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Marsham Investment Management LLP
























Members' report and financial statements



for the year ended 31 December 2023



Registered number: OC407363

 
Marsham Investment Management LLP
 


Information




Designated Members
E Lozovik
M Lozovik

Registered number
OC407363

Registered office
28 Bolton Street
London
W1J 8BP

Independent auditor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL


 
Marsham Investment Management LLP
 


Contents



Page
Members' report
 
1 - 2
Independent auditor's report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Reconciliation of members' interests
 
9
Statement of cash flows
 
10
Notes to the financial statements
 
11 - 18

 
Marsham Investment Management LLP
 


Members' report
for the year ended 31 December 2023

The members present their report together with the audited financial statements of Marsham Investment Management LLP ('the LLP') for the year ended 31 December 2023.  
The LLP is authorised and regulated by the Financial Conduct Authority.
 

Principal activities
 
 
The principal activity of the LLP in the period under review was the provision of investment advisory and multi-family office services.
 
 
Designated Members
 
 
The designated members of the LLP who were in office during the year and up to the date of the signing the financial statements were:
E Lozovik
M Lozovik 

 
Policy for members' drawings, subscriptions and repayments of members' capital
 
 
During the year, members contributed £nil (2022: £nil) to the LLP. Members may contribute further capital with the agreement of the founding members. No member is entitled to interest on his/her capital contribution. No member may be required to contribute any further capital on the insolvency of the LLP.
No member has the right to withdraw or receive back any part of the amount standing to the credit of his/her capital account. The LLP shall have discretion to return some or all of the amount standing to the credit of a member's capital account subject to agreement from the FCA or on cessation of being a member when an equal amount of capital is contributed by the LLP or another member.
Profit shall be divided between the members as per the LLP agreement.
The founding members have discretion to determine the level of drawing that members can take in anticipation of their profit entitlement. Members are entitled to withdraw from the LLP any amounts standing to the credit of that member's distribution account.
Should the annual accounts of the LLP show that in a relevant accounting period any member was distributed amounts in excess of his/her share of the profits then this excess will become repayable on demand of the LLP.
 
 
Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 LLP and of the profit or loss of the LLP for that period.
Page 1

 
Marsham Investment Management LLP
 


Members' report (continued)
for the year ended 31 December 2023

Members' responsibilities statement (continued)
In preparing these financial statements, the members are required to:
 
select suitable accounting policies 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 LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
This report was approved by the members on 23 April 2024 and signed on their behalf by:
 
 




M Lozovik 
Designated member

Page 2

 
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Independent auditor's report to the members of Marsham Investment Management LLP
 for the year ended 31 December 2023

Opinion
 

We have audited the financial statements of Marsham Investment Management LLP (the 'LLP') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Reconciliation of members' interests, the Statement of cash flows 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 LLP's affairs as at 31 December 2023 and of its 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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 members' 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 LLP'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 members 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 Auditor's report thereon. The members are responsible for the other information contained within the Annual reportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Page 3

 
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Independent auditor's report to the members of Marsham Investment Management LLP (continued)
for the year ended 31 December 2023

Other information (continued)
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 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.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:
 
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of members
 

As explained more fully in the Members' responsibilities statement, the members 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 members 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.
 

Auditor's 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 Auditor's 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 financial statements.


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

Page 4

 
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Independent auditor's report to the members of Marsham Investment Management LLP (continued)
for the year ended 31 December 2023

Auditor's responsibilities for the audit of the financial statements (continued)
How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, was as follows: 

the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to auditing regulated investment advisory firms;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;

we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the LLP through discussions with members and other management at the planning stage, and from our knowledge and experience of regulated investment advisory firms;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and 
we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the LLP including the Companies Act 2006 as applied to LLPs, The Financial Services and Markets Act 2000 and employment legislation.

