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Unaudited Financial Statements
Legacy Wealth Management Limited
For the Year Ended 31 December 2025
Registered number: NI628117
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Legacy Wealth Management Limited
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Company Information
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Grant Thornton Advisors (NI) LLP
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12-15 Donegall Square West
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Legacy Wealth Management Limited
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Contents
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Statement of Changes in Equity
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Notes to the Financial Statements
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Independent Accountant's Report to the directors of the unaudited financial statements of Legacy Wealth Management Limited for the Year Ended 31 December 2025
In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Legacy Wealth Management Limited for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.
The financial statements have been prepared on the basis set out in the notes to the financial statements.
This report is made solely to the directors of Legacy Wealth Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Legacy Wealth Management Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Legacy Wealth Management Limited and its directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
You have approved the financial statements for the year ended 31 December 2025 and you have acknowledged on the Balance Sheet as at 31 December 2025 your duty to ensure that Legacy Wealth Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Legacy Wealth Management Limited is exempt from the statutory audit requirement for the year ended 31 December 2025.
We have not been instructed to carry out an audit or review the financial statements of Legacy Wealth Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
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Grant Thornton Advisors (NI) LLP
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Chartered Accountants
12-15 Donegall Square West
Belfast
BT1 6JH
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Date: 24 June 2026
Page 1
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Legacy Wealth Management Limited
Registered number:NI628117
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Balance Sheet
As at 31 December 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Page 2
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Legacy Wealth Management Limited
Registered number:NI628117
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Balance Sheet (continued)
As at 31 December 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2026.
The notes on pages 5 to 15 form part of these financial statements.
Page 3
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Legacy Wealth Management Limited
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Statement of Changes in Equity
For the Year Ended 31 December 2025
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Capital redemption reserve
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Dividends: Equity capital
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Statement of Changes in Equity
For the Year Ended 31 December 2024
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Capital redemption reserve
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Dividends: Equity capital
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The notes on pages 5 to 15 form part of these financial statements.
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Page 4
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Legacy Wealth Management Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2025
Legacy Wealth Management Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is PO Box BT1 4JB, 15 -17 Chichester Street, Belfast, Northern Ireland, BT1 4JB.
The principal activity of the company is fund management.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:
The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 5
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Legacy Wealth Management Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 6
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Legacy Wealth Management Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 7
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Legacy Wealth Management Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 8
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Legacy Wealth Management Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
Increases in provisions are generally charged as an expense to profit or loss.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
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The average monthly number of employees, including directors, during the year was 28 (2024 - 30).
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Page 9
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Legacy Wealth Management Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2025
Page 10
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Legacy Wealth Management Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 11
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Legacy Wealth Management Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Details of security provided:
AIB Group (UK) PLC holds a first-ranking debenture incorporating a fixed and floating charge over all the assets (present and future) of the company.
There is a guarantee provided in respect of all monies, debts and liabilities owed or incurred by the borrower to the bank up to a maximum amount of £177,000 (plus interest and costs).
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Page 12
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Legacy Wealth Management Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Allotted, called up and fully paid
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1,000 (2024 - 1,000) Ordinary shares of £0.01 each
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Capital redemption reserve
Includes the nominal value of shares repurchased by the company.
Share option reserve
Reflects all amounts charged to the profit and loss on options to date.
Profit and loss account
Includes all current and prior period retained profits and losses.
Page 13
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Legacy Wealth Management Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Under the company's share option scheme, share options are granted to select directors, senior employees and other employees involved in the company.
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Weighted average exercise price (pence)
2025
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Weighted average exercise price
(pence)
2024
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Outstanding at the beginning of the year
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Outstanding at the end of the year
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The fair value of options granted in 2018, determined using the Black-Scholes model, were £14.53 and £11.62 per option.
The significant inputs into the model were the exercise prices of £47.70 and £38.16, volatility of 33% based on a comparison of similar companies in this sector, dividend yield of 0%, an expected option life of 5 years, and an annual risk free interest rate of 0.93%.
The total charge for the year was £NIL (2024: £NIL).
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 14
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Legacy Wealth Management Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2025
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Related party transactions
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During the year, the company advanced net funds totalling £528,254 to a director. At the balance sheet date, the amount outstanding was £528,254 (2024: £Nil). The loan is included within other debtors.
There were no other related party transactions during the year.
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Post balance sheet events
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On 29 January 2026, the Company subdivided and redesignated its 1,000 Ordinary £0.01 shares into 8,750 A Ordinary shares of £0.001 each and 1,250 B Ordinary shares of £0.001 each.
The company is controlled by the directors by virtue of their shareholdings.
Page 15
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