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Registered number: 11221558









LUMIN GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LUMIN GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
M P Cotter 
J R Cusins 
M C Felton 
S P Oluwole 
G A Williams 
J P Hussey 
U Feldmann 
M Graf 
K J Koenig (appointed 7 March 2024)




Registered number
11221558



Registered office
5 Sandridge Park
Porters Wood

St Albans

Hertfordshire

AL3 6PH




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
LUMIN GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Consolidated Statement of Comprehensive Income
 
 
9
Consolidated Statement of Financial Position
 
 
10 - 11
Company Statement of Financial Position
 
 
12 - 13
Consolidated Statement of Changes in Equity
 
 
14 - 15
Company Statement of Changes in Equity
 
 
16
Consolidated Statement of Cash Flows
 
 
17 - 18
Notes to the Financial Statements
 
 
19 - 41


 
LUMIN GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Directors present their strategic report for Lumin Group Limited (“The Company”) for the year ended 31 December 2024.
The Company is the Holding company in the Lumin Group (“The Group”) and provides services to the main subsidiaries being Lumin Wealth Limited and Lumin Wealth Management Limited both of which are regulated by the Financial Conduct Authority (FCA). 

Business review
 
Within the Group, Lumin Wealth Limited is the core advice company, and Lumin Wealth Management Limited is the investment manager.  The Company provides services to both of these entities including finance, administration and director services.   
The Company is part of the VZ Group, a Swiss financial services company which acquired a 50.1% majority stake in May 2021.  This partnership continues to develop and enhance the client offering. 
The Group reported income of £ 9,208,340. The results for the year and the financial position at the year-end were considered satisfactory by the directors for both the Company and the Group. 

Principal risks and uncertainties
 
Risks and uncertainties continue to be assessed by the Group. The Group is exposed to risks around its advisors, investment recommendations to clients, client-based risks and advice-based risks. Each of these could lead to reduction in new business written and a loss of existing business. The Group has a risk analysis and control framework through which it seeks to address and mitigate these risks, of which there were no immediate concerns. 
The Group also has policies and procedures covering disaster recovery and health and safety to ensure operational risks are minimised.   
The Group maintains resources in excess of regulatory capital in its regulated businesses as required by the FCA as well as closely managing strict compliance with all regulations set out by the FCA. 

Financial key performance indicators
 
The key performance indicators of the Group are Income and EBITDA and reported as following for the year ended 31 December 2024:

Consolidated Lumin Group
£
Income

9,208,340

EBITDA

2,085,260


Other key performance indicators
 
Other key non-financial performance indicators are below.

Page 1

 
LUMIN GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023
Headcount

76

71

Staff Turnover

8

9

Number of Clients

3,331

3,617


Directors' statement of compliance with duty to promote the success of the Group
 
The Directors of the Group are aware of the requirement to act in the way they consider, in good faith, would be the most likely to promote the success of the Group for the benefit of its members as a whole. In considering this duty, the Directors considers the following stakeholders: 
Shareholders 
The Directors have regular contact with the shareholders in order to maximise the Group’s long-term growth prospects and the opportunity for a dividend stream. 
Clients 
The Group’s client base ranges from large institutional clients to professional clients. The Directors prioritise compliance to ensure the funds of relevant clients are protected, whilst ensuring each client’s best interest are served in accordance with their risk appetite. 
Suppliers 
The Company has various key supplier relationships which work more as a partnership to ensure the smooth running of the business. 
The Environment 
The Group is committed to minimising the environmental impacts of the business operations particularly with regards to recycling and the re-use of paper. The Company also complies as a minimum with all relevant environmental legislation as well as other environmental requirements. 


This report was approved by the board and signed on its behalf.



M Graf
Director

Date: 24 June 2025

Page 2

 
LUMIN GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the audited financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated audited financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the audited financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these audited financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the audited financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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 the Group and to enable them to ensure that the audited financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation and minority interests, amounted to £649,600 (2023 - loss £668,023).

Dividends were paid in the year totalling £660,000 (2023: £Nil). The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

M P Cotter 
J R Cusins 
M C Felton 
S P Oluwole 
G A Williams 
J P Hussey 
U Feldmann 
M Graf 
K J Koenig (appointed 7 March 2024)

Page 3

 
LUMIN GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

The Group expects further growth in 2025, as new acquisitions are incorporated into ongoing operations. The Group will continue to grow its client base by investing in staff and marketing activities throughout 2025.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





M Graf
Director

Date: 24 June 2025

Page 4

 
LUMIN GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMIN GROUP LIMITED
 

Opinion


We have audited the financial statements of Lumin Group 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 and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 or the 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 directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
LUMIN GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMIN GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Group Strategic Report or the Directors' Report.


