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Registered number: 01454074









MM WEALTH LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

 
MM WEALTH LTD
 

COMPANY INFORMATION


DIRECTORS
A F J Atkinson - Executive 
M Fuller - Executive 
C S Heslop - Executive 
D A Jones - Non Executive 
R S Basra - Non Executive 
I C Palfreyman - Non Executive 




COMPANY SECRETARY
C S Heslop



REGISTERED NUMBER
01454074



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 LTD
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 29


 
MM WEALTH LTD
 

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 company 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 governments. 
Despite this, the company 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  

Page 1

 
MM WEALTH LTD
 

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

PRINCIPAL RISKS AND UNCERTAINTIES
 
Regulatory risk
The business is required to manage capital and liquidity requirements and to ensure it has the financial strength and capital adequacy to support the growth of the business and meet the requirement of regulators, the Financial Conduct Authority (FCA). The business is considered as a MIFIDPRU small and non-interconnected firm (SNI).
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 company.  
Market risk
The financial year has posed challenges to MM Wealth'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 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 business 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, MM Wealth 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 LTD
 

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

S172 (1) statement
The directors of the company have throughout the year 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 Matter;
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 virtually or face to face 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 company continues to focus on employees’ 'well-being' with the Company having 3 trained mental health first-aiders and publishing quarterly mental health newsletters. The company 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 business 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 Company 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 Company's key financial and other performance indicators during the period were as follows:
                                                                                    11 Months               12 Months
                Unit  Dec 2024  Jan 2024
Turnover       £ 5,937,150  6,051,154
Profit before tax      £ 2,577,624  2,430,930

OTHER KEY PERFORMANCE INDICATORS
 
The total number of employees for the 11 month period has remained at 23 FTE (2024: 23- 12 month period).


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



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

Page 3

 
MM WEALTH 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 continues to be that of the provision of financial services within the UK market. It is regulated by the Financial Conduct Authority (no. 148496).

DIRECTORS

The directors who served during the period were:

A F J Atkinson - Executive 
M Fuller - Executive 
C S Heslop - Executive 
D A Jones - Non Executive 
R S Basra - Non Executive 
I C Palfreyman - Non Executive 

RESULTS AND DIVIDENDS

The profit for the period, after taxation, amounted to £1,925,616 (2024 - £1,858,830).

Ordinary dividends were paid to the company's parent, MM Wealth Group Holdings Ltd amounting to £810,103 (2023: £4,748,651). The directors do not recommend payment of a final dividend. 

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FUTURE DEVELOPMENTS

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

Page 4

 
MM WEALTH 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's auditors are unaware, and

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

POST BALANCE SHEET EVENTS

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

AUDITORS

Under section 487(2) of the Companies Act 2006Price 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 5

 
MM WEALTH LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MM WEALTH LTD
 

OPINION


We have audited the financial statements of MM Wealth Ltd (the 'Company') for the period ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


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.


Page 6

 
MM WEALTH LTD
 

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


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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
MM WEALTH LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MM WEALTH 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 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 company and the industry in which it operates 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 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 8

 
MM WEALTH LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MM WEALTH 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 9

 
MM WEALTH LTD
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024

11 months ending
31 December
12 months ending
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
  
(2,801,911)
(3,075,619)

Operating profit
 5 
2,558,664
2,385,225

Interest receivable and similar income
 9 
23,281
50,666

Interest payable and similar expenses
 10 
(4,321)
(4,961)

Profit before tax
  
2,577,624
2,430,930

Tax on profit
 11 
(652,008)
(572,100)

Profit for the financial period
  
1,925,616
1,858,830

The notes on pages 13 to 29 form part of these financial statements.

