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Registered number: 12337395
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Reeves Group Holdings Limited
Annual report and financial statements
31 December 2024
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Reeves Group Holdings Limited
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Company information
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2nd Floor, Park View House
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Reeves Group Holdings Limited
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Contents
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Directors' responsibilities statement
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Independent auditors' report
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Consolidated statement of comprehensive income
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Consolidated balance sheet
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Consolidated statement of cash flows
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Consolidated analysis of net debt
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Notes to the financial statements
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Reeves Group Holdings Limited
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Group strategic report
Year ended 31 December 2024
Reeves Group Holdings is a UK-based holding group of trading entities who are independent financial advice firms, providing regulated financial planning services including retirement advice, tax-efficient investing, and wealth management. The Group operates across the UK with a strong digital presence and centralised operations based in Newcastle upon Tyne.
During the year, the Group maintained its position as a top-tier advisory firm, recognised for the sixth consecutive year in the FT Adviser Top 100 UK Financial Advisers listing - a notable accomplishment for a privately owned firm. At the year end, the Group advised on over £802 million in client assets under management (2023: £642 million) and maintained relationships with more than 4,500 active clients. Importantly client satisfaction continues to be high, as reflected by 700+ 5-star Trustpilot reviews and a growing reputation for excellence.
Principal risks and uncertainties
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The directors consider the following to be the principal risks facing the Group:
Regulatory Compliance
As a regulated firm, changes to FCA rules (e.g., Consumer Duty) or pension transfer guidance may impact advice models. The Group maintains robust compliance frameworks and conducts regular audits.
Market Volatility
As revenues are linked to assets under management, adverse market conditions may impact recurring income. Diversification in fee models mitigates this risk.
Talent Retention
Maintaining high-quality advice delivery requires ongoing investment in qualified advisers and support staff. The Group operates an internal training academy and competitive remuneration structure.
Client Sentiment
As noted in some client feedback, performance relative to fee levels may impact perception. The Group continues to invest in client communication, reporting, and transparency.
Financial key performance indicators
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For the year ended 31 December 2024:
∙Turnover increased by 30% to £9.54m (2023: £7.34m), driven by client growth and increased assets under advice.
∙Operating profit amounted to £2.93m (2023: £0.97m), reflecting effective cost management and revenue uplift.
∙Net profit before tax was £2.86m (2023: £0.94m).
∙Group net assets were £4.67m (2023: £2.66m).
∙The Group continues to operate with a strong cash position and no external debt financing.
∙Reeves derives its income primarily from a mix of initial advice fees, ongoing annual advice fees, and discretionary fund management revenue (via strategic partnerships).
1
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Reeves Group Holdings Limited
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Group strategic report (continued)
Year ended 31 December 2024
Other key performance indicators
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1 FT Adviser Top 100 Ranking
In 2024, the Group was again included in the FT Adviser Top 100 UK Financial Advisers, marking six consecutive years of recognition. This reflects continued growth in both client assets and quality of service.
Client Growth & Market Reach
Client numbers rose to over 4,500 (2023: 3,700), and funds under management exceeded £800 million (2023: £642 million). Growth was supported by a combination of organic acquisition, digital marketing initiatives, and the continued success of the Reeves Advocate Scheme, which rewards client referrals.
Strategic Partnerships
The Group continued its collaboration with LGT Wealth Management, enhancing the investment proposition and providing clients with access to discretionary fund management and institutional-grade investment research.
Operational Scaling
Reeves expanded its team to 102 full-time equivalent employees at year-end (2023: 95 FTEs), with ongoing investment in training, graduate development, and technology systems to support service delivery. In 2025 we are looking at reviewing and upgrading our investment solutions for all our clients which may include launching our own fund range and DFM.
Section 172 Statement (Companies Act 2006)
In accordance with Section 172 of the Companies Act 2006, the directors confirm they have acted in the way they consider, in good faith, to promote the success of the Group for the benefit of its members as a whole. In doing so, they have had regard to:
∙The likely long-term consequences of decisions.
∙The interests of employees and advisers.
∙The need to foster relationships with clients, suppliers and partners.
∙The impact of operations on the wider community and environment.
∙The desire to maintain high standards of business conduct.
Stakeholder engagement activities during the year included regular client satisfaction surveys, staff development programs, and compliance-led service reviews.
Going Concern
The directors have assessed the Group’s ability to continue as a going concern. The Group has sufficient cash reserves and recurring revenue streams to meet its obligations for at least the next 12 months. The Group net assets/shareholders' funds are sufficient. Accordingly, the directors consider it appropriate to adopt the going concern basis in preparing the financial statements.
This report was approved by the board on 26 September 2025 and signed on its behalf.
