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Registered number: 04500535










MARK CAPITAL MANAGEMENT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Director
M S Meijer 




Company secretary
M T Armitage



Registered number
04500535



Registered office
30 Broadwick Street

London

W1F 8JB




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW





 
MARK CAPITAL MANAGEMENT LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Balance Sheet
 
11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16
Consolidated Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 36


 
MARK CAPITAL MANAGEMENT LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his strategic report, which is followed by the director's report, together with the audited financial statements for the year ended 31 December 2023.

Introduction
 
The principal activity of the group continued to be that of investment related services.

Business review
 
The Group's results show an increase in turnover to £24,191,399 (2022: £23,263,817) which is a result of changes in the funds that the Group is now advising. During the year, the Group increased its overall net profit margin to 48.3% (2022: 0.4%) which primarily arises from a restructure of the group.
The Group aims to maintain its high quality service in the provision of its advisory services.
With these financial statements, the Group aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the end of it. 
This review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties faced.
The principal risk facing the business is in relation to the performance of the funds that it advises, and their long term stability. The primary risks facing these funds stem from the markets that the funds invest in. The funds manage their portfolio to diversify risk and therefore help to mitigate any subsequent risk for the Group.

Financial key performance indicators
 
The director has monitored the progress of the Group strategy by reference to certain financial key performance indicators:
The Group's turnover was £24,191,399 (2022: £23,263,817)
The Group's net profit margin was 48.3% (2022: 0.4%)
The Group's net assets/(liabilities) were £7,973,027 (2022: (£4,743,288)). 

Page 1

 
MARK CAPITAL MANAGEMENT LIMITED
 

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

Principal risks and uncertainties
 
The Group's principal financial instruments are cash and amounts due/(to) from related parties. The Group has various other limited financial instruments such as trade debtors, trade creditors and other creditors, which arise directly from its operations. It is, and has been throughout the year under review, the Group's policy that no trading in financial instruments shall be undertaken.
The main risks that arise from the Group's financial instruments are that of credit risk, liquidity risk and cash flow risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged throughout the period.
Credit risk
The Group trades only with recognised and creditworthy parties. It is the Group's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are reviewed on a regular basis and a provision is made for doubtful debts when necessary.
Liquidity risk and cash flow risk
The board continually monitors the cash requirements of the Group to ensure that the Group has sufficient access to the required resources that the Board deem necessary at any time during the year. The monitoring and review of future projections by the Board ensures that there are adequate cash facilities to support the Group's cash flow requirements.


This report was approved by the board on 7 April 2025 and signed on its behalf.



M S Meijer
Director

Page 2

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:


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

make judgments and accounting estimates that are reasonable and prudent;

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £11,674,002 (2022 - £93,506).

The director does not propose a dividend.
The review of the business and assessment of risks are included in the Strategic Report in pages 1 to 2.

Director

The director who served during the year was:

M S Meijer 

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Page 3

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

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

he 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.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 April 2025 and signed on its behalf.
 





M S Meijer
Director

Page 4

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARK CAPITAL MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of Mark Capital Management Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARK CAPITAL MANAGEMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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 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 Director's 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 Director's 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 Director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARK CAPITAL MANAGEMENT LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or has no realistic alternative but to do so.


Page 7

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARK CAPITAL MANAGEMENT LIMITED (CONTINUED)


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 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:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
 
the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities
the nature of the group, including its management structure and control systems (including the opportunity for management to override such controls);
management’s incentives and opportunities for fraudulent manipulation of the financial statements including the group’s remuneration and bonus policies and performance targets; and
the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.

