Limited Liability Partnership registration number OC322018 (England and Wales)
TACCONIS ADVISORS & CO LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TACCONIS ADVISORS & CO LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
M Tacconis
Tacconis Ltd
LLP registration number
OC322018
Registered office
73 Cornhill
London
EC3V 3QQ
Auditor
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
Business address
Flat 7
28 Leathermarket Street
London
SE1 3FZ
TACCONIS ADVISORS & CO LLP
CONTENTS
Page
Members' report
1 - 2
Members' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Statement of cash flows
11
Notes to the financial statements
12 - 20
TACCONIS ADVISORS & CO LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the limited liability partnership ("LLP") continued to be that of regulated investment management and advisory services. The limited liability partnership is regulated by the Financial Conduct Authority ("FCA").

Branches outside the United Kingdom
The limited liability partnership has no branches outside the United Kingdom.
Members' drawings, contributions and repayments

Drawings and capital subscriptions are determined taking into account the anticipated cash needs and capital requirements of the LLP.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

M Tacconis
Tacconis Ltd
Members

During the year, Csilla Deri was appointed as a member of the LLP on 1 November 2024. She is not a designated member.

Auditor

The auditor, Gerald Edelman LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

 

Pillar 3 Disclosures

Tacconis Advisors & Co LLP is authorised and regulated by the Financial Conduct Authority as a Small Non-Interconnected (SNI) MIFIDPRU investment firm.

 

In accordance with regulatory requirements, the LLP’s Pillar 3 disclosure on capital resources and risk management is published on its website at:

 

www.tacpartners.com

 

This disclosure is not subject to audit.

Going Concern

Having reviewed the LLP's financial forecasts and expected future cash flows, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future.

 

Thus, they continue to adopt the going concern basis in preparing the financial statements for the period ended 31 December 2024.

TACCONIS ADVISORS & CO LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Approved by the members on 25 April 2025 and signed on behalf by:
25 April 2025
M Tacconis
Designated Member
TACCONIS ADVISORS & CO LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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. 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and 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 Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TACCONIS ADVISORS & CO LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TACCONIS ADVISORS & CO LLP
- 4 -
Opinion

We have audited the financial statements of Tacconis Advisors & Co LLP (the 'limited liability partnership') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 limited liability partnership’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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude 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.

TACCONIS ADVISORS & CO LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TACCONIS ADVISORS & CO LLP
- 5 -
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:

 

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 limited liability partnership'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 limited liability partnership 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the period ended 31 December 2024.

 

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

 

The extent to which the audit was considered capable of detecting irregularities including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

TACCONIS ADVISORS & CO LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TACCONIS ADVISORS & CO LLP
- 6 -

Audit response to risks identified

Fraud due to management override

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

 

Irregularities and non-compliance with laws and regulations

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:

 

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

 

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the members of Tacconis Advisors LLP.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Hemen Doshi FCCA (Senior Statutory Auditor)
For and on behalf of Gerald Edelman LLP, Statutory Auditor
Chartered Accountants
73 Cornhill
London
EC3V 3QQ
25 April 2025
TACCONIS ADVISORS & CO LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
639,843
548,264
Administrative expenses
(535,427)
(354,183)
Operating profit
4
104,416
194,081
Interest receivable and similar income
8
2
1
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
104,418
194,082

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

TACCONIS ADVISORS & CO LLP
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
5,135
9,401
Current assets
Debtors
10
257,058
149,834
Cash at bank and in hand
64,815
15,299
321,873
165,133
Creditors: amounts falling due within one year
11
(62,830)
(17,757)
Net current assets
259,043
147,376
Total assets less current liabilities and net assets attributable to members
264,178
156,777
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
109,760
(87,305)
Members' other interests
Members' capital classified as equity
50,000
50,000
Other reserves classified as equity
104,418
194,082
264,178
156,777
The financial statements were approved by the members and authorised for issue on 25 April 2025 and are signed on their behalf by:
25 April 2025
M Tacconis
Designated member
Limited Liability Partnership registration number OC322018 (England and Wales)
TACCONIS ADVISORS & CO LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 January 2024
50,000
194,082
244,082
(87,305)
(87,305)
156,777
Profit for the financial year available for discretionary division among members
-
104,418
104,418
-
-
104,418
Members' interests after profit for the year
50,000
298,500
348,500
(87,305)
(87,305)
261,195
Allocation of profit for the financial year
-
(194,082)
(194,082)
194,082
194,082
-
Drawings on account and distributions of profit
-
-
-
2,983
2,983
2,983
Members' interests at 31 December 2024
50,000
104,418
154,418
109,760
109,760
264,178
TACCONIS ADVISORS & CO LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 January 2023
50,000
407,529
457,529
(209,744)
(209,744)
247,785
Profit for the financial year available for discretionary division among members
-
194,082
194,082
-
-
194,082
Members' interests after profit for the year
50,000
601,611
651,611
(209,744)
(209,744)
441,867
Allocation of profit for the financial year
-
(407,529)
(407,529)
407,529
407,529
-
Drawings on account and distributions of profit
-
-
-
(285,090)
(285,090)
(285,090)
Members' interests at 31 December 2023
50,000
194,082
244,082
(87,305)
(87,305)
156,777
TACCONIS ADVISORS & CO LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
16
46,531
197,998
Investing activities
Purchase of tangible fixed assets
-
(3,000)
Interest received
2
1
Net cash generated from/(used in) investing activities
2
(2,999)
Financing activities
Repayments/(Payments) from/to members
2,983
(285,090)
Net cash generated from/(used in) financing activities
2,983
(285,090)
Net increase/(decrease) in cash and cash equivalents
49,516
(90,091)
Cash and cash equivalents at beginning of year
15,299
105,390
Cash and cash equivalents at end of year
64,815
15,299
TACCONIS ADVISORS & CO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Limited liability partnership information

