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Registered number: 07366158









LUMIN WEALTH MANAGEMENT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Directors
M P Cotter 
J R Cusins 
M C Felton 
J P Hussey 
S P Oluwole 
G A Williams 
U Feldmann 
M Graf 
K J Koenig (appointed 1 January 2024)




Company secretary
S P Oluwole



Registered number
07366158



Registered office
5 Sandridge Park
Porters Wood

St. Albans

AL3 6PH




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
LUMIN WEALTH MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Comprehensive Income
 
 
9
Statement of Financial Position
 
 
10
Statement of Changes in Equity
 
 
11
Notes to the Financial Statements
 
 
12 - 23


 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Directors present their strategic report for Lumin Wealth Management Limited (“the Company”) for the year ended 31 December 2024. The principal activity of the Company is that of the provision of investment services including discretionary model portfolio services within the Lumin Group and externally. The Company is authorised and regulated by the Financial Conduct Authority (FCA).

Business review
 
The Company is a wholly owned subsidiary of Lumin Group Limited (“the Group”) which was acquired (50.1%) by VZ Group in May 2021. The Company concentrates its activities solely on investment service.
The results and the financial position at the period end were considered satisfactory by the directors. 

Principal risks and uncertainties
 
Risks and uncertainties continue to be assessed by the Group. The Group is exposed to risks around its advisors, investment recommendations to clients, client-based risks and advice-based risks. Each of these could lead to reduction in new business written and a loss of existing business. The Group has a risk analysis and control framework through which it seeks to address and mitigate these risks, of which there were no immediate concerns.
The Group also has policies and procedures covering disaster recovery and health and safety to ensure operational risks are minimised.  
The Group maintains resources in excess of regulatory capital in its regulated businesses as required by the FCA as well as closely managing strict compliance with all regulations set out by the FCA.  

Financial key performance indicators
 
The key performance indicators of the Company are Revenue and EBITDA and reported as following for the year ended 31 December 2024:
Performance Metric Amount (£)
Revenue                  1,218,795
EBITDA                     184,507

Other key performance indicators
 
Other key performance indicators are assessed on a group level, which can be found in the consolidated accounts of Lumin Group Limited.

Page 1

 
LUMIN WEALTH MANAGEMENT LIMITED
 

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

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors of the Company are aware of the requirement to act in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole. In considering this duty the Directors consider the following stakeholders:
Shareholders
The Directors have regular contact with the shareholders in order to maximise the Company’s long-term growth prospects and the opportunity for a dividend stream.
Clients
The Company’s client base ranges from large institutional clients to professional clients. The Directors prioritises compliance to ensure the funds of relevant clients are protected, whilst ensuring each client’s best interest are served in accordance with their risk appetite.
Suppliers
The Company has various key supplier relationships which work more as a partnership to ensure the smooth running of the business.
The Environment
The Company is committed to minimising the environmental impacts of the business operations particularly with regards to recycling and the re-use of paper. The Company also complies as a minimum with all relevant environmental legislation as well as other environmental requirements.


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





M Graf
Director

Date: 25 April 2025

Page 2

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the audited financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited 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 audited 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 audited financial statements, the directors are required to:


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

make judgements 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 audited 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 audited 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of audited financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of Lumin Wealth Management Limited ("the Company") is that of the provision of independent financial services. 

Results and dividends

The profit for the year, after taxation, amounted to £178,011 (2023 - £208,464).

During the year, no interim dividends were paid. The directors do not recommend payment of a final dividend.

Page 3

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Directors

The directors who served during the year were:

M P Cotter 
J R Cusins 
M C Felton 
J P Hussey 
S P Oluwole 
G A Williams 
U Feldmann 
M Graf 
K J Koenig (appointed 1 January 2024)

Future developments

As the Lumin Group growth plans continue into 2025, the Group will incorporate new businesses and clients into its operations and as such expect revenue and EBITDA increases into 2025.

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 2006BKL Audit 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 and signed on its behalf.
 







