Company Registration No. 10506184 (England and Wales)
CRAVEN STREET CAPITAL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CRAVEN STREET CAPITAL HOLDINGS LIMITED
COMPANY INFORMATION
Director
S Appavoo
Company number
10506184
Registered office
3 Gough Square
3rd floor
London
EC4A 3DE
United Kingdom
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
CRAVEN STREET CAPITAL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 34
CRAVEN STREET CAPITAL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Fair review of the business

The Group, through its direct subsidiaries Craven Street Capital Limited and Craven Street Wealth Limited, offers a portfolio of professional corporate and wealth management services to its clients. The principal activities include M&A, IPO, debt advisory, financial advice and wealth management planning.

On 29 February 2024, Craven Street Wealth Limited completed the acquisition of the financial planning business of Punter Southall Defined Contribution Consulting Limited (subsequently renamed Pension Potential Limited), known as Punter Southall Aspire (and now trading as Craven Street Aspire). With the acquisition of this business, Craven Street Wealth has reached approximately £2.0 billion assets under advice.

 

In the year to 31 December 2024, the Group had turnover of £13.0 million (2023: £9.5 million) and recorded a loss before tax of £2.3m (2023: £1.4m). Whilst the Group realised losses before tax, EBITDA (earnings before interest, tax, depreciation and amortisation) in 2024 increased to £3.2m (2023: £2.4m). The growth in turnover is primarily attributed to the Group maintaining higher level of assets under advice following acquisitions.

At 31 December 2024, the Group had net assets of £0.2m (2023: net liabilities of £0.9m). This is directly attributable to high interest charges and amortisation resulting from business acquisitions, as evidenced by the strong EBITDA levels.

Principal risks and uncertainties

The activities of the Group expose it to a variety of risks, both financial and operational. Those which have a material impact on the Group are as follows:

Economic downturn and market risk

Like all financial services business the Group is exposed to downturns in the market. The Group tries to mitigate this risk through a close focus on costs and through close relationships with its clients. The Group wealth management business operates an investment committee. The committee ensures the investment strategies are managed within the risk parameters.

Regulatory Risk

The Group’s trading subsidiaries require Financial Services Authority (FCA) approval to undertake its financial services business and breach of the FCA rules might lead to the withdrawal of approval. The Group continues to mitigate this risk by the way of an experienced and dedicated regulatory team and fostering a client centric and compliance-focused culture.

People Risk

As a group of service companies, loss of key adviser and management is also a risk. We mitigate this risk by how we manage and look after the staff, and this is evidenced by low levels of staff turnover and high levels of retention across the Group.

Interest and Cash Flow Risk

The Group is exposed to an economic risk linked to the variable rate of interest associated with the bank loan facility. This is mitigated by the forward projections for the business which highlight an improving cash position.

The Group utilises the same forward projections to monitor and manage the cash flow risks of the business.

 

Credit and Liquidity Risk

The directors do not consider credit risk or liquidity risk to be material risks to the business, given that the majority of income is received as recurring income from product providers.

 

Price Risk

The directors monitor the price competitiveness of the wealth and corporate finance businesses in line with the Group’s regulatory responsibilities. The directors consider that pricing in both parts of the business is in line with competitors operating in similar parts of the market in the UK.

CRAVEN STREET CAPITAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

Key performance indicators are turnover, loss before tax and EBIDTA.

 

In the year to 31 December 2024, the Group had turnover of £13.0 million (2023: £9.5 million) and recorded a loss before tax of £2.3m (2023: £1.4m).

 

The business further uses EBIDTA as its other key performance indicator. EBIDTA for 2024 totalled £3.2m (2023: £2.4m).

 

The directors consider that turnover and EBITDA are the most suitable measures of scale and profitability of the Group. The directors monitor these KPIs regularly and note that the growth is in line with internal targets.

Future developments

Acquisitions of wealth management businesses will continue to form an important part of our strategy and are indeed necessary to achieve our ambitious medium-term target of becoming a top advice business in the Southeast of England.

In FY23, the Group completed a well-planned process of creating a single wealth management business. The integration of front and back-office systems will enable its clients and staff to benefit from new working practices. This continued in 2024 with the Craven Street Aspire acquisition being integrated.