Based on this understanding we identified the following matters as being of significance to the entity:

laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law and tax and pension legislation;
management bias in selecting accounting policies and determining estimates;
inappropriate journal entries;
the timing of the recognition of commercial income;
manipulation of specific performance measures to meet remuneration targets; and
recoverability of debtors including work in progress.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members including the auditors of significant components.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
enquiries with the same concerning any actual or potential litigation or claims;
discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;
inspection of relevant legal correspondence;
Page 8

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARK CAPITAL MANAGEMENT LIMITED (CONTINUED)


assessment of matters reported to management and the result of the subsequent investigation;
obtaining an understanding of the relevant controls and testing their operation during the period;
obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;
challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to depreciation of tangible fixed assets;
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
challenging key assumptions made by management;
reviewing the financial statements for compliance with the relevant disclosure requirements;
performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
reviewing the minutes of Board meetings and correspondence with HMRC;
evaluating the underlying business reasons for any unusual transactions; and
considered the implementation of controls during the year.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.




James Hallett (ACA) (Senior Statutory Auditor)
for and on behalf of
Sumer Auditco Limited
Chartered Accountants
Statutory Auditors
14th Floor
33 Cavendish Square
London
W1G 0PW

7 April 2025
Page 9

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
24,191,399
23,263,817

Cost of sales
  
(1,415,326)
(723,083)

Gross profit
  
22,776,073
22,540,734

Administrative expenses
  
(22,817,328)
(22,019,533)

Other operating income
 5 
-
2,367

Operating (loss)/profit
 6 
(41,255)
523,568

Income from shares in group undertakings
  
347,783
-

Profit on disposal of investments
  
11,574,226
-

Interest receivable and similar income
  
9,021
1,678

Interest payable and similar expenses
  
(2,350)
(33,912)

Profit before taxation
  
11,887,425
491,334

Tax on profit
 9 
(213,423)
(397,828)

Profit for the financial year
  
11,674,002
93,506

  

Currency translation differences
  
126,967
(1,295,682)

Total comprehensive income/(loss) for the year
  
11,800,969
(1,202,176)

Profit for the year attributable to:
  

Owners of the parent Company
  
11,674,002
93,506

Total comprehensive income/(loss) for the year attributable to:
  

Owners of the parent Company
  
11,800,969
(1,202,176)

The notes on pages 18 to 36 form part of these financial statements.

Page 10

 
MARK CAPITAL MANAGEMENT LIMITED
REGISTERED NUMBER: 04500535

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
766,180
1,145,543

Investments
 11 
-
20,000

  
766,180
1,165,543

Current assets
  

Debtors
 12 
18,458,007
15,533,840

Cash at bank and in hand
 13 
324,880
1,208,619

  
18,782,887
16,742,459

Creditors: amounts falling due within one year
 14 
(11,069,564)
(21,830,554)

Net current assets/(liabilities)
  
 
 
7,713,323
 
 
(5,088,095)

Total assets less current liabilities
  
8,479,503
(3,922,552)

Creditors: amounts falling due after more than one year
 15 
(438,427)
(656,236)

Provisions for liabilities
  

Deferred taxation
 17 
(68,049)
(164,500)

  
 
 
(68,049)
 
 
(164,500)

Net assets/(liabilities)
  
7,973,027
(4,743,288)


Capital and reserves
  

Called up share capital 
 18 
500,000
500,000

Foreign exchange reserve
  
(67,278)
(1,109,591)

Profit and loss account
  
7,540,305
(4,133,697)

Equity attributable to owners of the parent Company
  
7,973,027
(4,743,288)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M S Meijer
Director

Date: 7 April 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 11

 
MARK CAPITAL MANAGEMENT LIMITED
REGISTERED NUMBER: 04500535

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
652,135
1,019,869

Investments
 11 
742,029
348,777

  
1,394,164
1,368,646

Current assets
  

Debtors
 12 
17,432,447
14,933,157

Cash at bank and in hand
 13 
195,845
826,895

  
17,628,292
15,760,052

Creditors: amounts falling due within one year
 14 
(10,624,803)
(8,791,885)

Net current assets
  
 
 
7,003,489
 
 
6,968,167

Total assets less current liabilities
  
8,397,653
8,336,813

  