Page 10

 
MM WEALTH LTD
REGISTERED NUMBER: 01454074

BALANCE SHEET
AS AT 31 DECEMBER 2024

31 December
31 January
2024
2024
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
-

Tangible fixed assets
  
176,090
163,360

Current assets
  

Debtors: amounts falling due within one year
 15 
2,949,725
1,585,460

Cash at bank and in hand
 16 
1,191,945
1,498,662

  
4,141,670
3,084,122

Creditors: amounts falling due within one year
 17 
(925,274)
(1,025,861)

Net current assets
  
 
 
3,216,396
 
 
2,058,261

Total assets less current liabilities
  
3,392,486
2,221,621

Creditors: amounts falling due after more than one year
 18 
(50,313)
-

Provisions for liabilities
  

Deferred tax
 20 
(35,629)
(30,590)

Other provisions
 21 
(67,500)
(67,500)

  
 
 
(103,129)
 
 
(98,090)

Net assets
  
3,239,044
2,123,531


Capital and reserves
  

Called up share capital 
 22 
1,336
1,336

Profit and loss account
 23 
3,237,708
2,122,195

  
3,239,044
2,123,531


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 13 to 29 form part of these financial statements.

Page 11

 
MM WEALTH LTD
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2023
1,336
5,012,016
5,013,352



Profit and total comprehensive income for the year
-
1,858,830
1,858,830

Dividends: Equity capital
-
(4,748,651)
(4,748,651)



At 1 February 2024
1,336
2,122,195
2,123,531



Profit and total comprehensive income for the year
-
1,925,616
1,925,616

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


At 31 December 2024
1,336
3,237,708
3,239,044


The notes on pages 13 to 29 form part of these financial statements.

Page 12

 
MM WEALTH LTD
 

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

1.


GENERAL INFORMATION

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

The level of rounding applied is to the nearest £. 
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 33 'Related Party Disclosures': Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of MM Wealth Group Holdings Ltd. These consolidated financial statements are available from its registered office, Wellbrook Court, Girton, Cambridge, CB3 0NA.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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 Company during the forecasted period. The current environment brought about by the continuation of the Global economy and political environment creates uncertainty however the Company 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 13

 
MM WEALTH LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.3

REVENUE

Revenue is recognised at the fair value of the 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 are 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.

  
2.4

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 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 Statement of Comprehensive Income over its useful economic life of 10 years.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

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

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.

Page 14

 
MM WEALTH LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

DEBTORS

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

 
2.7

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.

 
2.8

FINANCIAL INSTRUMENTS

The Company 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 Statement of Comprehensive Income

 
2.9

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.

 
2.10

CREDITORS

Short-term creditors are measured at the transaction price.

 
2.11

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.

 
2.12

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.

 
2.13

OPERATING LEASES: THE COMPANY AS LESSEE

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

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.

Page 15

 
MM WEALTH LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

LEASED ASSETS: THE COMPANY 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.

 
2.15

PENSIONS

Defined contribution pension plan

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

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

 
2.16

INTEREST INCOME

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

 
2.17

CURRENT AND DEFERRED TAXATION

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

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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


Page 16

 
MM WEALTH 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 Company 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.


4.


TURNOVER

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


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

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


All turnover arose within the United Kingdom.

Page 17

 
MM WEALTH 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 ending
31 December
12 months ending
31 January
2024
2024
£
£

Other operating lease rentals
92,132
95,319

Depreciation
78,227
89,072


6.


AUDITORS' REMUNERATION

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


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

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,150
14,020

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

Audit of the financial statements of the group
4,600
4,430

Audit-related assurance services
1,250
1,200

Taxation compliance services
2,250
2,125

All other services
4,000
3,950

Page 18

 
MM WEALTH LTD
 

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

7.


EMPLOYEES

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


11 months ending
31 December
12 months ending
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:


  11 months ending
     31 December
  12 months ending
       31 January
        2024
        2024
            No.
            No.







Financial planners
8
8



Administration and support
12
12



Directors
3
3

23
23

Page 19

 
MM WEALTH LTD
 

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

8.


DIRECTORS' REMUNERATION

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

Directors' emoluments
467,964
531,728

Company contributions to defined contribution pension schemes
26,591
28,917

494,555
560,645


During the period retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £159,142 (2024 - £203,608).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2024 - £8,756).


9.


INTEREST RECEIVABLE

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


Other interest receivable
23,281
50,666


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

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


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

Page 20

 
MM WEALTH LTD
 

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

11.