M Graf
Director

Date: 25 April 2025

Page 4

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMIN WEALTH MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of Lumin Wealth Management Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 5

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMIN WEALTH MANAGEMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our 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 Strategic Report and the Directors' Report for the financial year 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 3, 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 6

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMIN WEALTH MANAGEMENT LIMITED (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:

Enquiring of management and those charged with governance around actual and potential litigation and claims;
Enquiring of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
Reviewing board meeting minutes for all meetings taking place throughout the year and indeed up until the date of signature of these financial statements;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Reviewing the general ledger in detail for all transactions with related parties;
Performing walk through testing to ensure systems and controls are operating as recorded where appropriate;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.


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.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.


Page 7

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMIN WEALTH MANAGEMENT LIMITED (CONTINUED)



Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.







David Landau FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

25 April 2025
Page 8

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,218,795
1,178,299

Cost of sales
  
(7,571)
(7,447)

Gross profit
  
1,211,224
1,170,852

Administrative expenses
  
(1,105,050)
(1,014,686)

Other operating income
 5 
62,038
45,108

Operating profit
 6 
168,212
201,274

Interest receivable and similar income
  
3,097
2,224

Profit before tax
  
171,309
203,498

Tax on profit
 10 
6,702
4,966

Profit for the financial year
  
178,011
208,464

Other comprehensive income for the year
  

Total comprehensive income for the year
  
178,011
208,464

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

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
LUMIN WEALTH MANAGEMENT LIMITED
REGISTERED NUMBER: 07366158

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
27,859
41,778

Investments
 12 
-
20

  
27,859
41,798

Current assets
  

Debtors
 13 
1,013,339
974,474

Cash at bank and in hand
  
128,619
78,235

  
1,141,958
1,052,709

Creditors: amounts falling due within one year
 14 
(465,037)
(547,324)

Net current assets
  
 
 
676,921
 
 
505,385

Total assets less current liabilities
  
704,780
547,183

Creditors: amounts falling due after more than one year
 15 
(11,419)
(28,108)

Provisions for liabilities
  

Deferred tax
 16 
(3,116)
(6,841)

  
 
 
(3,116)
 
 
(6,841)

Net assets
  
690,245
512,234


Capital and reserves
  

Called up share capital 
 17 
100
100

Share premium account
 18 
199,994
199,994

Profit and loss account
 18 
490,151
312,140

  
690,245
512,234


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



M Graf
Director

Date: 25 April 2025

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
LUMIN WEALTH MANAGEMENT LIMITED
 

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


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

£
£
£
£


At 1 January 2023
100
199,994
103,676
303,770


Comprehensive income for the year

Profit for the year
-
-
208,464
208,464



At 1 January 2024
100
199,994
312,140
512,234


Comprehensive income for the year

Profit for the year
-
-
178,011
178,011


At 31 December 2024
100
199,994
490,151
690,245


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The principal activity of Lumin Wealth Management Limited ("the Company") is that of the provision of independent financial services. 
The Company is a private company limited by shares, incorporated in England and Wales. 
The Registered Office address is at 5 Sandridge Park, Porters Wood, St Albans, AL3 6PH.

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 ("FRS 102") and the Companies Act 2006.

The level of rounding used in these financial statements is to zero decimal places. The presentation currency used in these financial statements is GBP sterling.

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

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland:
 
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Lumin Group Limited as at 31 December 2024 and these financial statements may be obtained from the Registered Office.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for at least 12 months from the date of approval of these financial statements, and will be able to meet its liabilities as they fall due.

Page 12

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income 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.

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in The Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in The Statement of Comprehensive Income 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 reporting 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 Statement of Financial Position, 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 reporting date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

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 the Statement of Comprehensive Income.

 
2.10

Associates

Associates and Joint Ventures are held at cost less impairment.

Page 14

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
(i) Financial assets
Basic financial assets, including trade and other debtors, and, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 15

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of  Financial Position date and the amounts reported for revenues and expenses during the year. 
However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There are no judgements or estimation uncertainties that materially impact the figures in these financial statements.


4.


Turnover

2024
2023
£
£

Provision of independent financial services
198,906
208,116

Intercompany management services
1,019,889
970,183

1,218,795
1,178,299


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Income from associate undertakings
8,000
26,959

Profit on disposal of intangible assets
38,980
-

Investment management fees receivable
15,058
18,149

62,038
45,108


Page 16

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation - tangible fixed assets
16,295
17,476

Defined contribution pension cost
11,609
10,121

Other operating lease rentals
91,282
94,271


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
17,880
13,800

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

2024
2023
£
£

Wages and salaries
514,178
481,497

Social security costs
52,764
51,581

Cost of defined contribution scheme
11,609
10,121

578,551
543,199


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


        2024
        2023
            No.
            No.







