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REGISTERED NUMBER: 10079956 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

MAYFAIR CAPITAL LIMITED

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


MAYFAIR CAPITAL LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: R D Owen-Thomas
B T Scoates





REGISTERED OFFICE: Berkeley Suite
35 Berkeley Square
Mayfair
London
London
W1J 5BF





BUSINESS ADDRESS: 3 Chandos Street
London
W1G 9DH





REGISTERED NUMBER: 10079956 (England and Wales)





AUDITORS: RFM Audit Services LLP, Statutory Auditor
120-124 Towngate
Leyland
Lancashire
PR25 2LQ

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

STRATEGIC REPORT
for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
During the financial year ended 31 March 2023, Mayfair Capital Limited faced several challenges and events that influenced its business performance.

Business Performance Overview:
- Turnover for the year decreased from £1,073,591 in the previous year to £359,595 in the current year, representing a 67% decrease. The company declared a profit before taxation of £22,001. Net assets decreased from £128,997 to £92,098.

Factors Affecting Business Performance:
Several factors contributed to the decrease in revenue during the financial year, including:
- Impact of the COVID-19 Pandemic: The delayed side effects of the COVID-19 pandemic on stock markets and the subsequent drop in world markets during the year had a significant impact on revenue.
- Inflation Concerns: Rising inflation rates raised concerns in the financial markets, affecting investment decisions and portfolio management.
- Geopolitical Events: The Russia-Ukraine conflict and other geopolitical tensions added volatility to financial markets.
- Stock and Bond Market Performance: Stocks experienced their worst year since 2008, and bond prices fell as inflation reached a four-decade high.

Business Focus for the Future:
Mayfair Capital Limited's primary strategic objective for the future revolves around the ongoing expansion of its assets under management and administration through the provision of discretionary management, execution-only, and advisory services. Despite encountering declines in both assets under management and administration during the past year, both organically and year-on-year, the company remains steadfast in its commitment to identifying growth opportunities while upholding sufficient capital reserves to fulfill regulatory obligations.

Regarding the financial markets, the first quarter of 2023 witnessed a substantial recovery, a trend expected to persist throughout the year. Notably, mega-cap technology stocks within the S&P 500 and NASDAQ experienced remarkable rebounds during this period, particularly noteworthy as they were the sectors that faced the most significant setbacks in 2022. The resurgence of stock values in Q1 was predominantly fueled by the same segment of companies that had delivered robust returns in 2021 but experienced relative underperformance in 2022.

The company's key financial and other performance indicators during the year were as follows:

2023 2022
£ £
Turnover 359,595 1,073,591
Profit/(loss) before tax 22,001 261,367

There are other non-financial performance indicators used by the directors but none are considered to be key.


MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

STRATEGIC REPORT
for the Year Ended 31 March 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The company's primary risks include the various macro and micro economic factors that influence world equity markets, as well as the continual efforts to keep up to date with regulatory and technological developments.

We would summarise these risk factors as follows: -

Macro Risks:
- Global Economic Conditions: The company faced ongoing uncertainty in global economic conditions, largely due to the persisting impact of the COVID-19 pandemic, affecting financial markets and investor sentiment.
- Interest Rates and Inflation: Rising interest rates and inflation posed risks to fixed-income investments, prompting strategies to mitigate the impact on bond portfolios.
- Geopolitical Events: Political tensions and conflicts in various regions added volatility to financial markets, influencing investment decisions.

Micro Risks:
- Client Account Movement: Fluctuations in client account movements, driven by market sentiment and economic conditions, impacted fee revenue and assets under management.
- Products and Services: Changes in client preferences and regulatory requirements affected demand for specific financial products and services, leading to continuous review and adaptation.

Regulatory Risks:
- Changes in Financial Regulations: Regulatory changes introduced compliance requirements affecting various aspects of operations, necessitating ongoing monitoring and adherence to new rules.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The financial risk management objectives and policies of the company including the policy for the exposure of the company to price risk, credit risk, liquidity risk and cash flow risk; unless such information is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company. The policies for specific material risk exposures during the period under review are detailed below.

