IRIS Accounts Production v24.2.0.383 SC698418 director 1.1.23 31.12.23 31.12.23 a separately managed account (SMA) for the infrastructure fund(s) within the Stafford Capital Partners group. 0 0 false true true false false true false 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC6984182022-12-31SC6984182023-12-31SC6984182023-01-012023-12-31SC6984182022-05-31SC6984182022-06-012022-12-31SC6984182022-12-31SC698418ns15:Scotland2023-01-012023-12-31SC698418ns14:PoundSterling2023-01-012023-12-31SC698418ns10:Director12023-01-012023-12-31SC698418ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC698418ns10:SmallEntities2023-01-012023-12-31SC698418ns10:Audited2023-01-012023-12-31SC698418ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC698418ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC698418ns10:FullAccounts2023-01-012023-12-31SC698418ns10:RegisteredOffice2023-01-012023-12-31SC698418ns10:Director22023-01-012023-12-31SC698418ns5:CurrentFinancialInstruments2023-12-31SC698418ns5:CurrentFinancialInstruments2022-12-31SC698418ns5:ShareCapital2023-12-31SC698418ns5:ShareCapital2022-12-31SC698418ns5:RetainedEarningsAccumulatedLosses2023-12-31SC698418ns5:RetainedEarningsAccumulatedLosses2022-12-31SC69841812023-01-012023-12-31
REGISTERED NUMBER: SC698418 (Scotland)















Stafford Infrastructure Secondaries Sma
1 Limited

Director's Report and

Financial Statements

for the Year Ended 31 December 2023






Stafford Infrastructure Secondaries Sma
1 Limited (Registered number: SC698418)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Director's Report 2

Independent Auditors' Report 4

Income Statement 7

Balance Sheet 8

Notes to the Financial Statements 9


Stafford Infrastructure Secondaries Sma
1 Limited

Company Information
for the year ended 31 December 2023







Director: William Frederick Greene





Registered office: 50 Lothian Road
Festival Square
Edinburgh
EH3 9WJ





Registered number: SC698418 (Scotland)





Auditors: Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

Stafford Infrastructure Secondaries Sma
1 Limited (Registered number: SC698418)

Director's Report
for the year ended 31 December 2023


The director presents his report with the financial statements of the company for the year ended 31 December 2023.

Future developments
The director expect the business to be well positioned for the forthcoming year. With view of the prevailing economic conditions, the director is satisfied that there is no material uncertainty leading to a significant doubt regarding the future operations of the Company.

Directors
William Frederick Greene has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

Manh Duy Van Cao - resigned 29 September 2023

Statement of director's responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.


Stafford Infrastructure Secondaries Sma
1 Limited (Registered number: SC698418)

Director's Report
for the year ended 31 December 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:



William Frederick Greene - Director


24 September 2024

Independent Auditors' Report to the Members of
Stafford Infrastructure Secondaries Sma
1 Limited


Opinion
We have audited the financial statements of Stafford Infrastructure Secondaries Sma 1 Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 director's 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 company'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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Director's Report, but does not include the financial statements and our Auditors' Report thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Director's Report has been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Stafford Infrastructure Secondaries Sma
1 Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Director's Report.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities, the director is 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 director determines 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 director is responsible for assessing the company'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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 Auditors' 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. 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.

Independent Auditors' Report to the Members of
Stafford Infrastructure Secondaries Sma
1 Limited


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.

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 Auditors' Report.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Chris Evans BSc FCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

24 September 2024

Stafford Infrastructure Secondaries Sma
1 Limited (Registered number: SC698418)

Income Statement
for the year ended 31 December 2023

Period
1/6/22
Year ended to
31/12/23 31/12/22
£ £

Turnover 85,692 49,757

Administrative expenses (85,851 ) (53,683 )
Operating loss (159 ) (3,926 )

Interest receivable and similar income 115 -
Loss before taxation (44 ) (3,926 )

Tax on loss - -
Loss for the financial year (44 ) (3,926 )

Stafford Infrastructure Secondaries Sma
1 Limited (Registered number: SC698418)

Balance Sheet
31 December 2023

2023 2022
Notes £ £
Current assets
Debtors 6 100 100
Cash at bank 23,135 21,473
23,235 21,573
Creditors
Amounts falling due within one year 7 32,220 30,514
Net current liabilities (8,985 ) (8,941 )
Total assets less current liabilities (8,985 ) (8,941 )

Capital and reserves
Called up share capital 100 100
Retained earnings (9,085 ) (9,041 )
(8,985 ) (8,941 )

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

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





William Frederick Greene - Director


Stafford Infrastructure Secondaries Sma
1 Limited (Registered number: SC698418)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

Stafford Infrastructure Secondaries Sma 1 Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as otherwise stated).

The presentational currency of the financial statements is British Pound Sterling (£). Amounts in these financial statements are rounded to the nearest £.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In applying the firm's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised in line with accrual accounting, based on amounts received during the financial year.

Financial instruments
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds both basic and complex financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments.

Stafford Infrastructure Secondaries Sma
1 Limited (Registered number: SC698418)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


3. Accounting policies - continued

Financial assets and liabilities - classified as basic financial instrument
(i) Cash and cash equivalents
Includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

(ii) Trade and other receivables
Trade and other receivables including amounts due from group undertakings, are initially recognised at transaction price, including any transaction costs, 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, net of any impairment.

At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is recognised immediately in profit or loss.

(iii) Financial liabilities
Basic financial liabilities, including trade and other payables, loans and other borrowings are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at the undiscounted amount.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Stafford Infrastructure Secondaries Sma
1 Limited (Registered number: SC698418)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. Critical accounting judgements and key sources of estimation uncertainty

The critical judgement that the directors have made in the process of applying the Company's accounting policies that has the most significant effect on the amounts recognised in the statutory financial statements is discussed below:

(i) Assessing indicators and impairment
In assessing whether there have been any indicators or impairment of assets, the directors have considered both external and internal sources of information such as market conditions, and experience or recoverability.There have been no indicators or impairments identified during the current financial year.

(ii) Key accounting estimates and assumptions
Due to the company's size, there are no key accounting estimates or assumptions that could have a material impact on the financial statements.

5. Employees and directors

The average number of employees during the year was NIL (2022 - NIL).

6. Debtors: amounts falling due within one year
2023 2022
£ £
Other debtors 100 100

7. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 32,220 30,514

8. Related party disclosures

William Greene who has been a director of the Company in the year and has a beneficial interest in Stafford Capital Partners Limited, a company registered in England and Wales. During the period the Company expensed £85,681 (2022: £49,757) to that entity.

9. Ultimate controlling party

The immediate parent company is Stafford Infrastructure Limited. It is considered that there is no ultimate controlling party.