Registration number:
DWIFA Holdings 234 Limited
for the Period from 24 September 2024 to 31 March 2025
DWIFA Holdings 234 Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
DWIFA Holdings 234 Limited
Company Information
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Directors |
S J W Womack L Womack R V Coowar M J Sparrow JC Beal J D Freeman D L Slack ND Beal |
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Registered office |
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Auditors |
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DWIFA Holdings 234 Limited
Strategic Report for the period from 24 September 2024 to 31 March 2025
The directors present their strategic report for the period from 24 September 2024 to 31 March 2025.
Principal activity
The principal activity of the group is holistic financial planning and wealth management. David Williams IFA Limited is an accredited Chartered Financial Planner firm.
Fair review of the business
The Directors are pleased with the performance of the business through the latest financial year, with a healthy increase in both initial and recurring income.
Principal risks and uncertainties
Whilst the Group is strongly placed, it is impacted, in common with all business, by external factors.
The Group however is run on a prudent basis, which allows the Board to be confident that from a position of financial strength the impact of these risks will be absorbed without deflecting it from the strategic developments planned for future years.
Some external factors that the Group can be impacted by include, but are not limited to, changes in legislation and to the regulatory environment, economic downturn, loss of key staff and the failure of IT systems. The Board has in place and maintains a number of mitigating controls and procedures in order to reduce the aforementioned risks.
Financial risk
The Group’s principal financial assets are bank balances and cash and investments and is considered to have no significant cash flow risks given the healthy cash accumulation through ordinary trading.
Key performance indicators (KPI's)
Performance is measured against the following indicators: Gross turnover, accumulating recurring income, gross initial fee receipts and net profits before tax and dividends.
KPI
Turnover - 2025: £4,364,043
Recurring fees income - 2025: £3,178,569
Initial fees income - 2025: £1,185,474
Net profits before Corporation tax and dividends (excluding amortisation charge on Goodwill) - 2025: £1,093,101
Future developments
Continued organic growth and the strong financial position maintained by the directors means the Group is in a strong position over the next 12 months and future years.
DWIFA Holdings 234 Limited
Strategic Report for the period from 24 September 2024 to 31 March 2025
Approved and authorised by the
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DWIFA Holdings 234 Limited
Directors' Report for the Period from 24 September 2024 to 31 March 2025
The directors present their report and the for the period from 24 September 2024 to 31 March 2025.
Incorporation
The company was incorporated on
Directors of the group
The directors who held office during the period were as follows:
Information included in the Strategic Report
Under section 414C(11) the following information is included in the Strategic Report instead of the Directors Report.
- Fair review of the business;
- Principal risks and uncertainties;
- Financial risk;
- Future developments.
Going concern
The group continued to be cash generative since the balance sheet date and in light of this the Directors have concluded that it is appropriate to prepare the Group's financial statements on a going concern basis.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors Sumer Auditco Limited are demmed to be reappointed under section 487(2) of the Companes Act 2006.
DWIFA Holdings 234 Limited
Directors' Report for the Period from 24 September 2024 to 31 March 2025
Approved and authorised by the
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DWIFA Holdings 234 Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DWIFA Holdings 234 Limited
Independent Auditor's Report to the Members of DWIFA Holdings 234 Limited
Opinion
We have audited the financial statements of DWIFA Holdings 234 Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 24 September 2024 to 31 March 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement 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 United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's loss for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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.
DWIFA Holdings 234 Limited
Independent Auditor's Report to the Members of DWIFA Holdings 234 Limited
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 this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in
the 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
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.
DWIFA Holdings 234 Limited
Independent Auditor's Report to the Members of DWIFA Holdings 234 Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 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:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
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the results of our enquiries of management and those charged with governance of their assessment
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the nature of the Group, including its management structure and control systems (including the
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management’s incentives and opportunities for fraudulent manipulation of the financial statements
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the industry and environment in which it operates. |
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We also considered UK tax and pension legislation and laws and regulations relating to employment
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Based on this understanding we identified the following matters as being of significance to the entity: |
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laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, FCA reporting requirements, Company Law, tax and pension legislation; |
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the timing of the recognition of commercial income; |
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compliance with legislation relating to GDPR, health and safety; |
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management bias in selecting accounting policies and determining estimates; |
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inappropriate journal entries; |
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recoverability of debtors; and |
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valuation of investments. |
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We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members. |
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Audit procedures undertaken in response to the potential risks relating to irregularities (which included fraud and non-compliace with laws and regulations) comprised: |
DWIFA Holdings 234 Limited
Independent Auditor's Report to the Members of DWIFA Holdings 234 Limited
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enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; |
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enquiries with the same concerning any actual or potential litigation or claims; |
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discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud; |
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assessment of matters reported to management and the result of the subsequent investigation; |
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obtaining an understanding of the relevant controls during the period; |
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obtaining an understanding of the policies and controls over the recognition of income and testing
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review documentation relating to compliance with the regulations relating to Health and Safety and local employment law including certificates seen, insurance policy and health and safety statements; |
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challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to depreciation of tangible fixed assets; |
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identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash; |
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assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding; |
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reviewing the financial statements for compliance with the relevant disclosure requirements; |
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performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud; |
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reviewing the minutes of Board meetings and correspondence with HMRC; |
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evaluating the underlying business reasons for any unusual transactions; and |
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considered the implementation of controls during the year. |
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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
DWIFA Holdings 234 Limited
Independent Auditor's Report to the Members of DWIFA Holdings 234 Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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.