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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
LUMIN GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMIN GROUP LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 Group 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiring of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;
Enquiring of entity staff in finance and compliance functions to identify any instances of non-compliance with laws and regulations;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulation;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.


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.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However,
Page 7

 
LUMIN GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LUMIN GROUP LIMITED (CONTINUED)


future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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 Auditors' 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.





David Landau FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

25 June 2025
Page 8

 
LUMIN GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,208,340
7,609,466

Cost of sales
  
(7,697)
(7,447)

Gross profit
  
9,200,643
7,602,019

Administrative expenses
  
(9,101,848)
(8,085,190)

Other operating income
 5 
8,000
26,959

Operating profit/(loss)
 6 
106,795
(456,212)

Income from participating interests
  
6,842
24,510

Loss on disposal of investments in associates
  
(70,421)
-

Interest receivable and similar income
 10 
171,736
281,162

Interest payable and similar expenses
 11 
(282,995)
(241,531)

Loss before taxation
  
(68,043)
(392,071)

Tax on loss
 12 
(527,865)
(214,996)

Loss for the financial year
  
(595,908)
(607,067)

  

Total comprehensive income for the year
  
(595,908)
(607,067)

(Loss) for the year attributable to:
  

Non-controlling interests
  
53,692
60,956

Owners of the parent Company
  
(649,600)
(668,023)

  
(595,908)
(607,067)

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
53,692
60,956

Owners of the parent Company
  
(649,600)
(668,023)

  
(595,908)
(607,067)

The notes on pages 19 to 41 form part of these financial statements.

Page 9

 
LUMIN GROUP LIMITED
REGISTERED NUMBER: 11221558

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
11,899,046
13,809,299

Tangible assets
 15 
179,813
243,491

Investments
 16 
-
103,579

  
12,078,859
14,156,369

Current assets
  

Debtors
 17 
755,509
1,174,579

Cash at bank and in hand
  
6,294,280
7,512,448

  
7,049,789
8,687,027

Creditors: amounts falling due within one year
 18 
(2,215,314)
(3,378,400)

Net current assets
  
 
 
4,834,475
 
 
5,308,627

Total assets less current liabilities
  
16,913,334
19,464,996

Creditors: amounts falling due after more than one year
 19 
(3,011,419)
(4,240,078)

Provisions for liabilities
  

Deferred taxation
 20 
(26,516)
(6,841)

  
 
 
(26,516)
 
 
(6,841)

Net assets
  
13,875,399
15,218,077

Page 10

 
LUMIN GROUP LIMITED
REGISTERED NUMBER: 11221558
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 21 
5,322
5,322

Other reserves
 22 
199,994
199,994

Profit and loss account
 22 
13,642,205
14,951,805

Equity attributable to owners of the parent Company
  
13,847,521
15,157,121

Non-controlling interests
  
27,878
60,956

  
13,875,399
15,218,077


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Graf
Director

Date: 24 June 2025

The notes on pages 19 to 41 form part of these financial statements.

Page 11

 
LUMIN GROUP LIMITED
REGISTERED NUMBER: 11221558

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
1,206,272
1,415,352

Tangible assets
 15 
145,984
192,223

Investments
 16 
15,145,842
15,120,780

  
16,498,098
16,728,355

Current assets
  

Debtors
 17 
132,072
416,832

Cash at bank and in hand
  
4,758,201
6,736,140

  
4,890,273
7,152,972

Creditors: amounts falling due within one year
 18 
(4,222,457)
(4,471,806)

Net current assets
  
 
 
667,816
 
 
2,681,166

Total assets less current liabilities
  
17,165,914
19,409,521

  

Creditors: amounts falling due after more than one year
 19 
(3,000,000)
(4,211,970)

Provisions for liabilities
  

Deferred taxation
 20 
(23,400)
-

  
 
 
(23,400)
 
 
-

Net assets
  
14,142,514
15,197,551


Capital and reserves
  

Called up share capital 
 21 
5,322
5,322

Profit and loss account brought forward
  
15,192,229
54,487

Loss/(profit) for the year
  
(395,037)
564,811

Other changes in the profit and loss account

  

(660,000)
14,572,931

Profit and loss account carried forward
  
14,137,192
15,192,229

  
14,142,514
15,197,551


Page 12

 
LUMIN GROUP LIMITED
REGISTERED NUMBER: 11221558
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M Graf
Director

Date: 24 June 2025

The notes on pages 19 to 41 form part of these financial statements.

