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Registered number: 05490971










MONUMENT GROUP (UK) LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MONUMENT GROUP (UK) LTD
 
 
COMPANY INFORMATION


Directors
J Brooks 
S Cahill 
L Zage 
K Adam 




Registered number
05490971



Registered office
7 Savile Row

London

W1S 3PE




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG




Accountants
RSM UK
Tenon House

Ferryboat Lane

Sunderland

SR5 3JN





 
MONUMENT GROUP (UK) LTD
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Consolidated Statement of Comprehensive Income
 
 
9
Consolidated Statement of Financial Position
 
 
10
Company Statement of Financial Position
 
 
11
Consolidated Statement of Changes in Equity
 
 
12
Company Statement of Changes in Equity
 
 
12
Consolidated Statement of Cash Flows
 
 
13
Consolidated Analysis of Net Debt
 
 
14
Notes to the Financial Statements
 
 
15 - 27


 
MONUMENT GROUP (UK) LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
The Directors are pleased to present the Group Strategic report for Monument Group (UK) Ltd ("the Company") and its subsidiary undertakings as detailed in Note 11, together ("the Group"). The Group is owned by Monument Group, LP (“MG LP”) a Delaware partnership. The Group operates primarily in order to provide regulated and non-regulated services in the UK and Europe to the clients of Monument Group, Inc. (“MG Inc”), a SEC-registered and FINRA-member firm in the United States. These services include advising and assisting clients in primary and secondary placements of fund interests - typically in Private Equity, Real Assets and Infrastructure as well as making introductions to appropriate professional clients and eligible counterparties.
Regulated services in the UK and certain European and non-European jurisdictions are provided by Monument Group Europe LLP ("the LLP"), which is authorised and regulated by the UK Financial Conduct Authority. Regulated services in the EEA are provided by Monument Group Netherlands BV which is authorised and regulated by Netherlands Authority for the Financial Markets.

Principal risks and uncertainties
 
The success in generating income is dependent on cultivating a healthy pipeline of business opportunities, strong mandate selection and negotiation and high-quality service and execution. The ability to achieve these may be impacted by market conditions, investor sentiment and competitive pressures. This is mitigated in part by a significant majority of revenues coming from repeat client business and a diverse set of product offerings.
The Group primarily receives its income through an intercompany agreement with MG LP. MG LP maintains a services agreement with MG Inc and substantially all of the underlying client contracts and income is received by MG Inc. This customer concentration risk is mitigated by the longstanding co-operation and success of the arrangement between the Group and MG LP, which is expected to continue indefinitely.
Group income is agreed with MG LP annually and includes an element of expense coverage together with an element of performance fee based on the contribution of the Group to the income of the ultimate parent entity. A strong transparent and open relationship with the parent gives good visibility of likely income.
The Group conducts regulated business and has an obligation to operate in accordance with relevant regulations. The risk of regulatory breaches is mitigated by the relatively simple business model and by the fact that the firm does not offer investment advice or handle client money and is solely focused on professional clients and eligible counterparties.
The Group ensures that it operates professionally and ethically and handles conflicts of interest appropriately, transparently and fairly.

Financial key performance indicators
 
The income for the Group in 2023 was lower than 2022 by £2,427,809 as a result of challenging market conditions across the fundraising market. However, 2024 to date appears to be on track to be a stronger year and the Group is expected to remain profitable.

Other key performance indicators
 
The recent establishment of Monument Group Netherlands BV together with its regulatory authorisation is expected to provide more opportunities for the Group in the EEA going forward.  In addition an increased focus on advisory mandates with respect to secondary transactions across the Group and its affiliated entities is expected to provide additional revenues and diversification of revenue sources during 2024 and beyond. 

Page 1

 
MONUMENT GROUP (UK) LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Group
 
Directors' statement of compliance with duty to promote the success of the Group Under section 172 of the Companies Act, a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the Group and the Company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to:
- the likely consequences of any decision in the long term;
- the interests of the Group and the Company's employees;
- the need to foster the Group and the Company's business relationships with suppliers, customers and others;
- the desirability of the Group and the Company maintaining a reputation for high standards of business conduct; and
- the need to act fairly as between members of the Group and the Company.
Employees
Engagement starts from the Board and is driven throughout the Group by the structure.
Suppliers
Through long term relationships with suppliers and regular communication the Group ensures both parties are
appropriately supported.
Customers
Transparent information sharing and clarify on fees provides customers with the comfort that any concerns they
may have will be dealt with in a timely and professional manner.


