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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
COMPANY INFORMATION
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
CONTENTS
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report along with the audited financial statements of the company for the
year ended 31 December 2025.
The directors aim to present a balanced and comprehensive review of the development and performance of the
business during the year and its position at the balance sheet date. The company's principal activity throughout the year was that of independent financial advisers. The company also holds client money and assets, and is thus classified as a MiFID firm. This review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced. The company continued its growth trajectory in 2025 with turnover increased on the previous year. The company operates comfortably within strict budgetary controls and benefits from a debt-free balance sheet. The continued aim of the company is to provide quality independent financial advice.
The company's principal financial instruments comprise bank balances, listed investments, trade debtors, trade
creditors and operating lease arrangements. The purpose of these instruments is to finance the company's operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk other than in respect of listed investments. Price risk exposure, in respect to listed investments, is managed by day to day monitoring of financial markets. The company's approach to managing other risks applicable to the financial instruments concerned is as follows: Environmental Risk Any risk, in respect to these factors, are expected to be temporary. The directors believe the company is in a good financial position to mitigate any risk these factors may impose. Credit Risk Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to clients and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Liquidity Risk In respect of bank balances the liquidity risk is managed by maintaining positive balances at all times.
The directors consider that the key financial performance indicators are those that communicate the financial
performance and strength of the company as a whole and also those which the Financial Conduct Authority requires. These indicators being turnover and capital resources.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors consider the company’s employment level as a key performance indicator of the success of the company, as consistent and improving levels indicate growth of the business and contentedness of the employees and their retention.
During the financial year to 31 December 2025 the average number of employees of 39 compared to 37 in the previous year. This retention level further substantiates the successful performance of the company.
The company comfortably complied during the year (and continues to comply) with the capital resource
requirements of the FCA, which means that the company continues to maintain its financial capability providing a strong base for future growth. The directors are constantly reviewing expenditure to keep the capital resource requirement to a minimum whilst increasing financial stability. In doing so, the directors believe that they are acting in good faith to promote the success of the company for the benefit of its members as a whole.
This report was approved by the board and signed on its behalf.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,701,976 (2024 - £1,872,363).
The directors do not recommend a final dividend in respect to the results of the financial period under review.
The directors who served during the year were:
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, Magee Gammon Corporate Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
We have audited the financial statements of Pharon Independent Financial Advisers Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Analysis of net debt, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We draw attention to note 2.3 in the financial statements, which outlines the intention to absorb the operating activities of Pharon Independent Financial Advisors Limited into Craven Street Financial Planning Limited, a subsidiary of the parent company, Craven Street Wealth Limited, within the next twelve months. In accordance with Section 3.8 of FRS 102, it is not appropriate to adopt the going concern basis of accounting in preparing these financial statements. Our opinion is not modified in respect of this matter.
Accordingly, the financial statements have been prepared on a basis other than that of going concern. This basis includes, where applicable, writing down the company’s assets to their net realisable value and recognising provisions for any contracts that have become onerous at the balance sheet date. There have been no significant changes to the accounting policies, as they are considered to continue to give a true and fair view.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company, we have 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 incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year. We designed audit procedures to respond to the risk, recognising that 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, misrepresentations or through collusion. Procedures performed by the audit team included: • Discussions with management regarding known or suspected instances of non-compliance with laws and regulations; • Evaluation of controls designed to prevent and detect irregularities; and • Assessing journal entries as part of our planned audit approach. 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 transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Kent
TN24 8DH
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
REGISTERED NUMBER: 01105564
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 30 form part of these financial statements.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Pharon Independent Financial Advisers Limited is a private company, limited by shares, incorporated in England & Wales.
The company registration number is 01105564. The registered office and trading address of the company is Lawrence House, Summer Hill, Harbledown, Canterbury, Kent, CT2 8GT.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
An entity is considered a going concern unless management either intends to liquidate the entity or cease trading, or has no realistic alternative but to do so. This assessment covers a period of at least twelve months from the date on which the financial statements are authorised for issue.
It is the intention to absorb the operating activities of Pharon Independent Financial Advisors Limited into Craven Street Financial Planning Limited, a subsidiary of the immediate parent company, Craven Street Wealth Limited, within the next twelve months. Accordingly, the company is not considered to be a going concern at the date the financial statements are authorised for issue. The financial statements have therefore been prepared on a basis other than that of going concern. This basis includes, where applicable, writing down the company’s assets to their net realisable value and recognising provisions for any contracts that have become onerous at the balance sheet date. There have been no significant changes to the existing accounting policies, as these are considered to continue to give a true and fair view.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
tThe estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only that period, or in the period of revision and future periods if the revision affects both.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
Further changes enacted by HM Government will impact the tax charge in future years.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Subsidiary undertaking (continued)
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Capital redemption reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £567,664 (2024 -£477,931). Contributions totalling £150,753 (2024 - £124,445) were payable to the fund at the balance sheet date and are included in creditors.
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PHARON INDEPENDENT FINANCIAL ADVISERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
At the balance sheet date, the immediate parent undertaking is Craven Street Wealth Limited, a company incorporated in England and Wales.
AnaCap Financial Partners III is the controlling party of the company. The parent undertaking of the group to consolidate their financial statements is Avalon MidCo Limited, a company incorporated in Guernsey. The registered office of the company is 10th Floor, 110 Cannon Street, London EC4N 6EU. The ultimate controlling party of the group is AnaCap Financial Partners III, a partnership registered in Guernsey. The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking included in consolidated financial statements for a larger group, by a parent undertaking established under the law of any part of the United Kingdom.
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