Acorah Software Products - Accounts Production 14.5.601 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 OC424493 Mr Brian McLoughlin Mr Kevin McLoughlin Mr Brian McLoughlin and Mr Kevin McLoughlin true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure OC424493 2022-12-31 OC424493 2023-12-31 OC424493 2023-01-01 2023-12-31 OC424493 frs-core:CurrentFinancialInstruments 2023-12-31 OC424493 frs-core:WithinOneYear 2023-12-31 OC424493 frs-bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 OC424493 frs-bus:LimitedLiabilityPartnershipsSORP 2023-01-01 2023-12-31 OC424493 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 OC424493 frs-bus:SmallEntities 2023-01-01 2023-12-31 OC424493 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 OC424493 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 OC424493 1 2023-01-01 2023-12-31 OC424493 frs-countries:EnglandWales 2023-01-01 2023-12-31 OC424493 frs-bus:PartnerLLP1 2023-01-01 2023-12-31 OC424493 frs-bus:PartnerLLP2 2023-01-01 2023-12-31 OC424493 2021-12-31 OC424493 2022-12-31 OC424493 2022-01-01 2022-12-31 OC424493 frs-core:CurrentFinancialInstruments 2022-12-31 OC424493 frs-core:WithinOneYear 2022-12-31
Registered number: OC424493
MTech Capital Management (UK) LLP
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: OC424493
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 60,998 32,220
Cash at bank and in hand 26,882 16,829
87,880 49,049
Creditors: Amounts Falling Due Within One Year 5 (17,308 ) (40,554 )
NET CURRENT ASSETS (LIABILITIES) 70,572 8,495
TOTAL ASSETS LESS CURRENT LIABILITIES 70,572 8,495
NET ASSETS ATTRIBUTABLE TO MEMBERS 70,572 8,495
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability 59,205 -
59,205 -
Equity
Members' other interests
Other reserves 11,367 8,495
11,367 8,495
70,572 8,495
TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year 59,205 -
Members' other interests 11,367 8,495
70,572 8,495
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Page 2
For the year ending 31 December 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
Mr Kevin McLoughlin
Designated Member
14/04/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
MTech Capital Management (UK) LLP is a limited liability partnership, incorporated in England & Wales, registered number OC424493 . The Registered Office is 123 Buckingham Palace Road, London, SW1W 9SR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.4. Pensions
The LLP operates a defined pension contribution scheme. Contributions are charged to the Profit and Loss Account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 2 (2022: 2)
2 2
4. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 233 -
Other debtors 1,480 9,720
Amounts owed by associates 59,285 22,500
60,998 32,220
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors (1,980 ) 896
Other taxes and social security 1,712 1,171
Other creditors 15,926 38,487
Accruals and deferred income 1,650 -
17,308 40,554
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6. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 950 -
950 -
7. Related Party Transactions
Mr Brian McLoughlin and Mr Kevin McLoughlin
Mr Brian McLoughlin and Mr Kevin McLoughlin are members in the partnership.
During the year, they received remuneration of £183,521 (2022: £103,043) for their services to the partnership. At the reporting date, £59,295 (2022: £0) was owed to the members.
MTech Capital Management LLC
Mr Brian McLoughlin and Mr Kevin McLoughlin are also members in MTech Capital Management LLC, a US-based entity.
During the financial period, services of £616,266 (2022: £439,347) were provided by MTech Capital Management (UK) LLP to MTech Capital Management LLC. At the reporting date, £59,285 (2022: £22,500) was owed by MTech Capital Management (UK) LLP.
8. Ultimate Controlling Party
The LLP's ultimate controlling party is Mr Brian McLoughlin and Mr Kevin McLoughlin by virtue of their status as members of the LLP.
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