Page 13
 

 
LUMIN GROUP LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Share premium account
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£



At 1 January 2023
5,322
14,572,931
199,994
1,046,897
15,825,144
-
15,825,144



Comprehensive income for the year


(Loss)/Profit for the year
-
-
-
(668,023)
(668,023)
60,956
(607,067)


Redemption of share premium
-
(14,572,931)
-
14,572,931
-
-
-

Total comprehensive income for the year
-
(14,572,931)
-
13,904,908
(668,023)
60,956
(607,067)





At 1 January 2024
5,322
-
199,994
14,951,805
15,157,121
60,956
15,218,077



Comprehensive income for the year


(Loss)/Profit for the year
-
-
-
(649,600)
(649,600)
53,692
(595,908)

Total comprehensive income for the year
-
-
-
(649,600)
(649,600)
53,692
(595,908)



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(660,000)
(660,000)
-
(660,000)


Amounts paid to non-controlling interests
-
-
-
-
-
(86,770)
(86,770)



Total transactions with owners
-
-
-
(660,000)
(660,000)
(86,770)
(746,770)



At 31 December 2024
5,322
-
199,994
13,642,205
13,847,521
27,878
13,875,399



Page 14

 

 
LUMIN GROUP LIMITED


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

The notes on pages 19 to 41 form part of these financial statements.

Page 15
 
LUMIN GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
5,322
14,572,931
54,487
14,632,740


Comprehensive income for the year

Profit for the year
-
-
564,811
564,811

Redemption of share premium
-
(14,572,931)
14,572,931
-
Total comprehensive income for the year
-
(14,572,931)
15,137,742
564,811



At 1 January 2024
5,322
-
15,192,229
15,197,551


Comprehensive income for the year

Loss for the year
-
-
(395,037)
(395,037)
Total comprehensive income for the year
-
-
(395,037)
(395,037)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(660,000)
(660,000)


Total transactions with owners
-
-
(660,000)
(660,000)


At 31 December 2024
5,322
-
14,137,192
14,142,514


The notes on pages 19 to 41 form part of these financial statements.

Page 16

 
LUMIN GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(595,908)
(607,067)

Adjustments for:

Amortisation of intangible assets
1,946,742
1,681,347

Depreciation of tangible assets
95,302
108,095

Loss on disposal of associates
70,421
-

Loss on disposal of tangible assets
-
3,420

Interest paid
282,995
241,531

Interest received
(171,736)
(281,162)

Taxation charge
527,865
214,996

Decrease/(increase) in debtors
419,070
(374,258)

(Decrease)/increase in creditors
(2,378,990)
616,369

Share of operating profit/(loss) in associates
(6,842)
(24,510)

Corporation tax (paid)
(520,945)
(50,865)

Net cash generated from operating activities

(332,026)
1,527,896


Cash flows from investing activities

Purchase of intangible fixed assets
(2,075,055)
(13,252,761)

Sale of intangible assets
2,038,566
7,460,190

Purchase of tangible fixed assets
(31,624)
(15,971)

Purchase of fixed assets on acquisition of subsidiaries
-
(38,946)

Sale of share in associates
40,000
-

Interest received
171,736
281,162

Net cash from investing activities

143,623
(5,566,326)

Cash flows from financing activities

Dividends paid
(660,000)
-

Interest paid
(282,995)
(241,531)

Amounts paid to non-controlling interests
(86,770)
-

Net cash used in financing activities
(1,029,765)
(241,531)

Net (decrease) in cash and cash equivalents
(1,218,168)
(4,279,961)

Cash and cash equivalents at beginning of year
7,512,448
11,792,409

Cash and cash equivalents at the end of year
6,294,280
7,512,448


Cash and cash equivalents at the end of year comprise:
Page 17

 
LUMIN GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£


Cash at bank and in hand
6,294,280
7,512,448

6,294,280
7,512,448


The notes on pages 19 to 41 form part of these financial statements.

