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Registered number: 03684214 TITON ASSOCIATES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
TITON ASSOCIATES LIMITED COMPANY INFORMATION
Directors | M G Mullertz
| C P Mullertz
Company secretary | M G Mullertz
Registered number | 03684214
Registered office | Riverbank House
| 2 Swan Lane
| London
| EC4R 3TT
Independent auditors | Adler Shine LLP
| Chartered Accountants & Statutory Auditor
| Aston House
| Cornwall Avenue
| London
| N3 1LF
TITON ASSOCIATES LIMITED CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Balance sheet | 10
Statement of changes in equity | 11
Statement of cash flows | 12 - 13
Notes to the financial statements | 14 - 27
TITON ASSOCIATES LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The directors present their report and financial statements for the year ended 31 March 2025.
Business review
For the year, client portfolios performed as expected and ahead of benchmarks, resulting in a satisfactory year for the Company.
Principal risks and uncertainties
Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily on its cash and cash equivalents. Liquidity risk Liquidity risk is the risk that the Company will have difficulty raising funds to meet commitments associated with financial instruments. The Company limits its liquidity risk by ensuring that working capital is in excess of expected requirements. Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. All the transactions of the Company are in British Pounds, Danish Kroners and Euros. The Company closely monitors foreign exchange movements and hedges against this risk when considered appropriate to do so. Key performance indicators The directors monitor the progress of the company on a quarterly basis with reference to the company’s KPI of maintaining regulatory capital to meet the FCA requirement. For the year under review this requirement was £75,000, compared to own funds of £119,000. This report was approved by the board and signed on its behalf.
M G Mullertz Director
Date: 20 June 2025
Page 1
TITON ASSOCIATES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, 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 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.
Results and dividends
The profit for the year, after taxation, amounted to £4,199,880 (2024 - £177,225). Dividends of £Nil (2024: £100,000) were declared and paid during the year.
Directors
The directors who served during the year were:
M G Mullertz
C P Mullertz
Future developments
The Company intends to carry on with operations and the directors foresee no changes in the immediate future. Page 2
TITON ASSOCIATES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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. Energy and carbon report The company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower. Section 172 statement This section serves as the director’s section 172 statement which requires directors to take into consideration the interests of stakeholders in their decision making. The directors continue to have regard to the interests of the company’s employees and other stakeholders, including the impact of its activities on the community, suppliers, customers, the environment and the company’s reputation, when making decisions. Acting in good faith and fairly between directors, the directors consider what is most likely to promote the success of the company in the long term, including: • The directors consider the interest of employees and deem employment a primary factor in the success of the company. The company aims to be a responsible employer and that includes temporary employees and consultants. Matters including health and safety are primary considerations when making decisions. • As a company regulated by the FCA, investor interests and the interest of others, such as suppliers, are also important to the directors. • When making decisions on the company’s strategies and operations, the directors also consider the impact of these decisions on the community environment. • As the company grows the directors are aware of the importance of its reputation and ensure that management operates the company in a reasonable manner with integrity. The directors seek to ensure that this culture is understood and shared across the company.
Auditors
The auditors, Adler Shine LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Going concern After reviewing the Company's forecasts, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. Page 3
TITON ASSOCIATES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 This report was approved by the board and signed on its behalf.
M G Mullertz Director
Date: 20 June 2025
Page 4
TITON ASSOCIATES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITON ASSOCIATES LIMITED
Opinion
We have audited the financial statements of Titon Associates Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 2025 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 5
TITON ASSOCIATES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITON ASSOCIATES 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have 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 Strategic report or 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 2, 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 6
TITON ASSOCIATES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITON ASSOCIATES 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, 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. The key laws and regulations we considered in this context included UK Companies Act, Data Protection anti-bribery, employment law, health and safety, money Laundering Act and Financial Conduct Authority (FCA) Regulations; and • 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 7
TITON ASSOCIATES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TITON ASSOCIATES 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 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 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. Engin Zekia BSc FCA (Senior statutory auditor) for and on behalf of Adler Shine LLP Chartered Accountants Statutory Auditor Aston House Cornwall Avenue London N3 1LF 20 June 2025 Page 8
TITON ASSOCIATES LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 8,923,598 | 1,292,568
Gross profit |  | 8,923,598 | 1,292,568
Administrative expenses |  | (3,327,426) | (853,874)
Loss on sale of investments |  | - | (111,548)
Fair value movements |  | (2,125) | (7,550)
Operating profit | 5 | 5,594,047 | 319,596
Income from fixed assets investments |  | 1,668 | 1,993
Interest receivable and similar income | 10 | 5,441 | 2,315
Interest payable and similar expenses | 11 | (52) | (630)
Profit before tax |  | 5,601,104 | 323,274
Tax on profit | 12 | (1,401,224) | (146,049)
Profit for the financial year |  | 4,199,880 | 177,225
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 4,199,880 | 177,225
The notes on pages 14 to 27 form part of these financial statements.
