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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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BORDIER & CIE (UK) PLC
COMPANY INFORMATION
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BORDIER & CIE (UK) PLC
CONTENTS
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BORDIER & CIE (UK) PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
The key financial and other performance indicators during the year are noted below and should be read with the Business Review of the Company.
The Company has identified key risks which include:
∙IT systems failure;
∙market risk;
∙loss of key persons;
∙cyber security risk;
∙reputational risks (particularly regulatory);
∙business continuity risk;
∙financial fraud;
∙failures of transaction processing; and
∙poor corporate governance.
The Company’s risk management framework includes an Operational Risk committee, which establishes risk tolerance, sets risk management policy and establishes suitable risk management policies. As a committee of the Board, it advises the Board every quarter on key risk issues.
This risk management process is considered adequate for the Company given its size, nature and the complexity of its business.
The principal activity is the provision of portfolio management services.
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BORDIER & CIE (UK) PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial markets closed the year on a reasonably high note after another strong leg up in values during the final quarter, powered by Donald Trump’s re-election as US president, reductions in interest rates and money flowing quite freely both into and around a range of assets. Maintaining stockmarket positioning at the upper end of our strategic ranges proved beneficial during the year, as did our bias towards the US stockmarket which, once again, led the charge. As a result, we saw very pleasing returns in all our investment mandates throughout the year.
In 2024, Bordier & Cie celebrated 180 years of being an independent, family owned and managed bank with unlimited liability at the Partner level in Geneva. Closer to home, we have now been looking after clients in London for 43 years and recently celebrated record funds under management in the UK in excess of £2bn. Our existence as a genuine family-owned business does, in our view, truly set us apart from the vast majority of our competitors, who must wrestle with external shareholder pressures and the stresses that this can so often cause.
The past three years has seen the firm undertake an investment in organic growth by expanding both our Wealth Planning and Sales Distribution teams. This is an ongoing investment focusing on the firm’s medium & long-term growth strategy, whilst expanding our Wealth Advice Service to our non-advised clients. It was inevitable therefore that profitability would decline during a transitional period, but we are able to look ahead to future years without the influence of external shareholders seeking short-term profitability. We believe this strategy will leave the firm well placed for further growth and profitability in the years ahead.
Total business turnover increased by £0.3m (4%) to £7.3m. The net assets of the business declined slightly by £0.2m (4%), but remain at a strong capital position of £4.9m and we remain in a healthy condition for further organic growth.
In the summer of 2024, our CEO Jamie MacLeod left the firm after fourteen years to pursue other interests. He left with our best wishes. After an interim period of leadership led by the Executive Chairman, Jamie Berry, we are pleased to have Ian Heap take on the CEO role from 1 January 2025. Ian joined the firm almost 20 years ago as a relatively young investment manager, progressing to become head of the portfolio management team and a director of the UK Board. Ian’s knowledge of all aspects of the firm is both deep and well-constructed and we have every confidence in his ability to lead the business on its next phase of growth.
It has been another good year for investment awards for the firm. As well as being shortlisted, we were winners of several key awards:
∙Specialist Wealth Manager with assets over £5bn, WealthBriefing European Awards
∙Discretionary Fund Management Offering, WealthBriefing European Awards
∙Asset Manager of the Year (up to €100bn), Wealth & Asset Management Awards
∙Small to Medium Wealth Management Firm of the Year, MoneyAge Awards
Our three core service propositions, Bespoke, Managed and Platform Managed have continued to retain their Defaqto 5 Star Ratings – we are one of the few discretionary wealth managers to have retained and received a 5 Star Rating in each of the Discretionary Fund Manager classifications for the past twelve consecutive years, a reflection of the firm’s total commitment to providing a high quality, genuinely personal service which aims not simply to meet, but to exceed our clients’ expectations.
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BORDIER & CIE (UK) PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
As a Board we have always taken decisions for the long-term best interests of our clients, our staff and the firm. Collectively and individually, our aim is always to uphold the highest standards of conduct. This is reviewed regularly, and all members of staff make an annual declaration of compliance. The guiding principle of our entire group is very simple – we put our hearts and souls into it because we own the business and have no outside shareholder influence to take us away from our objective.