We assessed the extent of compliance with the laws and regulations identified above through:

making enquiries of management;
reviewing legal expenditure and correspondence throughout the year for any potential litigation or claims; and 
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

determined the susceptibility of the LLP to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process; 
reviewed journal entries throughout the year to identify unusual transactions;
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the LLP’s management;
tested the completeness and existence of revenue by obtaining third party confirmations over management and performance fees earned from the fund administrators; and
carried out substantive testing to check the occurrence and cut-off of expenditure.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:

agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.

Page 5

 
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Independent auditor's report to the members of Marsham Investment Management LLP (continued)
for the year ended 31 December 2023

Auditor's responsibilities for the audit of the financial statements (continued)
There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be
inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or
collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and
regulations to enquiry of the members and other management and the inspection of regulatory and legal
correspondence, if any.

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 Auditor's report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditor's 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jonathan West (Senior Statutory Auditor)
for and on behalf of
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL

23 April 2024
Page 6

 
Marsham Investment Management LLP
 


Statement of comprehensive income
for the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
1,314,557
1,590,335

Cost of sales
  
-
(67,755)

Gross profit
  
 
1,314,557
 
1,522,580

Administrative expenses
  
(898,672)
(899,899)

Other operating income
  
13,255
-

Operating profit
 5 
 
429,140
 
622,681

Interest receivable and similar income
 8 
2,293
296

Profit before tax
  
 
431,433
 
622,977

  

Total comprehensive income for the year
  
431,433
622,977

All amounts relate to continuing operations.
There were no recognised gains and losses for 2023 or 2022 other than those included in the Statement of comprehensive income.

The notes on pages 11 to 18 form part of these financial statements.
Page 7

 
Marsham Investment Management LLP - Registered number:OC407363


Statement of financial position
as at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
3,187
6,841

  
3,187
6,841

Current assets
  

Debtors
 10 
310,194
417,317

Cash at bank and in hand
 11 
301,845
345,005

  
612,039
762,322

Creditors: amounts falling due within one year
 12 
(102,476)
(225,229)

Net current assets
  
 
 
509,563
 
 
537,093

Total assets less current liabilities
  
512,750
543,934

  

Net assets
  
512,750
543,934


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
81,317
81,317

Other reserves classified as equity
  
431,433
462,617

  
 
512,750
 
543,934

  
512,750
543,934


Total members' interests
  

Amounts due from members (included in debtors)
 10 
(95,430)
(168,747)

Members' other interests
  
512,750
543,934

  
417,320
375,187

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




M Lozovik
Designated member

Date: 23 April 2024

Page 8

 
Marsham Investment Management 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 reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due from members 

(351,939)
(351,939)


Balance at 1 January 2022 
81,317
609,850
691,167
(351,939)
(351,939)
339,228

Profit for the year available for discretionary division among members
 
-
622,977
622,977
-
-
622,977

Members' interests after profit for the year
81,317
1,232,827
1,314,144
(351,939)
(351,939)
962,205

Other division of profits
-
(770,210)
(770,210)
770,210
770,210
-

Drawings on account and distribution of profit
-
-
-
(588,821)
(588,821)
(588,821)

Other movements
 
-
-
-
1,803
1,803
1,803

Amounts due from members
 



(168,747)
(168,747)


Balance at 31 December 2022
81,317
462,617
543,934
(168,747)
(168,747)
375,187

Profit for the year available for discretionary division among members
 
-
431,433
431,433
-
-
431,433

Members' interests after profit for the year
81,317
894,050
975,367
(168,747)
(168,747)
806,620

Other division of profits
-
(462,617)
(462,617)
462,617
462,617
-

Drawings on account and distribution of profit
 
-
-
-
(389,300)
(389,300)
(389,300)

Amounts due from members
 



(95,430)
(95,430)


Balance at 31 December 2023 
81,317
431,433
512,750
(95,430)
(95,430)
417,320



Page 9

 
Marsham Investment Management LLP
 


Statement of cash flows
for the year ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
431,433
622,977

Adjustments for:

Depreciation of tangible assets
3,654
3,770

Interest received
(2,293)
(296)

Decrease in debtors
33,806
54,315

(Decrease) in creditors
(122,753)
(22,718)

Other movements with members
-
1,803

Distribution paid to members
(389,300)
(588,821)

Net cash generated from operating activities

(45,453)
71,030


Cash flows from investing activities

Purchase of tangible fixed assets
-
(8,249)

Interest received
2,293
296

Net cash from investing activities

2,293
(7,953)


Net (decrease)/increase in cash and cash equivalents
(43,160)
63,077

Cash and cash equivalents at beginning of year
345,005
281,928

Cash and cash equivalents at the end of year
301,845
345,005


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
301,845
345,005

301,845
345,005


The notes on pages 11 to 18 form part of these financial statements.

Page 10

 
Marsham Investment Management LLP
 
 

Notes to the financial statements
for the year ended 31 December 2023

1.


General information

Marsham Management Investment LLP is a limited liability partnership incorporated in England & Wales. The address of the registered office and its principal place of business is 28 Bolton Street, London, W1J 8BP. Its registered number is OC407363.

2.Significant 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 Republic of Ireland' ('FRS 102') 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 judgement in applying the LLP's
accounting policies (see note 3).
The following principal accounting policies have been applied consistently throughout the year:

 
2.2

Going concern

After reviewing the forecasts and projections the members have reasonable expectations that the LLP has
adequate resources to continue in operational existence for the foreseeable future. The LLP therefore
continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover comprises the fair value of the consideration received or receivable to the LLP from its principal activity of providing investment advisory and multi-family office services. From investment advisory services, management fees are recognised on an accruals basis and performance fees are recognised when the fees crystallise. Fees from multi-family office services are recognised on an accruals basis, when the work is performed.

  
2.4

Administrative expenses

All expenses have been accounted for on an accruals basis.

Page 11

 
Marsham Investment Management LLP
 

Notes to the financial statements
for the year ended 31 December 2023

2.Significant accounting policies (continued)

 
2.5

Interest receivable

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

  
2.6

Taxation

The taxation payable on the LLP profits is the personal liability of the members and consequently neither taxation nor related deferred taxation are accounted for in the financial statements. Amounts retained for tax are treated in the same way as other profits of the LLP and are included in 'Members' interests' or in 'Loans and other debts due to members' depending on whether or not division of profits has occurred.

 
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.

 
2.8

Tangible assets

Tangible 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 equipment
-
3 years
Computer equipment
-
3 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.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment for doubtful debts.

 
2.10

Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank and in hand, demand deposits with financial institutions
repayable without penalty on notice and other short term highly liquid investments with original maturity of 3 months or less and bank overdrafts.

Page 12

 
Marsham Investment Management LLP
 

Notes to the financial statements
for the year ended 31 December 2023

2.Significant accounting policies (continued)

 
2.11

Financial instruments

The LLP only enters into transactions that result in the recognition of basic financial instruments like trade
debtors, creditors and loans to related parties.
Debt instruments, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.
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 Statement of comprehensive income.

  
2.12

Creditors

Basic financial liabilities include trade and other payables. Creditors are measured at the transaction price. Other financial creditors are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.13

Members capital (classified as equity)

Members capital represents the value of capital contributed by the members. 

  
2.14

Loans and debts due to members

The members of the LLP are remunerated based on the profit of the LLP in respect of each
financial year. It is allocated amongst the members in accordance with the limited liability partnership
agreement.

Loans and debts due to members comprises of residual profit share and balances due in respect of expenses
incurred and settled on behalf of the LLP.

These balances are due for repayment within one year.

  
2.15

Operating leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and
rewards of ownership of the leased asset to the LLP. All other leases are classified as operating leases.

Rentals payable under operating leases are charged to the Statement of comprehensive income on a straight
line basis over the lease term. The aggregate benefit of lease incentives are recognised as a reduction to the
expense recognised over the lease term on a straight line basis.