Page 9
TITON ASSOCIATES LIMITED REGISTERED NUMBER: 03684214 BALANCE SHEET AS AT 31 MARCH 2025
| 2025 | 2025 | 2024 | 2024
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 788 |  | 1,819
Investments | 15 |  | 204,584 |  | 204,584
|  |  | 205,372 |  | 206,403
Current assets |  |  |  |  |
Debtors | 16 | 2,833,959 |  | 425,596 |
Current asset investments | 17 | 23,725 |  | 25,850 |
Cash at bank and in hand | 18 | 6,243,978 |  | 432,948 |
|  | 9,101,662 |  | 884,394 |
Creditors: amounts falling due within one year | 19 | (4,134,614) |  | (116,715) |
Net current assets |  |  | 4,967,048 |  | 767,679
Total assets less current liabilities |  |  | 5,172,420 |  | 974,082
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (12,652) |  | (14,194) |
|  |  | (12,652) |  | (14,194)
Net assets |  |  | 5,159,768 |  | 959,888
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 25,000 |  | 25,000
Profit and loss account | 22 |  | 5,134,768 |  | 934,888
|  |  | 5,159,768 |  | 959,888
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M G Mullertz
Director
Date: 20 June 2025
The notes on pages 14 to 27 form part of these financial statements. Page 10
TITON ASSOCIATES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 | 25,000 | 857,663 | 882,663
Comprehensive income for the year |  |  |
Profit for the year | - | 177,225 | 177,225
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (100,000) | (100,000)
At 1 April 2024 | 25,000 | 934,888 | 959,888
Comprehensive income for the year |  |  |
Profit for the year | - | 4,199,880 | 4,199,880
Contributions by and distributions to owners |  |  |
At 31 March 2025 | 25,000 | 5,134,768 | 5,159,768
| The notes on pages 14 to 27 form part of these financial statements.
Page 11
TITON ASSOCIATES LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 4,199,880 | 177,225
Adjustments for: |  |
Depreciation of tangible assets | 1,031 | 1,982
Interest paid | 52 | 630
Interest received | (5,441) | (4,308)
Taxation charge | 1,399,598 | 146,049
(Increase) in debtors | (2,408,796) | (84,745)
Decrease in amounts owed by groups | 435 | -
Increase/(decrease) in creditors | 2,675,804 | (327)
(Decrease)/increase in amounts owed to groups | (2,047) | 1,600
Net fair value losses recognised in P&L | 2,125 | 7,550
Corporation tax (paid) | (57,000) | (234,309)
Loss on sale of investments | - | 111,548
Net cash generated from operating activities | 5,805,641 | 122,895
Cash flows from investing activities |  |
Purchase of tangible fixed assets | - | (848)
Sale of short-term listed investments | - | 1,784
Interest received | 5,441 | 2,315
Dividends received | - | 1,993
Net cash from investing activities | 5,441 | 5,244
Cash flows from financing activities |  |
Dividends paid | - | (100,000)
Interest paid | (52) | (630)
Net cash used in financing activities | (52) | (100,630)
Page 12
TITON ASSOCIATES LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
|  | 2025 | 2024
|  | £ | £
Net increase in cash and cash equivalents | 5,811,030 | 27,509
Cash and cash equivalents at beginning of year | 432,948 | 405,439
Cash and cash equivalents at the end of year | 6,243,978 | 432,948
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 6,243,978 | 432,948
| 6,243,978 | 432,948
The notes on pages 14 to 27 form part of these financial statements.
Page 13
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Titon Associates Limited is a private Company limited by shares. The Company is incorporated in England and Wales and the registered number is 03684214. The registered office is Riverbank House, 2 Swan Lane, London, EC4R 3TT. The principal activity of the Company continued to be that of the provision of investment 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 | Going concern
After reviewing the Company's forecasts, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.3 | 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. Page 14
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | 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.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 15
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 16
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.11 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.12 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.13 | 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.
| 2.14 | 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. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.15 | 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.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 17
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is Page 18
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.18 | 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. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the process of applying the Company's accounting policies, management makes various judgments which can significantly affect the amounts recognised in the financial statements. They are also required to use certain critical accounting estimates and assumptions regarding the future that may have a significant risk or giving rise to a material adjustment to the carrying values of assets and liabilities within the next financial year. The critical judgments are considered to be the following: The Company's investment in unlisted shares is required to be revalued at each reporting date at fair market value, which involves judgement and depends on a number of factors. The value adopted is based on the most recent transaction price per share. Page 19
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Advisory services | 8,923,598 | 1,292,568
|  | 8,923,598 | 1,292,568
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 3,202 | 8,495
| Other operating lease rentals | 17,110 | 17,012
|  | 13,908 | 8,517
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's annual financial statements | 10,350 | 8,750
Page 20
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
| Directors pension costs | 120,000 | 190,000
|  | 120,000 | 190,000
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 2 | 2
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 95,908 | 95,908
| Company contributions to defined contribution pension schemes | 120,000 | 190,000
|  | 215,908 | 285,908
9. | Income from investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Income from current asset investments | 1,668 | 1,993
|  | 1,668 | 1,993
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 5,441 | 2,315
|  | 5,441 | 2,315
Page 21
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 52 | -
| Other interest payable | - | 630
|  | 52 | 630
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,401,140 | 112,311
| Adjustments in respect of previous periods | 1,626 | 30,635
|  | 1,402,766 | 142,946
| Total current tax | 1,402,766 | 142,946
| Deferred tax |  |
| Origination and reversal of timing differences | (1,542) | 3,103
| Total deferred tax | (1,542) | 3,103
| Taxation on profit on ordinary activities | 1,401,224 | 146,049
Page 22
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 5,601,104 | 323,274
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,400,276 | 80,819
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 638 | 31,745
| Adjustments to tax charge in respect of prior periods | 1,626 | 30,635
| Other timing differences leading to an increase (decrease) in taxation | 226 | 2,605
| Deferred taxation | (1,542) | 245
| Total tax charge for the year | 1,401,224 | 146,049
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | - | 100,000
|  | - | 100,000
Page 23
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 1 April 2024 | 19,527
| At 31 March 2025 | 19,527
| Depreciation |
| At 1 April 2024 | 17,708
| Charge for the year on owned assets | 1,031
| At 31 March 2025 | 18,739
| Net book value |
| At 31 March 2025 | 788
| At 31 March 2024 | 1,819
15. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 April 2024 | 204,584
| At 31 March 2025 | 204,584
Page 24
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 600 | 600
|  | 600 | 600
| Due within one year |  |
| Amounts owed by group undertakings | 4,942 | 5,377
| Other debtors | 90,641 | 99,236
| Prepayments and accrued income | 2,737,776 | 320,383
|  | 2,833,959 | 425,596
17. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Listed investments | 23,725 | 25,850
|  | 23,725 | 25,850
18. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 6,243,978 | 432,948
|  | 6,243,978 | 432,948
Page 25
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | - | 2,047
| Corporation tax | 1,344,140 | -
| Other taxation and social security | 334 | 703
| Other creditors | 12,204 | 2,032
| Accruals and deferred income | 2,777,936 | 111,933
|  | 4,134,614 | 116,715
20. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (14,194)
| Charged to profit or loss | 1,542
| At end of year | (12,652)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Unrealised gains on investments | (12,652) | (14,194)
|  | (12,652) | (14,194)
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 25,000 (2024 - 25,000) Ordinary shares of £1.00 each | 25,000 | 25,000
Page 26
TITON ASSOCIATES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
22. | Reserves
Profit and loss account Retained earnings relate to cumulative net gains and losses less distributions made.
23. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £120,000 (2024 - £190,000). There were no contributions payable to the fund at the balance sheet date.
24. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 3,974 | 3,969
|  | 3,974 | 3,969
25. | Related party transactions
| The Company has taken advantage of the exemption in Section 33 Related Party Disclosures of FRS 102 not to disclose transactions with the members of the Group, on the grounds that they are wholly owned within the group. At the balance sheet date, an amount of £7,150 (2024: £7,063 owed by) was owed to M G Mullertz, a director of the Company. At the balance sheet date, the Company owed £NIL (2024: £1,779 was owed to) by C P Mullertz, a director of the company.
26. | Controlling party
The immediate parent company is Fairmile Advisors Limited. Titon Associates Limited is a member of a group headed by Fairmile Holding UK Ltd., for which consolidated financial statements are prepared. Copies of these can be obtained at Riverbank House, Swan Lane, London, EC4R 3TT. The ultimate controlling party is M G Mullertz.
Page 27