This report was approved by the board on 23 September 2024 and signed on its behalf.



................................................
L Zage
Director

Page 2

 
MONUMENT GROUP (UK) LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £67,854 (2022: £19,478).

There were no dividends paid during the year (2022: £nil). The Directors do not recommend payment of a final dividend (2022: £nil).

Directors

The Directors who served during the year were:

J Brooks 
S Cahill 
L Zage 
K Adam 

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
MONUMENT GROUP (UK) LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

The final winding up of Monument Group Malta Limited occurred in April 2024, However it should be noted that it did not provide any services during the year, having been replaced by Monument Group Netherlands BV as the provider of regulated services in the EEA.

This report was approved by the board on 23 September 2024 and signed on its behalf.
 





L Zage
Director

Page 4

 
MONUMENT GROUP (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONUMENT GROUP (UK) LTD
 

Opinion


We have audited the financial statements of Monument Group (UK) Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The Directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude
Page 5

 
MONUMENT GROUP (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONUMENT GROUP (UK) LTD (CONTINUED)


that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
Page 6

 
MONUMENT GROUP (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONUMENT GROUP (UK) LTD (CONTINUED)


procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Based on our understanding of the Group and the parent Company and the industry they operate in, we identified that the principal risks of non-compliance with laws and the regulations of the Financial Conduct Authority ("the FCA") for the investment advisory business, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
•  Inspecting correspondence with the FCA and HMRC;
• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
• Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
• Challenging assumptions and judgements made by management in their critical accounting estimates


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 7

 
MONUMENT GROUP (UK) LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONUMENT GROUP (UK) LTD (CONTINUED)



Karen Allan (Senior Statutory Auditor)
for and on behalf of
Haysmacintyre LLP
Statutory Auditors
10 Queen Street Place
London
EC4R 1AG

23 September 2024
Page 8

 
MONUMENT GROUP (UK) LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
3,139,900
5,567,709

Administrative expenses
  
(2,049,300)
(1,730,786)

Operating profit
 5 
1,090,600
3,836,923

Interest payable and similar expenses
  
(2,138)
-

Profit before taxation
  
1,088,462
3,836,923

Tax on profit
 8 
(13,933)
(11,907)

Profit for the financial year
  
1,074,529
3,825,016

Profit for the year attributable to:
  

Non-controlling interests
  
1,006,675
3,805,538

Owners of the parent Company
  
67,854
19,478

  
1,074,529
3,825,016

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 27 form part of these financial statements.

Page 9

 
MONUMENT GROUP (UK) LTD
REGISTERED NUMBER: 05490971

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
17,597
28,847

Current assets
  

Debtors: amounts falling due within one year
 12 
405,609
473,515

Cash at bank and in hand
 13 
567,305
3,184,268

  
972,914
3,657,783

Creditors: amounts falling due within one year
 14 
(175,049)
(240,107)

Net current assets
  
 
 
797,865
 
 
3,417,676

Net assets
  
815,462
3,446,523


Capital and reserves
  

Called up share capital 
 16 
100,000
100,000

Foreign exchange reserve
 15 
6,465
2,802

Profit and loss account
 15 
101,100
33,246

Equity attributable to owners of the parent Company
  
207,565
136,048

Non-controlling interests
  
607,897
3,310,475

  
815,462
3,446,523


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




................................................
L Zage
Director

The notes on pages 15 to 27 form part of these financial statements.

Page 10

 
MONUMENT GROUP (UK) LTD
REGISTERED NUMBER: 05490971

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 11 
130,000
130,000

Current assets
  

Cash at bank and in hand
 13 
-
18,053

  
-
18,053

Creditors: amounts falling due within one year
 14 
-
(10,385)

Net current assets
  
 
 
-
 
 
7,668

Net assets
  
130,000
137,668


Capital and reserves
  

Called up share capital 
 16 
100,000
100,000

Profit and loss account brought forward
  
37,668
32,229

(Loss)/profit for the year

  

(7,668)
5,439

Profit and loss account carried forward
  
30,000
37,668

  
130,000
137,668


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.


................................................
L Zage
Director

The notes on pages 15 to 27 form part of these financial statements.

