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Registered number: 04191349












PRAGMA WEALTH MANAGEMENT LIMITED
AUDITED
ANNUAL REPORT 
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
 31 DECEMBER 2024

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

COMPANY INFORMATION


Directors
D Smith 
G Garuti 
P L Fernandez 




Company secretary
JTC (UK) Limited



Registered number
04191349



Registered office
The Scalpel
18th Floor

52 Lime Street

London

EC3M 7AF




Independent auditors
Wellden Turnbull Ltd

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
PRAGMA WEALTH MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Comprehensive Income
 
 
9
Balance Sheet
 
 
10
Statement of Changes in Equity
 
 
11
Statement of Cash Flows
 
 
12
Notes to the Financial Statements
 
 
13 - 27
Appendix I - Unaudited remuneration disclosure
 
 

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
The year 2024 concluded with a solid year for Global Equity Markets and Pragma portfolios were positive for 2024, which continued from a successful 2023. This surge was propelled by the unexpected resilience of the US economy, which defied recessionary fears, and a surge in liquidity prompted by the Federal Reserve's indication of the conclusion of its rate hike cycle. coinciding with a decline in inflation expectations These shifts significantly influenced market sentiment and performance trends. Pragma started the year with a conservative stance, which translated in higher-than-average cash levels in our portfolios. These cash levels well notably reduced during the year as we kept finding compelling opportunities to deploy capital. 
The total revenue of 2024 has grown around 31% from 2023. The revenue growth was coming from the commitments into private equity and new advisory mandates.

Risk to the Business
 
Market risk remained a focal point for Pragma, with ongoing efforts directed towards rigorous risk analysis, meticulous portfolio construction, and the exploration of potential market hedging strategies. Currency risk, particularly concerning income streams denominated in euros, prompted the firm to adopt prudent policies, including timely currency conversions and the option to hedge against FX exposure, when necessary, supported by readily available credit facilities. 
Continued investments in IT security and compliance consultants underscored Pragma's unwavering commitment to safeguarding business continuity and fortifying defences against potential threats such as system breaches and failures. Furthermore, a culture of compliance was fostered through regular training initiatives, ensuring that all personnel remained abreast of evolving regulatory and AML requirements, thus further enhancing the firm's resilience and adaptability in a dynamic operating environment.
Outlook
As we look into 2025, our focus expands beyond market-driven strategy to include internal growth and operational enhancement. We recognise that to perform for our clients we need to operate at the highest level in each aspect of our business.
We remain committed to applying strategic insight while evolving our platform to capture new opportunities and operate with greater agility in a dynamic investment environment.
Building on the foundation laid in previous years, 2025 will mark a deliberate investment in expanding the Pragma team. We recognize that scaling our capabilities—both in terms of talent and infrastructure—is essential to sustaining performance and deepening our competitive edge. 
Strategic hires across research, operations, and technology will support our broader objectives, strengthen decision-making, and enable faster execution.
In parallel, we are launching an internal technology initiative aimed at increasing automation across key areas of our daily work. From streamlining data ingestion and reporting to enhancing portfolio monitoring and due diligence workflows, this project will help free up valuable team resources and improve overall efficiency. The goal is to build tools that not only reduce manual processes but also empower more analytical depth and responsiveness in our investment process.
As we continue to evolve our investment framework—balancing Compounders with high-conviction Alpha Program managers—we believe these internal initiatives will reinforce our ability to execute effectively and consistently. 
In 2025, we are focused not only on navigating markets but also on building a more resilient and future-ready platform from within.


 
Page 1

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

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

Promoting the success of the Company
Section 172 of the Companies Act 2006 remained a guiding principle for Pragma's board of directors, emphasizing the importance of considering the interests of stakeholders in decision-making processes. This commitment was underscored by the integration of stakeholder considerations into the Strategic Report, reflecting the holistic approach adopted by the company.
Continuing its tradition of responsible corporate governance, the directors remained dedicated to balancing the interests of the company's employees and stakeholders, while also considering the broader impacts of its activities on the community. the financial system, and society at large. Acting in good faith and fairness, the directors prioritised actions aimed at promoting the long-term success of the company for its members, thereby upholding Pragma's reputation for high standards of business conduct.
The company's well-established channels of communication facilitated ongoing dialogue with employees, enabling them to voice their views and ideas. Embracing diversity within the workforce remained a cornerstone of Pragma's culture, fostering an environment conducive to professional growth and advancement for all staff members.
Furthermore, Pragma maintained active engagement with its principal stakeholders, including shareholders, investors, staff, and suppliers, through regular communication and collaboration. By fostering open dialogue and transparency, Pragma continued to strengthen its relationships with key stakeholders, underpinning its commitment to sustainable growth and responsible business practices in 2024.


