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Registered number: 01583393












BORDIER & CIE (UK) PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

BORDIER & CIE (UK) PLC
 
COMPANY INFORMATION


Directors
J A J Berry (Executive Chairman) 
G A Bordier (Non-Executive) 
A I Heap (Chief Executive Officer) 
M J Robinson 
A Clewlow 
R T Sherwood (Non-Executive) 




Company secretary
J MacCaw



Registered number
01583393



Registered office
23 King Street

London

SW1Y 6QY




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH





 

BORDIER & CIE (UK) PLC

CONTENTS



Page
Strategic report
 
1 - 4
Directors' report
 
5
Directors' responsibilities statement
 
6
Independent auditor's report
 
7 - 10
Statement of comprehensive income
 
11
Statement of financial position
 
12
Statement of changes in equity
 
13
Statement of cash flows
 
14
Notes to the financial statements
 
15 - 27


 

BORDIER & CIE (UK) PLC
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.

Review of the business
 
The key financial and other performance indicators during the year are noted below and should be read with the Business Review of the Company.
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Principal risks and uncertainties
 
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.

Principal activity
 
The principal activity is the provision of portfolio management services.

Page 1

 

BORDIER & CIE (UK) PLC

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
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. 
 

Page 2

 

BORDIER & CIE (UK) PLC

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

s172 Companies Act 2006
 
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.  

Future developments

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. 

Page 3

 

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.



J MacCaw
Secretary

Date: 6 March 2025

Page 4

 

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.

Results and dividends

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.

Directors

The directors who served during the year were:

J A J Berry (Executive Chairman) 
G A Bordier (Non-Executive) 
A I Heap (Chief Executive Officer) 
J E J MacLeod (resigned 15 July 2024)
M J Robinson 
A Clewlow 
R T Sherwood (Non-Executive) (appointed 24 September 2024)

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Review of business

A review of the business and likely future developments in the business are included in the Strategic Report.

Going concern

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.
 





J MacCaw
Secretary

Date: 6 March 2025

Page 5

 

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 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.

Page 6

 

BORDIER & CIE (UK) PLC

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORDIER & CIE (UK) PLC
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


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 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 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.


Conclusions relating to going concern


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


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


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


Other information


The 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 reportOur 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.


Page 7

 

BORDIER & CIE (UK) PLC

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORDIER & CIE (UK) PLC (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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 6, 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 8

 

BORDIER & CIE (UK) PLC

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORDIER & CIE (UK) PLC (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor's 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 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.


Page 9

 

BORDIER & CIE (UK) PLC

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORDIER & CIE (UK) PLC (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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 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.





Nicholas Anderson (Senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
6 March 2025
Page 10

 

BORDIER & CIE (UK) PLC
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 3 
7,329,160
7,049,269

Administrative expenses
  
(7,713,486)
(6,771,054)

Operating (loss)/profit
  
(384,326)
278,215

Interest receivable and similar income
 8 
410,928
244,137

Profit before taxation
  
26,602
522,352

Tax on profit
 9 
(40,220)
(117,843)

(Loss)/profit for the financial year
  
(13,618)
404,509

Total comprehensive income for the year
  
(13,618)
404,509

The notes on pages 15 to 27 form part of these financial statements.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

Page 11


 
REGISTERED NUMBER:01583393
BORDIER & CIE (UK) PLC

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
38,442
48,000

Investments
 11 
2
2

  
38,444
48,002

Current assets
  

Debtors: amounts falling due after more than one year
 12 
72,270
72,270

Debtors: amounts falling due within one year
 12 
1,433,194
1,669,512

Cash at bank and in hand
 19 
4,612,065
4,855,774

  
6,117,529
6,597,556

Creditors: amounts falling due within one year
 13 
(1,047,962)
(1,251,698)

Net current assets
  
 
 
5,069,567
 
 
5,345,858

Total assets less current liabilities
  
5,108,011
5,393,860

Creditors: amounts falling due after more than one year
 14 
(96,816)
(175,537)

Provisions for liabilities
  

Provisions for dilapidations
 16 
(127,750)
(127,750)

Net assets
  
4,883,445
5,090,573


Capital and reserves
  

Called up share capital 
 17 
71,195
71,195

Share premium account
 18 
199,290
199,290

Capital redemption reserve
 18 
1,971
1,971

Profit and loss account
 18 
4,610,989
4,818,117

Total equity
  
4,883,445
5,090,573


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



A I Heap (Chief Executive Officer)
Director

Date: 6 March 2025

The notes on pages 15 to 27 form part of these financial statements.

Page 12

 

BORDIER & CIE (UK) PLC

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


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
71,195
199,290
1,971
4,560,129
4,832,585


Comprehensive income for the year

Profit for the financial year
-
-
-
404,509
404,509


Contributions by and distributions to owners

Equity dividends paid
-
-
-
(146,521)
(146,521)



At 1 January 2024
71,195
199,290
1,971
4,818,117
5,090,573


Comprehensive income for the year

Loss for the financial year
-
-
-
(13,618)
(13,618)


Contributions by and distributions to owners

Equity dividends paid (Note 21)
-
-
-
(193,510)
(193,510)


At 31 December 2024
71,195
199,290
1,971
4,610,989
4,883,445


The notes on pages 15 to 27 form part of these financial statements.

Page 13

 

BORDIER & CIE (UK) PLC

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/Profit for the financial year
(13,618)
404,509

Adjustments for:

Depreciation of tangible assets
22,210
45,502

Interest received
(410,928)
(244,137)

Taxation charge
40,220
117,843

Decrease/(increase) in debtors
209,422
(414,327)

Decrease in creditors
(282,457)
(411,344)

Corporation tax received/(paid)
11,841
(132,108)

Loss on foreign exchange
4,001
6,006

Net cash used in operating activities

(419,309)
(628,056)


Cash flows from investing activities

Interest received
385,763
222,734

Payments to acquire tangible fixed assets
(12,652)
(13,373)

Net cash generated from investing activities

373,111
209,361

Cash flows from financing activities

Dividends paid
(193,510)
(146,521)

Net cash used in financing activities
(193,510)
(146,521)

Net decrease in cash and cash equivalents
(239,708)
(565,216)

Cash and cash equivalents at beginning of year
4,855,774
5,426,996

Foreign exchange gains and losses
(4,001)
(6,006)

Cash and cash equivalents at the end of year
4,612,065
4,855,774


The notes on pages 15 to 27 form part of these financial statements.

Page 14

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

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

 
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

Consolidation

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.

 
2.3

Going concern

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.

 
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. Turnover comprises of management fees charged and commission receivable, and is recognised on accruals basis within the statement of comprehensive income.

 
2.5

Leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 15

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Foreign currency translation

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.

  
2.7

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.

 
2.8

Taxation

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.

Page 16

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

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:

Fixtures and fittings
-
14% - 20% straight line
Office equipment
-
25% straight line
Computer equipment
-
25% - 33.33% straight line

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.

 
2.10

Provisions for liabilities

A provision is recognised when the Company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. The effect of the time value of money is not material and therefore the provisions are not discounted.

  
2.11

Critical accounting estimates and areas of judgement

The directors have determined that there are no significant areas of judgement or accounting estimates that have a material impact on the financial statements.

 
2.12

Employee Benefits - Defined contribution pension scheme

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).

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Dividends

Dividends are recognised through equity in the period in which they are approved and declared.

Page 17

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Turnover

The total turnover of the Company for the year has been derived from its principal activity undertaken in the United Kingdom.


2024
2023
£
£

Portfolio management services
7,318,535
7,006,769

Other income
10,625
42,500

7,329,160
7,049,269



4.


Operating (loss)/profit

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

2024
2023
£
£

Depreciation of tangible assets
22,210
45,502

Operating lease rentals - land and buildings
391,548
382,743

Auditor's remuneration
64,135
62,883


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£



Audit of financial statements
49,225
48,265

Total audit
49,225
48,265



CASS audit
12,104
11,868

Tax services
2,806
2,750

Total non-audit services
14,910
14,618


Total auditor's remuneration
64,135
62,883

Page 18

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages, salaries and bonuses
4,169,907
3,579,723

Social security costs
499,576
402,128

Other pension costs
39,042
27,553

4,708,525
4,009,404


Number of employees excluding directors


        2024
        2023
            No.
            No.







The average monthly number of employees during the year was:
33
32


7.


Directors' remuneration

2024
2023
£
£

Aggregate remuneration in respect of qualifying services
1,841,816
1,528,276


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £562,232 (2023 - £530,558).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

The total accrued pension provision of the highest paid director at 31 December 2024 amounted to £NIL (2023 - £NIL).

The amount of the accrued lump sum in respect of the highest paid director at 31 December 2024 amounted to £NIL (2023 - £NIL).

Page 19

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Interest receivable

2024
2023
£
£


Interest received on deposit account
200,393
136,962

Interest on client account
210,535
107,175

410,928
244,137


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(59,390)
133,350

Adjustments in respect of previous periods
(3,997)
(15,507)


(63,387)
117,843


Total current tax
(63,387)
117,843

Deferred tax


Origination and reversal of timing differences
103,607
-

Total deferred tax
103,607
-


Tax on profit
40,220
117,843
Page 20

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit before taxation
26,602
522,352


Profit multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
6,651
122,753

Effects of:


Tax adjustments in respect of prior periods
(3,997)
(15,507)

Non-deductible expenses/non-taxable income
28,093
8,728

Other differences leading to an increase in the tax charge
9,473
1,869

Total tax charge for the year
40,220
117,843


Factors that may affect future tax charges

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%.

Page 21

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Tangible fixed assets





Computer equipment
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost


At 1 January 2024
174,462
427,579
41,714
643,755


Additions
10,963
-
1,689
12,652



At 31 December 2024

185,425
427,579
43,403
656,407



Depreciation


At 1 January 2024
147,332
407,678
40,745
595,755


Charge for the year
18,393
2,972
845
22,210



At 31 December 2024

165,725
410,650
41,590
617,965



Net book value



At 31 December 2024
19,700
16,929
1,813
38,442



At 31 December 2023
27,130
19,901
969
48,000


11.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2024
2



At 31 December 2024
2




Investments consist of investments in wholly owned subsidiaries.
The Company has two subsidiary undertakings: Harbour Nominees Limited and Haven Nominees Limited. Both companies are 100% subsidiaries, registered in England. Harbour Nominees Limited acts as a nominee company but is otherwise dormant. Haven Nominees Limited is dormant. Group accounts have not been prepared on the grounds of immateriality. The capital and reserves of Harbour Nominees Limited at 31 December 2024 amounted to £2 (31 December 2023: £2) and the capital and reserves of Haven Nominees at 31 December 2024 amounted to £1 (31 December 2023: £1).


Page 22

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
72,270
72,270


2024
2023
£
£

Due within one year

Trade debtors
129,254
196,787

Other debtors
192,460
333,995

Prepayments and accrued income
1,085,841
1,009,484

Deferred taxation
25,639
129,246

1,433,194
1,669,512



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
54,845
101,053

Other creditors
76,622
24,256

Wages and Salaries
108,826
117,586

Accruals and deferred income
807,669
1,008,803

1,047,962
1,251,698



14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
39,560
-

Accruals and deferred income
57,256
175,537

96,816
175,537


Page 23

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Deferred taxation




2024


£






At beginning of year
129,246


Charged to the profit or loss
(103,607)



At end of year
25,639

The deferred tax asset is made up as follows:

2024
2023
£
£


Short term timing differences
25,639
129,246

25,639
129,246


16.


Provisions




Dilapidations

£





At 1 January 2024
127,750



At 31 December 2024
127,750

The dilapidation provision relates to the Company’s lease of its office and is the expected cost of restoring the office to its original condition at the end of the lease in 2034.

Page 24

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



66,500 (2023 - 66,500) Ordinary A shares of £1.00 each
66,500
66,500
3,500 (2023 - 3,500) Ordinary B shares of £1.00 each
3,500
3,500
100 (2023 - 100) Ordinary D shares of £1.00 each
100
100
1,095 (2023 - 1,095) Ordinary E shares of £1.00 each
1,095
1,095

71,195

71,195

The Company share capital consists of separate classes of ‘A’ shares, ‘B’ shares, ‘C’ shares, ‘D’ shares and ‘E’ shares, all of which are ordinary shares but with different voting and dividend restrictions as defined below.
The ‘A’ shares and ‘B’ shares have one vote per share and equal rights to participate in distributions. The ‘C’ and ‘D’ shares are entitled to one vote in any circumstances.
The profits of the Company available for dividend and resolved to be distributed in respect of each financial year or other period of the Company shall be applied in payment of the dividends to the holders of the ‘A’ shares, the holders of the ‘B’ shares and the holders of the ‘E’ shares rateably in according to the amount paid up on each such share.
On a return of capital on a winding up or otherwise the surplus assets of the Company remaining after payment of its liabilities shall be allocated between the ‘A’ shares, ‘B’ shares, ‘D’ shares and ‘E’ shares as follows:

the first £1 shall be allocated to the holders of ‘D’ shares and the amount paid allocated between them rateably according to the amount paid up on the ‘D’ shares they hold.
the balance shall be allocated to the holders of the shares of any class other than ‘D’ shares and shall be allocated between them rateably according to the amount paid up on each share.



18.


Reserves

Share premium account

The share premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve arising from the redemption or purchase of a Company's own shares.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 25

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
19.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

4,855,774

(243,709)

4,612,065


4,855,774
(243,709)
4,612,065


20.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
407,320

Later than 1 year and not later than 5 years
1,798,950
-

Later than 5 years
2,948,279
-

4,747,229
407,320


21.


Dividends and other appropriations

Declared and paid during the year


2024
£

Equity dividends on ordinary shares:


Interim dividend for 2024: £11,521.98 per £1 'B' ordinary share
34,566

Interim dividend for 2024: £13,894.50 per £1 'B' ordinary share
41,684

Interim dividend for 2024: £12,919.17 per £1 'B' ordinary share
38,758

Interim dividend for 2024: £12,932.58 per £1 'B' ordinary share
38,798

Interim dividend for 2024: £13,235.03 per £1 'B' ordinary share
39,704

193,510

Post year end a dividend of £46,226 was declared and paid on 30 January 2025.

Page 26

 

BORDIER & CIE (UK) PLC

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Related party transactions

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.


23.


Events after the end of the reporting period

Post year end, a dividend of £46,226 was declared and paid on 30 January 2025.


24.


Controlling party

Bordier & Cie (UK) PLC is a majority owned subsidiary of Bordier Holdings SA  whose registered office address is rue de Hollande 16, Genève, Switzerland. Group financial statements are prepared but are not available to the public.
In the opinion of the directors there is no ultimate controlling party.

 
Page 27