The director presents the strategic report for the year ended 31 December 2024.
SFM Global Limited (the “Company") is a private limited company incorporated under the laws of England and Wales on 06 June 2012. Since its incorporation, the Company has been based in the United Kingdom and performs single-family office functions for its ultimate beneficial owner (UBO) and UBO family members on a world-wide basis.
SFM Global Limited operates as part of a consolidated group with its 100% subsidiary undertaking, SFM Geneve SA, based in Switzerland (together - the “Group").
The Group's core responsibility is to ensure the efficient administration of the assets owned by UBO family, providing services that cover a wide range of operational needs, including:
personal assistance, concierge services and employment of staff;
property maintenance;
project management advice;
assisting with acquisition, subscription, registration, administration and management of movable and immovable property or rights in any capacity whatsoever.
SFM Geneve SA, as the 100% subsidiary of the Company, renders the relevant services to UBO family members within Switzerland, ensuring consistency across the Group's activities.
The Group operates on a service model where expenses incurred for the administration of assets are reimbursed by the UBO, with an agreed service fee for managing these operations.
As a family office, the Group is exposed to a number of risks. The relevant principal risks and uncertainties affecting the Group are highlighted below. These risks and uncertainties do not comprise all of the risks that the Group may face and are not necessarily listed in any order of priority. Additional risks and uncertainties not presently known, or deemed to be less material at the date of this report, may also have an adverse effect on the Group.
Risk | Mitigation |
Failure of strategy: | |
Due to the nature of its business servicing only UBO family lifestyle and needs, the Group has limited opportunities to grow organically. Failure to successfully integrate into operations the new properties acquired by the UBO family would adversely impact Group growth plans. | There is considerable knowledge and expertise within the Group with regard to the management and maintenance of movable and immovable property of any kind. The Group has a proven track record of successfully integrated property objects into Group operations. |
Customers: | |
Group’s reliance on UBO family as the only group of customers presents an inherent risk to the future cash flows of the Group. | The Group management ensures constant contact with the UBO and the UBO family in order to have their regular feedback and take appropriate actions, where applicable. |
Recruitment, retention and motivation of employees: | |
As a service business, the Group believes retaining and motivating the best people with the right skills, at all levels of the organisation, is key to its long term success. Constant changes in immigration rules could have an impact on employee availability in geographies where the Group operates. Also the skills, experience and performance of key members of our management team make a major contribution to the success of the business. The loss of a key member of the Group’s management team could adversely affect the Group’s operations. | The Group management constantly focuses on actions to retain, develop and motivate our people at all levels. The Group regularly reviews the adequacy and strength of its management teams to ensure that appropriate experience and training is given such that there is not over reliance on any one individual. The Group ensures that key team members are appropriately compensated for their contributions and incentivised to continue their careers with us. |
Information systems and technology: | |
The digital world creates many risks for the Group business including technology failures, loss of confidential data and damage to reputation. | The Group seeks to assess and manage the effectiveness of our security infrastructure and our ability to effectively defend against current and future cyber risks. The Group is focused on the need to maximise the effectiveness and security of our information systems and to reduce both cost and exposure as a result. |
Risk | Mitigation |
Foreign Exchange Risk: | |
The Group is exposed to foreign exchange risk due to its operations across different countries, while the majority of expenses are incurred in GBP | The Group constantly monitors currency fluctuations to minimise this risk. |
Liquidity Risk: | |
Group’s business is highly susceptible to adverse changes in UBO family spending habits, which could impact Group cash flow. The Group key sources of liquidity in the foreseeable future are likely to be the cash generated from the services rendered to the UBO family and the reimbursements from the UBO to cover operational expenses. | The Group management ensures constant contact with the UBO and UBO family in order to predict and appropriately address the changes in their demands and expectations. The Group ensures that all expenses are reimbursed as agreed upon in advance. In case of need, the management may take additional measures, such as postponing or curtailing spend or requesting additional contributions from the UBO. |
Taxation: |
|
