REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2023 |
for |
Bowsprit Partners Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2023 |
for |
Bowsprit Partners Limited |
Bowsprit Partners Limited (Registered number: 05126460) |
Contents of the Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Bowsprit Partners Limited |
Company Information |
for the Year Ended 31st December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
272 Regents Park Road |
London |
N3 3HN |
Bowsprit Partners Limited (Registered number: 05126460) |
Statement of Financial Position |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bowsprit Partners Limited (Registered number: 05126460) |
Notes to the Financial Statements |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Bowsprit Partners Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised when the company is contractually obliged to receive the income from the client. In relation to the corporate finance fee, this is normally split one third on engagement, one third after a specific milestone has been achieved like the production of certain transaction documents, and one third on successful completion of the relevant transaction. |
In addition, the company receives commission as a percentage of the funds raised. This is a success-based fee and therefore recognised only upon completion of the investment, when the client has effectively received the funds. |
It is worth noting that not all clients undertaken by the company require for the provision of both corporate finance and fundraising services, although in many occasions these two revenue generating services are intrinsically connected and performed by the company within the framework of the same transaction. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Bowsprit Partners Limited (Registered number: 05126460) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Bowsprit Partners Limited (Registered number: 05126460) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
6. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Other investments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security | ( |
) |
Other creditors |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
The controlling party is Magellan Financial Ltd by virtue of their 71.5% shareholding in the company. |
Magellan Financial Ltd prepares group financial statements and their registered office is: |
Ocean Centre |
Montagu Foreshore |
East Bay Street |
PO Box SS 19084 |
Nassau |
Bahamas |