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Registered number: 09544430









FAIRMILE ADVISORS HOLDING LTD









DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
FAIRMILE ADVISORS HOLDING LTD
 
 
COMPANY INFORMATION


Director
M G Mullertz 




Registered number
09544430



Registered office
Riverbank House
2 Swan Lane

London

EC4R 3TT




Independent auditor
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
FAIRMILE ADVISORS HOLDING LTD
 

CONTENTS



Page
Director's report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Balance sheet
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 16


 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The loss for the year, after taxation, amounted to £3,751 (2023 - profit £3,046,366).

Dividends of £Nil (2023: £3,040,000) were declared and paid during the year.

Director

The director who served during the year was:

M G Mullertz 

Future developments

The Company intends to carry on with operations and foresee no changes in the immediate future.

Page 1

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

• so far as the director is aware, there is no relevant audit information of which the Company's auditors are   unaware, and
• the director has taken all the steps that ought to have been taken as a director in order to be aware of any  relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





M G Mullertz
Director

Date: 2 September 2024

Page 2

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIRMILE ADVISORS HOLDING LTD
 

Opinion


We have audited the financial statements of Fairmile Advisors Holding Ltd (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 2024 and of its loss 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 3

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIRMILE ADVISORS HOLDING LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The director is responsible for the other information contained within the Annual Report.  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. 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 course of 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.


Opinion 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's report has been prepared in accordance with applicable legal requirements.


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 Director's report.


We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 1, the director is 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 director determines is 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIRMILE ADVISORS HOLDING LTD (CONTINUED)


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 an Auditors' report 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 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:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any    instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the   financial statements and potential indicators of fraud.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 


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 Auditors' report.


Page 5

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIRMILE ADVISORS HOLDING LTD (CONTINUED)


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 2006Our 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 an Auditors' report 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.





Christopher Taylor (Senior Statutory Auditor)
  
for and on behalf of
Adler Shine LLP
 
Chartered Accountants
Statutory Auditor
  
Aston House
Cornwall Avenue
London
N3 1LF

3 September 2024
Page 6

 
FAIRMILE ADVISORS HOLDING LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

Administrative expenses
  
(3,842)
(3,634)

Operating loss
 3 
(3,842)
(3,634)

Income from fixed assets investments
  
-
3,050,000

(Loss)/profit before tax
  
(3,842)
3,046,366

Tax on (loss)/profit
 6 
91
-

(Loss)/profit for the financial year
  
(3,751)
3,046,366

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 16 form part of these financial statements.

Page 7

 
FAIRMILE ADVISORS HOLDING LTD
REGISTERED NUMBER: 09544430

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 8 
25,000
25,000

  
25,000
25,000

Current assets
  

Debtors: amounts falling due within one year
 9 
2,763
2,763

Cash at bank and in hand
 10 
13,320
17,162

  
16,083
19,925

Creditors: amounts falling due within one year
 11 
-
(91)

Net current assets
  
 
 
16,083
 
 
19,834

Total assets less current liabilities
  
41,083
44,834

Net assets
  
41,083
44,834


Capital and reserves
  

Called up share capital 
 13 
1
1

Profit and loss account
 14 
41,082
44,833

  
41,083
44,834


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M G Mullertz
Director

Date: 2 September 2024

The notes on pages 10 to 16 form part of these financial statements.

Page 8

 
FAIRMILE ADVISORS HOLDING LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
1
38,467
38,468


Comprehensive income for the year

Profit for the year

-
3,046,366
3,046,366

Dividends: Equity capital
-
(3,040,000)
(3,040,000)



At 1 April 2023
1
44,833
44,834


Comprehensive income for the year

Loss for the year

-
(3,751)
(3,751)


At 31 March 2024
1
41,082
41,083


The notes on pages 10 to 16 form part of these financial statements.

Page 9

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Fairmile Advisors Holding Ltd is a private company limited by shares and is registered in England and Wales. The registered office is Riverbank House, 2 Swan Lane, London, EC4R 3TT.
The principal activity of the company is that of a holding company. The principal activites of its subsidiaries are that of consultancy and management services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will be able to continue trading for the foreseeable future. The company has net assets of £41,083 at the balance sheet date and its subsidiary undertakings continue to perform strongly. 
The director is therefore satisfied that the going concern basis is appropriate for the preparation of these financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 10

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.5
Cashflow Statement Exemption

The Company is exempt from preparing a cashflow statement under FRS 102 as the parent company prepares publicly available consolidated financial statements, including Fairmile Advisors Holding Limited in the consolidation.

 
2.6

Taxation

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.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

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.

 
2.9

Cash and cash equivalents

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.

 
2.10

Creditors

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.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.12

Dividends

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.

Page 11

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
55
(431)


4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
3,787
3,909

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


5.


Income from investments

2024
2023
£
£



Dividends received from unlisted investments
-
3,050,000

-
3,050,000



6.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(91)
-

Total current tax
(91)
-
Page 12

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
6.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(3,842)
3,046,366


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(961)
578,810

Effects of:


Dividends from UK companies
-
(579,500)

Other differences leading to an increase (decrease) in the tax charge
870
690

Total tax charge for the year
(91)
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


7.


Dividends

2024
2023
£
£


Dividends
-
3,040,000

-
3,040,000

Page 13

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
25,000



At 31 March 2024
25,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Fairmile Advisors Limited
Consultancy and management services
-
Ordinary
-
100%
-
Titon Associates Limited
Investment advisory services
-
Ordinary
-
100%
-


9.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
2,763
2,763

2,763
2,763



10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
13,320
17,162

13,320
17,162


Page 14

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
-
91

-
91



12.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
13,320
17,162

Financial assets that are debt instruments measured at amortised cost
2,763
2,763

16,083
19,925




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.

Page 15

 
FAIRMILE ADVISORS HOLDING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1

There is a single class or ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.



14.


Reserves

Profit and loss account

Retained earnings relate to cumulative net gains and losses less distributions made.


15.


Related party transactions

In accordance with FRS102 Section.33.1A: Related Party Disclosures, the Company is exempt from disclosing transactions with entities that are part of the Fairmile Holding UK Limited Group qualifiying as related parties, as it is a wholly owned subsidiary of a parent undertaking publishing Group financial statements.


16.


Controlling party

The immediate parent undertaking is Fairmile Holding UK Limited. The ulitimate parent undertaking is Fairmile Holding, Inc.
The smallest and largest group to consolidate these financial statements is Fairmile Holding UK Limited. Copies of the consolidated financial statements can be obtained from Companies House.
M G Mullertz controls the company as a esult of his position as sole Shareholder of the ultimate parent company. 

 
Page 16