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Registered number: 09544472









FAIRMILE ADVISORS LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
FAIRMILE ADVISORS LIMITED
 
 
COMPANY INFORMATION


Directors
M G Mullertz 
C P Müllertz 




Registered number
09544472



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 LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 18


 
FAIRMILE ADVISORS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report 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 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 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 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £22,375 (2023 - £3,044,703).

Equity dividends of £Nil (2023: £3,050,000) were declared and paid during the year.
Preference share dividends of £128,338 (2023: £802,883) were declared and paid during the year.

Directors

The directors who served during the year were:

M G Mullertz 
C P Müllertz 

Page 1

 
FAIRMILE ADVISORS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Future developments

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

Page 2

 
FAIRMILE ADVISORS LIMITED
 
 
 
DIRECTORS' 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 3

 
FAIRMILE ADVISORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIRMILE ADVISORS LIMITED
 

Opinion


We have audited the financial statements of Fairmile Advisors Limited (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 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 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 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.


Page 4

 
FAIRMILE ADVISORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIRMILE ADVISORS LIMITED (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 directors are 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' 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 Directors' 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 directors' 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 Directors' responsibilities statement set out on page 1, 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 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 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.


Page 5

 
FAIRMILE ADVISORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIRMILE ADVISORS LIMITED (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 6

 
FAIRMILE ADVISORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAIRMILE ADVISORS LIMITED (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 7

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

2024
2023
£
£

Turnover
60,000
60,000

Gross profit
60,000
60,000

Administrative expenses
(3,845)
(856)

Operating profit
56,155
59,144

Income from fixed assets investments
100,000
3,800,000

Finance costs
(128,354)
(803,279)

Profit before tax
27,801
3,055,865

Tax on profit
(5,426)
(11,162)

Profit for the financial year
22,375
3,044,703

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

The notes on pages 11 to 18 form part of these financial statements.

Page 8

 
FAIRMILE ADVISORS LIMITED
REGISTERED NUMBER: 09544472

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 9 
1,570,362
1,570,362

  
1,570,362
1,570,362

Current assets
  

Debtors: amounts falling due within one year
 10 
15,000
15,028

Cash at bank and in hand
 11 
85,022
67,164

  
100,022
82,192

Creditors: amounts falling due within one year
 12 
(14,328)
(18,873)

Net current assets
  
 
 
85,694
 
 
63,319

Total assets less current liabilities
  
1,656,056
1,633,681

Creditors: amounts falling due after more than one year
 13 
(12,500)
(12,500)

Net assets
  
1,643,556
1,621,181


Capital and reserves
  

Called up share capital 
 15 
25,000
25,000

Other reserves
 16 
1,492,891
1,492,891

Profit and loss account
 16 
125,665
103,290

  
1,643,556
1,621,181


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 11 to 18 form part of these financial statements.

Page 9

 
FAIRMILE ADVISORS LIMITED
 

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
25,000
1,492,891
108,587
1,626,478


Comprehensive income for the year

Profit for the year

-
-
3,044,703
3,044,703

Dividends: Equity capital
-
-
(3,050,000)
(3,050,000)



At 1 April 2023
25,000
1,492,891
103,290
1,621,181


Comprehensive income for the year

Profit for the year

-
-
22,375
22,375


At 31 March 2024
25,000
1,492,891
125,665
1,643,556


The notes on pages 11 to 18 form part of these financial statements.

Page 10

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

1.


General information

Fairmile Advisors Limited 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 the provision of management consultancy 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 £1,643,556 at the balance sheet date and its subsidiary undertaking continues to perform strongly.
The director is therefore satisfied that going concern basis is appropriate for preparation of the 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 that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 11

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

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

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.

  
2.8
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 Limited in the consolidation.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

Page 12

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.


3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Advisory Services
60,000
60,000

60,000
60,000


All turnover arose within the United Kingdom.


4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(69)
(3,225)

Page 13

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

5.


Income from investments

2024
2023
£
£



Dividends received from subsidiary undertakings
100,000
3,800,000

100,000
3,800,000



6.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
16
396

Interest payable on preference shares
128,338
802,883

128,354
803,279


7.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
6,617
11,162

Adjustments in respect of previous periods
(1,191)
-


5,426
11,162


Total current tax
5,426
11,162

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2023 - 19%).


Page 14

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

8.


Dividends

2024
2023
£
£


Dividends
-
3,050,000

-
3,050,000


9.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2023
1,570,362



At 31 March 2024
1,570,362




On 12 August 2015 the company purchased the entire issued ordinary share capital of Titon Associates Limited by issuing 12,500 preference share valued at £1,505,391.


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Titon Associates Ltd
Riverbank House, 2 Swan Lane, London, EC4R 3TT
Investment advisory services
Ordinary
100%

Page 15

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

10.


Debtors

2024
2023
£
£

Other debtors
-
28

Prepayments and accrued income
15,000
15,000

15,000
15,028



11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
85,022
67,164

85,022
67,164



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
7,711
7,711

Corporation tax
6,617
11,162

14,328
18,873



13.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Share capital treated as debt
12,500
12,500

12,500
12,500


Page 16

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

14.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
85,022
67,164

Financial assets that are debt instruments measured at amortised cost
15,000
15,028

100,022
82,192


Financial liabilities


Financial liabilities measured at amortised cost
(20,211)
(20,211)


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


Financial assets measured at amortised cost comprise other debtors and amounts due by group undertakings.


Financial liabilities measured at amortised cost comprise share capital classed as debt, accruals and amounts owed to group undertakings.


15.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



25,000 (2023 - 25,000) Ordinary shares of £1.00 each
25,000
25,000


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

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



12,500 (2023 - 12,500) Preference shares of £1.00 each
12,500
12,500


The preferences shares are non-redeemable and entitle the preference shareholders to an aggregate annual preferential dividend of 25% of the adjusted net profits of the company and are treated as a financial liability measured at amortised cost.

Page 17

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

16.


Reserves

Other reserves

The other reserves relate to the acquisition of the subsidiary.

Profit and loss account

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


17.


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.


18.


Controlling party

The immediate parent undertaking is Fairmile Advisors Holding Ltd. The ultimate 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 result of his position as sole Director of the parent company.

 
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