Page 13

 
Marsham Investment Management LLP
 
 

Notes to the financial statements
for the year ended 31 December 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the LLP's accounting policies, which are described in note 2, the members are required to make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the year-end date and amounts reported for revenues and expenses during the year. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. However, the nature of estimation means that actual outcomes could differ from those estimates.
There were no significant estimates or judgements made in the year.


4.


Turnover

The whole of the turnover is attributable to the LLP's principal activity and arose from activities performed within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(840)
(29,524)

Other operating lease rentals
76,827
64,003


6.


Auditor's remuneration

During the year, the LLP obtained the following services from the LLP's auditor and its associates:


2023
2022
£
£

Fees payable to the LLP's auditor for the audit of the LLP's financial statements
9,500
9,500

Fees payable to the LLP's auditor and its associates in respect of:

Audit-related assurance services
3,000
2,250

Taxation compliance services
2,100
4,400

All assurance services not included above
2,250
2,250

All other services
28,470
15,750
Page 14

 
Marsham Investment Management LLP
 
 

Notes to the financial statements
for the year ended 31 December 2023

7.


Employees

2023
2022
£
£

Wages and salaries
351,798
358,109

Social security costs
40,917
45,010

Cost of defined contribution scheme
9,104
36,544

401,819
439,663


The average monthly number of persons employed during the year was as follows:


        2023
        2022
            No.
            No.







Analysts
2
2



Managers
1
2

3
4


8.


Interest receivable and similar income

2023
2022
£
£


Bank interest receivable
2,293
296

2,293
296

Page 15

 
Marsham Investment Management LLP
 
 

Notes to the financial statements
for the year ended 31 December 2023

9.


Tangible assets





Office equipment
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
1,776
18,537
20,313



At 31 December 2023

1,776
18,537
20,313



Depreciation


At 1 January 2023
1,465
12,007
13,472


Charge for the year
94
3,560
3,654



At 31 December 2023

1,559
15,567
17,126



Net book value



At 31 December 2023
217
2,970
3,187



At 31 December 2022
311
6,530
6,841
Page 16

 
Marsham Investment Management LLP
 
 

Notes to the financial statements
for the year ended 31 December 2023

10.


Debtors

2023
2022
£
£


Trade debtors
12,488
17,287

Other debtors
5,975
15,044

Prepayments and accrued income
196,301
216,239

Amounts due from members
95,430
168,747

310,194
417,317



11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
301,845
345,005

301,845
345,005



12.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
6,677
9,943

Other taxation and social security
37,215
34,784

Other creditors
23,870
161,152

Accruals and deferred income
34,714
19,350

102,476
225,229



13.


Analysis of Net Debt

An analysis of changes in net debt has not been presented as all of the LLP’s cash flows relate to movements
in cash, and the LLP has no items to include in such an analysis.


14.


Reserves

Other reserves classified as equity
Includes all LLP reserves relating to current and prior periods not allocated to members.
Other amounts
Includes all movements in amounts due from members.

Page 17

 
Marsham Investment Management LLP
 
 

Notes to the financial statements
for the year ended 31 December 2023

15.


Contingent liabilities

There were no contingent liabilities at 31 December 2023 or 31 December 2022.


16.


Capital commitments

There were no capital commitments at 31 December 2023 or 31 December 2022.


17.


Pension commitments

The entity operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the entity to the fund and amounted to £9,104 (2022: £36,543). Contributions totalling £nil (2022: £1,692) were payable to the fund at the reporting date and are included in creditors.


18.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
10,000
10,000

10,000
10,000


19.


Related party transactions

The LLP rents premises from a company under common controlThe rent paid in the year in respect of these premises amounts to £76,827 (2022: £63,044). During the year, the entity under common control received a loan of £65,000 form the LLP, and repaid the loan before the year end.


20.


Controlling party

In the opinion of the designated members of the LLP, there is no ultimate controlling party.

Page 18