Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-302022-05-01falseNo description of principal activity00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC317578 2022-05-01 2023-04-30 OC317578 2021-05-01 2022-04-30 OC317578 2023-04-30 OC317578 2022-04-30 OC317578 c:CurrentFinancialInstruments 2023-04-30 OC317578 c:CurrentFinancialInstruments 2022-04-30 OC317578 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 OC317578 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-30 OC317578 d:FRS102 2022-05-01 2023-04-30 OC317578 d:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 OC317578 d:FullAccounts 2022-05-01 2023-04-30 OC317578 d:LimitedLiabilityPartnershipLLP 2022-05-01 2023-04-30 OC317578 6 2022-05-01 2023-04-30 OC317578 d:PartnerLLP1 2022-05-01 2023-04-30 OC317578 d:PartnerLLP2 2022-05-01 2023-04-30 OC317578 d:PartnerLLP3 2022-05-01 2023-04-30 OC317578 d:PartnerLLP4 2022-05-01 2023-04-30 OC317578 d:PartnerLLP5 2022-05-01 2023-04-30 OC317578 d:PartnerLLP6 2022-05-01 2023-04-30 OC317578 d:PartnerLLP7 2022-05-01 2023-04-30 OC317578 c:FurtherSpecificReserve2ComponentTotalEquity 2023-04-30 OC317578 c:FurtherSpecificReserve2ComponentTotalEquity 2022-04-30 OC317578 c:FurtherSpecificReserve3ComponentTotalEquity 2023-04-30 OC317578 c:FurtherSpecificReserve3ComponentTotalEquity 2022-04-30 OC317578 1 2023-04-30 OC317578 2 2023-04-30 OC317578 3 2023-04-30 OC317578 1 2022-04-30 OC317578 2 2022-04-30 OC317578 3 2022-04-30 iso4217:GBP xbrli:pure


Registered number: OC317578












SRPE FUND ONE LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

 

SRPE FUND ONE LLP

CONTENTS



Page
Members' information
 
1
Balance Sheet
 
2 - 3
Reconciliation of Members' Interests
 
4
Notes to the Financial Statements
 
5 - 8


 

SRPE FUND ONE LLP

INFORMATION



Designated Members
H Sloane
G Robinson
R Chenevix-Trench
D Fisher
S Hsueh
J Lloyd
G Valle

LLP registered number
OC317578

Registered office
16 Great Queen Street
London
WC2B 5AH

Accountants
Blick Rothenberg Limited
Chartered Accountants
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Page 1


 
REGISTERED NUMBER:OC317578
SRPE FUND ONE LLP

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 3 
11,909
23,807

  
11,909
23,807

Current assets
  

Debtors: amounts falling due within one year
 4 
58,354
18,595

  
58,354
18,595

Creditors: Amounts Falling Due Within One Year
 5 
(9,000)
(8,211)

Net current assets
  
 
 
49,354
 
 
10,384

Total assets less current liabilities
  
61,263
34,191

  

Net assets
  
61,263
34,191


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
6,600,000
6,600,000

Other amounts
  
(1,636,775)
(1,549,172)

  
4,963,225
5,050,828

Members' other interests
  

Other reserves classified as equity
  
(4,901,962)
(5,016,637)

  
 
(4,901,962)
 
(5,016,637)

  
61,263
34,191


Total members' interests
  

Loans and other debts due to members
  
4,963,225
5,050,828

Members' other interests
  
(4,901,962)
(5,016,637)

  
61,263
34,191


Page 2


 
REGISTERED NUMBER:OC317578
SRPE FUND ONE LLP
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

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

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




G Robinson
Designated member

Date: 12 February 2024

The notes on pages 5 to 8 form part of these financial statements.

Page 3

 

SRPE FUND ONE LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 APRIL 2023







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Members' capital (classified as debt)
Other amounts
Total
Total

£
£
£
£
£
£

Amounts due to members 

6,600,000
(581,817)
6,018,183


Balance at 1 May 2021 
(4,951,102)
(4,951,102)
6,600,000
(581,817)
6,018,183
1,067,081

Loss for the year available for discretionary division among members
 
(65,535)
(65,535)
-
-
-
(65,535)

Members' interests after profit for the year
(5,016,637)
(5,016,637)
6,600,000
(581,817)
6,018,183
1,001,546

Drawings
 
-
-
-
(967,355)
(967,355)
(967,355)

Amounts due to members
 


6,600,000
(1,549,172)
5,050,828


Balance at 30 April 2022
(5,016,637)
(5,016,637)
6,600,000
(1,549,172)
5,050,828
34,191

Profit for the year available for discretionary division among members
 
114,675
114,675
-
-
-
114,675

Members' interests after profit for the year
(4,901,962)
(4,901,962)
6,600,000
(1,549,172)
5,050,828
148,866

Drawings
 
-
-
-
(87,603)
(87,603)
(87,603)

Amounts due to members
 


6,600,000
(1,636,775)
4,963,225


Balance at 30 April 2023 
(4,901,962)
(4,901,962)
6,600,000
(1,636,775)
4,963,225
61,263

The notes on pages 5 to 8 form part of these financial statements.

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 4

 

SRPE FUND ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

SRPE Fund One LLP is a limited liability partnership incorporated in the United Kingdom and registered in England and Wales at 16 Great Queen Street, London WC2B 5AH. The principal activity is to act as a fund for private equity investment.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Going concern

The decision has been taken to distribute the holdings in the various investments to the members of the LLP and dissolve the partnership. As the going concern basis of accounting should not be used in such circumstances the members have considered other possible bases for preparing the financial statements.
It is the intention of the members that the LLP's fixed asset investments will be transferred to the members individually at their carrying value. No material liabilities associated with dissolution are anticipated.
Accordingly, the members do not believe that any changes arise to the LLP's accounting policies as a
result of using a basis other than going concern in the preparation of the LLP's financial statements. However, the attention of users is drawn to the intended dissolution of the LLP.

 
2.3

Valuation of investments

Investments in unlisted LLP shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.4

Financial instruments

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

The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument.

Page 5

 

SRPE FUND ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.4
Financial instruments (continued)

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

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

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary
Page 6

 

SRPE FUND ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.4
Financial instruments (continued)

course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

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

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

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

  
2.5

Employees and members

The average number of members during the year was 7 (2022: 7). No member received any remuneration (2022: £nil).

Page 7

 

SRPE FUND ONE LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


Fixed asset investments





Listed investments
Unlisted investments
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 May 2022
23,807
3,046,885
1,151,520
4,222,212



At 30 April 2023

23,807
3,046,885
1,151,520
4,222,212



Impairment


At 1 May 2022
-
3,046,885
1,151,520
4,198,405


Charge for the period
11,898
-
-
11,898



At 30 April 2023

11,898
3,046,885
1,151,520
4,210,303



Net book value



At 30 April 2023
11,909
-
-
11,909



At 30 April 2022
23,807
-
-
23,807


4.


Debtors

2023
2022
£
£


Other debtors
58,354
18,595



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
-
1,221

Accruals and deferred income
9,000
6,990

9,000
8,211


 
Page 8