Tacconis Advisors & Co LLP is a limited liability partnership incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus, the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for services provided net of VAT. Where the outcome of a transaction involving the rendering of services can be estimated reliably, revenue associated with the transaction is recognised by reference to the stage of completion of the transaction at the balance sheet date.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as accrued income.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

TACCONIS ADVISORS & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

TACCONIS ADVISORS & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

TACCONIS ADVISORS & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Classification of 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 limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. 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.

TACCONIS ADVISORS & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Advisory fees
189,541
170,363
Management fees
357,319
377,901
Performance fees
92,983
-
639,843
548,264
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
21,629
17,837
Europe
618,214
530,427
639,843
548,264
2024
2023
£
£
Other significant revenue
Interest income
2
1
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
3,616
6,122
Depreciation of owned tangible fixed assets
1,766
2,782
Loss on disposal of tangible fixed assets
2,500
-

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £3,616 loss (2023: £6,122 loss)

TACCONIS ADVISORS & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
8,140
8,180
For other services
Taxation compliance services
-
16
Other taxation services
360
121
Internal audit services
449
525
Services relating to corporate finance transactions
231
1,522
All other non-audit services
5,156
3,524
6,196
5,708
6
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Administration
2
1

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
85,376
61,327
Social security costs
3,186
723
Pension costs
1,022
1,368
89,584
63,418
7
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
2
2
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2
1
TACCONIS ADVISORS & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Interest receivable and similar income
(Continued)
- 18 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2
1
9
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2024
31,184
Disposals
(3,000)
At 31 December 2024
28,184
Depreciation and impairment
At 1 January 2024
21,783
Depreciation charged in the year
1,766
Eliminated in respect of disposals
(500)
At 31 December 2024
23,049
Carrying amount
At 31 December 2024
5,135
At 31 December 2023
9,401
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,589
8,350
Other debtors
6,460
6,446
Prepayments and accrued income
239,009
135,038
257,058
149,834
TACCONIS ADVISORS & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,017
3,040
Other taxation and social security
2,063
1,285
Other creditors
1,672
4,335
Accruals and deferred income
57,078
9,097
62,830
17,757
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,022
1,368

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

13
Related party transactions

During the year, the LLP incurred fees totalling £208,356 (2024: £nil) from Monvision Advisors SRL, a company incorporated in Italy. M. Tacconis, a member of the LLP, is a director of Monvision Advisors SRL. The fees relate to investment advisory services provided to the LLP.

 

Of the total fees, £47,564 (2024: £nil) was accrued and unpaid at the year end.

14
Members' transactions

Included within total members' interests are the following amounts:

 

- M Tacconis £115,760 owed by the LLP (2023: £87,305 owed to the LLP);

- C Deri £6,000 owed to the LLP (2023: £Nil);

 

The profit for the year was allocated to members after the year end and was credited to their respective current accounts at the time of allocation.

 

These balances are included within “Loans and other debts due to members” in the balance sheet.

15
Ultimate controlling party

The ultimate controlling party is M Tacconis, a designated member of the LLP.

TACCONIS ADVISORS & CO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
16
Cash generated from operations
2024
2023
£
£
Profit after taxation
104,418
194,082
Adjustments for:
Investment income recognised in profit or loss
(2)
(1)
Loss on disposal of tangible fixed assets
2,500
-
Depreciation and impairment of tangible fixed assets
1,766
2,782
Movements in working capital:
(Increase)/decrease in debtors
(107,224)
4,295
Increase/(decrease) in creditors
45,073
(3,160)
Cash generated from operations
46,531
197,998
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100falseOC3220182024-01-012024-12-31OC322018bus:PartnerLLP12024-01-012024-12-31OC322018bus:PartnerLLP22024-01-012024-12-31OC3220182024-12-31OC3220182023-01-012023-12-31OC322018bus:LimitedLiabilityPartnershipLLP2024-01-012024-12-31OC322018bus:FRS1022024-01-012024-12-31OC322018bus:Audited2024-01-012024-12-31OC322018bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP