The members present their annual report and financial statements for the year ended 31 December 2024.
The principal activity of the limited liability partnership is that of expert advisory services involving international arbitration, litigation, and large-scale construction disputes with a focus on delay and quantum analysis.
The Company is an independent, award-winning, global expert services firm utilizing deep industry knowledge and technical expertise. We are agnostic to our client industries, serving corporations, legal counsel and governments across the globe in most verticals. We strategically focus on industries and clients that are operating within highly regulated environments, those facing transformational change and or significant legal issues. Our expert services include dispute resolution, financial and strategic valuations, technology, investigations and compliance. These services are provided worldwide.
The reputation and expertise of our company and our US parent (Secretariat Advisors LLC) provides us with a backbone for growth, our international experience, the experts and staff we employ are of the highest caliber and are known throughout the industry. This reputation and expertise allows us to compete effectively in our chosen markets. During the year, we began transitioning all activity from Secretariat International UK Ltd to Secretariat Partners UK LLP. All recruitment of new staff has been transferred to Secretariat Partners UK LLP and all employees were transferred to Secretariat Partners UK LLP in the first half of 2024.
In the year, revenues increased to GBP 25.0M, an increase of 76% compared to the prior year of GBP 14.2M, due to the transition of Secretariat International UK Ltd to Secretariat Partners UK LLP as well as organic revenue growth. The Company had gross margin percentage of (11.1%), down from 12.0% in the prior year, impacted by the transition of contracts from Secretariat International UK Ltd. EBITDA in the year was GBP (2.9M) vs. GBP (1.4M) in the prior year. Net cashflow increased in the period to $0.5M (2023: 1.4M decrease).
Loss of Key Experts
All staff are incentivized appropriately to maintain excellent standards of performance. We ensure that this performance level is recognized and key staff retained through our internal programs.
Foreign Exchange Risk
The Company operates in many jurisdictions, wherever possible the Company attempts to purchase and invoice in GBP removing currency risk. Where this is not possible the company ensures that the risk is managed and assessed on an ongoing basis. The Company does not hedge or use financial derivatives to manage currency exposures.
Going Concern
Secretariat Partners is in a net liability position due to the timing of the transfer of operations from Secretariat International. All employee related costs of Secretariat International UK Ltd were transferred to the Secretariat Partners in early 2024 which resulted in a significant increase in costs, while existing client matters were not transferred and continued to be serviced under the original entity in order to minimize interruptions to the business. New client matters are established through the Secretariat Partners UK entity and will continue to drive new revenue to the Partnership going forward. Although the Partnership is in a historical loss position, its operations are supported by a global organization, and we expect that the entity will return to profitability in the coming periods.
In the coming year we will continue to focus our attention on developing our offering further, utilizing the experience and assets of our US parent to develop new markets geographically, ensure that the Company’s brand and ethos is recognised further enhancing our highly valued reputation.
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.
The designated members who held office during the year and up to the date of signature of the financial statements were as follows:
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:
select suitable accounting policies and then apply them consistently;
make judgements 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 limited liability partnership will continue in business.
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.
We have audited the financial statements of Secretariat Partners UK LLP (the 'limited liability partnership') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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).
Basis for 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our audit approach was developed by obtaining an understanding of the partnership’s activities, the key functions undertaken on behalf of the Board by management and by service organisations, and the overall control environment. Based on this understanding we assessed those aspects of the partnership’s transactions and balances which were most likely to give rise to a material misstatement and were most susceptible to irregularities including fraud or error. Specifically, we identified what we considered to be key audit risks and planned our audit approach accordingly.
We gained an understanding of the legal and regulatory framework applicable to the partnership and the industry in which it operates, and considered the risk of acts by the partnership which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, IFRS, and regulations which affect the partnership’s products.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the partnership financial statements. Our tests included, but were not limited to:
- Agreement of the financial statements disclosures to underlying supporting documentation;
- Enquiries of management;
- Considering the effectiveness of control environment in monitoring compliance with laws and regulations.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Secretariat Partners UK LLP is a limited liability partnership incorporated in England and Wales. The registered office is 22 Bishopsgate, 22nd Floor, London, England, EC2N 4BQ.
The limited liability partnership's principal activities are disclosed in the Members' Report.
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 have also early adopted the January 2026 revisions to FRS 102.
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.
Secretariat Partners is in a net liability position due to the timing of the transfer of operations from Secretariat International. All employee related costs of Secretariat International UK Ltd were transferred to the Secretariat Partners in early 2024 which resulted in a significant increase in costs, while existing client matters were not transferred and continued to be serviced under the original entity in order to minimize interruptions to the business. New client matters are established through the Secretariat Partners UK entity and will continue to drive new revenue to the Partnership going forward. Although the Partnership is in a historical loss position, its operations are supported by a global organization, and we expect that the entity will return to profitability in the coming periods.
