Limited Liability Partnership registration number OC437931 (England and Wales)
SCOTT CAPITAL PARTNERS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
SCOTT CAPITAL PARTNERS LLP
CONTENTS
Page
Members' report
1 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Reconciliation of members' interests
10 - 11
Statement of cash flows
12
Notes to the financial statements
13 - 20
SCOTT CAPITAL PARTNERS LLP
MEMBERS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the period ended 31 March 2024.

Principal activities

The principal activity of the firm, Scott Capital Partners LLP is the provision of Family Office Consulting and Investment Management Services.

 

Members' drawings, contributions and repayments

A member's drawing policy is determined from time to time by the Management Board in line with the financial strength of the business.

 

A member's capital requirement is linked to the financial requirement of the business. There is no opportunity for appreciation of capital subscribed.

Designated members

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

David Scott
James Gibbs
Principal risks and uncertainties
The business is subject to a number of risks inherent to the industry in which it operates.
Market risk

Our revenue is broadly linked to the success of our clients. We provide a bespoke service for a small group of clients who have a diversified asset position. Whilst asset values can vary, the defensive nature of their assets tend to reduce extreme volatility and therefore the market risk to our income is low.

Liquidity risk

The company manages its cash flows on a daily, weekly or monthly basis depending on its cash resources and ensures that debtors pay in a timely manner.

Operational and reputational risk

There are a number of regulatory and reputational risks that exist through the company being an authorised FCA entity. Our risk management framework has a strong focus on sound governance. Given that our business involves a large degree of human interaction we mitigate this through careful hiring, ongoing staff training along with robust policies and procedures to minimise potential issue.

Credit risk

The credit risk is low due to a lack of reliance on any one family. As the income is billed regularly and we carefully manage any debtors, the credit risk is low.

Concentration risk

The concentration risk is the risk associated with the firm’s exposure to a small number of families within the firm’s client base. As the firm continues to grow and more families become clients this risk continues to dissipate.

 

The LLP has made significant progress since the end of this period and its business strategy remains focused on establishing a high quality multi-family office service to our clients.

 

There have been no significant adverse events since the Statement of Financial Position date.

SCOTT CAPITAL PARTNERS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
Development and performance

We have continued to engage with a number of families and these relationships have been converted into formal arrangements despite market volatility and other difficult economic conditions. We have increased headcount across all the key parts of the business.

 

The LLP’s operational capacity continues to be developed with the introduction of a number of new technology partners who will supply our family office services software which will enable us to oversee and manage our clients’ affairs more efficiently, whilst also giving greater visibility to our clients on their total wealth.

 

The LLP remains cautiously optimistic about the forthcoming year and its business strategy remains focused on the development of the firm’s offering and client satisfaction.

Auditor

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

Energy and carbon report

As the LLP has not consumed more than 40,000 kWH of energy in this reporting period, it qualifies as a low energy user under the these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of members' responsibilities

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.

Going concern

Having reviewed the entity's financial forecasts and expected future cash flows, the directors believe that the entity has adequate resources to continue in operational existence for the foreseeable future. Consequently, they have adopted the going concern basis in preparing the financial statements for the period ended 31 March 2024.

SCOTT CAPITAL PARTNERS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Approved by the members on 17 July 2024 and signed on behalf by:
17 July 2024
David Scott
Designated Member
SCOTT CAPITAL PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SCOTT CAPITAL PARTNERS LLP
- 4 -
Opinion

We have audited the financial statements of Scott Capital Partners LLP (the 'limited liability partnership') for the period ended 31 March 2024 which comprise the profit and loss account, 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 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).

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.

SCOTT CAPITAL PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOTT CAPITAL PARTNERS 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.

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:

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

SCOTT CAPITAL PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOTT CAPITAL PARTNERS LLP
- 6 -

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 directors.

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.