Creditors: amounts falling due after more than one year
 15 
(409,903)
(623,762)

Provisions for liabilities
  

Deferred taxation
 17 
(79,099)
(164,500)

  
 
 
(79,099)
 
 
(164,500)

Net assets
  
7,908,651
7,548,551


Capital and reserves
  

Called up share capital 
 18 
500,000
500,000

Profit and loss account
  
7,408,651
7,048,551

  
7,908,651
7,548,551


Page 12

 
MARK CAPITAL MANAGEMENT LIMITED
REGISTERED NUMBER: 04500535
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 profit after tax of the parent Company for the tax year was £360,100 (2022 - £669,894). 
The financial statements were approved and authorised for issue by the board and were signed on its behalf by


M S Meijer
Director

Date: 7 April 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 13
 

 
MARK CAPITAL MANAGEMENT LIMITED


 

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
Total equity


£
£
£
£
£



At 1 January 2022
500,000
186,091
(4,227,203)
(3,541,112)
(3,541,112)



Comprehensive income for the year


Profit for the year
-
-
93,506
93,506
93,506


Foreign exchange movement
-
(1,295,682)
-
(1,295,682)
(1,295,682)





At 1 January 2023
500,000
(1,109,591)
(4,133,697)
(4,743,288)
(4,743,288)



Comprehensive income for the year


Profit for the year
-
-
11,674,002
11,674,002
11,674,002


Foreign exchange movement
-
(65,823)
-
(65,823)
(65,823)


Foreign exchange movement on disposal of subsidiary
-
1,108,136
-
1,108,136
1,108,136



At 31 December 2023
500,000
(67,278)
7,540,305
7,973,027
7,973,027



The notes on pages 18 to 36 form part of these financial statements.

Page 14
 
MARK CAPITAL MANAGEMENT LIMITED
 

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
500,000
6,378,657
6,878,657


Comprehensive income for the year

Profit for the year
-
669,894
669,894



At 1 January 2023
500,000
7,048,551
7,548,551


Comprehensive income for the year

Profit for the year
-
360,100
360,100


At 31 December 2023
500,000
7,408,651
7,908,651


The notes on pages 18 to 36 form part of these financial statements.

Page 15

 
MARK CAPITAL MANAGEMENT LIMITED
 

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

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
11,674,002
93,506

Adjustments for:

Amortisation of intangible assets
-
(220,061)

Depreciation of tangible assets
402,973
371,839

Interest paid
2,350
33,912

Interest received
(9,021)
(1,678)

Taxation charge
213,423
397,828

(Increase) in debtors
(2,384,874)
(1,307,311)

Increase in creditors
944,205
4,238,391

(Profit)/loss on disposal of subsidiaries
(11,574,226)
-

Corporation tax (paid)
(90,436)
(1,468,962)

Foreign exchange
(65,824)
(1,295,682)

Net cash generated from operating activities

(887,428)
841,782


Cash flows from investing activities

Purchase of tangible fixed assets
(23,610)
(19,845)

Sale of subsidiary undertakings net of cash disposed of
480
-

Interest received
9,021
1,678

Purchase of subsidiary undertakings net of cash acquired
-
17,337

Net cash from investing activities

(14,109)
(830)

Cash flows from financing activities

Interest paid
(2,350)
(33,912)

Net cash used in financing activities
(2,350)
(33,912)

Net (decrease)/increase in cash and cash equivalents
(903,887)
807,040

Cash and cash equivalents at beginning of year
1,208,139
401,099

Cash and cash equivalents at the end of year
304,252
1,208,139


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
324,880
1,208,619

Bank overdrafts
(20,628)
(480)

304,252
1,208,139


Page 16

 
MARK CAPITAL MANAGEMENT LIMITED
 

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





At 1 January 2023
Cash flows
Acquisition and disposal of subsidiaries
At 31 December 2023
£

£

£

£

Cash at bank and in hand

1,208,619

(883,739)

-

324,880

Bank overdrafts

(480)

(20,628)

480

(20,628)

Finance leases

(37,814)

4,632

-

(33,182)


1,170,325
(899,735)
480
271,070

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares, and is incorporated in England and Wales. The principal trading address and registered office is 30 Broadwick Street, London, W1F 8JB. 