2
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Reeves Group Holdings Limited
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Directors' report
Year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £2,043,012 (2023 - £636,670).
Dividends of £nil (2023: £nil) were paid in the year. The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
In 2025, the Group aims to:
• Continue expanding digital engagement via webinars and financial education content.
• Further develop in-house technology solutions to improve efficiency and client experience.
• Enhance graduate and apprenticeship schemes to build internal adviser capacity.
• Explore additional strategic partnerships and DFM solutions to diversify the investment offering.
• We plan to expand our staff training by the appointment of an in-house training manager.
• We are to add experienced senior managers to strengthen our leadership team.
• We are to launch formal strategic projects leading the growth of the business in a controlled way.
The directors remain confident in the Company’s long-term prospects, supported by strong recurring revenues, a loyal client base, and an experienced management team.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the group since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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Reeves Group Holdings Limited
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Directors' report (continued)
Year ended 31 December 2024
This report was approved by the board on 26 September 2025 and signed on its behalf.
4
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Reeves Group Holdings Limited
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Directors' responsibilities statement
Year ended 31 December 2024
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 the group and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Reeves Group Holdings Limited
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Independent auditors' report to the members of Reeves Group Holdings Limited
We have audited the financial statements of Reeves Group Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2024 which comprise the Consolidated statement of profit or loss and other comprehensive income, Consolidated and Company statements of financial position, Consolidated and Company statements of changes in equity, Consolidated statement of cash flows and 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 UK adopted international accounting standards.
In our opinion the financial statements:
∙give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom adopted international accounting standards; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Reeves Group Holdings Limited
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Independent auditors' report to the members of Reeves Group Holdings Limited (continued)
The Directors are responsible for the other information. The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the group, the parent company and their environment obtained in the course of the audit, we are required to report if we have identified any material misstatements in the group strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
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Reeves Group Holdings Limited
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Independent auditors' report to the members of Reeves Group Holdings Limited (continued)
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements including International Financial Reporting Standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include FCA reporting regulations and General Data Protection Regulations ("GDPR").
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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.
Other matters which we are required to address
The prior period financial statements were not subject to audit and therefore the comparative figures in the financial statements are unaudited.
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Reeves Group Holdings Limited
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Independent auditors' report to the members of Reeves Group Holdings Limited (continued)
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 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.
Paul Gainford (Senior Statutory Auditor)
for and on behalf of
Sumer Auditco Limited, Statutory Auditor
Unit 2
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
26 September 2025
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Reeves Group Holdings Limited
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Consolidated statement of comprehensive income
Year ended 31 December 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Profit for the year attributable to:
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Owners of the parent company
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There was no other comprehensive income for 2024 or 2023.
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10
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Reeves Group Holdings Limited
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Consolidated balance sheet
At 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Reeves Group Holdings Limited
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Consolidated balance sheet (continued)
At 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.
Company registered number: 12337395
The notes on pages 18 to 33 form part of these financial statements.
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Reeves Group Holdings Limited
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Company balance sheet
At 31 December 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Net assets excluding pension asset
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Profit and loss account brought forward
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Profit/(loss) for the year
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Profit and loss account carried forward
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Shareholders' funds/(deficit)
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.
The notes on pages 18 to 33 form part of these financial statements.
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Reeves Group Holdings Limited
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Consolidated statement of changes in equity
Year ended 31 December 2024
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Comprehensive income for the year (unaudited)
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Comprehensive income for the year
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14
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Reeves Group Holdings Limited
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Company statement of changes in equity
Year ended 31 December 2024
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Comprehensive income for the year (unaudited)
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Comprehensive income for the year
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15
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Reeves Group Holdings Limited
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Consolidated statement of cash flows
Year ended 31 December 2024
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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(Decrease)/increase in creditors
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Net cash from investing activities
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Cash flows from financing activities
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Repayment of/new finance leases
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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16
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Reeves Group Holdings Limited
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Consolidated analysis of net debt
Year ended 31 December 2024
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At 1 January 2024
(Unaudited)
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The notes on pages 18 to 33 form part of these financial statements.
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17
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
Reeves Group Holdings Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is 2nd Floor, Park View House, Front Street, Benton, Newcastle upon Tyne, NE7 7TZ.
2.Accounting policies
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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Revenue is the amount derived from the provision of financial services and advice, being fees
receivable during the period, stated net of value added tax. Revenue is recognised when the
appropriate service has been delivered.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
2.Accounting policies (continued)
Defined contribution pension plan
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.
The contributions are recognised as an expense in profit or 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 group in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
19
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the statement of comprehensive income over its useful economic life of ten years.