Page 18

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The principal activity of Lumin Group Limited ("the Company") is its provision of management services to its various group entities.
The Company is a private company limited by shares, incorporated in England and Wales.
The Registered Office address is at 5 Sandridge Park, Porters Wood, St. Albans, Hertfordshire, AL3 6PH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Associates are all entities in which the Group holds an interest and over which it has significant influence but not control. Investments in associates are accounted for under the equity method of accounting and are initially included at cost. The Group's share of profits or losses is recognised in the Consolidated Statement of Comprehensive Income and its share of post-acquisition movements in reserves is shown in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment.

Page 19

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to trade for at least 12 months from the date of approval of these financial statements, and will be able to meet its liabilities as they fall due.
As at the reporting date, the Group had net assets of £ 13,875,399 and net current assets of £ 4,834,475. The Directors have reviewed post year end management accounts and forecasts and are confident in the Group's ability to meet its liabilities as they fall due.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Rendering of services

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:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

 
2.7

Borrowing costs

All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred.

Page 20

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 21

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
Reducing balance
Computer equipment
-
33%
Straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 22

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Associates

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Financial instruments

The Group only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Consolidated Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are
Page 23

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
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.


 
2.16

Dividends

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.

Page 24

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies 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 for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful economic life of intangible assets
The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. See note 14 for the carrying value of the goodwill and accounting policy 2.10 for the
useful economic life of the goodwill.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of independent financial services
9,208,340
7,609,466

9,208,340
7,609,466


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Dividends from associates
8,000
26,959

8,000
26,959


Page 25

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Amortisation
1,946,742
1,681,906

Depreciation
95,302
108,095

Other operating lease rentals
255,061
257,162

Defined contribution pension cost
162,476
141,241


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
13,400
9,600

Fees payable to the Company's auditors and their associates in respect of:

The auditing of accounts of associates of the Company
45,500
37,800

Audit-related assurance services
5,100
-

Taxation compliance services
7,350
6,600

All non-audit services not included above
22,650
24,000

Page 26

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group

Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,200,604
3,970,893
1,744,945
1,633,033

Social security costs
468,104
429,301
186,816
177,341

Cost of defined contribution scheme
162,476
152,094
100,670
90,050

4,831,184
4,552,288
2,032,431
1,900,424


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
67
62
33
30



Directors
9
9
9
8

76
71
42
38


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
570,152
522,539

Group contributions to defined contribution pension schemes
61,103
54,000

631,255
576,539


The highest paid director received remuneration of £180,000 (2023 - £130,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,500 (2023 - £NIL).

Page 27

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
171,736
281,162

171,736
281,162


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
828
442

Other loan interest payable
282,167
241,089

282,995
241,531


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
511,167
219,962

Adjustments in respect of previous periods
(2,977)
-


508,190
219,962


Total current tax
508,190
219,962

Deferred tax


Origination and reversal of timing differences
19,675
(4,966)

Total deferred tax
19,675
(4,966)


Tax on loss
527,865
214,996
Page 28

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(68,043)
(392,071)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
(17,011)
(92,137)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
108,285
136,150

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
51,946
55,557

Capital allowances for year in excess of depreciation
92,452
15,691

Adjustments to tax charge in respect of prior periods
(704)
(33,770)

Deferred tax not recognised
275,046
286,078

Remeasurement of deferred tax for changes in tax rates
-
(14,032)

Non-taxable income
(9,745)
-

Dividends from UK companies
(2,000)
(6,341)

Other differences leading to an increase (decrease) in the tax charge
29,596
(51,255)

Group relief
-
(80,945)

Total tax charge for the year
527,865
214,996


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends paid
660,000
-

660,000
-

Page 29

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Intangible assets

Group





Other intangibles
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 January 2024
12,661,133
262,558
4,143,132
17,066,823


Additions
2,060,663
10,680
3,712
2,075,055


Disposals
(27,000)
-
(2,214,568)
(2,241,568)



At 31 December 2024

14,694,796
273,238
1,932,276
16,900,310



Amortisation


At 1 January 2024
2,393,319
-
864,205
3,257,524


Charge for the year on owned assets
1,442,492
71,111
433,139
1,946,742


On disposals
-
-
(203,002)
(203,002)



At 31 December 2024

3,835,811
71,111
1,094,342
5,001,264



Net book value



At 31 December 2024
10,858,985
202,127
837,934
11,899,046



At 31 December 2023
10,267,814
262,558
3,278,927
13,809,299



Page 30

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
           14.Intangible assets (continued)

