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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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MASECO LLP
CONTENTS
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MASECO LLP
INFORMATION
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MASECO LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The members present their annual report and the financial statements for the year ended 31 March 2026. Maseco LLP is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom and a Registered Investment adviser regulated by the Securities and Exchange Commission (SEC) in the United States of America.
Principal activities
The principal activity of the LLP during the year was that of wealth and asset management.
We provide investment management services primarily for high net worth US citizens resident in the UK. We also provide investment management services for high net worth UK citizens, US citizens living in the US and other non-domiciles resident in the UK.
Designated Members
J Matthews and J Sellon were designated members of the LLP throughout the year.
Members
A Benson, D Dorman, H Findlater, T Flonaes, E Howison, A Solana and Blue Fin Properties Ltd were members of the LLP throught the period. P Bowen, S Johnson, M Cane, C Cutting, D Barry, C Naughten and K McClellan were appointed as members of the LLP on 1 April 2025. A Edwards was appointed as member of the LLP on 1 October 2025.
Policy with respect to members' drawings and subscriptions and repayments of capital
Members share profits and losses in accordance with agreed profit sharing arrangements.
Members' capital and drawings are determined by the regulatory requirements of the Financial Conduct Authority (FCA) and any trading needs of the LLP. Members' capital classified as equity is not repayable except where allowed under FCA rules.
Public disclosures
The firm has documented the disclosures required by the FCA under MIFIDPRU which can be found on its websites: https://masecoprivatewealth .com.
Disclosure of information to auditor
Each of the persons who are members at the time when this members' report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
This report was approved by the members and signed on their behalf by:
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MASECO LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
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 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, as applied to LLPs, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies for the LLP's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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MASECO LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MASECO LLP
FOR THE YEAR ENDED 31 MARCH 2026
We have audited the financial statements of Maseco LLP (the 'LLP') for the year ended 31 March 2026, which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
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MASECO LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MASECO LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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 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.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the LLP through discussions with members and other
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MASECO LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MASECO LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
management and from our commercial knowledge and experience of the LLP.
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the LLP's financial statements to material misstatement including obtaining an understanding of how fraud might occur, by;
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures, which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙review of legal and professional expenditure in order to identify any undisclosed actual and potential litigation and claims.
Another focus area was the risk of fraud linked to revenue recognition. Our procedures to respond to risks identified included the following:
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙obtaining third party confirmations of inputs used in revenue calculations for evidence of any misstatements due to fraud; and
∙performing recalculations of revenue earned during the year with reference to the respective investment management agreements for evidence of any misstatements due to fraud.
A further focus area was non-compliance with the rules of the Financial Conduct Authority (‘the FCA’). The LLP was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following:
∙reviewing correspondence between the LLP and the FCA;
∙performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and
∙discussion of regulatory matters with the appointed officers of the LLP.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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MASECO LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MASECO LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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MASECO LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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MASECO LLP
BALANCE SHEET
AS AT 31 MARCH 2026
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MASECO LLP
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 14 to 27 form part of these financial statements.
Maseco LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.
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MASECO LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2026
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MASECO LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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MASECO LLP
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Maseco LLP is a limited liability partnership established in England and Wales with registered number OC337650.
The address of its registered office is The Kodak Building, 11 Keeley Street London, WC2B 4BA. The limited liability partnership's principal activities are disclosed in the Members' Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008,
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's
accounting policies (see note 3). The following principal accounting policies have been applied:
The members do not consider that the limited liability partnership (LLP) has been adversely affected by the economic impacts of global conflicts the political environment. The business has continued to attract new clients during this period, with a focus now on operational efficiencies to improve the margins of the LLP. Having considered post year-end trading and financial results and available cash reserves, after making appropriate enquiries, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a minimum period of twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Management fees are charged quarterly in advance of the period in which management services are provided. Turnover is recognised as services are provided. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
At each reporting date the LLP 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:
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.
The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument.
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 LLP after deducting all of its liabilities.
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Financial liabilities
Basic financial liabilities, including trade and other creditors 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.
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.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the profit and loss account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the balance sheet.
In accordance with the LLP agreement the members approve the division of profits between themselves at the end of the relevant year, so the profits realised in the profit and loss account are treated as members' remuneration charged as an expense by reference to the pre-determined profit share mechanism. Allocated profit is included within 'loans and other debts due to members' under members' interests.
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Drawings are treated as payments on account of profit allocation and are only repayable to the LLP in so far as there are insufficient amounts held to the credit of the individual partner to allocate against such drawings. Any drawings in excess of total amounts held would be included within 'amounts due from members' within debtors. The level of drawings shall take account of the reasonably foreseeable future working capital and other financial needs of the LLP.
The capital requirements of the LLP and the split of that capital between members are determined by the members and are reviewed regularly. On leaving the partnership, a members' capital is usually repaid within twelve months.
Capital contributed by the members to the limited liability partnership are recorded at the proceeds received.
Functional and presentation currency
Transactions and balances
Members are personally liable for taxation on their share of the profits of the LLP. Consequently no reserve for taxation is made in the financial statements in respect of members' tax liabilities and the profits are shown within Members' Interests or as 'loans and other debts due to members' without any deduction for tax.
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
3.Judgements in applying accounting policies (continued)
Analysis of turnover by country of destination:
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The members are considered to be key management but receive no remuneration other than the profit share disclosed above.
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Loans and other debts due to members may be further analysed as follows:
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The LLP takes out forward contracts for the purchase of US dollars to provide some assurance as to the cost of dollar funds required to finance its transactions that are carried out in that currency. At the year end the potential loss/gain on these contracts amounted to loss of £14,115 (2025: loss of £14,679). This has been provided for in the valuation of the year end liability in creditors.
In the opinion of the members the ultimate controlling party as at year end was J Matthews, by virtue of him having the majority of the voting rights in Maseco LLP.
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MASECO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Prior to the year-end, Maseco LLP entered into an agreement to be acquired by Creative Planning HoldCo, LLC, a private wealth management company based in the USA. As completion will occur post year-end, no adjustments have been made to the financial statements in respect of the change in ownership.
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