The change has placed the Group wealth management arm into excellent position to integrate new acquisitions efficiently, with lower costs and enhanced margins.

 

As of 27 March 2025, The Quanta Group (Holdings) Limited purchased 100% of the share capital of Craven Street Capital Holdings Limited.

 

Events after the balance sheet date

Please refer to the notes to these financial statements for further information.

 

On behalf of the board

S Appavoo
Director
24 June 2025
2025-06-24
CRAVEN STREET CAPITAL HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group continued to be that of the provision of corporate finance advice to UK and International companies and an independent financial intermediary providing investment advice and management services to private and corporate clients.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

J Samuels
(Resigned 27 March 2025)
S Appavoo
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management objectives and policies, information on exposure to financial risk, future developments and events after the reporting date.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S Appavoo
Director
24 June 2025
CRAVEN STREET CAPITAL HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

CRAVEN STREET CAPITAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRAVEN STREET CAPITAL HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Craven Street Capital Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 Auditor's 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 UK, including the FRC’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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

Our responsibilities and the responsibilities of the director 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 auditor's report thereon. The director is 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CRAVEN STREET CAPITAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRAVEN STREET CAPITAL HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the director's report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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.

Detection of irregularities, including fraud

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.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

CRAVEN STREET CAPITAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRAVEN STREET CAPITAL HOLDINGS LIMITED
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the those charged with governance of the group.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our 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 auditor's 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.

Rebecca Donnelly (Senior Statutory Auditor)
For and behalf of HW Fisher Audit
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
24 June 2025
CRAVEN STREET CAPITAL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Turnover
3
13,036,626
9,450,395
Cost of sales
(1,014,459)
(560,532)
Gross profit
12,022,167
8,889,863
Administrative expenses
(11,519,604)
(8,368,465)
Other operating income
27,782
14,444
Operating profit
4
530,345
535,842
Interest receivable and similar income
9,305
-
0
Interest payable and similar expenses
8
(2,861,000)
(1,977,005)
Loss before taxation
(2,321,350)
(1,441,163)
Tax on loss
9
(323,631)
(144,159)
Loss for the financial year
(2,644,981)
(1,585,322)
Loss for the financial year is attributable to:
- Owners of the parent company
(3,725,106)
(1,681,554)
- Non-controlling interests
1,080,125
96,232
(2,644,981)
(1,585,322)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(3,725,106)
(1,681,554)
- Non-controlling interests
1,080,125
96,232
(2,644,981)
(1,585,322)
CRAVEN STREET CAPITAL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
19,458,739
14,170,002
Tangible assets
11
83,093
71,537
Investments
12
29
29
19,541,861
14,241,568
Current assets
Debtors
14
2,059,695
1,670,088
Cash at bank and in hand
1,784,470
1,392,901
3,844,165
3,062,989
Creditors: amounts falling due within one year
15
(22,040,405)
(4,096,723)
Net current liabilities
(18,196,240)
(1,033,734)
Total assets less current liabilities
1,345,621
13,207,834
Creditors: amounts falling due after more than one year
16
(1,121,806)
(14,081,768)
Net assets/(liabilities)
223,815
(873,934)
Capital and reserves
Called up share capital
19
98
123
Share premium account
158,285
158,285
Profit and loss reserves
(2,334,471)
(1,805,206)
Equity attributable to owners of the parent company
(2,176,088)
(1,646,798)
Non-controlling interests
2,399,903
772,864
223,815
(873,934)
The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
S Appavoo
Director
CRAVEN STREET CAPITAL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
109
109
Current assets
Debtors
14
3,865,459
2,973,885
Creditors: amounts falling due within one year
15
(2,012,038)
(1,011,971)
Net current assets
1,853,421
1,961,914
Total assets less current liabilities
1,853,530
1,962,023
Creditors: amounts falling due after more than one year
16
-
(1,667,384)
Net assets
1,853,530
294,639
Capital and reserves
Called up share capital
19
98
123
Share premium account
158,285
158,285
Profit and loss reserves
1,695,147
136,231
Total equity
1,853,530
294,639

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,558,891 (2023 - £37,024 profit).

The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
S Appavoo
Director
Company Registration No. 10506184
CRAVEN STREET CAPITAL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2023
118
158,285
(123,652)
34,751
622,218
656,969
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(1,681,554)
(1,681,554)
96,232
(1,585,322)
Issue of share capital
19
5
-
0
-
5
-
5
Acquisition of subsidiary
-
-
-
-
54,414
54,414
Balance at 31 December 2023
123
158,285
(1,805,206)
(1,646,798)
772,864
(873,934)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(3,725,106)
(3,725,106)
1,080,125
(2,644,981)
Dividends
-
-
-
-
(92,017)
(92,017)
Reduction of shares
19
(25)
-
25
-
0
-
-
Disposal of shares in subsidiary to non-controlling interest
-
-
403,954
403,954
(403,954)
-
Gain on conversion of convertible loan notes
-
-
2,791,862
2,791,862
1,042,885
3,834,747
Balance at 31 December 2024
98
158,285
(2,334,471)
(2,176,088)
2,399,903
223,815
CRAVEN STREET CAPITAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
118
158,285
99,207
257,610
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
37,024
37,024
Issue of share capital
19
5
-
0
-
5
Balance at 31 December 2023
123
158,285
136,231
294,639
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
1,558,891
1,558,891
Reduction of shares
19
(25)
-
25
-
0
Balance at 31 December 2024
98
158,285
1,695,147
1,853,530
CRAVEN STREET CAPITAL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,368,981
1,956,845
Interest paid
(2,079,013)
(1,252,197)
Income taxes (paid)/refunded
(95,165)
79,755
Net cash inflow from operating activities
1,194,803
784,403
Investing activities
Purchase of business
(2,351,791)
(1,485,452)
Purchase of tangible fixed assets
(37,931)
(15,008)
Deferred consideration payment
(1,033,744)
(3,400,250)
Interest received
9,305
-
0
Net cash used in investing activities
(3,414,161)
(4,900,710)
Financing activities
Proceeds from issue of shares
-
5
Proceeds of new bank loans
4,136,869
5,364,548
Repayment of bank loans
(1,433,925)
(1,153,996)
Dividends paid to non-controlling interests
(92,017)
-
Net cash generated from financing activities
2,610,927
4,210,557
Net increase in cash and cash equivalents
391,569
94,250
Cash and cash equivalents at beginning of year
1,392,901
1,298,651
Cash and cash equivalents at end of year
1,784,470
1,392,901
CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Craven Street Capital Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 3 Gough Square, 3rd floor, London, United Kingdom, EC4A 3DE.

 

The group consists of Craven Street Capital Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

The financial statements of the company are consolidated in the financial statements of Craven Street Capital Holdings Limited. These consolidated financial statements are available from the UK Registrar of Companies.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

 

CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Craven Street Capital Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024, with the exception of Tarvos Wealth Limited with accounts drawn up to 31 October 2024 and Kreston Reeves Financial Planning Services Limited with accounts drawn up to 31 May 2024. The results for the period 1 January 2024 to 31 December 2024 of Tarvos Wealth Limited and Kreston Reeves Financial Planning Services Limited have been included in these financial statements.

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

As at 31 December 2024, the Group had net assets of £0.2m (2023: net liabilities of £0.9m) and realised a loss for the financial year of £2.6m (2022: £1.6m). However, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

 

Whilst the Group realised a loss for the financial year, EBITDA (earnings before interest, tax, depreciation and amortisation) in 2024 increased to £3.2m (2023: £2.4m).

 

Further, the net liabilities are largely the result of loans outstanding as at the year-end (see note 17 for further detail). These loans have been settled after the reporting period (see note 24 for further detail).

 

The directors have prepared long term forecasts and at the time of approving the financial statements and have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Retainer fees are recognised over the period of the agreement. Fees in respect of specific projects are recognised once the contracts are exchanged and in the opinion of directors the company's involvement is over 95% complete and completion is guaranteed.

