Company registration number 01235686 (England and Wales)
ARENA WEALTH MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
ARENA WEALTH MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
D P Lumley
P J Barker
Company number
01235686
Registered office
Oriel House
The Quadrant
Richmond
England
TW9 1DL
Auditor
MHA
Exchange Station
Tithebarn Street
Liverpool
L2 2QP
Business address
Oriel House
26 The Quadrant
Richmond
England
TW9 1DL
Bankers
Coutts & Co
440 Strand
London
WC2R 0QS
ARENA WEALTH MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 17
ARENA WEALTH MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Business review

The Company’s principal business was the managing of investment portfolios for private clients, which was ceased in the prior period. Fees were earned for management and administration services and also from performance fees. However, on 1st September, 2022 the company entered into an agreement with Evelyn Partners Investment Management Services Limited (Evelyn) to transfer the company’s business to Evelyn. Evelyn is one of the largest investment management firms in the UK and after a search in the market, it was felt that Evelyn would be a good business to take over the company’s business. The company felt that the time was right to begin to exit the investment management business because of anticipated changes in the personal circumstances of the directors. Furthermore, as the general environment of doing investment management business becomes more complex, it was felt that a larger firm would be better resourced to take on the challenges in future.

 

Clients were invited to decide whether they would like to transfer their business to Evelyn and most clients agreed to do so. Those who did not, generally moved to consolidate their portfolios with other investment managers with whom they already had a relationship. The transition process has taken a long time but has now been completed satisfactorily. The company sought permission from the FCA to cease trading and deregister, and the effective date of FCA deregistration was 7 August 2024.

 

It is anticipated that, within 12 months following approval of these financial statements, the company will be formally dissolved or made dormant. As such, the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, reporting the company’s current assets at their net realisable value, stating all liabilities as current liabilities and providing for contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business, unless such costs were committed at the reporting date.

Principal risks and uncertainties

The management of the Company place high priority on strong risk management as they recognise that there is risk inherent in the business and in the markets in which the Company specialises. The main risks which the Company's management seek to mitigate are:

 

- Liquidity risk;

- Operational risk;

- Market risk;

- Credit risk; and,

- Investment risk.

 

Due to the nature of the financial instruments used by the Company, there is no exposure to price risk.

 

Liquidity risk

In respect of bank balances, the liquidity risk is managed by maintaining sufficient available bank balances in excess of minimum liquidity requirements and taking account of the Company's liabilities. The Company's financial position is monitored on a regular basis.

 

Operational risk

Since the company has ceased to manage investments for clients, the directors consider that there is little operational risk as the only remaining operations of the company are those minima required to maintain it in good standing as a non-trading entity.

ARENA WEALTH MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties (continued)

 

Market risk

Since the company is no longer making investments for clients and earning  fees from that activity, there is not felt to be any market risk.

 

Credit risk

The company’s income now consists of the receipt of staged payments of the purchase consideration from Evelyn. Were Evelyn to become insolvent the outstanding payments under the contract for the sale of the business would be in jeopardy but at the time of signing these accounts, the majority of the sales consideration has already been received.

 

Investment risk

The directors consider that no such risk remains as the company no longer undertakes investment management unless historic problems emerge which has not been the case at the date of signing these accounts.

Financial key performance indicators

The financial key performance indicators of the Company are turnover and the operating profit, which are stated on page 8.

 

Section 172 statement

Directors of the Company are required to act in a way that they consider, in good faith, to be most likely to promote the success of the Company for the benefit of its members as a whole, and in so doing have regard, among other matters to:

 

· the likely consequences of any decision in the long term;

· the interests of the Company’s employees;

· the need to foster the Company’s business relationships with suppliers, customers and others;

· the impact of the Company’s operations on the community and the environment;

· the desirability of the Company maintaining a reputation for high standards of business conduct; and

· the need to act fairly as between members of the Company.