PRICE RISK, CREDIT RISK, LIQUIDITY RISK AND CASH FLOW RISK
- Price Risk: Diversified investment strategies aimed at reducing concentration risk and minimizing potential losses due to adverse price movements.

- Credit Risk: Rigorous credit risk assessment procedures, diversification of exposure to minimize credit risk, and a robust credit risk management framework.

- Liquidity Risk: Maintenance of an appropriate cash reserve, lines of credit, and close monitoring of liquidity ratios to meet short-term obligations.

- Cash Flow Risk: Active cash flow risk management, including cash flow forecasting and flexible cash management strategies.

FUTURE DEVELOPMENTS
When contemplating Mayfair Capital's future development, our strategic path revolves around innovation and sustainable growth. We are dedicated to exploring fresh market opportunities, adopting technological advancements, and cultivating strategic partnerships. We anticipate the financial markets to pose challenges until the summer 2024, with hopes that inflation's impact will diminish. Mayfair envisions a return to growth by year end 2024.


MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

STRATEGIC REPORT
for the Year Ended 31 March 2023


This strategic report outlines the challenges and events that influenced our business during the financial year ended 31 March 2023. We remain committed to our growth objectives and vigilant risk management strategies for the future.

ON BEHALF OF THE BOARD:





B T Scoates - Director


23 November 2023

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of financial advice and execution-only stockbroking services.

DIVIDENDS
Interim dividends of £54,620 were declared in the year (2022: £279,200). No final dividend is proposed.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

R D Owen-Thomas
B T Scoates

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the Company's Strategic report
information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations
2008 to be contained in the Directors' Report. It has done so in respect of financial risk management and future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2023


AUDITORS
The auditors, RFM Audit Services LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





B T Scoates - Director


23 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAYFAIR CAPITAL LIMITED

Opinion
We have audited the financial statements of Mayfair Capital Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAYFAIR CAPITAL LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAYFAIR CAPITAL LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could be reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, is detailed below.

- the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws and
regulations;
- we identified the laws and regulations applicable to the company through discussions with directors
and other management, and from our commercial knowledge and experience of the financial
services sector;
- we focused on specific laws and regulations which we considered may have a direct material effect
on the financial statements or the operations of the company, including the Companies Act 2006,
FCA regulations, taxation legislation and data protection, anti-bribery, employment, environmental
and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety
Executive, and the company’s legal advisors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAYFAIR CAPITAL LIMITED

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alan Meikle FCA (Senior Statutory Auditor)
for and on behalf of RFM Audit Services LLP, Statutory Auditor
120-124 Towngate
Leyland
Lancashire
PR25 2LQ

23 November 2023

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 3 359,595 1,073,591

Cost of sales 75,183 130,912
GROSS PROFIT 284,412 942,679

Administrative expenses 262,411 681,312
OPERATING PROFIT and
PROFIT BEFORE TAXATION 22,001 261,367

Tax on profit 6 4,392 49,682
PROFIT FOR THE FINANCIAL YEAR 17,609 211,685

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

17,609

211,685

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 757 1,140

CURRENT ASSETS
Debtors 9 88,279 59,433
Cash at bank and in hand 49,238 177,070
137,517 236,503
CREDITORS
Amounts falling due within one year 10 46,144 108,429
NET CURRENT ASSETS 91,373 128,074
TOTAL ASSETS LESS CURRENT
LIABILITIES

92,130

129,214

PROVISIONS FOR LIABILITIES 12 144 217
NET ASSETS 91,986 128,997

CAPITAL AND RESERVES
Called up share capital 13 45,000 45,000
Retained earnings 14 46,986 83,997
SHAREHOLDERS' FUNDS 91,986 128,997

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





B T Scoates - Director


MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 45,000 151,512 196,512

Changes in equity
Dividends - (279,200 ) (279,200 )
Total comprehensive income - 211,685 211,685
Balance at 31 March 2022 45,000 83,997 128,997