 

Where the substance of a contract is that a right to consideration doesn't arise until the occurrence of a critical event, revenue isn't recognised until that event occurs. This applies to the contracts where the right to consideration is conditional or contingent on a specified future event or outcome, the occurrence of which is outside of the company's control. Costs incurred on such fees are recorded as work in progress on the balance sheet if it is probable the costs will be recovered under the contract until the revenue is recognised. Work in progress is calculated based on the stage of completion of the project and the expected profit margin on that project as a proportion of total revenue.

 

Commissions and adviser charging fees are recognised once the client has formally signed and agreed to take up the investment advice given. Fee income is recognised as the contract progresses and to the extent that the business obtains the right to consideration in exchange for performance of its activities.

CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

The revenue recognised is measured by reference to the amounts likely to be chargeable to clients, less a suitable allowance to recognise the uncertainties remaining in the completion of the obligations. Contingent income is recognised only when the contingent element is assured.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
25% reducing balance / 25% - 33% 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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

Shares in unlisted investments are held at cost. The directors do not have sufficient information to value the shares at fair market value.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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 the 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 effect on amounts recognised in the financial statements.

Recoverability of amounts due from group fellow undertakings

Entities within the group have amounts due to and from fellow group undertakings from the process of maintaining appropriate levels of working capital and to meet regulatory liquidity requirements.

The directors use their judgement in applying accounting policies in relation to the recoverability of the balance when preparing the financial statements. In making their judgement, the directors use their experience, knowledge of the wider group and consider the industry in which they operate and future events, plans and forecasts. After assessment, the directors concluded the entities within the group will be able to recover its debtors balances in full and no provisions have been made against the amounts outstanding as at 31 December 2024 (2023: £nil).

Calculation and valuation of goodwill

The group recognises goodwill arising from business combinations. The cost of the business combinations include initial cash consideration and other costs to the group, as well as the calculation of deferred consideration payable. The calculation of the deferred consideration requires judgements and estimates to be made.

The deferred consideration on the business combinations is payable subject to performance targets being met. The likelihood of targets being achieved in full is estimated based on the anticipated future performance of the business acquired and a probability of the necessary performance being achieved.

The expected future value of the deferred consideration is discounted from the anticipated date of payment to the present value. The directors estimate an appropriate discount rate based on the interest rates offered under their current lending facilities. The difference between the present value at acquisition and the total undiscounted deferred consideration is recognised as a finance charge between the date of acquisition and the expected date of settlement.

At the end of each reporting year, the directors review the recoverable value of the goodwill. The directors estimate the future level of profitability expected from the acquired businesses by using appropriate valuation methods including using forecasts of expected future results and cash flows and expected client attrition rates as well as any legal and regulatory or contractual provisions.

The group as a default amortises acquired goodwill over a ten-year period, unless it has been determined through the forecasting of expected future results and other factors that the useful life of the acquired business will be lower than the ten-year period.

CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Corporate finance
820,158
1,154,676
Wealth management
12,216,468
8,295,719
13,036,626
9,450,395
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,036,626
9,450,395
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Research and development costs
28,786
19,538
Depreciation of owned tangible fixed assets
26,375
35,984
(Profit)/loss on disposal of tangible fixed assets
-
11,642
Amortisation of intangible assets
2,595,368
1,852,110
Operating lease charges
212,891
235,532
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
34,000
32,500
Audit of the financial statements of the company's subsidiaries
22,500
18,000
56,500
50,500
For other services
Taxation compliance services
14,250
14,000
Other taxation services
-
2,700
All other non-audit services
87,613
28,283
101,863
44,983
CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Advisors
28
17
-
-
Support and administrative
64
45
-
-
Total
92
62
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,641,332
3,937,420
-
0
-
0
Social security costs
628,622
438,071
-
-
Pension costs
397,378
273,550
-
0
-
0
6,667,332
4,649,041
-
0
-
0
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
904,402
937,319
Company pension contributions to defined contribution schemes
97,604
96,111
1,002,006
1,033,430
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
318,437
304,431
Company pension contributions to defined contribution schemes
15,752
18,875
CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
2,079,013
1,252,197
Unwinding of loan arrangement fees
68,987
111,852
Other interest on financial liabilities
404,034
369,069
Unwinding of discount on provisions
308,966
243,887
Total finance costs
2,861,000
1,977,005
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
378,481
216,119
Adjustments in respect of prior periods
(54,850)
(69,043)
Total current tax
323,631
147,076
Deferred tax
Origination and reversal of timing differences
-
0
(2,917)
Total tax charge
323,631
144,159

