The directors present the strategic report for the year ended 31 March 2025.

This strategic report provides an overview of the key developments, performance metrics, and strategic direction of Mayfair Capital Limited for the financial year concluding on 31 March 2025. As an FCA-regulated investment management firm, our commitment is to deliver substantial value through personalised advisory services tailored to the evolving requirements of our clients as well as our discretionary and execution-only services.

Business Overview

Mayfair Capital Limited operates within the investment management sector, focusing primarily on providing bespoke advisory services. Our business model is structured to cater to the diverse investment needs of our clients, promoting long-term relationships grounded in trust and transparency. Compliance with stringent regulatory standards is a priority, ensuring that we operate in alignment with FCA guidelines while upholding high ethical standards.

On 31 July 2024, Mayfair Capital Group Ltd acquired 100% of the share capital in Mayfair Capital Limited, forming an Investment Firm Group (IFG) as defined under MIFIDPRU 2.4 of the FCA guidelines. Post acquisition, a further £250,000 capital was injected into the firm with a view to creating strategic growth in the business and to bolstering its capital reserves.

Market Environment

The financial year has been marked by a challenging market environment characterized by volatility and rapid shifts in investor sentiment. The firm continues to navigate a complex and evolving economic landscape, including the ongoing impact of global interest rates and geopolitical factors, including the conflicts in the Middle East as well as in Ukraine, US Tariff tensions on steel, aluminium and other goods, leading to lower performance by some indices, especially in the US markets with the adverse performance of the S&P 500 in the first quarter of 2025. However, these conditions have also opened up significant opportunities in the Defensive sectors (energy, utilities, consumer staples) which have seen stronger performance especially in the energy-heavy positions which have outperformed.

Despite these challenges, we have managed to maintain positive revenue figures, which can largely be attributed to our strategic positioning and well-constructed investment portfolio.

Our investment team has adeptly navigated these fluctuations, enabling us to capitalize on undervalued assets and enhance the overall performance of client portfolios. Increasing client communications has been key to reassure our clients during market turbulence.

Financial Performance

For the financial year, Mayfair Capital Limited has experienced an increase in profitability compared to the previous year. This growth can be attributed to several critical factors:

Advisory Services: The robust performance of our advisory book has been a key contributor to revenue generation. Our dedicated team has effectively engaged with clients to create tailored investment strategies that align with their specific objectives.

Disciplined Investment Approach: Our investment philosophy emphasizes a disciplined approach to asset allocation, ensuring that client portfolios are optimized for growth while effectively managing associated risks.

Operational Efficiency: Continuous improvements in our operational processes have led to enhanced efficiency, which contributes positively to overall profitability and our capacity to reinvest in service offerings. Overheads are tightly controlled and a change in location of offices, maintaining a virtual office for a period whilst exploring more suitable office space options has resulted in rental cost savings, contributing to much lower overheads.

     2025     2024

Turnover     462,354    451,511

Profit/(loss) before tax     97,438     32,388

Cash at bank and in hand 214,417 119,665

There are other non-financial performance indicators used by the directors but none are considered to be key.

In our role as a responsible investment manager, we acknowledge the importance of identifying and managing the various risks associated with our business.

1. Macroeconomic Risks: The broader economic landscape presents risks, including fluctuations in interest rates, inflationary pressures, and geopolitical uncertainties, all of which can influence market performance and investor behavior. We actively monitor these factors to adjust our strategies as necessary.

2. Microeconomic Risks: Client-specific dynamics, such as shifts in client objectives, financial circumstances, or market perceptions, may affect investment outcomes. Our dedicated advisory team ensures consistent communication with clients to address any concerns promptly.

3. Regulatory Risks: As an FCA-regulated entity, we are subject to various regulatory requirements. Changes in regulations or compliance standards may impact our operations and associated costs. We continuously monitor regulatory developments to maintain compliance and mitigate potential risks

Financial risk management objectives and policies

Our financial risk management framework is designed to effectively identify, assess, and mitigate the risks associated with our investment activities. Key risk categories include:

Price Risk: We manage exposure to price risk through portfolio diversification across various asset classes and a rigorous asset allocation strategy, helping to shield against adverse market movements.

