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Registered number:
For the Year Ended
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Believe Money Group Limited
Company Information
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Believe Money Group Limited
Contents
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Believe Money Group Limited
Group Strategic Report
For the Year Ended 31 December 2024
The Directors present their Strategic Report for the year ended 31 December 2024.
The principal activities of the group are to operate as a broker across various sectors:
- As an arranger of loan finance for individuals, through Believe Loans/Specialist Finance; - As a referrer for loan finance, through its trading style Simply Money; - As a referrer for life insurance policies, through its trading style Believe Protect. The business has been on a steady growth curve over the past few years, after stuttering slightly during the COVID-19 pandemic in 2020. In 2024, we are pleased to report a profit after taxation of £889k, after achieving a modest profit of £92k in the previous year. This has been driven by positive growth in the various sectors as discussed in more detail below: Loan broking/arranging Total income for loan broking business grew to £13.2m (2023: £10.3m), an increase of £3m. A focus on advertising has helped grow the profile of the business. The second charge market has surpassed the £200 million mark,the first time since 2008. The majority of lenders reported record performances, reflecting the sector’s strong momentum. According to the Finance & Leasing Association (FLA), second charge lending is up 24% by value and 15% by volume compared to the same period in 2024. The second charge market remains one of the fastest-growing product segments within the finance industry in 2025, driving significant growth and success across the sector, including at Believe Loans, where this continued market strength has played a key role in our exceptional performance. Average interest rates on credit card lending sits currently at 24.65% which has been consistent through the year. Loan rates continue to be high in the personal loan market, with typical low-balance personal loans now price around 10–12% APR, with many products for credit impaired consumers in the 20–30% range. This provides great opportunities for the second charge mortgage market with most lenders offering rates around 5-6% currently. Most brokers had been seeing a general decline in customer intent across many markets as customers wait to understand the outcome of the Budget in late November before making financial commitments. So far, this has not had a significant impact on the Believe model. While we’ve noted the occasional dip in customer intent and sign-up rates, none of these fluctuations have been substantial enough to affect our projected year-end numbers. This time of year is typically very strong for both personal loan and secured loan enquiries as we head into the Christmas period. January also tends to perform well, so we do not anticipate the Budget having a detrimental impact on either our year-end performance or our start to 2026. Referrals Total income for referrals grew to £1.76m (2023: £809k), a significant increase of £955k. Similar to the loan broking business, additional advertising spend helped increase the profile of the business enabling more activity through the Simply Money website. The continued rise in consumer credit continues to be a significant part of the increase in demand in both Simply Money and Believe Loans. Outstanding consumer credit increased by 4.6% in the current year to date, while outstanding levels of credit card borrowing increased by 6.6%. Since mid 2021, outstanding consumer credit has been rising, with some variation month on month, which does correlate with the increase in demand we have seen.
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Believe Money Group Limited
Group Strategic Report (continued)
For the Year Ended 31 December 2024
Life insurance commissions
Income in this sector fell very slightly by £104k. In 2022, the group altered its agreement with insurers to receive commission on a “non-indemnity” basis. This new business, operating through Believe Protect Limited, has been steadily increasing, but the old “indemnity” basis, operating through Believe Finance Limited, largely matured in 2024, resulting in a significant drop off of income. Gross margin Gross margin for the year increased from 58% to 62%. This reflected the positive results from the investment in advertising and staff, together with a significant effort from the team, which has generated fantastic returns for the group. Overheads Overall there has been an increase in overheads, including salaries, with investment made in the team, and also advertising costs, as noted above. Subsequent to the year end, the group was acquired by a new owner, Pivotal Growth Limited. There were some increases in legal fees in FY24 with regards to this transaction and this continued into FY25.
The various risks and uncertainties faced by the group are described below:
Market Risk The on-going uncertainty in the global geo-political arena is continuing to be a factor and causing some uncertainty in the financial markets. This along with the unknown government budgetary changes is being closely monitored by the Believe board. Price risk We review our broker fee structures quarterly and ensure that we are in alignment with competitors in our marketplaces and delivering value to our consumers. Credit and liquidity risk The group is cash generative and there are no current concerns around cash flow or liquidity. All company debts have been repaid as part of the business sale in September 2025 and therefore the group is in a strong financial position. Compliance risk Capital Adequacy has been met throughout the reporting period. We have also maintained strong internal regulatory and governance oversight across all trading entities. There is an industry wide on-going FCA review into the Second Charge market, the results of which are yet to be published.
