PROGENY WEALTH LIMITED

• ◆

  4 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. PROGENY WEALTH LIMITED 2017-09-06 → present
2. LAWRENCE SCOFFIELD & CO. LIMITED 1982-06-24 → 2017-09-06
3. CHEAMGLADE LIMITED 1979-01-09 → 1982-06-24

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

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 and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

9

last 12 months

Capital events

4

last 24 months

Officers appointed

2

last 12 months

Officers resigned

4

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +45.6%

  £22,837,000 → £33,244,000

  highest in 4 filed years

• Cash

  +1,979.8%

  £292,000 → £6,073,000

  highest in 5 filed years

• Net assets

  +158.2%

  -£4,170,000 → £2,426,000

  highest in 5 filed years

• Employees

  +25.5%

  286 → 359

  highest in 5 filed years

• Operating profit

  -59.5%

  -£4,625,000 → -£7,379,000

  lowest in 4 filed years

• Profit before tax

  -58.7%

  -£4,741,000 → -£7,523,000

  lowest in 4 filed years

• Wages

  +34.1%

  £18,454,000 → £24,738,000

  highest in 4 filed years

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers