Olympia Wealth Management Ltd - Limited company accounts 25.1

REGISTERED NUMBER: 07690337 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Olympia Wealth Management Ltd

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

R E Frasca

M Alfonsi

REGISTERED OFFICE:

60 Cannon Street

London

EC4N 6NP

REGISTERED NUMBER:

07690337 (England and Wales)

AUDITORS:

Mark Arber Limited

Chartered Certified Accountants

& Statutory Auditors

71-75 Shelton Street

London

WC2H 9JQ

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of financial services.

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.

R E Frasca

M Alfonsi

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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:

M Alfonsi - Director

22 September 2025

Opinion

We have audited the financial statements of Olympia Wealth Management Ltd (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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 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 two, 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.

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.

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

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.

- We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.

- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. Where the risk was considered to be high, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.

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.

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.

Mark Arber (Senior Statutory Auditor)

for and on behalf of Mark Arber Limited

Chartered Certified Accountants

& Statutory Auditors

71-75 Shelton Street

London

WC2H 9JQ

22 September 2025

TURNOVER

3

4,140,548

3,341,214

Cost of sales

3,468,821

2,711,343

GROSS PROFIT

671,727

629,871

Administrative expenses

747,451

725,656

(75,724

)

(95,785

)

Other operating income

28,993

8,858

OPERATING LOSS

6

(46,731

)

(86,927

)

Interest receivable and similar income

1,023

4,019

(45,708

)

(82,908

)

Interest payable and similar expenses

7

2,992

1,726

LOSS BEFORE TAXATION

(48,700

)

(84,634

)

Tax on loss

8

(12,130

)

50

LOSS FOR THE FINANCIAL YEAR

(36,570

)

(84,684

)

LOSS FOR THE YEAR

(36,570

)

(84,684

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(36,570

)

(84,684

)

FIXED ASSETS

Tangible assets

9

18,712

9,591

CURRENT ASSETS

Debtors

10

1,079,708

1,097,611

Cash at bank

240,186

402,178

1,319,894

1,499,789

CREDITORS

Amounts falling due within one year

11

911,549

1,045,753

NET CURRENT ASSETS

408,345

454,036

TOTAL ASSETS LESS CURRENT
LIABILITIES

427,057

463,627

CAPITAL AND RESERVES

Called up share capital

12

141,939

Share premium

521,454

Retained earnings

(236,336

)

(199,766

)

SHAREHOLDERS' FUNDS

427,057

463,627

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

M Alfonsi - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

Balance at 1 January 2023

129,939

(115,082

)

413,454

428,311

Changes in equity

Issue of share capital

12,000

-

108,000

120,000

Total comprehensive income

-

(84,684

)

-

(84,684

)

Balance at 31 December 2023

141,939

(199,766

)

521,454

463,627

Changes in equity

Total comprehensive income

-

(36,570

)

-

(36,570

)

Balance at 31 December 2024

141,939

(236,336

)

521,454

427,057

Cash flows from operating activities

Cash generated from operations

1

(147,696

)

(197,248

)

Interest paid

(2,992

)

(1,726

)

Tax paid

12,130

(50

)

Net cash from operating activities

(138,558

)

(199,024

)

Cash flows from investing activities

Purchase of tangible fixed assets

(20,123

)

(3,306

)

For Ex movement of fixed assets

-

268

Interest received

1,023

4,019

Net cash from investing activities

(19,100

)

981

Cash flows from financing activities

Inter-group loans

(4,334

)

-

Share issue

-

12,000

Share Premium

-

108,000

Net cash from financing activities

(4,334

)

120,000

Decrease in cash and cash equivalents

(161,992

)

(78,043

)

Cash and cash equivalents at beginning of
year

2

402,178

480,221

Cash and cash equivalents at end of year

2

240,186

402,178

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

31.12.24

31.12.23

£

Loss before taxation

(48,700

)

(84,634

)

Depreciation charges

7,018

7,027

Finance costs

2,992

1,726

Finance income

(1,023

)

(4,019

)

(39,713

)

(79,900

)

Decrease/(increase) in trade and other debtors

26,221

(450,318

)

(Decrease)/increase in trade and other creditors

(134,204

)

332,970

Cash generated from operations

(147,696

)

(197,248

)

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

240,186

402,178

Year ended 31 December 2023

31.12.23

1.1.23

£

Cash and cash equivalents

402,178

480,221

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

Net cash

Cash at bank

402,178

(161,992

)

240,186

402,178

(161,992

)

240,186

Total

402,178

(161,992

)

240,186

1.	STATUTORY INFORMATION

Olympia Wealth Management Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Compliance with accounting standards

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.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover

Turnover represents amounts receivable for services net of VAT on an accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

At varying rates on cost

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

UK Office

2,546,847

2,081,493

Italian Branch Office

1,593,701

1,259,721

4,140,548

3,341,214

Both the UK and Italian offices supply services to clients throughout the European Union.

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

Wages and salaries

457,104

548,890

Social security costs

142,900

160,913

Other pension costs

2,553

2,524

602,557

712,327

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

31.12.24

31.12.23

Directors

2

UK Staff

1

Italian Staff

10

13

5.	DIRECTORS' EMOLUMENTS

31.12.24

31.12.23

£

Directors' remuneration

68,000

66,188

6.	OPERATING LOSS

The operating loss is stated after charging:

31.12.24

31.12.23

£

Depreciation - owned assets

7,018

7,027

Auditors' remuneration

6,000

Auditors' remuneration for non audit work

5,000

5,040

Foreign exchange differences

24,058

14,521

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

Bank interest

2,992

1,726

8.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

31.12.24

31.12.23

£

Current tax:

Prior Period Adjustment

(12,130

)

50

Tax on loss

(12,130

)

50

Reconciliation of total tax (credit)/charge 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:

31.12.24

31.12.23

£

Loss before tax

(48,700

)

(84,634

)

Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

(12,175

)

(21,159

)

Effects of:

Expenses not deductible for tax purposes

1,755

1,685

Depreciation in excess of capital allowances

-

930

Losses brought forward

(133,829

)

(115,285

)

Losses carried forward

146,329

133,829

Prior year adjustment

(14,210

)

50

Total tax (credit)/charge

(12,130

)

50

9.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2024

33,814

Additions

16,617

Exchange differences

(2,085

)

At 31 December 2024

48,346

DEPRECIATION

At 1 January 2024

24,223

Charge for year

7,018

Exchange differences

(1,607

)

At 31 December 2024

29,634

NET BOOK VALUE

At 31 December 2024

18,712

At 31 December 2023

9,591

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

992,953

1,005,862

Amounts owed by group undertakings

18,816

10,498

Other debtors

12,815

35,498

Prepayments

55,124

45,753

1,079,708

1,097,611

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

260,307

151,275

Social security and other taxes

208,397

230,456

Other creditors

30,798

52,445

Net Wages

55,129

67,139

Accrued expenses

356,918

544,438

911,549

1,045,753

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

112,939

Ordinary

£1

141,939

13.	ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Olympia Group S.A. a company incorporated in Luxembourg,

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Riccardo Frasca.