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Believe Money Group Limited
Group Strategic Report (continued)
For the Year Ended 31 December 2024
During the year, it was identified that the group had not correctly included VAT on a number of inter-company recharges. As a result, an additional VAT liability has been calculated and a provision recognised in these financial statements of £1.2m, as disclosed in note 21. This liability will be settled by the shareholders out of the proceeds received from the sale of the business to Pivotal Growth. As a result there is no impact on the Consolidated or Company statement of comprehensive income.
Following the year end, a decision was taken to close two of the group’s dormant subsidiaries, Believe Mortgages and Believe Finance. Most balances in these entities related to group balances which were appropriately dealt with in the respective companies. There is no impact on group results as such balances are eliminated on consolidation. A decision was also made to exit the market in respect of some of the more high risk activities, and therefore Believe Specialist Finance has ceased trading during 2025. As noted above, the group was acquired by Pivotal Growth in September 2025, and is now a member of the Pivotal Group. We look forward to a bright future under their stewardship.
This report was approved by the board and signed on its behalf.
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Believe Money Group Limited
Directors' Report
For the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
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.
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.
The profit for the year, after taxation, amounted to £889,145 (2023 - £91,760).
No dividends were paid during the year.
The directors who served during the year were:
The group is continuing to grow in its existing markets and looks forward to future profitable years.
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Believe Money Group Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
Following the year end, a decision was taken to close two of the group’s dormant subsidiaries, Believe Mortgages and Believe Finance. Most balances in these entities related to group balances which were appropriately dealt with in the respective companies. There is no impact on group results.
A decision was also made to exit the market in respect of some of the more high risk activities, and therefore Believe Specialist Finance has ceased trading during 2025. The group was acquired by Pivotal Growth Limited in September 2025, and is now a member of the Pivotal Growth Group. We look forward to a bright future under their stewardship.
The auditors, Hurst Accountants Limited, were appointed in the year, and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Believe Money Group Limited
Independent Auditors' Report to the Members of Believe Money Group Limited
We have audited the financial statements of Believe Money Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Believe Money Group Limited
Independent Auditors' Report to the Members of Believe Money Group Limited (continued)
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.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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Believe Money Group Limited
Independent Auditors' Report to the Members of Believe Money Group Limited (continued)
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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of management, including whether management was aware of any instances of non- compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including Financial Conduct Authority (FCA) regulations, General Data Protection requirements, and Anti-bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. We have also considered the risk of fraud through management override of controls by: • Testing the appropriateness of journal entries and other adjustments; • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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Believe Money Group Limited
Independent Auditors' Report to the Members of Believe Money Group Limited (continued)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members
and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
SK1 3GG
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Believe Money Group Limited
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2024
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Believe Money Group Limited
Registered number: 10712693
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 39 form part of these financial statements.
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Believe Money Group Limited
Registered number: 10712693
Company Balance Sheet
As at
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 financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 39 form part of these financial statements.
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Believe Money Group Limited
Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2024
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Believe Money Group Limited
Company Statement of Changes in Equity
For the Year Ended 31 December 2024
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Believe Money Group Limited
Consolidated Statement of Cash Flows
For the Year Ended 31 December 2024
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Believe Money Group Limited
Consolidated Analysis of Net Debt
For the Year Ended 31 December 2024
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Believe Money Group is a company limited by share capital, incorporated in the United Kingdom. The address of the company's registered office and its principal place of business is 1st Floor Barclays Bank, Heavens Walk, Doncaster, South Yorkshire, DN4 5HZ.
The principal activities of the group are to operate as a broker across various sectors: - As an arranger of loan finance for individuals, through Believe Loans/Specialist Finance; - As a referrer for loan finance, through its trading style Simply Money; - As an referrer for life insurance policies, through its trading style Believe Protect.
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 company has also taken advantage of the exemption available under FRS 102 and has not presented its own Cash flow statement in these financial statements, as these figures are presented within the Consolidated statement of cash flows.
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. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 06 April 2017.