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 judgment 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.

Parent company disclosure exemptions
In preparing the separate financial statements of the parent company, advantage has been taken of
the following disclosure exemptions available in FRS 102:

Only one reconciliation of the number of shares outstanding at the beginning and end of the year
has been presented as the reconciliation for the company and the parent company would be
identical;
No statement of cash flows has been presented for the parent company;and
Disclosures in respect of the parent company's financial instruments have not been presented as
equivalent disclosures have been provided in respect of the group as a whole.

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 subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, 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 profit and loss account from the date on which control is obtained. 

Page 18

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The group accounts have been prepared on a going concern basis. This basis is considered appropriate as a company in which the director has a material interest has confirmed that it will not seek repayment of its loan until such time that the group has sufficient assets and has confirmed that it will continue to provide the necessary financial support to enable the group to meet its forecast liabilities as they fall due.

 
2.4

Revenue

Rendering of services
Revenue from an arrangement to provide services is recognised in the period in which the service is provided. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. 

 
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.

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Short-term leasehold property
-
over the lease term
Fixtures and fittings
-
20-33%
Computer equipment
-
20-33%
Other fixed assets
-
20%

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 19

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Financial instruments

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

Financial instruments are recognised in the group's Balance Sheet when the group 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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 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.
 
Page 20

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


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.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 21

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.



 
2.9

Foreign currency translation

Functional and presentation currency

The company's and Group's functional 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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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.

Page 22

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Operating leases: the Group 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.

 
2.11

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.12

Pensions

The group makes payments towards employees' personal pension schemes. Contributions are charged to the profit and loss account as they become payable.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet 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 balance sheet 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 balance sheet date.


Page 23

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated by the director and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The director considers there to be no significant areas of judgments or key sources of estimation uncertainty.


4.


Turnover

The total turnover of the group for the year has been derived from the sale of services as per its principal
activity.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom and Channel Islands
22,620,688
22,462,819

Rest of World
1,570,711
800,998

24,191,399
23,263,817



5.


Other operating income

2023
2022
£
£

Other operating income
-
2,367



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
402,973
371,839

Exchange differences
(86,362)
274,359

Other operating lease rentals
1,274,949
968,886

Fees payable to the Group's Auditors for the audit of the Group's annual
financial statements
35,000
20,000

Page 24

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

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

Wages and salaries

12,799,784

13,721,299

10,669,989
 
12,310,047
 
Social security costs

1,660,631

1,745,639

1,511,250
 
1,676,147
 
Pension contributions

264,313

172,366

221,744
 
172,366
 

14,724,728

15,639,304

12,402,983
 
14,158,560
 

The compensation paid or payable to key management from employee services for the Group and Company, included in the above, is £2,924,379 (2022 - £3,561,425).

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

Group 
2023
Group 
2022
Company 2023
Company 2022
       No
       No
       No
       No

Management and administration

61

39

39
 
31
 


8.


Director's remuneration

2023
2022
£
£

Director's emoluments
1,650,000
1,897,863


The highest paid director received remuneration of £1,650,000 (2022 - £1,897,863).

Page 25

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
294,898
347,750

Adjustments in respect of previous periods
4,317
19,720


299,215
367,470

Foreign tax


Foreign tax on income for the year
(391)
30,358

Total current tax
298,824
397,828

Deferred tax


Origination and reversal of timing differences
(85,401)
-


213,423
397,828

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
11,887,425
491,334


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
2,793,993
93,353

Effects of:


Expenses not deductible for tax purposes
68,658
60,398

Capital allowances for year in excess of depreciation
75,074
48,442

Utilisation of tax losses
(2,119)
-

Under provision in prior years
4,317
19,720

Short-term timing difference leading to an increase (decrease) in taxation
(85,401)
-

Non-taxable income
(2,712,743)
-

Unrelieved tax losses
71,644
175,915

Total tax charge for the year
213,423
397,828

Page 26

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors that may affect future tax charges

The company has unrecognised non-trade loan relationship losses of £209,612 (2022: £220,310) available for use against future interest income profits.