Hiten Patel FCCA
Senior Statutory Auditor
For and on behalf of Gerald Edelman LLP
17 July 2024
Chartered Accountants
Statutory Auditor
73 Cornhill
London
EC3V 3QQ
SCOTT CAPITAL PARTNERS LLP
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
Period
Year
ended
ended
31 March
30 April
2024
2023
Notes
£
£
Turnover
3
1,786,463
285,880
Administrative expenses
(1,165,448)
(680,486)
Profit/(loss) for the financial period before members' remuneration and profit shares available for discretionary division among members
621,015
(394,606)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SCOTT CAPITAL PARTNERS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
Period
Year
ended
ended
31 March
30 April
2024
2023
£
£
Profit/(loss) for the financial period available for discretionary division among members
621,015
(394,606)
Other comprehensive income
-
-
Total comprehensive income for the period
621,015
(394,606)
SCOTT CAPITAL PARTNERS LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
31 March 2024
30 April 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
191,590
218,398
Current assets
Debtors
9
741,861
401,875
Cash at bank and in hand
203,930
467,563
945,791
869,438
Creditors: amounts falling due within one year
11
(252,892)
(387,427)
Net current assets
692,899
482,011
Total assets less current liabilities and net assets attributable to members
884,489
700,409
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(686,011)
(253,000)
Members' other interests
Members' capital classified as equity
1,570,500
1,447,500
Other reserves classified as equity
-
(494,091)
884,489
700,409
The financial statements were approved by the members and authorised for issue on 17 July 2024 and are signed on their behalf by:
17 July 2024
David Scott
Designated member
Limited Liability Partnership registration number OC437931 (England and Wales)
SCOTT CAPITAL PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 10 -
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 May 2023
1,447,500
(494,091)
953,409
(253,000)
(253,000)
700,409
Profit for the period available for discretionary division among members
-
621,015
621,015
-
-
621,015
Members' interests after profit for the period
1,447,500
126,924
1,574,424
(253,000)
(253,000)
1,321,424
Allocation of profit for the period
-
(126,924)
(126,924)
126,924
126,924
-
Introduced by members
135,000
-
135,000
-
-
135,000
Repayments of capital
(12,000)
-
(12,000)
-
-
(12,000)
Drawings on account and distributions of profit
-
-
-
(559,935)
(559,935)
(559,935)
Members' interests at 31 March 2024
1,570,500
-
1,570,500
(686,011)
(686,011)
884,489
SCOTT CAPITAL PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 11 -
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 May 2022
500,000
(99,485)
400,515
-
-
400,515
Loss for the period available for discretionary division among members
-
(394,606)
(394,606)
-
-
(394,606)
Members' interests after loss for the year
500,000
(494,091)
5,909
-
-
5,909
Introduced by members
947,500
-
947,500
-
-
947,500
Drawings on account and distributions of profit
-
-
-
(253,000)
(253,000)
(253,000)
Members' interests at 31 March 2023
1,447,500
(494,091)
953,409
(253,000)
(253,000)
700,409
SCOTT CAPITAL PARTNERS LLP
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
15
310,241
(617,721)
Investing activities
Purchase of tangible fixed assets
(5,939)
(245,356)
Net cash used in investing activities
(5,939)
(245,356)
Financing activities
Capital introduced by members (classified as debt or equity)
135,000
947,500
Repayment of capital or debt to members
(12,000)
-
Payments to members
(559,935)
(253,000)
Repayment of borrowings
(131,000)
270,000
Net cash (used in)/generated from financing activities
(567,935)
964,500
Net (decrease)/increase in cash and cash equivalents
(263,633)
101,423
Cash and cash equivalents at beginning of period
467,563
366,140
Cash and cash equivalents at end of period
203,930
467,563
SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Limited liability partnership information

Scott Capital Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 24 St James's Square, London, SW1Y 4JH.

 

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

1.1
Reporting period

The entity's reporting period is from 1 May 2023 to 31 March 2024.

1.2
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.

1.3
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.

1.4
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

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 work in progress.

1.5
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.

SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -

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.

1.6
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 and fittings
Straightline over 5 years.
Computers
Straightline over 4 years.

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.

1.7
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.

SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.8
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.

1.9
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.

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.

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.

SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from members 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.

Other financial liabilities

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.

Derecognition of financial liabilities

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

1.10
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.

1.11
Retirement benefits and post retirement payments to members

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

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.

SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 17 -
3
Turnover

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

2024
2023
£
£
Turnover analysed by class of business
1,786,463
285,880
2024
2023
£
£
Turnover analysed by geographical market
UK
1,786,463
285,880
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the period is stated after charging/(crediting):
£
£
Exchange losses/(gains)
1,546
(126)
Depreciation of owned tangible fixed assets
32,747
34,916
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
9,200
7,500
6
Employees

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

2024
2023
Number
Number
3
2

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
194,797
164,415
Social security costs
23,267
21,133
Pension costs
9,563
8,086
227,627
193,634
SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 18 -
7
Information in relation to members
2024
2023
Number
Number
Average number of members during the period
12
11
8
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 May 2023
204,432
49,228
253,660
Additions
70
5,869
5,939
At 31 March 2024
204,502
55,097
259,599
Depreciation and impairment
At 1 May 2023
28,489
6,773
35,262
Depreciation charged in the period
20,682
12,065
32,747
At 31 March 2024
49,171
18,838
68,009
Carrying amount
At 31 March 2024
155,331
36,259
191,590
At 30 April 2023
175,943
42,455
218,398
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1
2,855
Other debtors
184,230
227,887
Prepayments and accrued income
557,630
171,133
741,861
401,875
10
Loans and overdrafts
2024
2023
£
£
Other loans
139,000
270,000
Payable within one year
139,000
270,000

The above loan of £139,000 (2023: £270,000) is due to the executive member of the LLP. There are no terms of repayment or interest attached to this amount.

SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 19 -
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
10
139,000
270,000
Trade creditors
14,728
44,370
Other taxation and social security
54,482
10,933
Deferred income
12
2,510
30,114
Other creditors
2,237
510
Accruals and deferred income
39,935
31,500
252,892
387,427
12
Deferred income
2024
2023
£
£
Other deferred income
2,510
30,114
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,563
8,086

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.

14
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
307,050
307,050
Between two and five years
869,975
1,151,438
1,177,025
1,458,488
SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 20 -
15
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit/(loss) for the period
621,015
(394,606)
Adjustments for:
Depreciation and impairment of tangible fixed assets
32,747
34,916
Movements in working capital:
Increase in debtors
(339,986)
(353,518)
Increase in creditors
24,069
65,373
(Decrease)/increase in deferred income
(27,604)
30,114
Cash generated from/(absorbed by) operations
310,241
(617,721)
16
Analysis of changes in net funds
1 May 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
467,563
(263,633)
203,930
Loan from executive member
(270,000)
131,000
(139,000)
Balances before members' debt
197,563
(132,633)
64,930
Loans and other debts due to members:
- Drawings by members
253,000
433,011
686,011
Balances including members' debt
450,563
300,378
750,941
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