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(2,321,350)
(1,441,163)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(580,338)
(338,962)
Tax effect of expenses that are not deductible in determining taxable profit
913,715
502,765
Tax effect of income not taxable in determining taxable profit
(54)
-
0
Adjustments in respect of prior years
(54,850)
(69,043)
Effect of change in corporation tax rate
-
(3,134)
Permanent capital allowances in excess of depreciation
-
0
(98)
Movement in deferred tax not recognised
(2,079)
40,017
Other adjustments
47,237
12,614
Taxation charge
323,631
144,159
CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 24 -

Factors that may affect future tax charges

 

Changes to the UK corporation tax rates were substantially enacted as part of the 2021 budget on 3 March 2021. This included an increase to the main rate from 19% to 25% from April 2023. The group will be taxed at a rate of 25% unless its profits are sufficiently low enough to qualify for a lower rate of tax, the lowest being 19%.

 

Where applicable, deferred taxes at the balance sheet date have been measured using a tax rate of 25% to reflect the rate that the timing differences are likely to unwind and are reflected in the financial statements.

10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024
18,848,800
Additions - business combinations
7,904,878
Remeasurement of cost of business combinations
(20,773)
At 31 December 2024
26,732,905
Amortisation and impairment
At 1 January 2024
4,678,798
Amortisation charged for the year
2,595,368
At 31 December 2024
7,274,166
Carrying amount
At 31 December 2024
19,458,739
At 31 December 2023
14,170,002
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

The remeasurement of cost of business combinations relates to an adjustment to the deferred consideration on the acquisition of Christchurch Investment Management Limited of £122,973, resulting in a decrease in goodwill, and Tarvos Wealth Limited of £102,200, resulting in an increase in goodwill.

 

 

 

CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
11
Tangible fixed assets
Group
Fixtures, fittings and equipment
£
Cost
At 1 January 2024
279,051
Additions
37,931
At 31 December 2024
316,982
Depreciation and impairment
At 1 January 2024
207,514
Depreciation charged in the year
26,375
At 31 December 2024
233,889
Carrying amount
At 31 December 2024
83,093
At 31 December 2023
71,537
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
109
109
Unlisted investments
29
29
-
0
-
0
29
29
109
109
CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Group
Investments
other than loans
£
Cost or valuation
-
At 1 January 2024
29
At 31 December 2024
29
Impairment
At 1 January 2024
-
At 31 December 2024
-
0
Carrying amount
At 31 December 2024
29
At 31 December 2023
29

The shares in unlisted investments relates to a 2.9% shareholding in GGH (Jersey) Limited. The Directors do not have sufficient information to estimate the fair value of this shareholding. Therefore, the investment is held at cost.

Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2024 and 31 December 2024
109
Carrying amount
At 31 December 2024
109
At 31 December 2023
109
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Craven Street Capital Limited
3 Gough Square, 3rd Floor, London, EC4A 3DE
Ordinary
100.00
-
Craven Street Wealth Limited
3 Gough Square, 3rd Floor, London, EC4A 3DE
Ordinary
73.00
-
Christchurch Investment Management Limited
3 Gough Square, 3rd Floor, London, EC4A 3DE
Ordinary
0
73.00
Chaucer Newco Limited
3 Gough Square, 3rd Floor, London, EC4A 3DE
Ordinary
0
73.00
Craven Street Financial Planning Limited
3 Gough Square, 3rd Floor, London, EC4A 3DE
Ordinary
0
73.00
Tarvos Wealth Limited
Graylaw House, 20-22 Watling Street, Canterbury, CT1 2UA
Ordinary
0
73.00
Tarvos Holdings Limited
20-22 Watling Street, Canterbury, CT1 2UA
Ordinary
0
73.00
Kreston Reeves Financial Planning Services Limited
37 St. Margarets Street, Canterbury, CT1 2TU
Ordinary
0
37.00
Bernard Barrett Associates Limited
3 Gough Square, 3rd Floor, London, England, EC4A 3DE
Ordinary
0
73.00

Craven Street Financial Planning Limited owns 50% of the total share capital of Kreston Reeves Financial Planning Services Limited, but 51% of the voting rights. Thus, Kreston Reeves Financial Planning Services Limited is a subsidiary on the basis of control and has been consolidated in these financial statements.

