Silverfin false 11 June 2025 11 June 2025 Matthew Neill BA (Hons) MA FCA S&W Partners Audit Limited 885,896 217,307 false true 31/12/2024 01/01/2024 31/12/2024 J Davis 08/06/2018 R Ellis 08/06/2018 P Gladdish 08/06/2018 D Groves 08/06/2018 G Michalakidis 08/06/2018 A Mistry 01/05/2024 D Savage 08/06/2018 11 June 2025 The principal activity of the Company is the provision of an online platform for tailored financial education, support and services. 11406613 2024-12-31 11406613 bus:Director1 2024-12-31 11406613 bus:Director2 2024-12-31 11406613 bus:Director3 2024-12-31 11406613 bus:Director4 2024-12-31 11406613 bus:Director5 2024-12-31 11406613 bus:Director6 2024-12-31 11406613 bus:Director7 2024-12-31 11406613 2023-12-31 11406613 core:CurrentFinancialInstruments 2024-12-31 11406613 core:CurrentFinancialInstruments 2023-12-31 11406613 core:Non-currentFinancialInstruments 2024-12-31 11406613 core:Non-currentFinancialInstruments 2023-12-31 11406613 core:ShareCapital 2024-12-31 11406613 core:ShareCapital 2023-12-31 11406613 core:RetainedEarningsAccumulatedLosses 2024-12-31 11406613 core:RetainedEarningsAccumulatedLosses 2023-12-31 11406613 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 11406613 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 11406613 core:PlantMachinery 2023-12-31 11406613 core:PlantMachinery 2024-12-31 11406613 core:CostValuation 2023-12-31 11406613 core:AdditionsToInvestments 2024-12-31 11406613 core:CostValuation 2024-12-31 11406613 2024-01-01 2024-12-31 11406613 bus:FilletedAccounts 2024-01-01 2024-12-31 11406613 bus:SmallEntities 2024-01-01 2024-12-31 11406613 bus:Audited 2024-01-01 2024-12-31 11406613 2023-01-01 2023-12-31 11406613 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11406613 bus:Director1 2024-01-01 2024-12-31 11406613 bus:Director2 2024-01-01 2024-12-31 11406613 bus:Director3 2024-01-01 2024-12-31 11406613 bus:Director4 2024-01-01 2024-12-31 11406613 bus:Director5 2024-01-01 2024-12-31 11406613 bus:Director6 2024-01-01 2024-12-31 11406613 bus:Director7 2024-01-01 2024-12-31 11406613 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2024-01-01 2024-12-31 11406613 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 11406613 core:PlantMachinery core:TopRangeValue 2024-01-01 2024-12-31 11406613 core:PlantMachinery 2024-01-01 2024-12-31 11406613 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 11406613 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 11406613 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 11406613 (England and Wales)

AVC WISE LIMITED

Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

AVC WISE LIMITED

Financial Statements

For the financial year ended 31 December 2024

Contents

AVC WISE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
AVC WISE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS J Davis
R Ellis
P Gladdish
D Groves
G Michalakidis
A Mistry (Appointed 01 May 2024)
D Savage
REGISTERED OFFICE First Floor
5 Fleet Place
London
EC4M 7RD
United Kingdom
COMPANY NUMBER 11406613 (England and Wales)
AUDITOR S&W Partners Audit Limited
Statutory Auditor
Brockbourne House
77 Mount Ephraim
Royal Tunbridge Wells
TN4 8BS
United Kingdom
AVC WISE LIMITED

BALANCE SHEET

As at 31 December 2024
AVC WISE LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 2,992,719 1,936,560
Tangible assets 5 47,486 56,560
Investments 6 100 0
3,040,305 1,993,120
Current assets
Debtors 7 986,183 740,085
Cash at bank and in hand 246,013 14,408
1,232,196 754,493
Creditors: amounts falling due within one year 8 ( 4,347,302) ( 1,421,744)
Net current liabilities (3,115,106) (667,251)
Total assets less current liabilities (74,801) 1,325,869
Creditors: amounts falling due after more than one year 9 0 ( 2,286,566)
Net liabilities ( 74,801) ( 960,697)
Capital and reserves
Called-up share capital 200 200
Profit and loss account ( 75,001 ) ( 960,897 )
Total shareholders' deficit ( 74,801) ( 960,697)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of AVC Wise Limited (registered number: 11406613) were approved and authorised for issue by the Board of Directors on 11 June 2025. They were signed on its behalf by:

A Mistry
Director
AVC WISE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
AVC WISE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

AVC Wise Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of AVC Wise Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The Company reported a profit in 2024, reducing the net liability position from £960,697 to £74,801 at the balance sheet date. Notably the net current liability position has increased from £667,251 to £3,115,106, as creditors due within one year include loans repayable of £3,142,898, compared to £402,876 in the year ended 31 December 2023, where the balance of £2,286,566 was included within creditors due after more than one year. As disclosed in note 10, loan extensions were agreed in January 2025 and are now due to be repaid by 31 December 2028. Following the extension, £83,333 is now repayable within the year ended 31 December 2025.