 

To assist them in discharging their duty under s172 Companies Act 2006, directors consider the views and interests of stakeholders. This information helps directors to have regard to stakeholder interests, and the likely long term consequences, including to the Company’s reputation, when making decisions.

 

The company is no longer trading, has no clients or staff, is no longer regulated and the only suppliers are the accountants and auditors.

On behalf of the board

D P Lumley
Director
27 June 2025
ARENA WEALTH MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Results and dividends

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

Ordinary dividends were paid amounting to £1,697,351. The directors do not recommend payment of a final dividend.

Directors

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

D P Lumley
P J Barker
Financial instruments

The Company has an uncomplicated structure. The Company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these financial instruments is to provide funds to finance the Company's operations. The Company does not hold client money or assets. Further details on the Company's exposure to financial risks and its financial risk management objectives and policies are given in the Strategic Report.

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP.  In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration, with the engagement transitioning to MHA Audit Services LLP.

 

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
D P Lumley
Director
27 June 2025
ARENA WEALTH MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

ARENA WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARENA WEALTH MANAGEMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of Arena Wealth Management Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of income and retained earnings, the balance sheet 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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 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.

Emphasis of matter – financial statements prepared on a basis other than going concern

 

We draw attention to Note 1.2 to the financial statements, explaining the directors intentions to dissolve the company within 12 months following approval of the financial statements. The directors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than the going concern basis, as described in Note 1.2.

 

Our opinion is not modified in respect of this matter.

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 directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

 

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

ARENA WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARENA WEALTH MANAGEMENT LIMITED
- 6 -
Matters on which we are required to report by exception

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

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

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.

ARENA WEALTH MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARENA WEALTH MANAGEMENT LIMITED
- 7 -

Use of our report

This report is made solely to the company's members 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 the members 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, for our audit work, for this report, or for the opinions we have formed.

............................
Andrew Matthews BFP ACA FCCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Liverpool, United Kingdom
27 June 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
ARENA WEALTH MANAGEMENT LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
Year
Period
ended
ended
30 September
30 September
2024
2023
Notes
£
£
Turnover
3
3,516
813,246
Administrative expenses
(178,395)
(557,783)
Operating (loss)/profit
4
(174,879)
255,463
Interest receivable and similar income
2,476
800
Profit/(loss) on disposal of operations
274,958
1,938,208
Profit before taxation
102,555
2,194,471
Tax on profit
8
(25,065)
(435,853)
Profit for the financial year
77,490
1,758,618
Retained earnings brought forward
2,018,248
510,354
Dividends
9
(1,697,351)
(250,724)
Retained earnings carried forward
398,387
2,018,248

The profit and loss account has been prepared on the basis that all operations are discontinuing operations.

ARENA WEALTH MANAGEMENT LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
10
259,105
2,167,239
Cash at bank and in hand
202,580
356,488
461,685
2,523,727
Creditors: amounts falling due within one year
11
(28,298)
(470,479)
Net current assets
433,387
2,053,248
Capital and reserves
Called up share capital
13
35,000
35,000
Profit and loss reserves
398,387
2,018,248
Total equity
433,387
2,053,248
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
D P Lumley
Director
Company registration number 01235686 (England and Wales)
ARENA WEALTH MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
16
40,262
444,354
Income taxes paid
(436,582)
(90,267)
Net cash (outflow)/inflow from operating activities
(396,320)
354,087
Investing activities
Proceeds from disposal of business
1,937,287
(28,117)
Interest received
2,476
800
Net cash generated from/(used in) investing activities
1,939,763
(27,317)
Financing activities
Dividends paid
(1,697,351)
(250,724)
Net cash used in financing activities
(1,697,351)
(250,724)
Net (decrease)/increase in cash and cash equivalents
(153,908)
76,046
Cash and cash equivalents at beginning of year
356,488
280,442
Cash and cash equivalents at end of year
202,580
356,488
ARENA WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information

Arena Wealth Management Limited (company number 01235686) is a private company limited by shares incorporated in England and Wales. The registered office is Oriel House, The Quadrant, Richmond, England, TW9 1DL.