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



D Smith
Director

Date: 7 August 2025
Page 2

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 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 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:


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

make judgments 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 financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the Company continued to be that of the provision of investment management and advisory services. In addition to management and performance fees, the Company also receives advisory fees. The Company is regulated by the Financial Conduct Authority. The business is subject to risk associated with investment market movements, the tax and regulatory regimes with in which its business operates, and with retaining their existing client base.

Results and dividends

The profit for the year, after taxation, amounted to £68,882 (2023 - £45,993).

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

D Smith 
G Garuti 
P L Fernandez 

Qualifying third party indemnity provisions are currently in force for the benefit of the directors. 

Page 3

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

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

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'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's auditors are aware of that information.

Auditors

The auditorsWellden Turnbull Ltdwere appointed in the period and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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





D Smith
Director

Date: 7 August 2025

Page 4

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRAGMA WEALTH MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of Pragma Wealth Management Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the 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 Company's affairs as at 31 December 2024 and of its profit 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 Company 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 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.


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 ReportOur 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.


Page 5

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRAGMA WEALTH MANAGEMENT LIMITED (CONTINUED)


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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report.


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 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.


Page 6

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRAGMA WEALTH MANAGEMENT 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 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. We have identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company's operations and reputation. The Companies Act 2006, regulatory standards and requirements of the Financial Conduct Authority, employee legislation, UK company tax and data protection law are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.

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

Enquiry of management and those charged with governance as to actual and potential litigation and claims;

Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud;

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;

Assessing the reasonableness of revenue recognised in the period based on contractual terms and the requirement of accounting standards;


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 7

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRAGMA WEALTH MANAGEMENT LIMITED (CONTINUED)


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.





Mark Nelligan FCA (Senior Statutory Auditor)
  
for and on behalf of
Wellden Turnbull Ltd
 
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
 

7 August 2025
Page 8

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
                                                                                                                   Note
£
£

  

Turnover
 4 
2,778,848
2,124,316

Gross profit
  
2,778,848
2,124,316

Administrative expenses
  
(2,439,934)
(2,082,014)

Operating profit
 5 
338,914
42,302

Amounts written off investments
  
(273,548)
-

Interest receivable and similar income
  
3,597
3,691

Interest payable and similar expenses
  
(81)
-

Profit before tax
  
68,882
45,993

Tax on profit
 9 
-
-

Profit for the financial year
  
68,882
45,993

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 27 form part of these financial statements.
Page 9

 
PRAGMA WEALTH MANAGEMENT LIMITED
REGISTERED NUMBER: 04191349

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
                                                                        Note
£
£

Fixed assets
  

Intangible assets
 10 
49,106
273,548

Tangible assets
 11 
10,179
3,465

  
59,285
277,013

Current assets
  

Debtors: amounts falling due within one year
 12 
1,030,207
881,408

Cash at bank and in hand
 13 
623,487
254,875

  
1,653,694
1,136,283

Current liabilities
  

Creditors: amounts falling due within one year
 14 
(447,148)
(216,347)

Net current assets
  
 
 
1,206,546
 
 
919,936

Total assets less current liabilities
  
1,265,831
1,196,949

  

Net assets
  
1,265,831
1,196,949


Capital and reserves
  

Called up share capital 
 16 
2,500
2,500

Capital redemption reserve
 17 
601,563
601,563

Other reserves
 17 
(348,600)
(348,600)

Profit and loss account
 17 
1,010,368
941,486

  
1,265,831
1,196,949


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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




D Smith
Director

Date: 7 August 2025

The notes on pages 13 to 27 form part of these financial statements.
Page 10

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

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


Called up share capital
Capital redemption reserve
Own shares
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
2,500
601,563
(348,600)
895,493
1,150,956