The directors have made their assessment that the Company is a going concern using all available information including management accounts and cash flow forecasts which cover a period of more than 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discount.

The Company earns revenue from the provision of services to both Partner firms and their employees. Revenue is recognised when services are delivered and there is a contractual right to consideration.

The Company also receives commission income from third-party providers in connection with employee participation in certain products and services. Commission revenue is recognised when the Company has fulfilled its performance obligations under the relevant agreements and it is probable that the economic benefits will flow to the Company.

Where services are provided under ongoing contracts, revenue is recognised over time by reference to the stage of completion.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit (5 years). A provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held with banks, and bank overdrafts.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Prior year adjustment

The directors have identified that the ageing of the loans reported in the 2023 financial statements did not accurately reflect the loan agreements. The directors have now restated the 2023 other loans balance to reduce the amount showing as falling due within one year and increase the amounts showing as falling due after more than one year in line with the loan agreements. There is no impact on the profit/loss for the period.

As previously reported Adjustment As restated
Year ended 31 December 2023 £ £ £
Creditors: amounts falling due within one year - Other loans 1,320,000 (917,124) 402,876
Creditors: amounts falling due after more than one year - Other loans 1,369,442 917,124 2,286,566

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 79 61

4. Intangible assets

Development costs Total
£ £
Cost
At 01 January 2024 2,795,326 2,795,326
Additions 1,763,242 1,763,242
Disposals ( 287,121) ( 287,121)
At 31 December 2024 4,271,447 4,271,447
Accumulated amortisation
At 01 January 2024 858,766 858,766
Charge for the financial year 707,083 707,083
Disposals ( 287,121) ( 287,121)
At 31 December 2024 1,278,728 1,278,728
Net book value
At 31 December 2024 2,992,719 2,992,719
At 31 December 2023 1,936,560 1,936,560

5. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 January 2024 79,240 79,240
Additions 7,744 7,744
At 31 December 2024 86,984 86,984
Accumulated depreciation
At 01 January 2024 22,680 22,680
Charge for the financial year 16,818 16,818
At 31 December 2024 39,498 39,498
Net book value
At 31 December 2024 47,486 47,486
At 31 December 2023 56,560 56,560

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 0
Additions 100
At 31 December 2024 100
Carrying value at 31 December 2024 100
Carrying value at 31 December 2023 0

7. Debtors

2024 2023
£ £
Trade debtors 807,537 644,803
Prepayments and accrued income 170,769 83,447
Other debtors 7,877 11,835
986,183 740,085

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 186,012 214,804
Other loans 3,142,898 402,876
Accruals 501,953 504,338
Taxation and social security 479,457 299,726
Other creditors 36,982 0
4,347,302 1,421,744

There are no amounts included above in respect of which any security has been given by the Company.

The 2023 other loans balance of £402,876 above has been restated as set out in note 2.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 0 2,286,566

There are no amounts included above in respect of which any security has been given by the Company.

The 2023 other loans balance of £2,286,566 above has been restated as set out in note 2.

10. Events after the Balance Sheet date

Other loans within creditors include three loans totaling £3,142,898, all falling due within one year. After the year-end, on 25 January 2025, the Company agreed an extension to these loans moving the repayment dates from 31 December 2025 to 31 December 2028. Under the new agreements, £83,333 is now payable within one year and the balance of £3,059,565 is due within more than one year.

11. Share-based payments

Certain employees of the Company have been granted options in the share option scheme of the Company for the primary purpose of providing incentives to the selected employees. Under the scheme, the board of the directors may grant options to eligible employees of the Company to subscribe for shares in the Company.

No expense relating to the share-based payments has been recognised in the accounts because the Directors have determined that the fair value of such awards was not considered material.

12. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2024 was unqualified.

The financial statements of AVC Wise Limited for the year ended 31 December 2023 were unaudited.

The audit report was signed by Matthew Neill BA (Hons) MA FCA on behalf of S&W Partners Audit Limited.