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Registered number: 10739796
NOVA WEALTH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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COMPANY INFORMATION
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
The directors who served during the year were:
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
We are immensely proud to report on a period of significant growth for NOVA in our Full Year 2025 (FY25) results. Our rigorous focus delivering on our business plan over the past two years, since our rebrand from Octopus Wealth, has yielded exceptional results, transforming operational discipline into impressive business expansion.
We closed FY25 with £5.5 million in revenue, marking a substantial increase of approximately 70% year-over-year, and our monthly revenue run rate now annualises at over £7 million and continues to grow. This financial success is mirrored in our client growth, with nearly a thousand families now entrusting us with their wealth and financial planning - resulting from a near 75% increase in active households across the reporting period.
Underpinning the strong financial performance of the company was the highest number of client referrals we have ever received and record organic inflows - we added £200m in assets under management this year (a nearly 100% increase over FY24).
Beyond these impressive headline figures, we have also made significant strides operationally. Innovation in technology has always been core to the NOVA proposition, and with AI tooling now in use across the business to improve efficiency and enhance client outcomes, we've achieved a new milestone in operational leverage - growing the business significantly in terms of revenue and customers - while only making a modest increase in our overall cost-base and team headcount. Our continued investment in technology in the coming years is expected to deliver substantial gains in operating cost-efficiency and customer experience, as we further develop the NOVA tech stack.
This year also saw the launch of our employee share scheme, empowering NOVA employees to become owners in our collective success, which we believe is a fundamental pillar in helping us build the right kind of long term business. As a B-Corp, this is an important part of our commitment to our people and making NOVA a world-class place to work.
Looking ahead to FY26, our focus remains on accelerating growth while continuously enhancing client outcomes and investing in technology. We plan to expand our advisor network, further refine our client servicing processes through increased tech and AI integration, and broaden our distribution channels. While this renewed investment in growth will likely extend the profitability timeline, this is being done intentionally and in such a way that we are confident that these strategic initiatives will position NOVA for scale and sustained momentum, ensuring we continue to build on our recent successes and deliver long-term value to all of our key stakeholders.
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's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The auditors, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 22 August 2025 and signed on its behalf.
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NOVA WEALTH LIMITED
REGISTERED NUMBER:10739796
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BALANCE SHEET
AS AT 30 APRIL 2025
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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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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2025.
The notes on pages 5 to 11 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
The principal activity of the Company during the year was that of the provision of financial advice. The Company is authorised and regulated by the Financial Conduct Authority (FRN: 778951). Nova Wealth Ltd is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 20 Farringdon Street, London, EC4A 4AB.
The functional currency of Nova Wealth Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates. The financial statements are also presented in pounds sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Critical accounting judgements and key sources of estimation uncertainty
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Due to the nature of the Company’s business and having considered the key sources of income and expenditure, balance sheet items and Company’s accounting policies, the Directors do not believe there are any critical accounting judgements or key sources of estimation uncertainty. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.
In spite of challenging market conditions, particularly those related to the global market impact of US trade tariffs in the first quarter of 2025, the Company has continued its trajectory of strong customer and revenue growth from the prior year. This has been evidenced by the fact that the Company has grown its assets under management by around 150% in the last two years, and the Directors expect that this level of growth will continue to accelerate throughout FY26 and into the future as the Company approaches profitability. The Company has a recurring revenue base derived from a diverse collection of individual fee agreements linked to Assets Under Management and a strong distribution capability.
The Company’s immediate parent, Nova Wealth Holdings Limited, has pledged to support the Company. Nova Wealth Holdings Limited has entered into a Directors loan agreement with no expectation of repayment within the next 12 months and has committed this funding to the Company. The Company and its immediate parent also continue to be supported by Octopus Group Holdings Limited who are committed to providing a tax credit for losses surrendered. The Company has a reasonable expectation this will be sufficient to cover the anticipated losses of the Company as it moves towards profitability.
With a view to the prevailing economic conditions and the performance of the Company, the Directors are satisfied that there is no material uncertainty leading to a significant doubt in this regard and that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Turnover comprises revenue which is recognised to the extent that it is probable that economic benefit will flow to the Company and such revenue can be reliably measured. Revenue represents initial advice, ongoing financial planning and platform fees chargeable to clients, as well as mortgage procuration and protection commission. Initial advice fees are recognised in the period the service is fulfilled. Ongoing financial advice, platform fees, and commission receivable are recognised on a continuous basis over the period the related service is provided. Mortgage procuration fees are recognised once commission is paid. Other income is recognised within the period to which the service relates.
Cost of sales comprises fees and costs, recognised on an accruals basis, in relation to the costs payable to onboard and acquire new clients, as well as those costs payable to clients’ product providers in order to obtain valuations, and any platform costs payable in respect of a specific client.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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 operates and generates income.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Defined contribution pension plan
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 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 Company in independently administered funds.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 64 (2024 - 56).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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13,733,469 (2024 - 13,133,469) Ordinary shares of £0.01 each
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Allotted, called up and fully paid
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13,732,469 (2024 - 13,132,469) Ordinary shares of £0.01 each
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Allotted, called up and unpaid
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1,000 (2024 - 1,000) Ordinary shares of £0.01 each
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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.
During the year, the company issued 600,000 £0.01 ordinary shares at a premium of £0.99 per share. This resulted in total increase to share premium of £594,000.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Share premium account
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.
Profit and loss account
The profit and loss account represents cumulative profits and losses.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £262,738 (2024: £199,828). Contributions totalling £52,392 (2024: £31,224) were payable to the fund at the reporting date and are included in creditors.
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Related party transactions
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In line with paragraph 33.1A of FRS 102, the company did not disclose transactions with wholly owned Group companies wherein any subsidiary undertaking which is a party to the transactions is wholly owned by a member of the Group.
Part of the assets of the Company were provided as consideration during the prior period in a related party transaction between the Company, Nova Wealth Holdings Limited and Octopus Group Holdings Limited. This created an intercompany receivable between the Company and its parent which forms part of the balance of amounts owed by group undertakings disclosed in note 5.
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During the year, the ultimate parent company granted share options under an approved EMI scheme to selected employees at Nova Wealth Limited. These options are subject to time-based vesting. No charge has been recognised in the profit and loss account in respect of any of the options that vested during the year.
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Ultimate Parent Undertaking and Controlling Party
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The ultimate parent is Nova Wealth Holdings Limited, a company incorporated in the United Kingdom and registered in England and Wales (registered number: 10738861). The ultimate controlling parties are the shareholders of Nova Wealth Holdings Limited. Copies of these financial statements can be obtained from The Secretary, Nova Wealth Holdings Limited, 20 Farringdon Street, London, EC4A 4AB.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
The auditors' report on the financial statements for the year ended 30 April 2025 was unqualified.
The audit report was signed on 22 August 2025 by Paul Hawksley FCA, CTA, MAAT (Senior Statutory Auditor) on behalf of TWP Accounting LLP.
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. The audit work has been undertaken so that Auditors' might state to the company’s members those matters the Auditors' are required to state in an auditor’s report and for no other purpose. To the fullest extent permitted by law, TWP Accounting LLP will not accept or assume responsibility to anyone other than the company and the company’s members as a body, for the audit work, for the Independent Auditors' Report, or for the opinions formed.
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