Profit and total comprehensive income
-
-
-
45,993
45,993



At 1 January 2024
2,500
601,563
(348,600)
941,486
1,196,949



Profit and total comprehensive income
-
-
-
68,882
68,882


At 31 December 2024
2,500
601,563
(348,600)
1,010,368
1,265,831


The notes on pages 13 to 27 form part of these financial statements.
Page 11

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
68,882
45,993

Adjustments for:

Depreciation of tangible assets
3,341
2,937

Amounts written off intangible assets
273,548
-

Interest paid
81
-

Interest received
(3,597)
(3,691)

(Increase)/decrease in debtors
(148,799)
276,610

Increase/(decrease) in creditors
230,800
(121,340)

Net cash generated from operating activities

424,256
200,509


Cash flows from investing activities

Purchase of intangible fixed assets
(49,106)
(156,060)

Purchase of tangible fixed assets
(10,054)
(3,023)

Interest received
3,597
3,691

Net cash from investing activities

(55,563)
(155,392)

Cash flows from financing activities

Interest paid
(81)
-

Net cash used in financing activities
(81)
-

Net increase in cash and cash equivalents
368,612
45,117

Cash and cash equivalents at beginning of year
254,875
209,758

Cash and cash equivalents at the end of year
623,487
254,875


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
623,487
254,875

623,487
254,875


The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


Company information

Pragma Wealth Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Scalpel 18th Floor, 52 Lime Street, London, EC3M 7AF. 

2.Significant 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 and the Companies Act 2006.

These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £. 

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

The following principal accounting policies have been applied:

  
2.2

Going concern

These financial statements have been prepared on a going concern basis which means that the Company will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business.
Having reviewed the Company's financial forecasts and expected future cash flows, the Directors have a reasonable expectation that the Company has sufficient resources to meet its liabilities as they fall due for a period of at least 12 months and will continue into operational existence for the foreseeable future.

 
2.3

Turnover

Turnover, stated net of value added tax, represents investment management and advisory fees recognised on an accruals basis and performance fees recognised when the fees crystallise.
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
When the outcome of a transaction involving the rendering of services can be estimated reliably, the Company recognises turnover associated with the transaction by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied:
(a) the amount of turnover can be measured reliably;
(b) it is probably that the economic benefits associated with the transaction will flow to the entity;
(c) the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
(d) the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
 

Page 13

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Significant accounting policies (continued)

  
2.4

Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

 
2.5

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.

 The estimated useful lives range as follows:

Software Development Costs
-
10 years

 
2.6

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold additions
-
over 3 years
Plant and machinery
-
over 3 years
Fixtures and fittings
-
over 3 years
Computer equipment
-
over 3 years

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 profit or loss.

Page 14

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Significant accounting policies (continued)

  
2.7

Impairment of fixed assets

At each reporting period end date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount. in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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 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 Company's cash management.

 
2.10

Creditors

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

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes
Page 15

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Significant accounting policies (continued)


2.11
Financial instruments (continued)

party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Page 16

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Significant accounting policies (continued)


2.11
Financial instruments (continued)

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

  
2.12

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.

  
2.13

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

  
2.14

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 17

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Significant accounting policies (continued)

  
2.15

Retirement benefits

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

  
2.16

Leases

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

  
2.17

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.


3.


Judgments in applying accounting policies 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.
Management do not consider the Company to have any key sources of estimation uncertainty nor any significant judgements or assumptions in preparing these financial statements.


4.


Turnover

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


2024
2023
£
£


Management fees
877,067
805,448

Advisory Fees
1,901,781
1,318,868

2,778,848
2,124,316


Page 18

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
        £
        £
Turnover analysed by geographical market

Luxembourg

2,117,093

1,479,729

British Virgin Islands

39,741

-

Bermuda

56,529

-

USA

25,514

75,555

Cayman Islands

214,791

-

Liechtenstein

258,346

253,755

Spain

34,906

175,995

United Kingdom

2,939

127,575

Switzerland

28,989

11,707


2,778,848

2,124,316



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
13,531
18,964

Property rental
158,175
158,175

Depreciation
3,341
2,937

147,985
142,148


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,875
17,575
Page 19

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

2024
2023
£
£

Wages and salaries
1,359,248
993,032

Social security costs
130,682
129,729

Cost of defined contribution scheme
48,733
37,283

1,538,663
1,160,044


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


        2024
        2023
            No.
            No.