10.


Tangible fixed assets

Group






Short-term leasehold property
Fixtures and fittings
Other fixed assets
Total

£
£
£
£



Cost 


At 1 January 2023
1,709,117
914,359
82,838
2,706,314


Additions
-
23,610
-
23,610



At 31 December 2023

1,709,117
937,969
82,838
2,729,924



Depreciation


At 1 January 2023
828,972
731,799
-
1,560,771


Charge for the year on owned assets
228,010
159,360
15,603
402,973



At 31 December 2023

1,056,982
891,159
15,603
1,963,744



Net book value



At 31 December 2023
652,135
46,810
67,235
766,180



At 31 December 2022
880,145
182,560
82,838
1,145,543

Page 27

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           10.Tangible fixed assets (continued)


Company






Short-term leasehold property
Fixtures and fittings
Total

£
£
£

Cost


At 1 January 2023
1,709,117
859,174
2,568,291


Additions
-
10,490
10,490



At 31 December 2023

1,709,117
869,664
2,578,781



Depreciation


At 1 January 2023
828,972
719,450
1,548,422


Charge for the year on owned assets
228,010
150,214
378,224



At 31 December 2023

1,056,982
869,664
1,926,646



Net book value



At 31 December 2023
652,135
-
652,135



At 31 December 2022
880,145
139,724
1,019,869






Page 28

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Fixed asset investments

Group





Investments in subsidiary companies

£



Cost 


At 1 January 2023
20,000


Additions
172


Disposals
(20,000)



At 31 December 2023

172



Impairment


Charge for the period
172



At 31 December 2023

172



Net book value



At 31 December 2023
-



At 31 December 2022
20,000

Page 29

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
348,777


Additions
539,528


Disposals
(146,276)



At 31 December 2023
742,029






Net book value



At 31 December 2023
742,029



At 31 December 2022
348,777


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

MARK Capital Management (Luxembourg) Sarl (i)
12C, Impasse Drosbach, L-1882, Luxembourg
Investment related services
Ordinary
100%
MARK Capital Management B.V. (ii)
Minervaplein 10H, 1077 TP, Amsterdam
Investment related services
Ordinary
100%
MARK Capital Management GmbH (iii) *
Goethestr. 14/Kleine Bockenheimer Str. 3 D-60313 Frankfurt a. Main
Investment related services
Ordinary
100%
MARK Capital Management (Spain) S.L. (iv)
2nd Floor, 6 Goya Street, Madrid
Investment related services
Ordinary
100%

Key:
(i): Incorporated in Luxembourg
(ii): Incorporated in the Netherlands
(iii): Incorporated in Germany
(iv): Incorporated in Spain
*: Held indirectly through MARK Capital Management B.V.

Page 30

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

The subsidiaries listed below have been excluded from consolidation on the grounds that they are immaterial. The aggregate of the share capital and reserves as per the last accounts and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:


Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

MARK Strategic Opportunities Fund TE SCSp
(29,160)
30,179

MARK Strategic Opportunities Fund T SCSp
(28,107)
31,268

Page 31

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Debtors

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

Due after more than one year

Other debtors
3,800,993
3,236,075
3,800,993
3,219,659

Due within one year

Trade debtors
1,071,597
303,353
268,147
-

Amounts owed by group and associated undertakings
-
34,799
39,210
34,799

Other debtors
12,575,714
9,447,268
12,506,803
9,271,220

Prepayments and accrued income
1,009,703
2,512,345
817,294
2,407,479

18,458,007
15,533,840
17,432,447
14,933,157



13.


