PROGENY WEALTH LIMITED

Company number

01408197

Status

Active

Incorporation

1979-01-09

Last accounts made up

2024-12-31

Account category

FULL

Primary SIC

66190

Hubs

UK Fintech

Values shown as filed in iXBRL accounts. — indicates the figure was not present in the extracted filing (either not filed under that concept or absent from the period). About these numbers

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

RSM UK Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The company had net assets at the year end of £2,426,000 (2023 net liabilities of £4,170,000), net current assets of £2,877,000 (2023: net current liabilities of £4,416,000) and made an operating loss for the year ended 31 December 2024 of £7,379,000 (2023 - £4,625,000). In confirming that they believe the going concern basis of accounting to be appropriate for the preparation of the financial statements, the directors considered the company's ability to pay its debts as they fall due for a period of at least twelve months from the date of their approval. The company is reliant on an intercompany creditor due to The Progeny Group Limited ('TPG') not being called. The directors of TPG have indicated that they will not seek repayment of this balance if this would result in the company not being able to repay its external creditors in the normal course of business. In addition the directors are aware that Further Global have provided written intent to continue to make available such funds as are needed by Progeny Holdings Limited and its subsidiaries (including TPG), during the going concern assessment period. Based on the above, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis, as they have concluded that the Group's financial position means that this is realistic for at least a year from the date of approval of the financial statements.”

Significant events

• “Company turnover for the year ended 31 December 2024 was £33.2m (2023 - £22.8m) an increase of 45.6% which is consistent with the growth in assets under advice in the period. The increase is due to both increasing organic growth and clients throughout the year, along with the impact of two acquisitions made in The Progeny Holdings group in 2023, which have been fully integrated into the Company during the year - namely Gibbs Denley Financial Services Limited ('GDFS') (1 October 2024) and Wilfred T. Fry (Personal Financial Planning) Limited ('PFP') (3 June 2024).”
• “The company plans to integrate the remaining three 2023 acquisitions in 2025 ie Chartered Wealth Management Limited, Fiscal Engineers Limited and Carbon Financial Partners Limited.”
• “On 1 February 2025 the company integrated Chartered Wealth Management Limited and its trade and assets were transferred on this date.”
• “On 3 March 2025 £3 million of share capital was issued.”
• “On 1 October 2024 and 30 November 2024, the company acquired the trade and assets of Gibbs Denley Financial Services Limited and Balmoral Asset Management Limited respectively, both fellow group undertaking, for a consideration equal to the aggregate net book value of the net assets acquired.”
• “Also during the year, accrued income with a value of £1,153k were transferred from Wilfred T. Fry (Personal Financial Planning) Limited for a consideration equal to book value.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers