Company Registration No. 03852054 (England and Wales)
CRAVEN STREET FINANCIAL PLANNING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CRAVEN STREET FINANCIAL PLANNING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
CRAVEN STREET FINANCIAL PLANNING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
129,492
Tangible assets
4
74,649
59,870
Investments
5
51
51
204,192
59,921
Current assets
Debtors
6
5,676,426
5,615,982
Cash at bank and in hand
1,027,935
550,898
6,704,361
6,166,880
Creditors: amounts falling due within one year
7
(1,596,161)
(1,051,281)
Net current assets
5,108,200
5,115,599
Total assets less current liabilities
5,312,392
5,175,520
Capital and reserves
Called up share capital
10,100
10,100
Profit and loss reserves
5,302,292
5,165,420
Total equity
5,312,392
5,175,520
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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:
T Barnett
Director
Company Registration No. 03852054
CRAVEN STREET FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Craven Street Financial Planning Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Gough Square, 3rd Floor, London, England, EC4A 3DE.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group, of which this is the parent, qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future having reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Thus, the directors have continued to adopt the going concern basis in these financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and rebates.
Turnover comprises commissions, adviser charging and fees in the UK. Commissions and adviser charging are recognised once the client has formally signed and agreed to take up the investment advice given, as long as the provider accepts the proposal within one month of the year end. 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.
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.
Management fees receivable comprises amounts received from other group undertakings for services provided. Revenue is recognised during the period to which the services provided relate.
CRAVEN STREET FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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% 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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company 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).
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
CRAVEN STREET FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 company 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.
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors 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.
CRAVEN STREET FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company 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 company.
1.11
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 company’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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 leases asset are consumed.
1.15
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 84 (2023: 48).
CRAVEN STREET FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
Additions
129,492
At 31 December 2024
129,492
Amortisation and impairment
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024
129,492
At 31 December 2023
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 January 2024
90,611
Additions
37,931
At 31 December 2024
128,542
Depreciation and impairment
At 1 January 2024
30,741
Depreciation charged in the year
23,152
At 31 December 2024
53,893
Carrying amount
At 31 December 2024
74,649
At 31 December 2023
59,870
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
51
51
CRAVEN STREET FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2024 & 31 December 2024
51
Carrying amount
At 31 December 2024
51
At 31 December 2023
51
CRAVEN STREET FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
90,256
6,375
Amounts owed by group undertakings
3,767,816
4,440,138
Other debtors
1,818,354
1,169,469
5,676,426
5,615,982
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
161,368
62,614
Amounts owed to group undertakings
395,109
379,300
Corporation tax
348,654
111,739
Other taxation and social security
135,186
89,205
Other creditors
555,844
408,423
1,596,161
1,051,281
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
8
Acquisition of a business
On 29 February 2024 the company acquired the business of 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).
Fair Value
£
Trade and other recievables
344,184
Trade and other payables
(163,676)
Total identifiable net assets
180,508
Goodwill
129,492
Total consideration
310,000
Satisfied by:
£
Cash
310,000
CRAVEN STREET FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Acquisition of a business
(Continued)
- 9 -
Contribution by the acquired business for the reporting period since acquisition:
£
Turnover
3,277,241
Profit after tax
1,452,843
The book value of the assets acquired equated to the fair value.
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.
9
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).
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
81,459
99,182
Between two and five years
42,690
124,149
99,182
11
Parent company
As at 31 December 2024, the immediate parent undertaking of the Company is Chaucer Newco Limited, a company registered in England and Wales. This has a registered office address of 3 Gough Square, 3rd Floor, London, EC4A 3DE.
As at 31 December 2024, the ultimate and controlling parent undertaking of the Company is Craven Street Capital Holdings Limited, a company registered in England and Wales. Craven Street Capital Holdings Limited has a registered office address of 3 Gough Square, London, EC4A 3DE. Craven Street Capital Holdings Limited is the smallest and largest group to consolidate these financial statements as at 31 December 2024.
As of 27 March 2025, The Quanta Group (Holdings) Limited purchased 100% of the share capital of Craven Street Capital Holdings Limited. As of 27 March 2025, the ultimate and controlling party is AnaCap Financial Partners III, L.P.
12
Events after the reporting date
On 24 June 2025, the company approved and paid a dividend of £2,838,211 to its parent company, Chaucer Newco Limited. The purpose of the dividend was to settle amounts owed from group undertakings to the company.
CRAVEN STREET FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Rebecca Donnelly.
The auditor was HW Fisher Audit.
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