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.

1.2
Going concern

The company ceased its principal activity in the prior year, being the management of investment portfolios for private clients, following the completion of a formalised sale of its client book and associated goodwill to a national practice. The company continues to receive deferred consideration in respect of this sale agreement and to maintain an appropriate run-off insurance policy. true

It is anticipated that, within 12 months following approval of the financial statements, the company will be formally dissolved or made dormant. As such, the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, reporting the company’s current assets at their net realisable value, stating all liabilities as current liabilities and providing for contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business, unless such costs were committed at the reporting date.

1.3
Turnover

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

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

1.4
Cash and cash equivalents

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

ARENA WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and amounts due to and from group undertakings and related entities.

 

Trade accounts and any other amounts wholly payable or receivable within a year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade or other debt deferred beyond normal business terms, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

Classification of financial liabilities

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.6
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.

1.7
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. 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.

1.8
Employee benefits

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

1.9
Retirement benefits

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

ARENA WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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. The directors confirm that in their opinion there are no critical judgements employed within the financial statements.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of financial advisory and investment management services
3,516
813,246
2024
2023
£
£
Other revenue
Interest income
2,476
800

All turnover arose within the United Kingdom.

4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
52,203
(22,631)
ARENA WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
5
Employees

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

2024
2023
Number
Number
Directors
2
2
Management and other staff
-
2
Total
2
4

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
-
0
174,294
Social security costs
131
15,456
Pension costs
(35)
4,810
96
194,560
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,000
12,500
For other services
Audit-related assurance services
-
0
1,500
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
-
0
99,083
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
25,302
435,853
Adjustments in respect of prior periods
(237)
-
0
Total current tax
25,065
435,853
ARENA WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
(Continued)
- 15 -

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

2024
2023
£
£
Profit before taxation
102,555
2,194,471
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
25,639
460,839
Under/(over) provided in prior years
(237)
-
0
Tax at marginal rate
(337)
-
0
Tax adjustment for trading profits apportioned by period
-
0
(24,986)
Taxation charge for the year
25,065
435,853
9
Dividends
2024
2023
£
£
Interim paid
1,697,351
250,724
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
61,068
Amounts owed by group undertakings
-
0
12,043
Other debtors
2,271
585
Prepayments and accrued income
256,834
2,093,543
259,105
2,167,239
11
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
25,302
436,819
Other taxation and social security
-
0
7,110
Other creditors
2,996
3,127
Accruals and deferred income
-
0
23,423
28,298
470,479
ARENA WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
(35)
4,810

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
35,000
35,000
35,000
35,000
14
Ultimate controlling party

The ultimate parent company in the year ended 30 September 2024 was Arena Wealth Limited (company number 05590656), a company registered in England and Wales.

 

On 27 September 2024, a special resolution was passed to voluntarily wind up the parent company, and liquidators were appointed. As part of the liquidation process the shares in the subsidiary company have subsequently been transferred to the members of the parent company.

 

The ultimate controlling parties of the entity are therefore deemed to be the Directors Mr D Lumley and Mr P Barker.

15
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Management service fee and other recharges
2024
2023
£
£
Fees and recharges from entities with control, joint control or significant influence over the company
-
133,562

Amounts owed to related parties are included within other creditors.

The company has taken advantage of the exemption available in FRS 102 section 33, "Related Party Disclosures", whereby it has not disclosed transactions with the parent company, Arena Wealth Limited.

ARENA WEALTH MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
16
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
77,490
1,758,618
Adjustments for:
Taxation charged
25,065
435,853
Investment income
(2,476)
(800)
Gain on disposal of business
(274,958)
(1,938,208)
Movements in working capital:
Decrease in debtors
245,805
395,338
Decrease in creditors
(30,664)
(206,447)
Cash generated from operations
40,262
444,354
17
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
356,488
(153,908)
202,580
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