Credit Risk: Thorough assessments of the creditworthiness of issuers and counterparties are conducted to minimize the risk of default on investments, ensuring we engage only with reputable entities.

Liquidity Risk: Adequate liquidity is essential for meeting client withdrawal requests and other funding obligations. We closely monitor liquidity levels across our portfolios to ensure access to liquid assets when required.

Cash Flow Risk: Effective management of cash flow risk involves projecting future cash flow needs and aligning our investment strategies accordingly. We maintain a buffer of liquid assets to cover any unexpected outflows.

Future Developments

We are also in the final stages of completing our transition to new ownership under Mayfair Capital Group Limited. The £250,000 investment is expected to significantly improve our capacity to expand, with plans to onboard additional staff in 2025, with a view to expanding our investment portfolio team.

As part of a new IFG, Mayfair Capital Limited is focused on several strategic initiatives to enhance our growth trajectory:

Client Base Growth: We plan to expand our client base through targeted marketing strategies and by fortifying relationships with existing clients, leading to referrals and new business opportunities.

Enhanced Service Offerings: Our commitment to innovation drives us to continuously refine our investment products and advisory services, ensuring alignment with market trends and client expectations.

Investment in Technology: We recognize the critical role of technology in the investment landscape and are investing in advanced tools and platforms to improve client engagement and streamline operations.

Sustainability Initiatives: We are increasingly prioritizing the integration of sustainable investment practices into our offerings, aligning with the rising demand for responsible investment solutions among clients.

The financial year ending 31 March 2025 has been a year of growth and change as Mayfair Capital Limited became part of an IFG, The Mayfair Capital group. Our unwavering commitment to maintaining strong performance and to streamlining efficiencies in our operational practices will continue to drive our success moving forward. We remain optimistic about the prospects of the business, with significant new client opportunities on the horizon. We are dedicated to providing exceptional value to our clients and stakeholders while upholding the highest standards of professionalism and ethical conduct.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the company continued to be that of financial advice and execution-only stockbroking services.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

AMS Audit Limited were appointed as auditor to the company 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.

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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; and

• 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 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Mayfair Capital Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

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 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.

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.

As explained more fully in the directors' responsibilities statement, 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to pensions legislation, UK tax legislation and UK employment legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or manipulate expenditure and management bias in accounting estimates. Audit procedures performed by the audit engagement team included:

• Discussions with management, including consideration of known or suspected instances of non- compliance with laws and regulation and fraud;

• Review of the financial statement disclosures to underlying supporting documentation to assess compliance with applicable laws and regulations;

• Challenging assumptions and judgements made by management in their significant accounting estimates;

• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transaction reflected in the financial statements, the less likely we would become aware of it.

Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Mayfair Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is Berkeley Suite, 35 Berkeley Square, Mayfair, London, W1J 5BF.

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.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

• Financial advice and execution-only stockbroking services

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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 credited or charged to profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

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 company’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 when the company has 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 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 when the company has 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.

In the application of the company’s accounting policies, the directors are 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 directors do not considered there to be any judgements or key sources of estimation uncertainty in the current or prior year.

The company's activities are carried out solely in the UK.

The average monthly number of persons (including directors) employed by the company during the year was:

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:

During the year the company issued 250,000 ordinary shares at their par value of £1 each. The shares were fully paid.

The following amounts were outstanding at the reporting end date:

Transactions with related parties are with companies that have truedirectors and shareholders in common.

The company has taken advantage of the exemptions under FRS 102 for related party transactions from disclosing transactions with other wholly owned members of the group included within the consolidated financial statements.

At the year end, a balance of £nil (2024: £23,815) was due to the Director from the company.

The above loan was interest free with no fixed date of repayment.

By virtue of the acquisition of the company's entire issued share capital on the 31st July 2024, Mayfair Capital Group Ltd (CRN: 11520150) is the parent company.

Mayfair Capital Group Ltd is a UK incorporated company with registered address of 1 Hardman Street, Spinningfields, Manchester, United Kingdom, M3 3HF

By virtue of the majority ownership of the immediate parent company, Mr Nigel O'Sullivan is the ultimate controlling party.