Company




Development expenditure
Computer software
Total

£
£
£



Cost


At 1 January 2024
1,634,495
242,248
1,876,743


Additions
-
10,680
10,680



At 31 December 2024

1,634,495
252,928
1,887,423



Amortisation


At 1 January 2024
461,391
-
461,391


Charge for the year
148,649
71,111
219,760



At 31 December 2024

610,040
71,111
681,151



Net book value



At 31 December 2024
1,024,455
181,817
1,206,272



At 31 December 2023
1,173,104
242,248
1,415,352

Page 31

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets

Group






Office equipment
Computer equipment
Total

£
£
£



Cost


At 1 January 2024
314,168
118,283
432,451


Additions
7,073
24,551
31,624


Disposals
(63,335)
-
(63,335)



At 31 December 2024

257,906
142,834
400,740



Depreciation


At 1 January 2024
114,480
74,480
188,960


Charge for the year on owned assets
58,310
36,992
95,302


Disposals
(63,335)
-
(63,335)



At 31 December 2024

109,455
111,472
220,927



Net book value



At 31 December 2024
148,451
31,362
179,813



At 31 December 2023
199,688
43,803
243,491

Page 32

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           15.Tangible fixed assets (continued)


Company






Office equipment
Computer equipment
Total

£
£
£

Cost


At 1 January 2024
220,398
118,283
338,681


Additions
2,989
23,110
26,099



At 31 December 2024

223,387
141,393
364,780



Depreciation


At 1 January 2024
71,978
74,480
146,458


Charge for the year on owned assets
37,331
35,007
72,338



At 31 December 2024

109,309
109,487
218,796



Net book value



At 31 December 2024
114,078
31,906
145,984



At 31 December 2023
148,420
43,803
192,223






Page 33

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Fixed asset investments

Group





Investments in associates

£





At 1 January 2024
103,579


Disposals
(110,421)


Share of profit/(loss)
6,842



At 31 December 2024
-




Company





Investments in subsidiary companies

£



Cost 


At 1 January 2024
15,120,780


Additions
2,093,186


Disposals
(2,068,124)



At 31 December 2024
15,145,842




Page 34

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Lumin Wealth Management Limited
England and Wales
Provision of independent financial services
Ordinary
100%
Lumin Wealth Limited
England and Wales
Provision of independent financial services
Ordinary
100%
Lumin Pension Services Limited
England and Wales
Provision of independent financial services
Ordinary
100%
Lumin Business Services Limited
England and Wales
Dormant
Ordinary
100%
Lumin Consulting Services Limited
England and Wales
Dormant
Ordinary
100%
Lumin Financial Services Limited
England and Wales
Dormant
Ordinary
100%
Lumin Advisory Limited
England and Wales
Dormant
Ordinary
100%
Lumin DFM Limited
England and Wales
Dormant
Ordinary
100%
Lumin Asset Management Limited
England and Wales
Dormant
Ordinary
100%
Lumin Portfolio Management Limited
England and Wales
Dormant
Ordinary
100%
B.W. (Financial Consultants) Limited
England and Wales
Provision of independent financial services
Ordinary
100%
Davidson Deem Limited *
England and Wales
Provision of independent financial services
Ordinary
51%
B.W. (Consultants) Holdings Limited
England and Wales
Provision of independent financial services
Ordinary
100%

For the period ended 31 December 2024, the companies marked with a * were entitled to exemption from an audit under Section 479A of the Companies Act 2006 relating to subsidiary companies.
As at 31 December 2024, B.W. (Financial Consultants) Limited had entered into members voluntary liquidation.
As at 31 December 2024, B.W. (Consultants) Holdings Limited had entered into members voluntary liquidation, and on 11 March 2025 the Company was dissolved. 
Following the year end, on 14 March 2025 Lumin Pension Services Limited entered into members voluntary liquidation. 

Page 35

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Lumin Wealth Management Limited
690,245
178,011

Lumin Wealth Limited
13,317,337
669,740

Lumin Pension Services Limited
(65,549)
(63,320)

Lumin Business Services Limited
1
-

Lumin Consulting Services Limited
1
-

Lumin Financial Services Limited
1
-

Lumin Advisory Limited
1
-

Lumin DFM Limited
1
-

Lumin Asset Management Limited
1
-

Lumin Portfolio Management Limited
1
-

B.W. (Financial Consultants) Limited
(39,636)
73,658

Davidson Deem Limited*
84,279
77,813

B.W. (Consultants) Holdings Limited
272,220
(64,483)

On 16 January 2024, The Big Picture Wealth Management (Holdings) Limited was dissolved. 
On 24 July 2024, Nhance Independent Limited was dissolved. 
On 14 August 2024, Ashridge Financial Management Limited was dissolved. 

