charge
973,279
1,061,758

Other operating lease rentals
92,132
95,319

Depreciation
78,227
89,072


6.


Auditors' remuneration

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


11 months ended
31 December
12 months ended
31 January
2024
2024
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
4,600
4,600

Audit of the financial statements of the company's subsidaries
14,150
13,850

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

Audit-related assurance services
1,250
1,200

Taxation compliance services
2,250
2,125

All other services
4,000
3,950

Page 26

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

7.


Employees

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


Group
11 months ended 31 December
Group
12 months ended 31 January
 2024
2024
£
£


Wages and salaries
1,597,783
1,788,087

Social security costs
178,756
199,060

Cost of defined contribution scheme
98,861
100,675

1,875,400
2,087,822


The average monthly number of full time equivalent (FTE) employees, including the directors, during the period was as follows:



Group
Group
Company
Company
  11 months ended
     31 December
   12 months ended
       31 January
  11 months ended
     31 December
   12 months ended
       31 January
        2024
        2024
        2024
        2024
            No.
            No.
            No.
            No.









Financial planners
8
8
-
-



Administration and support
12
12
-
-



Directors
3
3
2
2

23
23
2
2

Page 27

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

8.


Directors' remuneration

11 months ended
31 December
12 months ended
31 January
2024
2024
£
£

Directors' emoluments
168,605
169,052

Group contributions to defined contribution pension schemes
10,000
14,000

178,605
183,052


During the period retirement benefits were accruing to 1 directors (2024 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £159,142 (2024 - £156,760).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2024 - £14,000).


9.


Income from investments

11 months ended
31 December
12 months ended
31 January
2024
2024
£
£

Gain on fixed asset assets
31,207
-



Dividends received from unlisted investments
8,410
-



10.


Interest receivable

11 months ended
31 December
12 months ended
31 January
2024
2024
£
£


Other interest receivable
115,066
50,666

Page 28

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

11.


Interest payable and similar expenses

11 months ended
31 December
12 months ended
31 January
2024
2024
£
£


Other loan interest payable
64,152
-

Finance leases and hire purchase contracts
4,321
4,961


12.


Taxation


11 months ended
31 December
12 months ended
31 January
2024
2024
£
£

Corporation tax


Current tax on profits for the year
672,624
576,639


Total current tax
672,624
576,639

Deferred tax


Origination and reversal of timing differences
5,039
(4,539)


Tax on profit
677,663
572,100
Page 29

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 24%). The differences are explained below:

11 months ended
31 December
12 months ended
31 January
2024
2024
£
£


Profit on ordinary activities before tax
1,671,171
1,287,342


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24%)
417,793
308,962

Effects of:


Non-tax deductible amortisation of goodwill and impairment
243,320
254,822

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
27,739
7,591

Capital allowances for period in excess of depreciation
(9,138)
5,264

Utilisation of tax losses
(44)
-

Gains not taxable
(7,802)
-

Other movements
756
-

Deferred tax charge
5,039
(4,539)

Total tax charge for the period
677,663
572,100


Factors that may affect future tax charges

There are no factors that may affect future tax.


13.


Dividends

31 December
31 January
 2024
2024
£
£


Dividends
810,103
731,432

Page 30

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

14.


Intangible assets

Group 







Goodwill

£



Cost


At 1 February 2024
10,617,584



At 31 December 2024

10,617,584



Amortisation


At 1 February 2024
1,061,758


Charge for the period on owned assets
973,279



At 31 December 2024

2,035,037



Net book value



At 31 December 2024
8,582,547



At 31 January 2024
9,555,826



The company had no intangible fixed assets at 31 December 2024.

Page 31

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

15.


Tangible fixed assets

Group








Long-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost


At 1 February 2024
80,953
115,586
171,990
189,389
557,918


Additions
-
77,607
-
13,350
90,957


Disposals
-
(115,586)
-
-
(115,586)



At 31 December 2024

80,953
77,607
171,990
202,739
533,289



Depreciation


At 1 February 2024
45,933
89,810
138,025
120,790
394,558


Charge for the period on owned assets
7,420
-
16,288
24,373
48,081


Charge for the period on financed assets
-
30,146
-
-
30,146


Disposals
-
(115,586)
-
-
(115,586)



At 31 December 2024

53,353
4,370
154,313
145,163
357,199



Net book value



At 31 December 2024
27,600
73,237
17,677
57,576
176,090



At 31 January 2024
35,020
25,776
33,965
68,599
163,360

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 December
31 January
2024
2024
£
£



Motor vehicles
73,237
25,776

Page 32

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

16.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 February 2024
15,712,589



At 31 December 2024
15,712,589





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

MM Wealth Ltd
   Wellbrook Court, Girton, Cambridge, England, CB3 0NA
Ordinary
100%




17.