14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
93,856
433,319
-
0
-
0
Unpaid share capital
10
24
-
0
-
0
Amounts owed by group undertakings
-
-
605,296
71,529
Other debtors
150,842
42,655
8,316
8,306
Prepayments and accrued income
1,814,987
1,194,090
-
0
-
0
2,059,695
1,670,088
613,612
79,835
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
3,251,847
2,894,050
Total debtors
2,059,695
1,670,088
3,865,459
2,973,885
CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
13,986,232
1,333,749
-
0
-
0
Other borrowings
17
3,573,529
-
0
1,945,164
-
0
Trade creditors
331,765
94,051
454
444
Amounts owed to group undertakings
-
0
-
0
-
0
1,000,000
Corporation tax payable
434,689
206,223
32,420
11,527
Other taxation and social security
134,377
160,517
-
-
Other creditors
2,646,274
1,569,360
-
0
-
0
Accruals and deferred income
933,539
732,823
34,000
-
0
22,040,405
4,096,723
2,012,038
1,011,971

Group

Included within other borrowings are redeemable loan notes of £1,628,365 (2023: £1,503,569 included in creditors due after more than one year). The loan notes attract interest 8% per annum for the first 5 years from 2 March 2021, and 10% per annum thereafter. The loan notes are redeemable on Exit, which took place 27 March 2025, and therefore have been recognised within creditors due within one year as at 31 December 2024.

 

Included in other creditors is deferred consideration of £14,340 (2023: £79,660) relating to the acquisition of Christchurch Investment Management Limited, £732,856 (2023: £576,544) relating to the acquisition of Tarvos Wealth Limited and £708,542 (2023: £845,590) relating to the acquisition of Bernard Barrett Associates Limited during the year. See note 16 for further details.

 

Also included in other creditors is deferred consideration of £1,109,168 (2023: £nil) relating to the acquisition of the financial planning division of Punter Southall Defined Contribution Consulting Limited during the year. See note 20 for further details.

 

Also included in other creditors is an unpaid dividend due to non-controlling interest amounting to £44,653 (2023: £nil).

 

Group and Company

Included within other borrowings is an unsecured loan from a related party of £1,945,164 (2023: £1,667,384 included in creditors falling due after more than one year). The loan attracts interest at 16.66% per annum and matures in 2025, and therefore has been recognised within creditors due within one year as at 31 December 2024.

 

Company

Amounts due to group undertakings are unsecured and interest free. No agreement is in place and thus the balance is deemed to be repayable on demand.

CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
-
0
9,879,094
-
0
-
0
Other borrowings
17
-
0
3,170,953
-
0
1,667,384
Other creditors
1,121,806
1,031,721
-
0
-
0
1,121,806
14,081,768
-
0
1,667,384

Group

Included within other creditors is deferred consideration of £129,566 (2023: £391,924) relating to the acquisition of Christchurch Investment Management Limited. The total undiscounted deferred consideration recognised on acquisition was £1,952,000 payable in four annual instalments from twelve months after the date of acquisition. The future value of the deferred consideration has been calculated using a discount rate of 8%. The difference between the present value at acquisition and the total undiscounted deferred consideration is recognised as a finance charge between the date of acquisition and the expected date of settlement.

 

Included within other creditors is deferred consideration of £nil (2023: £639,797) relating to the acquisition of Bernard Barrett Associates Limited. The total undiscounted deferred consideration recognised on acquisition was £1,580,000 payable in two annual instalments from twelve months after the date of acquisition. The future value of the deferred consideration has been calculated using a discount rate of 11.18%. The difference between the present value at acquisition and the total undiscounted deferred consideration is recognised as a finance charge between the date of acquisition and the expected date of settlement.