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
At the year end, the Group had net current assets of £315,079 but net liabilities of £845,129. The Group generated a profit of £889,145 for the year and generated net cash from operating activities of £297,239. The positive trading and cash generation have continued into the current financial year and, based on forecasts prepared by management covering the period to at least 12 months from the date of approval of these financial statements, are expected to continue throughout 2026. Following the acquisition of the Group by Pivotal Growth Limited on 18 September 2025, it was agreed that a number of significant liabilities would be settled by the new parent company, including the loan provided to the Group by the outgoing parent company, as disclosed in note 28. In addition, the Group has reached agreement with the new ultimate controlling party in respect of other potential liabilities (as explained further in note 21), providing further certainty over its cash flow and financial commitments.
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Fees in respect of loan arrangement fees and referrer commission are raised once loans are successfully completed and provided to the loanee. The group is not due income until such completion has taken place. Life insurance commission The company now primarily receives commission on an "non-indemnity" basis. The income is received in instalments over the life of the policy, typically four years. Income is recognised at the date of inception of the policy, at its net present value, further discounted for the expected rate of cancellations. As the policy matures, income is gradually unwound based on the ongoing expected rate of cancellation. Please see note 3 for more information on the calculation of life insurance commission. Historically the group received such income on an "indemnity" basis whereby commission was received at inception of the policy, and cancellations were required to be refunded as they arose. Such cancellations were treated as a deduction from income. The group confirms that income received in the year on such a basis is immaterial.
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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.
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.
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The most significant judgements and estimates affecting the Group's financial statements are outlined below: Life insurance commission income The group receives commission income on life insurance policies it refers. Such income is received monthly over the course of a number of years. Should a policy cancel, the commission payments stop. The commission income is recognised at the inception date, and discounted for the time value of money, and for expected cancellation rates. These discounts are unwound over the course of the policy. The cancellation rates have been calculated based on historic data, but actual cancellation rates are likely to be different to this, resulting in a different total income figure being recognised than had been projected at the date of inception. Should the cancellation rate fluctuate significantly, this could have a material impact on the value of income in the financial statements. Debtor provisions Management performs reviews of the group's debtor balances periodically and makes appropriate provisions where it is concluded that the recovery of the debtor is doubtful. At the year end, debtor provisions of £289,640 (2023: £188,255) had been made in the financial statements.
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 27
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
13.Tangible fixed assets (continued)
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Subsidiary undertakings (continued)
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
20.Deferred taxation (continued)
All of the Group's provisions are held in the Parent Company.
VAT provision During the year, it was identified that the group had not correctly included VAT on a number of inter-company recharges. As a result, an additional VAT liability has been calculated and a provision recognised in these financial statements of £1.2m. This liability will be settled by the shareholders out of the proceeds received from the sale of the business to Pivotal Growth. As a result there is no impact on the Consolidated or Company statement of comprehensive income.
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
On 1 July 2024, the 108,000 £1 Ordinary shares were re-designated as 1,080,000 £0.10 A1 Ordinary shares.
Subsequent to this, the company allotted 360,000 £0.10 A1 Ordinary shares.
Profit and loss account
The profit and loss account represents accumulated profits and losses since incorporation, net of dividends paid.
Group
During the year, management became aware of an error in the recognition of Life Insurance commission income. This income is recognised over a period of time but, due to en error in the calculations, income was overstated in 2022 and 2023. As a result, the comparative figures have been adjusted as follows: • A reduction to opening reserves of £63,829 • A reduction to turnover of £282,180 The total impact on opening reserves at 1 January 2024 is therefore a reduction of £346,009. Company Management have elected to classify certain items slightly differently in the company financial statements in the current year. As a result, in the comparative figures for the company balance sheet, both debtors and creditorshave increased by £12,974. There is no impact on net assets.
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 £72,954 (2023: £67,076) . Contributions totalling £19,198 (2023: £26,527) were payable to the fund at the balance sheet date and are included in creditors.
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
A decision was also made to exit the market in respect of some of the more high risk activities, and therefore Believe Specialist Finance has ceased trading during 2025. On 18 September 2025, the entire share capital of the parent company was acquired by Pivotal Growth Limited. As part of the acqusition, the loan provided by the previous ultimate parent, as described in note 27, was settled in full. Further details of liabilities set to be covered by the proceeds of sale of the business are explained in note 21.
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Believe Money Group Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
At the start of the financial year, and at the year end, the Company’s immediate and ultimate controlling party was Oak Barrel Investments LLC, a company incorporated in the United States of America.
On 18 September 2025, Pivotal Growth Limited, a company incorporated in the United Kingdom, acquired 100% of the issued share capital of the Company. From that date, Pivotal Growth Limited became the immediate and ultimate controlling party of the Group.
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