Administrative staff (including Directrors)
4
4



Fund management staff
8
5

12
9


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
435,000
307,500

Company contributions to defined contribution pension schemes
12,400
-

447,400
307,500


Remuneration disclosed above includes the following amounts paid to the highest paid director:

2024
2023
        £
        £
Remuneration for qualifying services

350,000

250,000

Page 20

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
68,882
45,993


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
17,221
11,498

Effects of:


Tax effect of expenses that are not deductible in determining taxable profit
336
48

Tax effect of income not taxable in determining taxable profit
(879)
(924)

Capital allowances for year in excess of depreciation
(13,955)
823

Adjustments in respect of prior years
-
(10,278)

Permanent capital allowances in excess of depreciation
-
(31)

Pensions
(1,572)
(1,136)

Utilisation of tax losses
(1,151)
-

Total tax charge for the year
-
-


Factors that may affect future tax charges

In the March 2021 Budget it was announced that legislation will be introduced in the Finance Bill 2021 to increase the main rate of UK corporation tax from 19% to 25%, effective 1 April 2023. The impact of this change was accounted for in 2022 on deferred tax and in the prior year on current tax by using a blended tax rate of 23.5%. The main rate of UK corporation tax of 25% has been used to calculate the tax charge on profit in the current year.

Page 21

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Intangible assets




Software Development Costs

£



Cost


At 1 January 2024
273,548


Additions
49,106


Impairment
(273,548)



At 31 December 2024

49,106






Net book value



At 31 December 2024
49,106



At 31 December 2023
273,548

Additions to intangible assets comprise a software development project. The company has capitalised development costs, as they have the intention, ability and technical feasibility to complete the software for use, which will demonstrate probable economic benefits. The expenditure attributable to the development project is reliably measured. 



Page 22

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tangible fixed assets





Leasehold additions
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
8,587
57,792
104,021
-
170,400


Additions
-
-
2,238
7,816
10,054


Disposals
(8,587)
-
(104,021)
(36,849)
(149,457)


Transfers between classes
-
(57,792)
-
57,792
-



At 31 December 2024

-
-
2,238
28,759
30,997



Depreciation


At 1 January 2024
8,587
54,327
104,021
-
166,935


Charge for the year on owned assets
-
-
344
2,997
3,341


Disposals
(8,587)
-
(104,021)
(36,850)
(149,458)


Transfers between classes
-
(54,327)
-
54,327
-



At 31 December 2024

-
-
344
20,474
20,818



Net book value



At 31 December 2024
-
-
1,894
8,285
10,179



At 31 December 2023
-
3,465
-
-
3,465


12.


Debtors

2024
2023
£
£


Amounts owed by connected parties
17,545
28,072

Other debtors
30,059
37,412

Prepayments and accrued income
982,603
815,924

1,030,207
881,408



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
623,487
254,875


Page 23

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
39,798
32,508

Other taxation and social security
45,913
32,901

Other creditors
11,355
15,362

Accruals and deferred income
350,082
135,576

447,148
216,347



15.

Retirement benefit schemes

2024
2023
   £     
£
Charge to profit or loss in respect of defined contribution schemes

48,733

37,283


48,733

37,283


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.


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,500 (2023 - 2,500) Ordinary shares of £1.00 each
2,500
2,500



17.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve, resulting from the cancellation of 601,583 of the Company's shares.

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends and other adjustments. 
Page 24

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
18.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

254,875

368,612

623,487


254,875
368,612
623,487


19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £48,959 (2023 - £37,283). Contributions totaling £nil (2023 - £6,287) were payable to the fund at the balance sheet date and are included in creditors.


20.


Operating lease commitments

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

2024
2023
£
£


Within one year
161,239
158,175

Between two and five years
174,831
632,700

In over five years
-
16,468

336,070
807,343


21.


Related party transactions

At the year end date the Company was owed £8,582 by a Director. This amount is presented within trade debtors.
During the year the Company incurred expenses of £16,000 from Trident Trust Company. Trident Trust Company is a trustee of the Pragma Wealth Management Employee Benefit Trust.


22.


Ultimate controlling party

There is no ultimate controlling party.

Page 25

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Unaudited remuneration disclosure

Pragma Wealth Management Limited is incorporated in the UK and is authorised and regulated by the FCA.  The company is a CPMI, a full-scope Alternative Investment Fund Manager (“AIFM”), with MiFID top up permissions. As a SNI MIFIDPRU investment firm, that has no additional tier 1 instruments in issue, the company is only required to disclose its remuneration policies and practices, as per MIFIPRU 8.1. 
These disclosures are made by the company on a solo basis as required by MIFIDPRU 8.1.7R.
MIFIDPRU 8.6 - Remuneration
Pragma Wealth Management Limited is subject to both the ‘AIFM Remuneration Code’ and ‘MIFIDPRU Remuneration Code’. The company considers that the MIFIDPRU Remuneration requirements, for SNI MIFIDPRU investment firms, are in general less demanding than the requirements under the AIFM Remuneration Code. Under SYSC 19G.1.20 R, a company such as Pragma Wealth Management Limited which is subject to multiple remuneration codes, with provisions imposing different remuneration requirements, only one of which can be complied with, must comply with the most stringent of the relevant provisions.  
The company, therefore, complies with the most stringent provisions, which it considers are found in the AIFM Remuneration Code, with respect to all of its Staff Members, all of whom are involved with the AIFs it is AIFM to.  
The primary reason for this conclusion, are the requirements to identify Material Risk Takers as remuneration code staff and consider the application of the payout process rules, unless the company considers that it is appropriate to disapply the payout process rules.  
Distributions to Senior Management and Owners
In accordance with the guidance in SYSC 19G.4.4, at the end of each year, the residual profits of the company, which is a private limited company, are distributed among the owners through dividends.  
The level of ownership of each owner is reflected in the proportion of ownership shares they have. As residual profits are distributed according to the ownership shares and are not linked to work or performance, this is not considered to be remuneration for the purpose of the company’s Remuneration Policy.
All other distributions received by Senior Managers (who may also be owners) are classed as fixed or variable, depending on whether they are discretionary and based on performance of the individual or their business unit. 
Qualitative Disclosures
The company has in place a Remuneration Policy which is approved by the Board at least annually. The Remuneration Policy’s overarching aim is the promotion of sound and effective risk management, whilst reducing conflicts of interests and encouraging good conduct amongst employees. 
The purpose of the Remuneration Policy is to set out how the company will provide remuneration in a manner that is consistent with the relevant remuneration codes as outlined above, with the main objective of the financial incentives being to attract, motivate and maintain high-calibre employees. 
The remuneration strategy has been designed to ensure consistency with the risk profiles, rules and instruments of incorporation of the funds managed, managed accounts, capital introduction accounts and with the objectives set out in the company’s business plan and to ensure no conflict of interest between employees and investors, and compliance with conduct of business rules.
The company does not believe it is proportionate to have a standalone Remuneration Committee.  
As noted above, while the company is not required to identify Material Risk Takers as an SNI MIFIDPRU investment firm, it is required to do so under the AIFM Remuneration Code.  
 
Page 26

 
PRAGMA WEALTH MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

The company has identified its Remuneration Code Staff accordingly.    

The company’s approach to remuneration for all staff includes:
 
Pragma Wealth Management Limited's regulatory capital and liquidity position and the maintenance of an appropriate surplus of capital and liquidity.
The performance of individual Staff members with respect to quantitative financial metrics. 
Assessment of the performance of personnel against non-financial metrics, such as good conduct.
The performance of the company. 

All remuneration payments take the form of cash payments
Quantitative Disclosures
The company considers that it has a single business area (investment management), and the total remuneration paid to Staff as required under MIFIDPRU 8.6.8R (4) can be found below.  The variable remuneration reflects such remuneration paid with respect to performance over the financial year (even if paid following the end of the year).  

2024
        £
Fixed remuneration

1,070,710

Variable remuneration

288,538

Total remuneration

1,359,248


Page 27