Page 11

 
MONUMENT GROUP (UK) LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£
£


At 1 January 2022
100,000
438
13,768
114,206
2,086,943
2,201,149



Profit for the year
-
-
19,478
19,478
3,805,538
3,825,016

Amounts withdrawn by non-controlling interests
-
-
-
-
(2,717,599)
(2,717,599)

Capital injection
-
-
-
-
135,593
135,593

Foreign exchange movement
-
2,364
-
2,364
-
2,364



At 1 January 2023
100,000
2,802
33,246
136,048
3,310,475
3,446,523



Profit for the year
-
-
67,854
67,854
1,006,675
1,074,529

Amounts withdrawn by non-controlling interests
-
-
-
-
(3,709,253)
(3,709,253)

Foreign exchange movement
-
3,663
-
3,663
-
3,663


At 31 December 2023
100,000
6,465
101,100
207,565
607,897
815,462



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100,000
32,229
132,229



Profit for the year
-
5,439
5,439



At 1 January 2023
100,000
37,668
137,668



Loss for the year
-
(7,668)
(7,668)


At 31 December 2023
100,000
30,000
130,000


The notes on pages 15 to 27 form part of these financial statements.

Page 12

 
MONUMENT GROUP (UK) LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,074,529
3,825,016

Adjustments for:

Depreciation of tangible assets
11,749
24,455

Interest paid
2,138
-

Taxation charge
13,933
11,907

Decrease in debtors
14,609
6,474

Increase in amounts owed by group undertakings
53,297
(54,731)

(Decrease)/increase in creditors
(78,876)
115,542

Foreign exchange movements
3,548
2,369

Net cash generated from operating activities

1,094,927
3,931,032


Cash flows from investing activities

Purchase of tangible fixed assets
(499)
(5,140)

Net cash used in investing activities

(499)
(5,140)

Cash flows from financing activities

Interest paid
(2,138)
-

Amounts paid to non-controlling interests
(3,709,253)
(2,717,599)

Members' capital contributed
-
135,593

Net cash used in financing activities
(3,711,391)
(2,582,006)

Net (decrease)/increase in cash and cash equivalents
(2,616,963)
1,343,886

Cash and cash equivalents at beginning of year
3,184,268
1,840,382

Cash and cash equivalents at the end of year
567,305
3,184,268


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
567,305
3,184,268


The notes on pages 15 to 27 form part of these financial statements.

Page 13

 
MONUMENT GROUP (UK) LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

3,184,268

(2,620,511)

3,548

567,305


The notes on pages 15 to 27 form part of these financial statements.

Page 14

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Monument Group (UK) Limited is a private company, limited by shares and incorporated in England and Wales.
The registered office and trading address is 7 Savile Row, London, W1S 3PE.
The financial statements are presented in Sterling (£).

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see Note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 15

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

In assessing the going concern status of the Group, the Directors have prepared a cost budget which extends for 12 months from the month of approval of these financial statements.
Management have considered the impact of this budget on the cash resources of the Group, which at 31 December 2023 were £567,305. Management have liaised with the Directors of the parent undertaking with regard to the top line performance of the wider Group and obtained a letter confirming their willingness to continue to honour the Inter-Company Agreement in place between the MG LP and the Group for a period of at least 12 months from the date of the approval of these financial statements.  Based on this, the Directors are confident that the Group has the ability to discharge its liabilities as they fall due for a period of at least 12 months from the approval of these financial statements.
The Directors do not consider there to be any material uncertainties relating to going concern and therefore have continued to adopt this basis in the preparation of these financial statements.

 
2.4

Turnover

Turnover was exclusively derived under an Inter-Company Agreement with Monument Group LP., a Delaware Limited Partnership, which covers the provision of services primarily in respect of both investors and clients in Europe. The agreement provides for full reimbursement of net general operational expenses incurred and invoiced in the year as well as a negotiated share of profits to be finally determined on 31 December each year.
Turnover is therefore recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable.

 
2.5

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:

Long-term leasehold property
-
Over the period of the lease
Fixtures and fittings
-
over 5 to 7 years
Office equipment
-
over 5 to 7 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 16

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Operating leases

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.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

  
2.10
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans to and from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

Page 17

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Foreign currency translation

Functional and presentation currency

The Company'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.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.13

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.

 
2.14

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 18

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. The Directors consider there to be no critical estimate and judgement applicable to the financial statements.