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For and on behalf of
33 Cavendish square
London
W1G 0PW
DWIFA Holdings 234 Limited
Consolidated Profit and Loss Account for the Period from 24 September 2024 to 31 March 2025
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Note |
2025 |
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Turnover |
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Gross profit |
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Administrative expenses |
( |
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Other operating income |
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Operating profit |
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Income from shares in group undertakings |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
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(539,223) |
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Profit before tax |
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Tax on profit |
( |
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Loss for the financial period |
( |
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Profit/(loss) attributable to: |
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Owners of the company |
( |
The above results were derived from continuing operations.
The group has no recognised gains or losses for the period other than the results above.
DWIFA Holdings 234 Limited
Consolidated Statement of Comprehensive Income for the Period from 24 September 2024 to 31 March 2025
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2025 |
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Loss for the period |
( |
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Total comprehensive income for the period |
( |
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Total comprehensive income attributable to: |
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Owners of the company |
( |
DWIFA Holdings 234 Limited
(Registration number: 15974477)
Consolidated Balance Sheet as at 31 March 2025
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Note |
2025 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Other financial assets |
50 |
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Current assets |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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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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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
400 |
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Retained earnings |
(6,212) |
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Equity attributable to owners of the company |
(5,812) |
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Shareholders' deficit |
(5,812) |
DWIFA Holdings 234 Limited
(Registration number: 15974477)
Consolidated Balance Sheet as at 31 March 2025
Approved and authorised by the
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DWIFA Holdings 234 Limited
(Registration number: 15974477)
Balance Sheet as at 31 March 2025
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Note |
2025 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
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Net current 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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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
400 |
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Retained earnings |
(499,822) |
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Shareholders' deficit |
(499,422) |
The company made a loss after tax for the financial period of £499,822.
Approved and authorised by the
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DWIFA Holdings 234 Limited
Consolidated Statement of Changes in Equity for the Period from 24 September 2024 to 31 March 2025
Equity attributable to the parent company
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Share capital |
Retained earnings |
Total |
Total equity |
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Loss for the period |
- |
( |
( |
( |
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New share capital subscribed |
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- |
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At 31 March 2025 |
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( |
( |
( |
Within Retained Earnings includes an unrealised gain reserve totalling £78,567 which relates to fair value uplift movement of current asset investment.
DWIFA Holdings 234 Limited
Statement of Changes in Equity for the Period from 24 September 2024 to 31 March 2025
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Share capital |
Retained earnings |
Total |
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Loss for the period |
- |
( |
( |
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New share capital subscribed |
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- |
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At 31 March 2025 |
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( |
( |
DWIFA Holdings 234 Limited
Consolidated Statement of Cash Flows for the Period from 24 September 2024 to 31 March 2025
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2025 |
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Cash flows from operating activities |
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Loss for the period |
( |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Profit from disposals of investments |
( |
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Finance income |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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Increase in trade debtors |
( |
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Increase in trade creditors |
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Cash generated from operations |
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Income taxes received |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Cash injection on acquisition |
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Proceeds from disposal of financial investments other than trading investments |
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Net cash flows from investing activities |
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Cash flows from financing activities |
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Interest paid |
( |
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Proceeds from issue of ordinary shares, net of issue costs |
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Net cash flows from financing activities |
( |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at 24 September |
- |
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Cash and cash equivalents at 31 March |
9,317,605 |
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales..
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The groups functional and presentational currency is GBP.
All amounts in the financial statements have been rounded to the nearest £1.
Summary of disclosure exemptions
The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Fianancial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
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 the financial statements.
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The group continued to be cash generative since the balance sheet date and in light of this the Directors have concluded that it is appropriate to prepare the Group's financial statements on a going concern basis.
