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REGISTERED NUMBER: OC344563 (England and Wales)







REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MAGUS PROFESSIONAL PARTNERS LLP

MAGUS PROFESSIONAL PARTNERS LLP (REGISTERED NUMBER: OC344563)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 5


MAGUS PROFESSIONAL PARTNERS LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: Mr N F K Johnson
Magus Private Wealth Limited
Mr J Bareham
David Beckman LLP
Thomas St John Ltd





REGISTERED OFFICE: Endeavour House
Crawley Business Quarter
Manor Royal
Crawley
RH10 9LW





REGISTERED NUMBER: OC344563 (England and Wales)





ACCOUNTANTS: Cube Partners Limited
Chartered Accountants
5 Giffard Court
Millbrook Close
Northampton
Northamptonshire
NN5 5JF

MAGUS PROFESSIONAL PARTNERS LLP (REGISTERED NUMBER: OC344563)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of financial services.

DESIGNATED MEMBERS
The designated members during the year under review were:

Acumen Business Law Limited
Mr N F K Johnson
Magus Private Wealth Limited
Mr J Bareham
David Beckman LLP
Thomas St John Ltd

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £62,945 (2023 - £73,481 profit).

MEMBERS' INTERESTS
The members' drawing policy allows each member to draw a portion of their profit share, subject to the cash requirements of the business.

A member's capital requirement is linked to their share of the profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

ON BEHALF OF THE MEMBERS:





Magus Private Wealth Limited - Designated member


28 October 2024

MAGUS PROFESSIONAL PARTNERS LLP (REGISTERED NUMBER: OC344563)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
£    £   

TURNOVER 63,652 73,696

Administrative expenses 707 215
OPERATING PROFIT and
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




62,945




73,481

MAGUS PROFESSIONAL PARTNERS LLP (REGISTERED NUMBER: OC344563)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 5,255 6,248
Cash at bank 14,618 16,322
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

19,873

22,570

LOANS AND OTHER DEBTS DUE TO
MEMBERS

5

19,873

22,570

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 5 19,873 22,570

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

The financial statements were approved by the members of the LLP and authorised for issue on 28 October 2024 and were signed by:





Magus Private Wealth Limited - Designated member

MAGUS PROFESSIONAL PARTNERS LLP (REGISTERED NUMBER: OC344563)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Magus Professional Partners LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2023 - 6 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,255 6,248

5. LOANS AND OTHER DEBTS DUE TO MEMBERS

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

6. RELATED PARTY DISCLOSURES

Included in turnover are amounts billed to designated members totalling £63,653 (2023: £73,696).

Included in trade debtors are amounts due from designated members totalling £5,255 (2023: £6,248).