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Registered number: OC302048













MARKETONE EUROPE LLP

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
MARKETONE EUROPE LLP
REGISTERED NUMBER:OC302048


STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 5 
7,579
-

Tangible assets
 6 
20,036
29,227

  
27,615
29,227

Current assets
  

Debtors: amounts falling due within one year
 7 
1,002,478
1,042,640

Cash at bank and in hand
 8 
950,399
722,278

  
1,952,877
1,764,918

Creditors: Amounts Falling Due Within One Year
 9 
(1,391,603)
(1,505,869)

Net current assets
  
 
 
561,274
 
 
259,049

Creditors: amounts falling due after more than one year
 10 
(20,929)
-

  
567,960
288,276

  

Net assets
  
567,960
288,276


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 13 
414,371
134,687

Members' other interests
  

Members' capital classified as equity
  
153,589
153,589

  
567,960
288,276


Total members' interests
  

Loans and other debts due to members
 13 
414,371
134,687

Members' other interests
  
153,589
153,589

  
567,960
288,276


Page 1


 
MARKETONE EUROPE LLP
REGISTERED NUMBER:OC302048

    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




E M Brosio
Designated member

Date: 4 September 2024

The notes on pages 4 to 14 form part of these financial statements.

MarketOne Europe LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2


 
MARKETONE EUROPE LLP
 


RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2023




EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other amounts
Total

£
£
£

Members' remuneration charged as an expense
 
-
794,839
794,839

Members' interests after profit for the year
153,589
1,439,879
1,593,468

Drawings on account and distribution of profit
 
-
(1,305,193)
(1,305,193)

Amounts due to members
 

134,687


Balance at 31 December 2022
153,589
134,687
288,276

Members' remuneration charged as an expense
 
-
938,156
938,156

Members' interests after profit for the year
153,589
1,072,843
1,226,432

Drawings on account and distribution of profit
 
-
(658,472)
(658,472)

Amounts due to members
 

414,371


Balance at 31 December 2023 
153,589
414,371
567,960

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3


 
MARKETONE EUROPE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MarketOne Europe LLP is a limited liability partnership incorporated in England. The address of the registered office is given on the information page. The principal place of business is The Foundry, 77 Fulham Palace Road, London, W6 8AF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

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 LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4


 
MARKETONE EUROPE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised by reference to the stage of completion. Stage of completion is measured for each sales project on a monthly basis according to labour hours incurred or specific pre-agreed milestones.
To the extent that revenue is recognised on projects for which an invoice has not yet been raised, due to billing terms, it is included as accrued income.

 
2.4

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the LLP in independently administered funds.

Page 5


 
MARKETONE EUROPE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 The estimated useful lives range as follows:

Software
-
4
years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Office furniture and equipment
-
3 - 10 years

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.

Page 6


 
MARKETONE EUROPE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Statement of Financial Position when the LLP 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

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

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
Page 7


 
MARKETONE EUROPE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.


3.


Turnover

All turnover arose from the principal activity of the LLP.  
An analysis of revenue by destinatioin is:


2023
2022
£
£



United Kingdom
1,917,941
1,869,242

Other European
2,648,193
3,226,513

North America
1,104,217
1,504,496

Asia Pacific
405,687
298,320

Rest of World
79,267
89,713

Total
6,155,305
6,988,284

Page 8


 
MARKETONE EUROPE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2023
        2022
            No.
            No.







Total
37
46


5.


Intangible assets




Computer software

£



Cost


Additions
10,105



At 31 December 2023

10,105



Amortisation


Charge for the year on owned assets
2,526



At 31 December 2023

2,526



Net book value



At 31 December 2023
7,579



At 31 December 2022
-



Page 9


 
MARKETONE EUROPE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Office furniture & equipment

£



Cost or valuation


At 1 January 2023
503,311


Additions
10,062


Disposals
(833)



At 31 December 2023

512,540



Depreciation


At 1 January 2023
474,084


Charge for the year on owned assets
18,781


Disposals
(361)



At 31 December 2023

492,504



Net book value



At 31 December 2023
20,036



At 31 December 2022
29,227

Page 10


 
MARKETONE EUROPE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
366,509
548,780

Amounts owed by group undertakings
538,276
313,759

Other debtors
7,913
61,746

Prepayments and accrued income
89,780
118,356

1,002,478
1,042,641



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
950,399
722,278



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
47,408
102,273

Amounts owed to group undertakings
542,893
412,699

Other taxation and social security
136,953
124,120

Obligations under finance lease and hire purchase contracts
24,452
-

Other creditors
16,718
16,250

Accruals and deferred income
623,179
850,527

1,391,603
1,505,869



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
20,929
-


Page 11


 
MARKETONE EUROPE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
24,452
-

Between 1-5 years
20,929
-

45,381
-


12.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
950,399
722,277



Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.


13.


Loans and other debts due to members


2023
2022
£
£



Other amounts due to members
414,371
134,687

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
414,371
134,687

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 12


 
MARKETONE EUROPE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Pension commitments

The LLP operates a defined contribution 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 LLP to the fund and amounted to £48,548 (2022: £46,253). Contributions totalling £9,217 (2022: £7,849) were outstanding at the balances sheet date.


15.


Related party transactions

E M Brosio is a member of the following businesses:
MarketOne International LLP
MarketOne Europe LLP
MarketOne International LLP is a member of the following businesses:
MarketOne (Barbados) SRL
MarketOne Europe LLP
The following entities have common members with MarketOne Europe LLP:
MarketOne International Inc.
Boardwalk Marketing Group Inc.
Market1 Singapore Pte Limited
MarketOne (Australia) PTY Ltd
MarketOne Japan LLP
Boardwalk Marketing Europe Limited
OneMarket India LLP

2023
2022
£
£

Balances with related parties


Amounts owed by connected entities
538,276
313,759

Amounts owed to connected entities
542,893
412,699

2023
2022
£
£

Transactions with related parties


Sales (included in turnover)
1,189,613
1,468,546

Purchases (included in cost of sales)
1,782,974
1,969,594

Administrative expenses
186,637
155,441

Page 13


 
MARKETONE EUROPE LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Controlling party

MarketOne Europe LLP is a subsidiary of MarketOne International LLP, a US limited liability partnership. 
The smallest group in which the results of the LLP are consolidated is that headed up by MarketOne International LLP. The registered office of MarketOne International LLP is 610 Lincoln Street, Waltham, MA 02451, USA.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 September 2024 by Colin Edney (Senior Statutory Auditor) on behalf of Warrener Stewart.

 
Page 14