Page 19

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Advisory fees
3,139,900
5,567,709


Analysis of turnover by country of destination:

2023
2022
£
£

Rest of the world
3,139,900
5,567,709



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
9,611
6,105

Other operating lease rentals
217,913
251,228


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Group's auditors:


2023
2022
£
£

Fees payable to the Group's auditors in respect of:

Fees payable to the Group's auditors for the audit of the consolidated and parent company's financial statements
27,000
22,750

Audit-related assurance services
6,250
5,550

Page 20

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
965,243
625,625
-
-

Social security costs
96,659
82,107
-
-

Cost of defined contribution scheme
114,625
80,400
-
-

1,176,527
788,132
-
-


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







8
6

The Company has no employees other than the Directors, who did not receive any remuneration (2022: £nil).
Page 21

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Taxation


2023
2022
£
£


Foreign tax


Foreign tax on income for the year
13,933
11,907

Total current tax
13,933
11,907

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,088,462
3,836,923


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
256,006
729,015

Effects of:


Short term timing difference leading to an increase in taxation
13,933
11,907

Non-taxable income
(256,006)
(729,015)

Total tax charge for the year
13,933
11,907


Factors that may affect future tax charges

There were no factors that may affect future tax charges


9.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £7,668 (2022 - profit £5,439).

Page 22

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tangible fixed assets

Group






Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
232,362
48,828
77,929
359,119


Additions
-
-
499
499



At 31 December 2023

232,362
48,828
78,428
359,618



Depreciation


At 1 January 2023
232,362
47,206
50,704
330,272


Charge for the year
-
550
11,199
11,749



At 31 December 2023

232,362
47,756
61,903
342,021



Net book value



At 31 December 2023
-
1,072
16,525
17,597



At 31 December 2022
-
1,622
27,225
28,847

Page 23

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
130,000



At 31 December 2023
130,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Monument Group Europe LLP
as per note 1
Members Capital
96%
Monument Group Malta Limited*
N/A - liquidated - see Note 20
Share Capital
100%
Monument Group Netherlands B.V.*
Keizersgracht 555, 1017 Dr Amsterdam, Netherlands
Share Capital
100%

* indirectly held


12.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Amounts owed by group undertakings
308,216
361,513
-
-

Other debtors
20,464
25,870
-
-

Prepayments
76,929
86,132
-
-

405,609
473,515
-
-


Page 24

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
567,305
3,184,268
-
18,053



14.


Creditors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
29,386
36,063
-
-

Amounts owed to group undertakings
-
-
-
1,560

Corporation tax
17,381
3,563
-
-

Other taxation and social security
32,628
17,852
-
-

Other creditors
6,933
20,500
-
-

Accruals
88,721
162,129
-
8,825

175,049
240,107
-
10,385



15.


Reserves

Foreign exchange reserve

This reserve is the accumulated foreign exchange differences arising from the translation of the overseas subsidiaries at each year end to the reporting currency for these financial statements, being GBP.

Profit and loss account

The profit and loss accounts represents accumulated comprehensive income of the year and prior periods less any dividends paid.

Page 25

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Share capital

2023
2022
£
£
Alloted, called up and fully paid



100,000 (2022 - 100,000) ordinary shares shares of £1 each
100,000
100,000



17.


Pension commitments

The Company's subsidiary operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £114,649 (2022: £80,400).  Contributions totalling £nil (2021: £nil) were payable to the fund at the reporting date.


18.


Commitments under operating leases

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
117,300
116,917

Later than 1 year and not later than 5 years
117,300
116,917

Later than 5 years
166,175
272,806

400,775
506,640
A rolling monthly licence is held by Monument Group Netherlands B.V. in respect of virtual office rental.


19.


Related party transactions

During the year the Company's subsidiary, Monument Group Europe LLP received income from Monument Group LP, which is the ultimate parent undertaking and controlling party, of £3,139,900 (2022: £5,567,709). £308,216 (2022: £361,512) was outstanding and included within debtors at 31 December 2023.
The Company has taken advantage of the exemption available in section 33 of FRS102, to not disclose the transactions between the Company and its subsidiary undertakings as they are part of a wholly owned group.
Key management are considered to be the Directors, they received no (2022: £nil) remuneration during the year. 

Page 26

 
MONUMENT GROUP (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Post balance sheet events

The final winding up of Monument Group Malta Limited occurred in April 2024, However it should be noted that it did not provide any services during the year, having been replaced by Monument Group Netherlands BV as the provider of regulated services in the EEA.


21.


Controlling party

The Company's immediate and ultimate parent undertaking and controlling party at the year end was Monument Group U.S. GP LP ("the LP"), regulated under the state laws of Delaware, in the United States of America.
No consolidated financial statements are prepared by the LP. This is the largest and smallest group for which consolidated financial statements are prepared. 

Page 27