TAXATION


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

Corporation tax


Current tax on profits for the year
646,969
576,639


Total current tax
646,969
576,639

Deferred tax


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

Total deferred tax
5,039
(4,539)


Taxation on profit on ordinary activities
652,008
572,100
Page 21

 
MM WEALTH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
 
11.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE PERIOD/YEAR

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

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


Profit on ordinary activities before tax
2,577,624
2,430,930


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24%)
644,406
583,423

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
11,701
(12,048)

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

Deferred tax charge
5,039
(4,539)

Total tax charge for the period/year
652,008
572,100


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no factors that may affect future tax.


12.


DIVIDENDS

31 December
31 January
2024
2024
£
£


Dividends paid to parent entity
810,103
4,748,651

Page 22

 
MM WEALTH LTD
 

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

13.


INTANGIBLE ASSETS






Goodwill

£



Cost


At 1 February 2024
175,304



At 31 December 2024

175,304



Amortisation


At 1 February 2024
175,304



At 31 December 2024

175,304



Net book value



At 31 December 2024
-



At 31 January 2024
-



Page 23

 
MM WEALTH LTD
 

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

14.


TANGIBLE FIXED ASSETS







Leasehold improvements
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 24

 
MM WEALTH LTD
 

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

15.


DEBTORS

31 December
31 January
2024
2024
£
£


Trade debtors
18,900
42,837

Amounts owed by group undertakings
1,357,888
957,886

Other debtors
8,805
10,305

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

2,949,725
1,585,460



16.


CASH AND CASH EQUIVALENTS

31 December
31 January
2024
2024
£
£

Cash at bank and in hand
1,191,945
1,498,662



17.


CREDITORS: Amounts falling due within one year

31 December
31 January
2024
2024
£
£

Trade creditors
131,000
123,199

Corporation tax
356,798
312,917

Other taxation and social security
51,433
134,663

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

Other creditors
31,809
38,466

Accruals and deferred income
331,098
343,021

925,274
1,025,861


Page 25

 
MM WEALTH LTD
 

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

18.


CREDITORS: Amounts falling due after more than one year

31 December
31 January
2024
2024
£
£

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


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


19.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

31 December
31 January
2024
2024
£
£


Within one year
23,136
73,595

Between 1-5 years
50,313
-

73,449
73,595


20.


DEFERRED TAXATION






31 December 2024
31 January 2024


£

£






At beginning of year
(30,590)
(35,129)


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



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

The provision for deferred taxation is made up as follows:

31 December
31 January
2024
2024
£
£


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

Page 26

 
MM WEALTH LTD
 

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

21.


PROVISIONS






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.


22.


SHARE CAPITAL

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



1,336 (2024 - 1,336) Ordinary shares of £1.00 each
1,336
1,336



23.


RESERVES

Profit and loss account

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


24.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company 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 27

 
MM WEALTH LTD
 

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

25.


COMMITMENTS UNDER OPERATING LEASES

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

31 December
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


26.


RELATED PARTY TRANSACTIONS

During the year the company entered into the following transactions with related parties and related party companies:


Purchases 31 December 
2024
Purchases 31 January
2024
£
£

Company with common director
24,541
42,768

Amounts outstanding at the year end 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.







27.


ANNUAL DISCLOSURE STATEMENTS

The Investment Firms Prudential Regime (IFPR) came into effect on the 1 January 2022 as a new regime for UK firms authorised under the Markets in Financial Instruments Directive (MiFID). The IFPR was implemented by the FCA as prudential regulation within the MIFIDPRU section of the FCA Handbook. 
 
As an SNI MIFIDPRU firm under IFPR, the required annual public remuneration code disclosure regarding the company’s remuneration policy and practices under MIFIDPRU 8 can be found on the MM Wealth Limited website www.mmwealth.co.uk/our-governance.

Page 28

 
MM WEALTH LTD
 

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

28.


CONTROLLING PARTY


The company's ultimate parent is MM Wealth Group Holdings Ltd, a company incorporated in England. 
The consolidated finanical statements are available upon request from MM Wealth Group Holdings Limited, Wellbrook Court, Girton, Cambridge, CB25 9AU.


Page 29