Sales revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The Partnership’s revenue is primarily from contracts for expert advisory services in the dispute resolution process to clients globally. Revenue is recognised when the Partnership satisfies a performance obligation by transferring goods or services promised in a contract to a customer, in an amount that reflects the consideration that the Partnership expects to receive in exchange for those goods and services. Performance obligations in the Partnership’s contracts represent distinct or separate streams that it provides to its customers.
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.
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.
Where members’ profit shares are undrawn at year-end, these are accrued and disclosed in the financial statements but not reflected in the cash flow statement until paid
The limited liability partnership has elected to early adopt the revised lease accounting requirements under the FRS 102 (2024 amendments), effective from 1 January 2026, in advance of the mandatory implementation date. Under the new requirements, the limited liability partnership recognises most leases on the balance sheet, reflecting a right-of-use asset and a corresponding lease liability, except for leases meeting the exemption criteria for short-term and low-value leases.
The right-of-use asset is initially measured at cost, comprising: The amount of the initial lease liability; Any lease payments made at or before the commencement date; Any initial direct costs incurred; and an estimate of the costs to dismantle or restore the underlying asset or the site on which it is located.
The right-of-use asset is amortised on a straight-line basis over the shorter of the lease term or the useful life of the asset and is subject to impairment testing in accordance with the standard.
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:
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.
At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible 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.
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.
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, 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.
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.
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.
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, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The limited liability partnership has elected to early adopt the revised lease accounting requirements under the FRS 102 (2024 amendments), effective from 1 January 2026, in advance of the mandatory implementation date. Under the new requirements, the limited liability partnership recognises most leases on the balance sheet, reflecting a right-of-use asset and a corresponding lease liability, except for leases meeting the exemption criteria for short-term and low-value leases.
At the commencement of the date of the lease the limited liability partnership recognises a right-of-use asset, representing its right to use the underlying leased asset and a lease liability, representing its obligation to make lease payments.
The lease liability is initially measured at the present value of the lease payments that are not paid at that date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the limited liability partnership’s incremental borrowing rate. The liability is remeasured if there are changes in lease terms, future lease payments (e.g., due to a change in an index), or the limited liability partnership’s assessment of options (e.g., extension or termination).
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Group debtor balances are reviewed regularly by the directors for any evidence of impairment due to lack of recoverability. The review will consider numerous factors including the underlying net assets, projected earnings, and likely future cash inflows of the respective entities. Where it is considered that the recoverable amount is lower than the carrying value, any impairment is recognised in the statement of comprehensive income. The directors do not consider there to be any indicators of impairment and therefore intercompany debtor balances continue to be held at their carrying value. Given the inherent uncertainty in these judgements, changes in underlying assumptions could lead to material adjustments in reported values.
In calculating the net present value of lease liabilities, management exercises judgment in determining the appropriate discount rate to apply, typically using the interest rate implicit in the lease or, where not readily determinable, the company’s incremental borrowing rate. Estimates are also required in assessing the lease term, particularly where extension or break options exist. These assumptions directly impact the measurement of lease liabilities and related right-of-use assets. Revisions to expected lease terms or discount rates could significantly affect the amounts recognised in the financial statements.
The provision for bad debts is based on management’s assessment of the recoverability of trade receivables at the reporting date. Significant judgment is applied in evaluating historical collection rates, customer creditworthiness, current economic conditions, and any specific risks relating to individual debtors. Estimates are made regarding the likelihood and timing of recovery, and a provision is recorded where there is objective evidence that amounts may not be fully recoverable. Changes in these assumptions could materially affect the level of the provision recognised.
Accrued income from time-based billing is recognised based on timesheets submitted by staff and management’s assessment of the recoverability of that time. Significant judgment is applied in estimating the proportion of recorded time that will ultimately be billed and collected, particularly where projects are ongoing or subject to client approval. Estimates include expected write-offs due to inefficiencies, scope disputes, or client challenges. These estimates are reviewed regularly, and adjustments are made where necessary. Changes in assumptions around recoverability could materially impact reported revenue and accrued income.
An analysis of the limited liability partnership's turnover is as follows:
The average number of persons (excluding members) employed by the partnership during the year was:
Their aggregate remuneration comprised:
Finance lease payments represent rentals payable by the limited liability partnership for the lease of the office. The lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
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.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
The immediate controlling party is Secretariat Partners US LLC (formerly Versant Partners LLC), a limited liability company registered in Virginia, USA. The parent of the smallest group preparing consolidated accounts of which the company is a member is Secretariat Advisors LLC, incorporated in the US. Secretariat Advisors LLC registered office address is 1175 Peachtree Street NE, 100 Colony Square - Suite 400, Atlanta, GA 30361, United States.
A fixed charge over cash deposits in favour of HSBC UK Bank Plc, dated 23 July 2024, was registered during the year. This charge was fully satisfied and released on 24 June 2025.