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COMPANY REGISTRATION NUMBER: SC635011
Wealthflow Group Limited
Filleted Audited Financial Statements
30 September 2024
Wealthflow Group Limited
Balance Sheet
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
1,080,000
1,260,000
Tangible assets
7
48,473
45,089
Investments
8
218,491
------------
------------
1,128,473
1,523,580
Current assets
Debtors
9
818,801
331,173
Cash at bank and in hand
301,134
263,505
------------
---------
1,119,935
594,678
Creditors: amounts falling due within one year
10
157,473
171,970
------------
---------
Net current assets
962,462
422,708
------------
------------
Total assets less current liabilities
2,090,935
1,946,288
Provisions
11
110,493
------------
------------
Net assets
1,980,442
1,946,288
------------
------------
Capital and reserves
Called up share capital
12
1,873,506
1,873,506
Profit and loss account
106,936
72,782
------------
------------
Shareholders funds
1,980,442
1,946,288
------------
------------
These Audited Financial Statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of Audited Financial Statements.
Wealthflow Group Limited
Balance Sheet (continued)
30 September 2024
These Audited Financial Statements were approved by the board of directors and authorised for issue on 26 June 2025 , and are signed on behalf of the board by:
Mr A M Dines
Director
Company registration number: SC635011
The notes on pages 12 to 19 form part of these financial statements.
Wealthflow Group Limited
Notes to the Audited Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Charlotte Square, Edinburgh, Midlothian, EH2 4DR, Scotland. The company is part of a group.
2. Statement of compliance
These Audited Financial Statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Prior year adjustment
During the year, the Directors reviewed the classification of certain expenses previously reported within distribution costs and determined they more appropriately relate to Administration expenses and Cost of Sales. As a result, a reclassification has been made to the comparative figures to ensure consistency and improved presentation. This restatement has no impact on the reported profit or net assets for the prior year.
4. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months coupled with the continued support from the wider AAB group and ultimate parent company, Pioneer Topco Limited. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Corporation tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill represents the valuation of the client bank at purchase. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment loss.
Investments in listed shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
6. Intangible assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
1,800,000
------------
Amortisation
At 1 October 2023
540,000
Charge for the year
180,000
------------
At 30 September 2024
720,000
------------
Carrying amount
At 30 September 2024
1,080,000
------------
At 30 September 2023
1,260,000
------------
7. Tangible assets
Leasehold improvements
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
12,251
72,098
74,815
159,164
Additions
21,000
5,160
26,160
--------
--------
--------
---------
At 30 September 2024
33,251
72,098
79,975
185,324
--------
--------
--------
---------
Depreciation
At 1 October 2023
2,339
53,309
58,427
114,075
Charge for the year
5,725
9,835
7,216
22,776
--------
--------
--------
---------
At 30 September 2024
8,064
63,144
65,643
136,851
--------
--------
--------
---------
Carrying amount
At 30 September 2024
25,187
8,954
14,332
48,473
--------
--------
--------
---------
At 30 September 2023
9,912
18,789
16,388
45,089
--------
--------
--------
---------
8. Investments
Other investments other than loans
£
Cost
At 1 October 2023
218,491
Disposals
( 218,491)
---------
At 30 September 2024
---------
Impairment
At 1 October 2023 and 30 September 2024
---------
Carrying amount
At 30 September 2024
---------
At 30 September 2023
218,491
---------
9. Debtors
2024
2023
£
£
Trade debtors
140,000
128,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest
620,694
2,552
Other debtors
58,107
200,621
---------
---------
818,801
331,173
---------
---------
10. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,866
49,166
Accruals and deferred income
31,494
5,186
Corporation tax
96,868
91,918
Social security and other taxes
13,174
Other creditors
71
25,700
---------
---------
157,473
171,970
---------
---------
The bank hold a bond, floating charge and cross guarantees across the group.
11. Provisions
Onerous contracts
Deferred tax
Dilapidations
Total
£
£
£
£
At 1 October 2023
Additions
81,500
7,993
21,000
110,493
--------
-------
--------
---------
At 30 September 2024
81,500
7,993
21,000
110,493
--------
-------
--------
---------
The dilapidations provision are costs that the company estimates will be incurred upon vacating properties in which it occupies. The provision is split over the two properties in use. The amount represents the best estimate based on historic experience of previously incurred costs. The onerous lease provision relates to the unavoidable costs of meeting the obligations of an operating lease commitment.
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,873,506
1,873,506
1,873,206
1,873,206
Ordinary A shares of £ 1 each
100
100
Ordinary B shares of £ 1 each
100
100
Ordinary C shares of £ 1 each
100
100
------------
------------
------------
------------
1,873,506
1,873,506
1,873,506
1,873,506
------------
------------
------------
------------
On 28 June 2024 100 A Ordinary, 100 B Ordinary and 100 C Ordinary shares were redesignated as Ordinary shares .
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
26,362
59,737
Later than 1 year and not later than 5 years
21,912
--------
--------
26,362
81,649
--------
--------
14. Pension commitments
The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge, represents contributions payable by the Company to the fund and amounted to £18,462 (2023 £13,597). Contributions totalling £nil (2023 £nil) were payable to the fund at the balance sheet date and are included in creditors.
15. Events after the end of the reporting period
In November 2024, one of the company's operating leases was novated to another group entity, AAB Business & Tax Advisory LLP.
16. Summary audit opinion
The auditor's report dated 26 June 2025 was unqualified .
The senior statutory auditor was Shaun Jordan ACA , for and on behalf of Price Bailey LLP .
17. Directors' advances, credits and guarantees
During the year the company received repayment of loans advanced to directors so that, as at 30 September 2024, £nil (2023 £134,394) was outstanding in respect of these loans.
18. Related party transactions
During the year, the company received commission of £64,029 (2023 £168,478) on behalf of DMW Asset Management Limited, a company under common control during the period. Wealthflow Group Ltd charged this company £nil (2023 £101,086) for acting as an intermediary in the placing of investments and also paid overheads totalling £nil (2023 £75) on behalf of the company. At 30 September 2024, £nil was owed by (2023 £2,552) DMW Asset Management Limited. Also during the year, payments were made on behalf of the company by Wealthflow Asset Management Ltd, a company under common control. As at 30 September 2024, £nil (2023 £25,700) was owed to Wealthflow Asset Management Ltd. During the year a loan was advanced to AAB Wealth Limited, the immediate parent company. As at 30 September 2024 £620,694 (2023 £nil) was owed. The company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.
19. Controlling party
During the year AAB Wealth Limited became the immediate parent undertaking. The registered office is Kingshill View, Kingswells Causeway Prime Four Business Park, Kingswells, Aberdeen, United Kingdom, AB15 8PU. The ultimate controlling party is August Equity Partners V A LP a partnership registered in England and Wales, which is considered to have no single controlling party. The registered office is 10 Slingsby Place, St Martins Courtyard, London, United Kingdom, WC2E 9AB.
20. Reserves - profit and loss account
The profit and loss account represents cumulative profit or losses, net of dividends paid and other adjustments.