Client databases
Client databases 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. Client databases are amortised on a straight-line basis to the statement of comprehensive income over their useful economic life of ten years.
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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance methods.
Depreciation is provided on the following basis:
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Short-term leasehold property
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33% straight line and 15% reducing balance
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
20
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Basic financial instruments are classified and accounted for, according to the substance of the
contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity
instrument is any contract that evidences a residual interest in the assets of the company after
deducting all of its liabilities.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Critical judgements in applying accounting policies
In preparing these financial statements, management has made the following critical judgements:
Revenue recognition
Assessment of whether the Group acts as principal or agent in certain transactions.
Going concern
Consideration of forecasts, available facilities and downside scenarios in concluding that the going concern basis of preparation remains appropriate.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment in the next financial year are:
Impairment of goodwill and investments
Based on forecasts of future cash flows and discount rates.
Useful economic lives of tangible and intangible assets
Estimates that affect depreciation and amortisation charges.
Recoverability of trade receivables
Provisions made with reference to ageing, customer circumstances and expected credit losses.
21
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
Turnover, which is stated net of value added tax, represents amounts invoiced to third parties. The turnover and pre-tax profit is attributable to one continuing activity, namely the provision of financial services and advice.
Analysis of turnover by country of destination:
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During the year, the group obtained the following services from the company's auditors:
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Fees payable to the company's auditors for the audit of the group financial statements
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22
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
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Staff costs were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £115,000 (2023 - £200,000).
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Other interest receivable
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23
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
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Interest payable and similar expenses
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Other loan interest payable
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Current tax on profits for the year
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Origination and reversal of timing differences
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24
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
11.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
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Expenses not deductible for tax purposes
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Benefit of superdeductions
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Deferred tax not recognised
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Total tax charge for the year
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25
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
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At 1 January 2024 (Unaudited)
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At 1 January 2024 (Unaudited)
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At 31 December 2023 (Unaudited)
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26
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
12.Intangible assets (continued)
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At 1 January 2024 (Unaudited)
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At 1 January 2024 (Unaudited)
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At 31 December 2023 (Unaudited)
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27
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
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Short-term leasehold property
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At 1 January 2024 (Unaudited)
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At 1 January 2024 (Unaudited)
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At 31 December 2023 (Unaudited)
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28
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
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Investments in subsidiary companies
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At 1 January 2024
(Unaudited)
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The following were subsidiary undertakings of the company:
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Reeves Independent Limited
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Park View House, Front Street, Benton, Newcastle upon Tyne, NE7 7TZ
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Reeves Financial Services Limited
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Park View House, Front Street, Benton, Newcastle upon Tyne, NE7 7TZ
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Reeves Business Services Limited
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Park View House, Front Street, Benton, Newcastle upon Tyne, NE7 7TZ
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Reeves Independent Property Limited
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Park View House, Front Street, Benton, Newcastle upon Tyne, NE7 7TZ
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29
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
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Amounts owed by related parties
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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Bank loans are secured against the freehold property held by the company. The loan is repayable over instalments until December 2035 and attracts an interest rate of 2.19% above the Bank of England base rate.
30
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Reeves Group Holdings Limited
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Notes to the financial statements
Year ended 31 December 2024
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Creditors: amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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Bank loans are secured against the freehold property held by the company. The loan is repayable over instalments until December 2035 and attracts an interest rate of 2.19% above the Bank of England base rate.
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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31
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Reeves Group Holdings Limited
|
Notes to the financial statements
Year ended 31 December 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Charged to profit or loss
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32
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Reeves Group Holdings Limited
|
Notes to the financial statements
Year ended 31 December 2024
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Allotted, called up and fully paid
|
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100 (2023 - 100) Ordinary shares of £1.00 each
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Profit and loss account
The profit an loss account reserve represents cumulative profits and losses, net of dividends and other adjustments.
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £103,454 (2023: £165,589). The unpaid contributions outstandin at the year end are £11,840 (2023: £10,178).
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Commitments under operating leases
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The group and the company had no commitments under non-cancellable operating leases at the balance sheet date.
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Related party transactions
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During the year, the group used a loan account to record amounts due to and from Reeves Independent (Acquisitions) Limited, a company under common control. At the year end, the balance owed to the group by Reeves Independent (Acquisitions) Limited was £nil (2023: £72,477). The loan is unsecured, interest free and no fixed terms of repayment have been agreed.
During the year, the company used a loan account to record amounts due to and from the directors. At the year end, the balance owed by the company to the directors was £490,479 (2023: £946,399). This loan is unsecured, interest free and no fixed terms of repayment have been agreed.
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The directors regard Nigel Reeves, as the sole shareholder of the company, to be the ultimate controlling party of the group.
33
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