We are open and fair in all our dealings with clients and also our own colleagues, always seeking to work in a completely transparent manner. Our staff are vital to our business and we put staff wellbeing issues at the forefront of what we do. Further to this, the firm maintains the highest standards of compliance. The Board ensures that it acts fairly, as do all members of the Company. Our clients delegate to us the responsibility to manage their investments, and we never forget that we are entrusted with their hard-earned capital. Investing responsibly is integral to the philosophy and values on which our services are based. We are pleased to advise that all the active funds we use across our range of portfolio strategies are managed by firms who are signatories to the United Nations-backed Principles for Responsible Investment (‘PRI’) initiative. In 2022, The Bordier Group became a proud official sponsor of SolarStratos and this sponsorship continues today – a pioneering expedition to the edge of space demonstrating the power of solar energy for a sustainable tomorrow. In 2024, an attempt was made to reach the highest altitude ever achieved by a solar-powered aircraft but was prevented from fulfilment by thunderstorms which resulted in rerouting commercial air traffic over Switzerland. A solar-powered plane in the middle of this bad weather was not a good idea, so the attempt was curtailed, but there are plans for a new attempt in the spring of 2025. By partnering with the SolarStratos expedition, we are continuing our commitment to protecting the planet for the future by promoting a renewable energy source as a viable alternative to fossil fuels.
Overall, we remain quite upbeat about the prospects for 2025, although recognise we will need to keep an agile mindset. Most economic forecasters are predicting growth in the global economy above 3% for the next couple of years. This is by no means spectacular but is broadly in line with pre-pandemic averages and, importantly, higher than at the start of 2024 following upgrades to US economic growth which have more than offset the deterioration elsewhere, notably from the eurozone. For now, we are comfortable having investment skews towards the US and also to Asian markets, where valuations do not reflect the fact that the region is expected to grow at more than twice the pace of the developed world.
The world stage is complicated both economically and politically, but fundamentally we see a backdrop of falling interest rates and a lower cost of capital, ‘pro-growth’ policies from new governments and improving profits and growth expectations as being supportive for investment risk-taking. We therefore remain happy to maintain our allocations to stockmarkets at the upper end of strategic ranges. This is counterbalanced, where relevant to the risk mandate, with our increased allocations to bond markets and still good commitments to alternative investments, and a low exposure to cash. Although the world seems more unsettled than ever from a geopolitical perspective, we remain optimistic for the future. We stand by, however, to expect the unexpected and adapt our strategy, if necessary, as the start of this next quarter-century unfolds. As already mentioned, our ownership structure makes us genuinely different to so many of our peers in what is an overcrowded space where it is hard for clients to see genuine differentiation. We are convinced that this, combined with a commitment to recruit the very best people for all aspects of the business, will contribute to our continued growth and where we can put all our time and energy into managing client portfolios.
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BORDIER & CIE (UK) PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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BORDIER & CIE (UK) PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The loss for the year, after taxation, amounted to £13,618 (2023 - profit £404,509).
Dividends were declared and paid on 17 January 2024, 26 March 2024, 29 April 2024, 15 July 2024 and 17 October 2024.
The directors who served during the year were:
A review of the business and likely future developments in the business are included in the Strategic Report.
The directors have concluded that the Company has adequate financial resources to continue in operation for the foreseeable future being a period of at least 12 months from the date these financial statements were approved and have therefore adopted the going concern basis in preparing the financial statements.
This report was approved by the board and signed on its behalf.
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BORDIER & CIE (UK) PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
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 judgements 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.
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BORDIER & CIE (UK) PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORDIER & CIE (UK) PLC
FOR THE YEAR ENDED 31 DECEMBER 2024
We have audited the financial statements of Bordier & Cie (UK) PLC (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the 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).
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 Auditor's 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.
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.
The other information comprises the information included in the annual report other than the financial statements and our Auditor's 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.
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BORDIER & CIE (UK) PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORDIER & CIE (UK) PLC (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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BORDIER & CIE (UK) PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORDIER & CIE (UK) PLC (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 Auditor's 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:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC, relevant regulators including the Financial Conduct Authority, and the company’s legal advisors, if any.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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BORDIER & CIE (UK) PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORDIER & CIE (UK) PLC (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 Auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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BORDIER & CIE (UK) PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BORDIER & CIE (UK) PLC
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 27 form part of these financial statements.