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
Judgements
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate. |
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% on cost and 15% on cost |
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Motor Vehicles |
20% on cost |
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Leasehold improvements |
20% on cost |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
10 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
|
Turnover |
The analysis of the group's turnover for the period from continuing operations is as follows:
|
2025 |
|
|
Initial fees |
|
|
Recurring fees |
|
|
|
All turnover originated within the UK.
|
Other operating income |
The analysis of the group's other operating income for the period is as follows:
|
2025 |
|
|
Management charges receivable |
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the period is as follows:
|
2025 |
|
|
Profit/(loss) on disposal of current asset investments |
9,765 |
|
Fair value movement on current asset investments |
70,968 |
|
80,733 |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
|
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - plant and machinery |
|
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
|
Other interest receivable and similar income |
|
2025 |
|
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
|
2025 |
|
|
Interest expense on other finance liabilities |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
|
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:
|
2025 |
|
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
|
2025 |
|
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
405,631 |
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
In respect of the highest paid director:
|
2025 |
|
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditors' remuneration |
|
2025 |
|
|
Audit of these financial statements |
15,829 |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
|
|
Current taxation |
|
|
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
|
19,645 |
|
|
Deferred taxation |
|
|
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK of
The differences are reconciled below:
|
2025 |
|
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Tax decrease from other short-term timing differences |
( |
|
Total tax charge |
|
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
Additions acquired separately |
|
|
|
At 31 March 2025 |
|
|
|
Amortisation |
||
|
Amortisation charge |
|
|
|
At 31 March 2025 |
|
|
|
Carrying amount |
||
|
At 31 March 2025 |
|
|
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
Additions |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Depreciation |
||||
|
Charge for the period |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
|
|
|
|
Included within the net book value of land and buildings above is £11,971 in respect of short leasehold land and buildings.
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2025 |
|||
|
Subsidiary undertakings |
|||
|
|
5 Waterside Way
|
|
|
|
England and Wales |
|||
|
|
5 Waterside Way
|
|
|
|
England and Wales |
|||
|
Associates |
|||
|
|
5 Waterside Way
|
Ordinary |
|
|
England and Wales |
|||
* indicates direct investment of the company
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
Subsidiary undertakings
|
David Williams IFA Holdings Limited The principal activity of David Williams IFA Holdings Limited is |
|
David Williams IFA Limited The principal activity of David Williams IFA Limited is |
Associate undertakings
|
The Retirement Desk Limited
The principal activity of The Retirement Desk Limited is |
Company
|
2025 |
|
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
Additions |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 March 2025 |
|
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
|
Business combinations |
On
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
|
Book value |
Fair value |
|
|
Assets and liabilities acquired |
||
|
Book value and fair value of net assets purchased |
103,674 |
|
|
Book value and fair value of goodwill |
26,072,976 |
|
|
Total consideration |
26,176,650 |
26,176,650 |
|
|
||
The useful life of goodwill is
|
Other financial assets |
Group
|
Financial assets at cost less impairment |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
Additions |
50 |
50 |
|
At 31 March 2025 |
50 |
50 |
|
Impairment |
||
|
Carrying amount |
||
|
At 31 March 2025 |
|
50 |
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
|
Debtors |
|
Group |
Company |
||
|
Current |
Note |
2025 |
2025 |
|
Amounts owed by related parties |
|
- |
|
|
Other debtors |
|
|
|
|
Prepayments |
|
- |
|
|
Deferred tax assets |
|
- |
|
|
|
|
|
Current asset investments |
|
Group |
Company |
|
|
2025 |
2025 |
|
|
Other investments |
|
- |
The directors consider it prudent to revalue the other investments from historic cost to fair value.
The gain on revaluation of £70,968 for this investment is included in the profit and loss account and the total investment revalued to £2,035,986.
|
Cash and cash equivalents |
|
Group |
Company |
|
|
2025 |
2025 |
|
|
Cash on hand |
|
- |
|
Cash at bank |
|
- |
|
Short-term deposits |
|
- |
|
|
- |
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
|
Creditors |
|
Group |
Company |
||
|
Note |
2025 |
2025 |
|
|
Due within one year |
|||
|
Trade creditors |
|
- |
|
|
Amounts due to related parties |
- |
|
|
|
Social security and other taxes |
|
- |
|
|
Accruals |
|
|
|
|
Income tax liability |
358,136 |
- |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
|
Advisors long term incentive plan |
|
- |
|
|
|
|
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
Provisions used |
|
|
|
At 31 March 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
||
|
No. |
£ |
|
|
|
|
400 |
|
Reserves |
Group
Profit and loss account
The profit and loss account represents the accumulated profits, losses and distributions of the Group or Company.
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|
|
2025 |
2025 |
|
|
Other borrowings |
|
|
|
Contingent liabilities |
As of 26th May 2023 a temporary and precautionary restriction on the Firm’s assets has been agreed with the FCA. This is a public notice that can be seen in full on the FCA’s register.
DWIFA Holdings 234 Limited
Notes to the Financial Statements for the Period from 24 September 2024 to 31 March 2025
|
Related party transactions |
The group has taken advantage of the exemption available in FRS102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
Company
Included in creditors is £4,663 due to subsidiary undertakings
Group
At the balance sheet date the group was owed £29,735 from associates.
|
Financial instruments |
Group
Categorisation of financial instruments
|
31 March 2025 |
|
|
Financial assets measured at fair value through profit or loss |
|
Financial assets measured at fair value through profit and loss comprises of investments.