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REGISTERED NUMBER: 04132770 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

WESSEX INVESTMENT MANAGEMENT LIMITED

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

CONTENTS OF THE FINANCIAL STATEMENTS

For The Year Ended 31 December 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 4 |

Income Statement | 8 |

Other Comprehensive Income | 9 |

Balance Sheet | 10 |

Statement of Changes in Equity | 11 |

Cash Flow Statement | 12 |

Notes to the Cash Flow Statement | 13 |

Notes to the Financial Statements | 14 |

WESSEX INVESTMENT MANAGEMENT LIMITED

COMPANY INFORMATION

For The Year Ended 31 December 2024

| DIRECTORS: | K J Bailey

| R M L Taylor FCCA

| SECRETARY: | R M L Taylor FCCA

| REGISTERED OFFICE: | 1 Carnegie Road

| Newbury

| Berkshire

| RG14 5DJ

| REGISTERED NUMBER: | 04132770 (England and Wales)

| AUDITORS: | Clifford Fry & Co

| St Mary's House

| Netherhampton

| Salisbury

| Wiltshire

| SP2 8PU

| BANKERS: | Royal Bank of Scotland

| Drummond House

| 1 Redheughs Avenue

| Edinburgh

| EH12 9JN

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

STRATEGIC REPORT

For The Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

PRINCIPAL PLACE OF BUSINESS

Wessex Investment Management Limited is a company incorporated in England and domiciled in Shaftesbury, and has its registered office at 1 Carnegie Road, Newbury, Berkshire, RG14 5DJ. The principal activity of the company is that of Independent Financial Advisors.

REVIEW OF BUSINESS

The level of fee income has slightly grown during the year despite the uncertainty in the third quarter caused by the effect of the elections in the United Kingdom and America.

The investment during the year in an additional advising member of staff did unfortunately not provide the expected level of return on the investment.

On a positive note, the reduction in the FCA compliance fees and the cost of professional indemnity insurance was welcomed.

KEY PERFORMANCE INDICATORS

The directors consider the two main key performance indicators are the level of fee income and liquidity, which are reviewed on a monthly basis to ensure:

a) the performance compared to the fee forecast

b) the compliance of the company with the regulatory capital adequacy requirements and the business future cash requirements.

PRINCIPAL RISKS AND UNCERTAINTIES

Still continues to be the FCA adding additional regulatory work and following up on the FCA's review of the practices of major investment businesses there is an ongoing impact throughout the wider industry.

Geopolitical changes outside of the control of the industry are likely to have an effect on the global financial markets. We work closely with product providers to monitor the situation.

FUTURE DEVELOPMENTS

We shall be continuing to develop our understanding of the benefits of the recently introduced technology through AI in the provision of the services that we offer to our clients.

The first quarters results for 2025 reflect the efficiencies that had been brought in during the last three months of 2024, which should result in very positive results by 31st December 2025.

FINANCIAL INSTRUMENTS

The company continues with the level of exposure to price, credit liquidity and cash flow risks arising from its trading activities which are only conducted in GBP. The company does not enter into any hedging transactions.

ON BEHALF OF THE BOARD:

R M L Taylor FCCA - Secretary

22 July 2025

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

REPORT OF THE DIRECTORS

For The Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

K J Bailey

R M L Taylor FCCA

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the Company's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

R M L Taylor FCCA - Secretary

22 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WESSEX INVESTMENT MANAGEMENT LIMITED

Opinion

We have audited the financial statements of Wessex Investment Management Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WESSEX INVESTMENT MANAGEMENT LIMITED

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WESSEX INVESTMENT MANAGEMENT LIMITED

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company, including obtaining details on how they identify and comply with laws and regulations and whether they were aware of any non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and finally the controls they have in order to mitigate risks of fraud or non-compliance with laws and regulations.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, intentional misrepresentations.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit recognition.

We focussed on laws and regulations which could give rise to a material misstatement in the financial

statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud.

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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

A further description of our responsibilities 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WESSEX INVESTMENT MANAGEMENT LIMITED

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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Simon Allenby (Senior Statutory Auditor)

for and on behalf of Clifford Fry & Co

St Mary's House

Netherhampton

Salisbury

Wiltshire

SP2 8PU

28 July 2025

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

INCOME STATEMENT

For The Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 720,230 |  | 677,537 |  |

Cost of sales | 20,419 |  | 20,608 |  |

GROSS PROFIT | 699,811 |  | 656,929 |  |

Administrative expenses | 735,862 |  | 667,390 |  |

(36,051 | ) | (10,461 | ) |

Other operating income | 5,000 |  | 5,250 |  |

OPERATING LOSS | (31,051 | ) | (5,211 | ) |

Interest payable and similar expenses | 5 | 417 |  | 734 |  |

LOSS BEFORE TAXATION | 6 | (31,468 | ) | (5,945 | ) |

Tax on loss | 7 | (218 | ) | - |  |

LOSS FOR THE FINANCIAL YEAR | (31,250 | ) | (5,945 | ) |

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

OTHER COMPREHENSIVE INCOME

For The Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

LOSS FOR THE YEAR | (31,250 | ) | (5,945 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (31,250 | ) | (5,945 | ) |

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

BALANCE SHEET

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 3,835 |  | 6,903 |  |

3,835 |  | 6,903 |  |

CURRENT ASSETS

Debtors | 10 | 76,233 |  | 85,974 |  |

Cash at bank | 41,132 |  | 79,695 |  |

117,365 |  | 165,669 |  |

CREDITORS

Amounts falling due within one year | 11 | 51,053 |  | 62,895 |  |

NET CURRENT ASSETS | 66,312 |  | 102,774 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 70,147 |  | 109,677 |  |

CREDITORS

Amounts falling due after more than one year | 12 | - |  | 8,280 |  |

NET ASSETS | 70,147 |  | 101,397 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 70,000 |  | 70,000 |  |

Retained earnings | 16 | 147 |  | 31,397 |  |

SHAREHOLDERS' FUNDS | 22 | 70,147 |  | 101,397 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2025 and were signed on its behalf by:

K J Bailey - Director

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

STATEMENT OF CHANGES IN EQUITY

For The Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 70,000 |  | 37,342 |  | 107,342 |  |

Changes in equity

Total comprehensive income | - |  | (5,945 | ) | (5,945 | ) |

Balance at 31 December 2023 | 70,000 |  | 31,397 |  | 101,397 |  |

Changes in equity

Total comprehensive income | - |  | (31,250 | ) | (31,250 | ) |

Balance at 31 December 2024 | 70,000 |  | 147 |  | 70,147 |  |

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

CASH FLOW STATEMENT

For The Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (29,295 | ) | 534 |  |

Interest paid | (417 | ) | (734 | ) |

Tax paid | 218 |  | (7,350 | ) |

Net cash from operating activities | (29,494 | ) | (7,550 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | - |  | (2,162 | ) |

Net cash from investing activities | - |  | (2,162 | ) |

Cash flows from financing activities

Loan repayments in year | (10,247 | ) | (10,026 | ) |

Decrease in group balances in year | 1,163 |  | 8,725 |  |

Decrease in associated company balance | 15 |  | - |  |

Net cash from financing activities | (9,069 | ) | (1,301 | ) |

Decrease in cash and cash equivalents | (38,563 | ) | (11,013 | ) |

Cash and cash equivalents at beginning of year | 2 | 79,695 |  | 90,708 |  |

Cash and cash equivalents at end of year | 2 | 41,132 |  | 79,695 |  |

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE CASH FLOW STATEMENT

For The Year Ended 31 December 2024

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Loss before taxation | (31,468 | ) | (5,945 | ) |

| Depreciation charges | 3,067 |  | 3,783 |  |

| Finance costs | 417 |  | 734 |  |

(27,984 | ) | (1,428 | ) |

| Decrease in trade and other debtors | 8,578 |  | 10,903 |  |

| Decrease in trade and other creditors | (9,889 | ) | (8,941 | ) |

| Cash generated from operations | (29,295 | ) | 534 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 41,132 |  | 79,695 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 79,695 |  | 90,708 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank | 79,695 |  | (38,563 | ) | 41,132 |  |

79,695 |  | (38,563 | ) | 41,132 |  |

| Debt

| Debts falling due within 1 year | (9,948 | ) | 1,968 |  | (7,980 | ) |

| Debts falling due after 1 year | (8,280 | ) | 8,280 |  | - |  |

(18,228 | ) | 10,248 |  | (7,980 | ) |

| Total | 61,467 |  | (28,315 | ) | 33,152 |  |

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS

For The Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Wessex Investment Management Limited is a private company, limited by shares, registered in England and Wales.

| The company trades from the registered office and:

| The Wincombe Centre

| Wincombe Business Park

| Shaftesbury

| SP7 9QJ

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going Concern

| The accounts are prepared on a going concern basis. The directors continue to monitor the results of the company.

| Turnover

| Turnover, all of which is generated in the UK, represents commissions received from the sale of assurance, pension policies and investments and fees receivable from clients. Commission received on non indemnity terms is included in turnover.

| Renewal commissions and fee income due from clients arising as a result of contractual arrangements is recognised when invoiced and subsequent receipts in the period up to 30 days after the year end are included as sales. Sundry introductory commissions are recognised on receipt.

| Goodwill

| Goodwill represents the excess of the fair value and directly attributable costs of the acquisition of a

| business over the fair values of the identifiable net assets, liabilities and contingent liabilities acquired.

| Goodwill is amortised over its expected useful life. Goodwill is assessed for impairment on an annual basis.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| 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:

| Fixtures and fittings - 25% on reducing balance

| Computer equipment - 33% on cost

| 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.

| Financial instruments

| The company only enters into basic financial instrument 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 related parties and investments in non-puttable ordinary shares.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

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

| The contributions are recognised as an expense in profit and loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Provisions

| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amounts can be reliably estimated.

| Bounce back loan

| The Bounce Back Loan is a basic financial instrument and is reported in the financial statements at amortised cost. Any finance charges are calculated at the effective rate of interest and charged to the profit and loss on an accruals basis.

3. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2024 |  | 2023

£ | £ |

| Commission and fee income | 720,230 |  | 677,537 |  |

720,230 |  | 677,537 |  |

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 388,031 |  | 310,558 |  |

| Social security costs | 43,610 |  | 33,562 |  |

| Other pension costs | 37,448 |  | 37,365 |  |

469,089 |  | 381,485 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Advisors and support staff | 5 |  | 5 |  |

| Administration | 3 |  | 3 |  |

8 |  | 8 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 132,028 |  | 139,544 |  |

| Directors' pension contributions to money purchase schemes | 18,962 |  | 26,389 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 3 |  |

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank loan interest | 400 |  | 622 |  |

| Interest on late tax payment | 17 |  | 112 |  |

417 |  | 734 |  |

6. | LOSS BEFORE TAXATION

| The loss is stated after charging:

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 3,068 |  | 3,784 |  |

| Audit fees | 7,400 |  | 6,680 |  |

7. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | (218 | ) | - |  |

| Tax on loss | (218 | ) | - |  |

| Reconciliation of total tax credit included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Loss before tax | (31,468 | ) | (5,945 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 19% (2023 - 19%) | (5,979 | ) | (1,130 | ) |

| Effects of:

| Expenses not deductible for tax purposes | (83 | ) | (1,506 | ) |

| Depreciation in excess of capital allowances | 498 |  | 215 |  |

| Carry forward of tax losses | 5,564 |  | 2,421 |  |

| Prior year | (218 | ) | - |  |

| Total tax credit | (218 | ) | - |  |

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

8. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 14,565 |  |

| AMORTISATION

| At 1 January 2024

| and 31 December 2024 | 14,565 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  |

| At 31 December 2023 | - |  |

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024

| and 31 December 2024 | 25,448 |  | 48,706 |  | 74,154 |  |

| DEPRECIATION

| At 1 January 2024 | 22,076 |  | 45,175 |  | 67,251 |  |

| Charge for year | 842 |  | 2,226 |  | 3,068 |  |

| At 31 December 2024 | 22,918 |  | 47,401 |  | 70,319 |  |

| NET BOOK VALUE

| At 31 December 2024 | 2,530 |  | 1,305 |  | 3,835 |  |

| At 31 December 2023 | 3,372 |  | 3,531 |  | 6,903 |  |

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 5,737 |  | 1,267 |  |

| Amounts owed by group undertakings | 10,734 |  | 11,897 |  |

| Other debtors | 1,887 |  | 2,188 |  |

| Prepayments and accrued income | 57,875 |  | 70,622 |  |

76,233 |  | 85,974 |  |

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts (see note 13) | 7,980 |  | 9,948 |  |

| Amounts owed to associates | 305 |  | 290 |  |

| Social security and other taxes | 12,630 |  | 12,550 |  |

| Other creditors | 19,364 |  | 29,299 |  |

| Accrued expenses | 10,774 |  | 10,808 |  |

51,053 |  | 62,895 |  |

12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans (see note 13) | - |  | 8,280 |  |

13. | LOANS

| An analysis of the maturity of loans is given below:

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 7,980 |  | 9,948 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 8,280 |  |

14. | FINANCIAL INSTRUMENTS

|  | 2024 |  |  | 2023 |

| Financial assets |  | £ |  |  | £ |

| Financial assets measured at fair value through profit or loss |  | 41,132 |  |  | 79,695 |

| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 70,000 | Ordinary | £1 | 70,000 |  | 70,000 |  |

| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

| Called up share capital represents the nominal value of shares that have been issued.

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

16. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2024 | 31,397 |  |

| Deficit for the year | (31,250 | ) |

| At 31 December 2024 | 147 |  |

17. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The amount charged to the profit and loss account during the year was £37,448 (2023 - £37,365). The balance outstanding at the year end was £3,970 (2023 - £5,706).

18. | ULTIMATE PARENT COMPANY

| Wessex Investment Holdings Limited, a company incorporated in England, is the ultimate holding company. The registered office of Wessex Investment Holdings Limited is 1 Carnegie Road, Newbury, Berkshire, RG14 5DJ.

19. | OTHER FINANCIAL COMMITMENTS

| The total of future minimum lease payments under non-cancellable operating leases due not later than one year is £30,421 (2023 - £16,261), due 1 - 5 years is £3,775 (2023 - £9,266).

20. | RELATED PARTY DISCLOSURES

| Within the profit and loss account is the following amount recharged by a business in which the majority of shares are owned by RML Taylor, who holds less than 20 percent of the issued share capital, and who is a director, in respect of establishment and recharged office expenses.

| Banks & Co Limited £4,287 (2023 - £3,074) of which £1,567 (2023 - £504) is a creditor/debtor, at the year end.

| During the year the company made the following payment to a business wholly owned by RML Taylor who owns less than 20 percent of the issued share capital, and who is a director, in respect of payroll bureau services.

| TFS Payroll Solutions Limited £1,650 (2023 - £1,614) of which £nil (2023 - £nil) is in creditors at the year end.

| During the year the company paid to Barrett & Thomson Financial Services Limited £3,715 (2023 - £1,651) in relation to commissions received on their behalf. Wessex Investment Holdings Limited holds 50% of the issued share capital of the company. At the year end £305 (2023 - £290) was due to Barrett & Thomson Financial Services Limited.

| Key management personnel compensation during the year was £144,340 (2023 - £142,908).

| The company is not disclosing transactions with its holding company Wessex Investment Holdings Limited, as it is taking advantage of the exemption available under FRS102 to not have to disclose the transactions if consolidated accounts are publically available.

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued

For The Year Ended 31 December 2024

21. | ULTIMATE CONTROLLING PARTY

| The directors consider the controlling parties to be K Bailey and R M L Taylor, who together own 54% of the shares and are directors of Wessex Investment Holdings Limited, who are able to act in concert to control the financial affairs of the company.

| The accounts are consolidated with Wessex Investment Holdings Limited. Copies of the financial statements of Wessex Investment Holdings Limited can be obtained from:

| 1 Carnegie Road

| Newbury

| Berkshire

| RG14 5DJ

22. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2024 | 2023 |

£ | £ |

| Loss for the financial year | (31,250 | ) | (5,945 | ) |

| Net reduction of shareholders' funds | (31,250 | ) | (5,945 | ) |

| Opening shareholders' funds | 101,397 |  | 107,342 |  |

| Closing shareholders' funds | 70,147 |  | 101,397 |  |