Page 36

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Debtors

Group
Group
Company

2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
44,515
43,125
14,592
17,042

44,515
43,125
14,592
17,042

Due within one year

Trade debtors
36,652
21,041
576
-

Amounts owed by group undertakings
-
-
10,448
-

Other debtors
127,465
479,039
63,225
363,093

Prepayments and accrued income
546,877
631,374
43,231
36,697

755,509
1,174,579
132,072
416,832



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
19,655
124,050
5,179
95,085

Amounts owed to group undertakings
-
-
2,657,341
1,500,419

Corporation tax
274,393
287,148
-
-

Other taxation and social security
121,001
132,788
48,731
45,340

Other creditors
1,404,078
2,563,973
1,374,970
2,539,483

Accruals and deferred income
396,187
270,441
136,236
291,479

2,215,314
3,378,400
4,222,457
4,471,806


Page 37

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts owed to group undertakings
3,000,000
3,000,000
3,000,000
3,000,000

Other creditors
-
1,211,970
-
1,211,970

Accruals and deferred income
11,419
28,108
-
-

3,011,419
4,240,078
3,000,000
4,211,970


The amounts due to group undertakings is unsecured and is repayable in full on 30 June 2026 with interest payable at base rate + 3.5%.


20.


Deferred taxation


Group



2024


£






At beginning of year
(6,841)


Charged to the Consolidated Statement of Comprehensive Income
(19,675)



At end of year
(26,516)

Company


2024


£






Charged to the Statement of Comprehensive Income
(23,400)



At end of year
(23,400)

Group
Group
Company
2024
2023
2024
£
£
£

Accelerated capital allowances
(35,289)
(6,841)
(31,927)

Short term timing differences
8,773
-
8,527

(26,516)
(6,841)
(23,400)

Page 38

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,000 (2023 - 2,000) A Ordinary shares of £1.0000 each
2,000
2,000
359 (2023 - 359) B Ordinary shares of £1.0000 each
359
359
340 (2023 - 340) A2 Ordinary shares of £1.0000 each
340
340
1,750,000 (2023 - 1,750,000) C Ordinary shares of £0.0001 each
175
175
17,470,000 (2023 - 17,470,000) D Ordinary shares of £0.0001 each
1,747
1,747
7,012,771 (2023 - 7,012,800) E Ordinary shares of £0.0001 each
701
701

5,322

5,322





22.


Reserves

Other reserves

This comprises the share premium in a subsidary undertaking, which has been accounted for under the principles of merger accounting. This reserve is not distributable.

Profit and loss account

Comprises current and previous years retained profits and losses, less dividends paid.


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £162,476 (2023: £141,240). Contributions totalling £19,253 (2023: £18,580) were payable to the fund at the reporting date and are included in creditors.

Page 39

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
200,017
191,466
115,687
107,136

Later than 1 year and not later than 5 years
525,996
610,327
462,749
462,749

Later than 5 years
8,086
123,773
8,086
123,773

734,099
925,566
586,522
693,658


25.


Transactions with directors

Included within other debtors is £62,469 (2023: £362,469) owed from the directors of the company. Interest of £2,469 (2023: £2,469) is payable on these loans.


26.


Related party transactions

Where possible, the company has taken advantage of the exemptions in Section 33.1 A of FRS 102 not to disclose transactions with other wholly-owned group undertakings.
Included in Creditors is £3,000,000 (2023: £3,000,000) owed to the parent company. Interest of £126,875 (2023: £130,417) is payable on this loan.
Included within Debtors is an amount of £10,420 (2023: £Nil) owed from a subsidiary company. 
Included within Administrative Expenses is a donation of £500 (2023: £Nil) to a company with a director in common.
Included within Administration Expenses is £14,400 (2023: £Nil) for recruitment services from a company with a director in common.
Included within Turnover is £15,058 (2023: £18,149) for investment management services provided to a company with a director in common. 


27.


Subsidiary Audit Exemption

The parent company has agreed to guarantee the liabilities of a subsidiary, Davidson Deem Limited (registered number 04297563). The subsidiary is therefore exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts by virtue of Section 479A.

Page 40

 
LUMIN GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


Controlling party

The ultimate controlling party is VZ Holding AG, a company incorporated in Switzerland.
The financial statements can be found on the company website:
https://www.vermoegenszentrum .ch/en/investor -relations/financial -reports.

 
Page 41