Advisors and administration
7
7



Directors
9
8

16
15

Page 17

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
108,000
108,000

108,000
108,000



10.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(2,977)
-


Total current tax
(2,977)
-

Deferred tax


Origination and reversal of timing differences
(3,725)
(4,966)

Total deferred tax
(3,725)
(4,966)


Tax on profit
(6,702)
(4,966)
Page 18

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
171,309
203,498


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
42,827
47,864

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
12,173
93

Adjustments to tax charge in respect of prior periods
(2,977)
-

Non-taxable income
(9,745)
-

Dividends from UK companies
(2,000)
(6,341)

Other differences leading to an increase (decrease) in the tax charge
-
(295)

Group relief
(46,980)
(46,287)

Total tax charge for the year
(6,702)
(4,966)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tangible fixed assets





Office equipment
Total

£
£



Cost or valuation


At 1 January 2024
81,824
81,824


Additions
2,376
2,376



At 31 December 2024

84,200
84,200



Depreciation


At 1 January 2024
40,046
40,046


Charge for the year on owned assets
16,295
16,295



At 31 December 2024

56,341
56,341



Net book value



At 31 December 2024
27,859
27,859



At 31 December 2023
41,778
41,778


12.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 January 2024
20


Disposals
(20)



At 31 December 2024
-




The investment in the associate, Lumin Insurance Solutions Limited, was disposed of during the year.

Page 20

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Debtors


2024
2023
£
£

Due after more than one year

Other debtors
26,083
26,083

26,083
26,083

Due within one year

Trade debtors
9,176
1,807

Amounts owed by group undertakings
943,203
861,725

Other debtors
-
38,956

Prepayments and accrued income
34,877
45,903

1,013,339
974,474


Amounts owed by group undertakings are unsecured, interest free and are repayable upon demand. 


14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,388
9,124

Amounts owed to group undertakings
309,146
428,516

Other taxation and social security
17,961
17,867

Other creditors
19,316
22,008

Accruals and deferred income
117,226
69,809

465,037
547,324


Amounts owed to group undertakings are unsecured, interest free and are repayable upon demand.


15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
11,419
28,108

11,419
28,108


Page 21

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Deferred taxation




2024
2023


£

£






At beginning of year
(6,841)
(11,807)


Charged to The Statement of Comprehensive Income
3,725
4,966



At end of year
(3,116)
(6,841)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,116)
(6,841)

(3,116)
(6,841)


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) A Ordinary shares of £1.00 each
100
100



18.


Reserves

Share premium account

Included in the share premium account are all amounts paid for shares above their nominal value.

Profit and loss account

Comprises current and previous years retained profits and losses.


19.


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 £11,609 (2023: £10,121).
Contributions totalling £18,739 (2023: £18,339) were payable to the fund at the reporting date and are included in creditors.

Page 22

 
LUMIN WEALTH MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


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:

2024
2023
£
£


Not later than 1 year
84,330
84,330

Later than 1 year and not later than 5 years
63,248
147,578

147,578
231,908


21.


Related party transactions

Where possible, the company has taken advantage of the exemptions in Section 33.1 A of FRS 102 not to disclose transactions with other wholly-owned group undertakings.
Included in other income is £15,058 (2023: £18,149) for investment management services provided to a
company with a director in common.
Included in other income are dividends of £8,000 (2023: £26,959) from an associate company.
Included in trade debtors is £Nil (2023: £1,807) owed by a company with a director in common.
Included in other debtors is £Nil (2023: £38,956) owed by a director of an associate company.


22.


Ultimate controlling party

The immediate and ultimate parent undertaking is Lumin Group Limited, a company incorporated in England & Wales.
Consolidated financial statements of Lumin Group Limited are available from the Registered Office.
The ultimate controlling party is VZ Holding AG, a company incorporated in Switzerland. 

 
Page 23