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Company No: OC329866 (England and Wales)

MARKS BAUGHAN SECURITIES UK LLP

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MARKS BAUGHAN SECURITIES UK LLP

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MARKS BAUGHAN SECURITIES UK LLP

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
MARKS BAUGHAN SECURITIES UK LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,810 240
1,810 240
Current assets
Debtors 4 411,186 4,424
Cash at bank and in hand 1,884,111 640,498
2,295,297 644,922
Creditors: amounts falling due within one year 5 ( 89,448) ( 62,197)
Net current assets 2,205,849 582,725
Total assets less current liabilities 2,207,659 582,965
Net assets attributable to members 2,207,659 582,965
Represented by
Members' other interests
Members' capital classified as equity 60,000 60,000
Other reserves 2,147,659 522,965
2,207,659 582,965
2,207,659 582,965
Total members' interests
Members' other interests 2,207,659 582,965
2,207,659 582,965

For the financial 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.

Members' responsibilities:

The financial statements of Marks Baughan Securities UK LLP (registered number: OC329866) were approved and authorised for issue by the Board of Directors on 23 April 2024. They were signed on its behalf by:

J W Jacobs
Designated member
MARKS BAUGHAN SECURITIES UK LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MARKS BAUGHAN SECURITIES UK LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Marks Baughan Securities UK LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 41 Devonshire Street, London, W1G 7AJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

The LLP's functional and presentational currency is GBP.

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover consists of:

Merger & Acquisition and private placement fees, which are recognised once the transaction has been completed and the income is reasonable determined;

Non-refundable retainers, which are recognised when contractually due and;

Consulting fees are recognised over the term of the related agreement.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 3 years straight line
Computer equipment 1 - 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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

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 creditors: amounts falling due within one year.

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in commercial paper.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

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 the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 1 1

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 January 2023 8,786 1,297 10,083
Additions 2,154 0 2,154
Disposals ( 2,880) ( 336) ( 3,216)
At 31 December 2023 8,060 961 9,021
Accumulated depreciation
At 01 January 2023 8,546 1,297 9,843
Charge for the financial year 584 0 584
Disposals ( 2,880) ( 336) ( 3,216)
At 31 December 2023 6,250 961 7,211
Net book value
At 31 December 2023 1,810 0 1,810
At 31 December 2022 240 0 240

4. Debtors

2023 2022
£ £
Trade debtors 400,000 4,424
Other debtors 11,186 0
411,186 4,424

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 7,758 0
Other taxation and social security 0 ( 2,460)
Other creditors 81,690 64,657
89,448 62,197

6. Related party transactions

Included within cost of sales is £15,127 (2022: £173,797) in respect of commissions payable to an entity under common control within a corporate member of this LLP.

For details of members remuneration refer to the statement 'Reconciliation of Members' Interests'.