Group's business faced with increasingly demanding tax compliance and tax reporting requirements which, in turn, increase the risk that transactions or business relationships may have unforeseen adverse tax consequences giving rise to additional tax costs, increased administration and an increased likelihood of negative effect on the Group and its UBO. | The Group does not enter into any transactions solely to take advantage of tax opportunities. Furthermore, where legislation is unclear or judgment may be required, the Group makes use of external tax professionals, who have extensive knowledge of the business, to discuss the most appropriate tax position to take. The Group also seeks to develop strong, proactive relationships with tax authorities based on transparency and trust. |
Regulatory risks
Risk | Mitigation |
Health and safety: | |
Health and safety in the workplace is an extremely important consideration for the Group as an employer. Failure to ensure safe ways of working across the business may result in serious business interruption and damage to Group reputation, as well as any damage to the health and safety of the UBO family. | The management meetings throughout the Group regularly focus on health and safety issues. The Group regularly reviews and updates the practices to take into account the changes in its environment or operations as well as ensures compliance with the relevant legal obligations with the help of the external advisors, where needed. |
Compliance and fraud: | |
Ineffective management of compliance with laws and regulations, or evidence of fraud, could have an adverse effect on the reputation of the Group and its UBO. An adverse impact on the Group’s performance may appear if significant financial penalties are levied or a criminal action is brought against the Company or its management. | The Group has zero tolerance against fraud, bribery and unethical behaviour. The work is ongoing to ensure further development of the system of internal controls. |
During 2024, SFM Global Limited made significant progress in its operational responsibilities, including:
Administrative Efficiency: The Group maintained efficient processes for managing the assets and fulfilling all material operational obligations.
Cost Management: The Group continued to implement strong cost control measures, ensuring that all expenses were accurately reimbursed by the UBO and service fees were applied accordingly.
Regulatory Compliance: The Group remained compliant with all applicable laws and regulations, ensuring transparency in its operations.
Key Performance Indicators
For the year ended 31 December 2024, the Group's financial results were driven by the reimbursement of expenses related to the administration of assets. Key financial highlights include:
Revenue: The Group's revenue is generated from the reimbursement of operational costs, along with a service fee. For 2024, the Group’s consolidated revenue amounted to £12.4 million (2023: £14.2 million), reflecting the operational nature of its activities.
Operating Profit: The Group reported an operating profit of £682,214 (2023: £449,896), primarily resulting from the agreed service fee on reimbursed expenses.
Net Asset Value: The Group's net asset value, representing its equity and retained earnings, was £2.6 million (2023: £2.2 million) as of 31 December 2024.
Going concern
The group going concern position has been reviewed to consider whether it is appropriate for the company to continue trading on a going concern basis, see note 1.3 to the accounts.
This is considered appropriate on the basis that the group has received financial support from companies under common control as the group and the parent company. Further to this, the ongoing issue regarding the significant debtors of the company are temporary issues and currently procedures are being undertaken to resolve these administrative issues.
Once the ongoing administrative issues are resolved and the group has access to funding from the parent company again, the loans from companies under common control will be repaid, including interest, and the parent company will undertake to pay its own debts as they fall due.
As such the director considers it appropriate to continue trading as a going concern for the foreseeable future.
Other information
For the year ended 31 December 2024, the Group had loans payable to company's under common control totalling £16,929,702 (2023: £nil). These amounts include amounts of £6,329,702 that are repayable on demand, and a further £10,600,000 payable per the term of the loan agreement. The loans have interest rates considered appropriate for their respective regions.
On behalf of the board
The director presents his annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 10.
No ordinary dividends were paid. The director does not recommend payment of a dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
The company and group do not undertake any research and development activities.
There are no significant future expected developments in the company or the group. See the strategic report for further information regarding future developments.
MGI Midgley Snelling LLP are appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of SFM Global Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.
As a result of this assessment, we considered the opportunities and incentives that may exist within the company and group for fraud and identified that the greatest area of risk was in relation to management override, going concern and revenue recognition.
We have obtained an understanding of the legal and regulatory frameworks that the company and group operates in from discussions with the director and our knowledge of the company and the group and their industry sector. We have focussed on the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.
We performed the following audit procedures after consideration of the above risks which included the following:
testing that sales invoices have been fully and properly included within turnover in the financial statements;
review of sales during the period and close to the period end to ensure all properly recorded;
enquiry of management of going concern assessment and post-year-end events;
obtaining letter of support from the parent company and related party;
evaluating the financial capacity of the supporting entity;
enquiry of management of actual and potential litigation and claims;
reviewing minutes of meetings of those charged with governance;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of 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. The 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 16 to 30 form part of these financial statements.
The notes on pages 16 to 30 form part of these financial statements.
The notes on pages 16 to 30 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £142,265 (2023 - £138,138 profit).
The notes on pages 16 to 30 form part of these financial statements.
The notes on pages 16 to 30 form part of these financial statements.
The notes on pages 16 to 30 form part of these financial statements.
SFM Global Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 45 Pont Street, London, SW1X 0BD.
The group consists of SFM Global Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company SFM Global Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
The group has received funding from a company under common control during the period - this has been received due to internal issues encountered by the parent company of the group when attempting to make payment to the group for outstanding debtor balances. The loans total an amount of £16.9m during the year which provides additional support to the business to ensure all liabilities and expenses continue to be met on time and support continued trading of the business. These funds will be repaid to the company under common control in future periods once the parent company has resolved the ongoing administrative issues it is facing.
The funding received by the group from the company under common control is in lieu of the historic regular payments that the parent company would historically make for the recharged services that the group performs on behalf of the parent company.
Due to a proposed change in the administration team at the parent company debtors have not been paid as they have fallen due. It is anticipated that when the team has been fully changed, these outstanding payments will be made.
The parent company financial statements for the latest period have been reviewed and it was confirmed that the company was sufficiently solvent and would be able to repay debts as they would arise under normal circumstances, but due to the ongoing administrative problems, were unable to access the company cash balances.
As a result of the above, the directors have prepared the accounts on a going concern basis.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The company and group recognises revenue when the amount of the revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company and group's activities.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Where subsidiary companies included in the consolidation are recorded in a different currency in their individual financial statements, any gains or losses arising from the translation are included in other comprehensive income.
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The director has assessed the financial statements and confirms that there are no key judgements or significant estimates.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 1).
From 1 April 2023, the UK corporation tax rate changed from 19% to 25%, with marginal relief available for profits between £50,000 and £250,000, therefore the effective tax rate last year differs to this year.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2024 are as follows:
Amounts owed by the parent company include amounts that:
- incur no interest on these balances.
- are held on behalf of the company.
- are unsecured.
- are repayable within one year if demanded.
Amounts owed by group undertakings include amounts that:
- incur no interest on these balances.
- are held on behalf of the company.
- are unsecured.
- are repayable within one year if demanded.
Amounts owed to the parent company include amounts that:
- incur no interest on these balances.
- are held on behalf of the company.
- are unsecured.
- are repayable within one year.
A loan of £10,600,000 (2023: £ Nil) is secured by a fixed charge over the company’s assets. The loan carries interest at a rate of 5% per annum and is repayable on demand. A further loan of £6,329,702 is unsecured, carries an interest rate of 3% per annum and is repayable on demand.
The following are the deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax liability set out above is expected to reverse over the depreciation period of the assets and relates to accelerated capital allowances that are expected to mature within the same period.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Amounts due in relation to the defined contribution pension scheme as at 31 December 2024 were £1,440 (2023: £3,103).
On 8 August 2025, the company incorporated a new wholly owned subsidiary, Foretell SA, with an investment of CHF 100,000. This event occurred after the reporting date and does not relate to conditions existing at that date. Accordingly, it has not been adjusted for in these financial statements.
The following amounts were outstanding at the reporting end date:
Included in other related parties loan are loans of £16,929,702 (2023: £nil) due to the companies under common control of which £10,600,000 is repayable on demand and has interest of 5% attached and a further £6,329,702 is repayable on demand and has interest of 9% attached.
The following amounts were outstanding at the reporting end date:
Amounts due from related parties relate to trading and are considered interest free and repayable on demand.
The company has taken advantage of the exemption under section 33.1a of Financial Reporting Standard 102 not to disclose related party transactions with wholly owned group members.