Cash and cash equivalents

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

Cash at bank and in hand
324,880
1,208,619
195,845
826,895

Less: bank overdrafts
(20,628)
(480)
(20,628)
-

304,252
1,208,139
175,217
826,895


Page 32

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Creditors: Amounts falling due within one year

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

Bank overdrafts
20,628
480
20,628
-

Trade creditors
931,711
161,587
898,448
118,352

Amounts owed to group undertakings
172
-
6,075,052
5,392,564

Corporation tax
1,631,362
830,590
1,631,362
728,994

Other taxation and social security
355,303
527,664
367,663
470,149

Obligations under finance lease and hire purchase contracts
4,658
5,340
-
-

Other creditors
7,567,692
19,479,190
1,357,317
1,470,634

Accruals and deferred income
558,038
825,703
274,333
611,192

11,069,564
21,830,554
10,624,803
8,791,885


Net obligations under finance leases and hire purchase contracts are secured over the assets which they relate to.


15.


Creditors: Amounts falling due after more than one year

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

Net obligations under finance leases and hire purchase contracts
28,524
32,474
-
-

Other creditors
409,903
623,762
409,903
623,762

438,427
656,236
409,903
623,762


Net obligations under finance leases and hire purchase contracts are secured over the assets which they relate to.



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MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
4,658
5,340

Between 1-5 years
28,524
32,474

33,182
37,814


17.


Deferred taxation


Group



2023


£






At beginning of year
164,500


Credit to statement of comprehensive income
(96,451)



At end of year
68,049

Company


2023


£






At beginning of year
164,500


Credit to statement of comprehensive income
(85,401)



At end of year
79,099

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

Accelerated capital allowances
68,049
164,500
79,099
164,500

Page 34

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



500,000 (2022 - 500,000) Ordinary shares of £1.00 each
500,000
500,000

There is a single class of ordinary shares. There are no restrictions on distribution of dividends and the repayment of capital. 



19.


Pension commitments

The company operates a defined contributions pension scheme on behalf of its employees. Contributions in respect of the schemes are charged to the income statement in the period in which they are payable. The amount charged in the financial statements was £264,313 (2022 - £172,366). The amount outstanding at the year end was £35,521 (2022 - £30,730).


20.


Commitments under operating leases

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


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

Not later than 1 year
931,481
949,191
922,626
922,626

Later than 1 year and not later than 5 years
1,761,836
2,693,357
1,761,836
2,684,462

2,693,317
3,642,548
2,684,462
3,607,088


21.Other financial commitments

Included in cash at bank is £100,000 (2022 - £100,000) placed in an account against which security has been provided and is not available for the company's general use.

Page 35

 
MARK CAPITAL MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Related party transactions

Group
At the balance sheet date, included within other creditors is an amount of £6,449,078 (2022 - £17,995,656) due to a company in which the director has a material interest.
Company and Group
At the balance sheet date, included within debtors is an amount of £7,514,106 (2022 - £5,791,634) due from the director of the company. The loan has increased from a series of advances and is interest free and repayable on demand. 
At the balance sheet date, included within debtors is an amount of £3,889,888 (2022 - £2,562,511) due   within one year from companies in which the director has a material interest.
During the year the company charged investment advisory fees of £22,649,795 (2022 - £22,323,748) to a company in which the director has a material interest. At the balance sheet date, included within accrued income is an amount of £316,285 (2022 - £1,838,458) due from this company. 


23.


Controlling party

Neilarm Limited, a company incoporated in the British Virgin Islands, is considered to be the immediate and ulitmate parent undertaking in both the current and prior year. Subsequent to the year end, there was a group reorganisation and MARK PM (Guernsey) Limited becme the ultimate parent undertaking.
The MARK Discretionary Settlement Trust is considered to be the ultimate controlling party.

 
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