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REGISTERED NUMBER: 05126460 (England and Wales)















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: I D Towell
R Davidowski
L Brime Berdugo





REGISTERED OFFICE: Birchin Court
20 Birchin Lane
Bank
London
EC3V 9DU





REGISTERED NUMBER: 05126460 (England and Wales)





AUDITORS: Spencer Hyde Limited
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 1,343 1,855

CURRENT ASSETS
Debtors 5 86,366 164,770
Investments 6 56,804 12,680
Cash at bank 119,340 51,308
262,510 228,758
CREDITORS
Amounts falling due within one year 7 92,515 114,697
NET CURRENT ASSETS 169,995 114,061
TOTAL ASSETS LESS CURRENT
LIABILITIES

171,338

115,916

PROVISIONS FOR LIABILITIES 3,811 -
NET ASSETS 167,527 115,916

CAPITAL AND RESERVES
Called up share capital 139,861 139,861
Retained earnings 27,666 (23,945 )
167,527 115,916

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 24th April 2024 and were signed on its behalf by:




I D Towell - Director R Davidowski - Director




L Brime Berdugo - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

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 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023
and 31st December 2023 2,562
DEPRECIATION
At 1st January 2023 707
Charge for year 512
At 31st December 2023 1,219
NET BOOK VALUE
At 31st December 2023 1,343
At 31st December 2022 1,855

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 58,140 151,628
Amounts owed by group undertakings 5,066 7,542
Other debtors 23,160 5,600
86,366 164,770

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 56,804 12,680

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 84,340 113,808
Taxation and social security 7,682 (41 )
Other creditors 493 930
92,515 114,697

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Antony Youselli (Senior Statutory Auditor)
for and on behalf of Spencer Hyde Limited

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