 

Included within other creditors is deferred consideration of £992,240 (2023: £nil) relating to the acquisition of the financial planning division of Punter Southall Defined Contribution Consulting Limited in the year. See note 20 for further details.

 

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
-
1,503,569
-
-
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
13,986,232
11,212,843
-
0
-
0
Loans from related parties
1,945,164
1,667,384
1,945,164
1,667,384
Other loans
1,628,365
1,503,569
-
0
-
0
17,559,761
14,383,796
1,945,164
1,667,384
Payable within one year
17,559,761
1,333,749
1,945,164
-
0
Payable after one year
-
0
13,050,047
-
0
1,667,384
CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Loans and overdrafts
(Continued)
- 30 -

Group

The bank loans are held with Shawbrook Bank Limited. The outstanding capital amount as at 31 December 2024 for each Facility in use of the bank loan is as follows:

 

Facility A - £3,975,353 (2023: £5,230,728). Interest on Facility A is charged at 5.95% per annum plus the higher of SONIA and 0.25% per annum. Facility A is repayable in monthly instalments of £104,615

 

Facility B - £6,738,573 (2023: £6,238,573). Interest on Facility B is charged at 7.25% per annum plus the higher of SONIA and 0.25% per annum. Facility B is repayable in monthly instalments of £29,297.

 

Facility C - £1,464,847 (2023: £nil). Interest on facility C is charged at 7.25% per annum plus the higher of SONIA and 0.25% per annum. Facility C is repayable in full in 2026.

 

Facility D - £1,741,507 (2023: £nil). Interest on facility C is charged at 7.25% per annum plus the higher of SONIA and 0.25% per annum. Facility D is repayable in full in 2026.

 

Other loans relate to redeemable loan notes of £1,628,365 (2023: £1,503,569). The loan notes attract interest 8% per annum for the first 5 years from 2 March 2021, and 10% per annum thereafter. The loan notes are redeemable on Exit. Exit is defined as the sale of the participating companies.

 

Group and Company

Loans from related parties relate to an unsecured loan of £1,945,164 (2023: £1,667,384). The loan attracts interest at 16.66% per annum and matures in 2025.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
397,378
273,550

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
9,316
11,500
93
115
Growth shares of 1p each
450
800
5
8
9,766
12,300
98
123
CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Share capital
(Continued)
- 31 -
In the financial statements for the year 31 December 2023, share capital increased by £5. This relates to corrections filed at Companies House on 27 March 2024 relating to the period from 2018 to 2023.

On 3 May 2024, the share capital of Craven Street Capital Holdings Limited was reduced from £123, divided into 11,500 ordinary shares of £0.01 each and 800 growth shares of £0.01 each, to £97.66, divided into 9,316 ordinary shares of £0.01 each and 450 growth shares of £0.01 each, by cancelling and extinguishing 2,184 ordinary shares of £0.01 each 350 growth shares of £0.01 each, all of which were held in treasury.

Ordinary shares have full rights in the Company with respect to voting, dividends and distributions. Growth shares have no voting rights but rights to capital (in a sale or winding up) in a one for one proportion with ordinary shares after the holders of ordinary shares have received the first £5.5m of value, and to receive dividends declared in any calendar year in a one for one proportion with ordinary shareholders after the ordinary shareholders have received the first £700,000 of any dividend payment.
20
Acquisition of a business

On 29 February 2024 the group acquired the financial planning division of Punter Southall Defined Contribution Consulting Limited (subsequently renamed Pension Potential Limited), known as Punter Southall Aspire (and now trading as Craven Street Aspire).

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Trade and other recievables
344,184
-
344,184
Trade and other payables
(163,676)
-
(163,676)
Total identifiable net assets
180,508
-
180,508
Goodwill
7,904,878
Total consideration
8,085,386
The consideration was satisfied by:
£
Cash
1,887,383
Issue of convertible loans
3,834,750
Deferred consideration
1,898,848
Capitalised expenses
464,405
8,085,386
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
3,277,241
Profit after tax
1,452,843
CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Acquisition of a business
(Continued)
- 32 -

The goodwill arising on the acquisition of the business is attributable to the anticipated profitability of the company's trade and the future operating synergies from the combination. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

The total undiscounted deferred consideration is £2,260,000 payable in two annual instalments from 15 months after the date of acquisition. The future value of the deferred consideration has been calculated using a discount rate of 12.4%. The difference between the present value at acquisition and the total undiscounted deferred consideration is recognised as a finance charge between the date of acquisition and the expected date of settlement. Deferred consideration is included within other creditors in the financial statements.

