As usual, there is a lot of noise here about not using a volt-stick to prove dead as part of a safe isolation procedure. This is sound advice but was never part of the OP's intention, as far as he states. He wants to eliminate cables that are presently live and in use, from those requiring further investigation to determine whether they are long since redundant from the previous installation and should have been ripped out at the last rewire.
For my money, a volt-stick can be useful for this process, but as mentioned above, it won't work through the armour of an SWA or the foil of an FP. It detects electric field (not magnetic) and the earthed shield prevents the cable radiating significant electric field. A cable on load will still radiate magnetic field and some types of detector can measure this, but not a regular volt stick, and if there is no load, even if the cable is live there will be no magnetic field.
So, it requires a rather more sophisticated approach to avoid, as Davesparks neatly sums up, ending up with no more useful information on which cables are live than when you started.
I will say again in defence of the voltstick, that if you properly understand its behaviour and know about spatial distribution of electric fields and hence its response pattern, it can be quite reliable and accurate and can reveal things no approved indicator or even multimeter can tell you.