Changes in equity
Dividends - (54,620 ) (54,620 )
Total comprehensive income - 17,609 17,609
Balance at 31 March 2023 45,000 46,986 91,986

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

CASH FLOW STATEMENT
for the Year Ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (60,598 ) 326,612
Tax paid (12,614 ) (60,965 )
Net cash from operating activities (73,212 ) 265,647

Cash flows from investing activities
Purchase of tangible fixed assets - (1,149 )
Net cash from investing activities - (1,149 )

Cash flows from financing activities
Equity dividends paid (54,620 ) (279,200 )
Net cash from financing activities (54,620 ) (279,200 )

Decrease in cash and cash equivalents (127,832 ) (14,702 )
Cash and cash equivalents at
beginning of year

2

177,070

191,772

Cash and cash equivalents at end of
year

2

49,238

177,070

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 22,001 261,367
Depreciation charges 383 9
22,384 261,376
(Increase)/decrease in trade and other debtors (28,846 ) 58,527
(Decrease)/increase in trade and other creditors (54,136 ) 6,709
Cash generated from operations (60,598 ) 326,612

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 49,238 177,070
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 177,070 191,772


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 177,070 (127,832 ) 49,238
177,070 (127,832 ) 49,238
Total 177,070 (127,832 ) 49,238

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Mayfair Capital Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The nature of the company's operations and principal activity is that of the provision of financial advice and execution-only stockbroking services.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
There are no significant judgements and estimates made by management in preparing these financial statements which also have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

TURNOVER
Revenue comprises the fair value of the consideration received or receivable for services provided in the ordinary course of the company's activities. Revenue from fees is recognised when discretionary investment management services have been provided to clients and the amount of revenue can be measured reliably.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Rendering of services 359,595 1,073,591
359,595 1,073,591

The company's activities are carried out solely in the UK.

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2023 nor for the year ended 31 March 2022.

The average number of employees during the year was 2 (2022 - 2).

2023 2022
£ £
Directors' remuneration - -

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of other assets 46,958 41,164
Depreciation - owned assets 383 9
Auditors' remuneration 4,800 4,000
Foreign exchange differences 1,561 (974 )

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 4,465 49,378
(over)/under provisions in
previous year - 87
Total current tax 4,465 49,465

Deferred tax:
Origination and reversal of
timing differences (73 ) 217
Tax on profit 4,392 49,682

UK corporation tax has been charged at 19% (2022 - 19%).

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 22,001 261,367
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

4,180

49,660

Effects of:
Expenses not deductible for tax purposes 212 -
Adjustments to tax charge in respect of previous periods - 87
Super deduction - (65 )
Total tax charge 4,392 49,682

7. DIVIDENDS
2023 2022
£    £   
Dividends paid 54,620 279,200

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

8. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2022
and 31 March 2023 1,149
DEPRECIATION
At 1 April 2022 9
Charge for year 383
At 31 March 2023 392
NET BOOK VALUE
At 31 March 2023 757
At 31 March 2022 1,140

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 33,343 37,033
Other debtors 39,748 22,400
Prepayments and accrued income 15,188 -
88,279 59,433

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 2,121
Corporation tax 41,229 49,378
Other creditors 15 46,342
Accruals and deferred income 4,900 10,588
46,144 108,429

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 22,830 22,830

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 144 217

MAYFAIR CAPITAL LIMITED (REGISTERED NUMBER: 10079956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 217
Credit to Statement of Comprehensive Income during year (73 )
Balance at 31 March 2023 144

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
45,000 Ordinary £1 45,000 45,000

14. RESERVES
Retained
earnings
£   

At 1 April 2022 83,997
Profit for the year 17,609
Dividends (54,620 )
At 31 March 2023 46,986

15. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

During the year consultancy services amounting to £10,000 (2022: £415,200) was paid to entities over which the directors exert significant influence.

16. POST BALANCE SHEET EVENTS

After the year end, the company settled on a dispute at an amount of £40,000 payable by the company. At the year end, the directors believed that the case was in their favour, however, decided to settle post year end due to rising legal fees which would not be fully recovered.