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BORDIER & CIE (UK) PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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BORDIER & CIE (UK) PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Bordier & Cie (UK) PLC is a public limited company incorporated in England and limited by shares. The Registered Office is 23 King Street, London SW1Y 6QY and company registration number is 01583393.
The financial statements are prepared in sterling which is the functional currency of the Company and rounded to the nearest pound.
2.Accounting policies
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:
The Company holds stakes in dormant subsidiaries and is exempt from the requirement to prepare group account by virtue of sections 402 and 405 (2) of the Companies Act 2006 as the dormant subsidiaries are not material for the purpose of giving a true and fair view. These financial statements therefore present information about the Company as an individual undertaking and not about its group.
After making enquiries, the directors have a concluded that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statements of the Company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the financial statements, the results and financial position of the Company is expressed in British Pounds, which is the functional currency of the Company and the presentation currency for the financial statements. In preparing the financial statements of the Company, transactions in currencies other than the entity’s functional currency (“foreign currencies”) are recorded at the rates of exchange prevailing on the dates of the transactions. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the statement of financial position date. Income and expense items are translated at the date of transaction.
Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the statement of financial position date. All differences are taken to the statement of comprehensive income.
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.
United Kingdom corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantially enacted by the statement of financial position date. Deferred taxation is provided in full on timing differences that result in an obligation at the statement of financial position date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are not discounted.
Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements, except that:
∙unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the statement of financial position date.
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. Cost includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which is incurred either when the item is acquired or as a consequence of having used the item during a particular period.
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Depreciation is provided on the following basis:
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
The directors have determined that there are no significant areas of judgement or accounting estimates that have a material impact on the financial statements.
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 when they are due. Amounts not paid are shown as accruals in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds. The pension commitment (whether included or not in the balance sheet) relating wholly or partly to pensions payable to past directors of the Company was £Nil (2023: £Nil).
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% for companies with profits of over £250,000. This new law was substantively enacted on 24 May 2021. Deferred taxes at the statement of financial position date have been measured using these enacted tax rates and reflected in these financial statements. For the financial year ended 31 December 2023, the current weighted averaged tax rate was 23.5%.
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Capital redemption reserve
Profit and loss account
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BORDIER & CIE (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors consider Bordier Holdings SA, who own the majority of the shares of Bordier & Cie (UK) PLC at the statement of financial position date, to be a related party. The Company received no income or incurred any expenses itself with Bordier Holdings SA during the year. However, Bordier Holdings SA charges of £19,471 (2023: £18,177) for stock dealing and £99,248 (2023: £115,642) for custody and administration were passed on to clients of Bordier & Cie (UK) PLC with no profit or mark-up taken by the Company. At year end none of these charges were outstanding (2023: £NIL).
The Company received an introductory fee for loans provided by Bordier & Cie Geneva of £0 (2023: £0) and received income of £62,367 in respect of retrocessions for loan interest and custody charges (2023: £81,176). At year end, charges relating to introductory fees for loans of £NIL (2023: £NIL) and charges relating to loan interest and custody charges of £11,433 (2023: £20,508) were outstanding. The Company received income of £7,839 from Bordier Bank (TCI) Ltd (2023: £21,780) relating to a fee sharing agreement. The Company paid out £36,428 (2023: £36,059) of fees to Bordier Bank (TCI) Ltd. At year end, income receivable was £NIL (2023: £5,413) and fees of £9,507 (2023: £9,042) were outstanding. The Company received income of £14,583 from Bordier Singapore (2023: £20,874) relating to investment support. At year end, none of this income was outstanding (2023: £NIL). Loans provided to Directors were granted on 19 March 2018. The outstanding balance is £48,180 (2023: £48,180). Interest received on the loans during the year was £1,084 (2023: £1,536). All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. Total remuneration in respect of these individuals is £1,841,816 (2023: £1,528,276). Transactions with related parties are made on an arm’s length basis.
Bordier & Cie (UK) PLC is a majority owned subsidiary of
In the opinion of the directors there is no ultimate controlling party.
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