Registration number: 10691842

Parallel Wealth Management Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 11

Parallel Wealth Management Limited

Company Information

Directors

Mr D C Pape Mrs E F Pape Mr C Halley

Registered office

1-3 The Outlook Fox's Marina Ipswich Suffolk England IP2 8NJ

Accountants

Harbour Key Limited Midway House Herrick Way Staverton Cheltenham GL51 6TQ

Parallel Wealth Management Limited

(Registration number: 10691842)
Balance Sheet as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	-	1,789,970
Tangible assets	5	-	70,039
		-	1,860,009
Current assets
Debtors	7	234,012	201,057
Cash at bank and in hand		58,707	8,079
		292,719	209,136
Creditors: Amounts falling due within one year	8	(292,119)	(502,746)
Net current assets/(liabilities)		600	(293,610)
Total assets less current liabilities		600	1,566,399
Creditors: Amounts falling due after more than one year	8	-	(1,544,958)
Provisions for liabilities		-	(18,134)
Net assets		600	3,307
Capital and reserves
Called up share capital		600	600
Retained earnings		-	2,707
Shareholders' funds		600	3,307

For the financial period ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Parallel Wealth Management Limited

(Registration number: 10691842)
Balance Sheet as at 31 July 2025

Approved and authorised by the Board on 28 April 2026 and signed on its behalf by:
 

......................................... Mr D C Pape Director

......................................... Mrs E F Pape Director

......................................... Mr C Halley Director

Parallel Wealth Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 July 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1-3 The Outlook
Fox's Marina
Ipswich
Suffolk
IP2 8NJ
England

These financial statements were authorised for issue by the Board on 28 April 2026.

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Going concern

On 25 July 2025, the trade and assets were hived up to its parent company and this company ceased to trade, therefore the accounts have been prepared on a basis other than going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company 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 company'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.

Parallel Wealth Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 July 2025

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 company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date,

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

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.

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:

Asset class	Depreciation method and rate
Leasehold improvements	over the term of the lease
Furniture, fittings and equipment	25% reducing balance
Motor vehicles	25% reducing balance

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

During the year, the directors reviewed the estimated useful economic life of goodwill. Following this review, the useful life was revised from 14 years to 20 years. This revision has been treated as a change in accounting estimate and has been applied prospectively from 01 April 2024.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	over 20 years

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 the 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.

Parallel Wealth Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 July 2025

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.

Trade debtors

Trade debtors are amounts due from customers for 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 company 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 company 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Parallel Wealth Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 July 2025

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the Balance Sheet. The corresponding dividends relating to the liability component are charges as interest in the Profit and Loss Account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction value (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market value of interest for a similar debt instrument.

 Impairment
Asset, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ("CGUs") of which the goodwill is a part. Any impairment in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Parallel Wealth Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 July 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 12 (2024 - 9).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2024	2,749,186	2,749,186
Disposals	(2,749,186)	(2,749,186)
At 31 July 2025	-	-
Amortisation
At 1 April 2024	959,216	959,216
Amortisation charge	111,358	111,358
Amortisation eliminated on disposals	(1,070,574)	(1,070,574)
At 31 July 2025	-	-
Carrying amount
At 31 July 2025	-	-
At 31 March 2024	1,789,970	1,789,970

Parallel Wealth Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 July 2025

5	Tangible assets

	Leasehold improvements £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	-	19,824	111,180	131,004
Additions	38,256	7,582	-	45,838
Disposals	(38,256)	(27,406)	(111,180)	(176,842)
At 31 July 2025	-	-	-	-
Depreciation
At 1 April 2024	-	9,685	51,280	60,965
Charge for the period	1,196	4,014	10,412	15,622
Eliminated on disposal	(1,196)	(13,699)	(61,692)	(76,587)
At 31 July 2025	-	-	-	-
Carrying amount
At 31 July 2025	-	-	-	-
At 31 March 2024	-	10,139	59,900	70,039

6	Other financial assets (current and non-current)

	Unlisted investments at fair value through profit and loss £	Total £
Non-current financial assets
Cost or valuation
Revaluations	4,241	4,241
Additions	30,000	30,000
Disposals	(34,241)	(34,241)
At 31 July 2025	-	-
Impairment
Carrying amount
At 31 July 2025	-	-
At 31 March 2024	-	-

Parallel Wealth Management Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 July 2025

7

Debtors

Current	Note	2025 £	2024 £
Trade debtors		-	138,612
Amounts owed by group undertakings and undertakings in which the company has a participating interest	11	234,012	-
Prepayments		-	1,596
Other debtors		-	60,849
		234,012	201,057

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Bank loans and overdrafts	9	-	296,466
Trade creditors		-	18,000
Taxation and social security		-	6,583
Other creditors		292,119	181,697
		292,119	502,746