21
Financial commitments, guarantees and contingent liabilities

On 2 March 2021, the company entered into a cross guarantee and debenture of the bank borrowings of a fellow group company. At 31 December 2024, the company’s maximum potential liability under this arrangement was £13,920,280 (2023: £11,469,301).

 

S479 Parent Company Guarantee

For the financial year ended 31 December 2024, the below subsidiaries are exempt from the requirements stipulating that they be audited since they fulfil all the conditions for exemption under section 479A of the Companies Act 2006.

 

 

The outstanding liabilities at the balance sheet date of the above subsidiary undertakings have been guaranteed by Craven Street Capital Holdings Limited pursuant to s479A to s479C of the Companies Act 2006.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
81,459
149,728
-
-
Between two and five years
42,690
-
-
-
124,149
149,728
-
-
CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
23
Related party transactions
Transactions with related parties

During the year the group made sales of £100,000 (2023: £685,000) to related parties, of which £nil (2023: £378,000) was outstanding at year end. The group also paid management charges of £9,012 (2023: £21,912) to related parties, of which £nil (2023: £5,824) was outstanding at the year end.

 

Included within other borrowings is an unsecured loan of £1,907,614 (2023: £1,667,384) due to related parties. The loan attracts interest at 16.66% per annum and matures in 2025.

 

As at 31 December 2024, there is an outstanding loan due from a director of £26,750 (2023: £nil). The loan is for an amount of £25,000 and attracts interest at a rate of 5%.

24
Events after the reporting date

On 13 January 2025, Craven Street Wealth Limited borrowed a further £754,553 from its existing facilities with Shawbrook Bank Limited to fund the payment of deferred consideration payable on the acquisition of Tarvos Limited. Interest is charged at 7.25% per annum plus the higher of SONIA and 0.25% per annum.

 

On 27 March 2025, the Company sold 100% of the share capital in its subsidiary, Craven Street Capital Limited (now CSC Corporate Finance Limited), to CSC Acquisition Limited for total consideration of £15,000. As of 27 March 2025, Craven Street Capital Limited (now CSC Corporate Finance Limited) is no longer part of the Group.

 

Immediately following this on 27 March 2025, The Quanta Group (Holdings) Limited purchased 100% of the share capital the Company.

 

As a condition of the transaction, third party loans amounting to £17,559,761 in these financial statements as at 31 December 2024 were repaid in full. In addition, deferred consideration payable on the acquisition of the financial planning division of Punter Southall Defined Contribution Consulting Limited of £1,130,000 was also repaid.

 

25
Controlling party

As at 31 December 2024, the ultimate controlling party was Soondra Appavoo, a director of the Company.

 

As of 27 March 2025, The Quanta Group (Holdings) Limited purchased 100% of the share capital the Company. As of 27 March 2025, the ultimate controlling party is AnaCap Financial Partners III, L.P.

CRAVEN STREET CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
26
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(2,644,981)
(1,585,322)
Adjustments for:
Taxation charged
323,631
144,159
Finance costs
2,861,000
1,977,005
Investment income
(9,305)
-
0
Amortisation and impairment of intangible assets
2,595,368
1,852,110
Depreciation and impairment of tangible fixed assets
26,375
35,984
Movements in working capital:
Increase in debtors
(45,423)
(645,142)
Increase in creditors
262,316
178,051
Cash generated from operations
3,368,981
1,956,845
27
Analysis of changes in net debt - group
1 January 2024
Cash flows
Other non-cash changes
31 December 2024
£
£
£
£
Cash at bank and in hand
1,392,901
391,569
-
1,784,470
Borrowings excluding overdrafts
(14,383,796)
(2,702,944)
(473,021)
(17,559,761)
(12,990,895)
(2,311,375)
(473,021)
(15,775,291)
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