Debtors

Group
31 December
Group
31 January
2024
2024
£
£


Trade debtors
18,900
42,837

Other debtors
8,806
10,306

Prepayments and accrued income
1,564,132
574,432

1,591,838
627,575


Page 33

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

18.


Current asset investments

Group
31 December
Group
31 January
Company
31 December
Company
31 January
2024
2024
2024
2024
£
£
£
£

Listed investments
1,704,564
-
1,704,564
-



19.


Cash and cash equivalents

Group
31 December
Group
31 January
Company
31 December
Company
31 January
2024
2024
2024
2024
£
£
£
£

Cash at bank and in hand
3,635,402
5,515,704
2,443,457
4,017,044



20.


Creditors: Amounts falling due within one year

Group
31 December
Group
31 January
Company
31 December
Company
31 January
2024
2024
2024
2024
£
£
£
£

Trade creditors
131,000
123,199
-
-

Amounts owed to group undertakings
-
-
1,357,886
957,886

Corporation tax
382,453
312,917
25,654
-

Other taxation and social security
51,433
134,662
-
-

Obligations under finance lease and hire purchase contracts
23,136
73,595
-
-

Other creditors
431,809
438,471
400,000
400,000

Accruals and deferred income
331,096
343,017
-
-

1,350,927
1,425,861
1,783,540
1,357,886


Included within creditors are secured debts amounting to £73,449 (2024 - £73,595) which are secured on the fixed assets to which they relate.

Page 34

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

21.


Creditors: Amounts falling due after more than one year

Group
31 December
Group
31 January
Company
31 December
Company
31 January
2024
2024
2024
2024
£
£
£
£

Net obligations under finance leases and hire purchase contracts
50,313
-
-
-

Other creditors
333,357
669,205
333,357
669,205

383,670
669,205
333,357
669,205





22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
31 December
Group
31 January
2024
2024
£
£

Within one year
23,136
73,595

Between 1-5 years
50,313
-

73,449
73,595

Page 35

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

23.


Deferred taxation


Group



31 December 2024
31 January 2024


£

£






At beginning of year
(30,590)
-


Charged to profit or loss
(5,039)
4,539


Arising on acquisition of subsidary
-
(35,129)



At end of year
(35,629)
(30,590)







The provision for deferred taxation is made up as follows:

Group
31 December
Group
31 January
2024
2024
£
£

Accelerated capital allowances
(35,629)
(30,590)


24.


Provisions


Group



Dilapidations provision

£





At 1 February 2024
67,500



At 31 December 2024
67,500

The dilapidations provision relates to the leasehold property where there is a contractual obligation to reinstate the premises to the condition at the time of acquisition.

Page 36

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

25.


Share capital

31 December
31 January
2024
2024
£
£
Allotted, called up and fully paid



10 (2024 - 10) Ordinary A shares of £0.10 each
1
1
10 (2024 - 10) Ordinary B shares of £0.10 each
1
1
10 (2024 - 10) Ordinary D shares of £0.10 each
1
1
7,340 (2024 - 7,340) Ordinary shares of £0.10 each
734
734

737

737



26.


Reserves

Profit and loss account

This account includes all current and prior period retained profits and losses.

27.


Analysis of net debt




At 1 February 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

5,515,704

(1,880,302)

3,635,402

Finance leases

(73,595)

146

(73,449)

Liquid investments

-

1,704,564

1,704,564


5,442,109
(175,592)
5,266,517


28.


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 £98,861 (2024: £100,675). Contributions totalling £16,630 (2024: £16,486) were payable to the fund at the balance sheet date and are included in creditors.

Page 37

 
MM WEALTH GROUP HOLDINGS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

29.


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
31 December
Group
31 January
2024
2024
£
£

Not later than 1 year
97,170
92,132

Later than 1 year and not later than 5 years
214,460
289,118

311,630
381,250

30.


Related party transactions

During the period, the group made purchases of £24,541 (2024: £44,848) from a company with a common director.
Amounts outstanding at the period end and owed to companies with common directors was £2,161 (2024: £2,080).
The company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.
The gross remuneration of key management personnel is disclosed in note 8.


Page 38