IRIS Accounts Production v24.3.2.46 OC336996 designated member 1.5.23 30.4.24 30.4.24 1 0 false true true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC3369962023-04-30OC3369962024-04-30OC3369962023-05-012024-04-30OC3369962022-04-30OC3369962022-05-012023-04-30OC3369962023-04-30OC336996ns15:EnglandWales2023-05-012024-04-30OC336996ns14:PoundSterling2023-05-012024-04-30OC336996ns10:PartnerLLP12023-05-012024-04-30OC336996ns10:LimitedLiabilityPartnershipLLP2023-05-012024-04-30OC336996ns10:FRS1022023-05-012024-04-30OC336996ns10:Audited2023-05-012024-04-30OC336996ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-05-012024-04-30OC336996ns10:LimitedLiabilityPartnershipsSORP2023-05-012024-04-30OC336996ns10:FullAccounts2023-05-012024-04-30OC336996ns10:PartnerLLP22023-05-012024-04-30OC336996ns10:RegisteredOffice2023-05-012024-04-30OC336996ns5:CurrentFinancialInstruments2024-04-30OC336996ns5:CurrentFinancialInstruments2023-04-30OC336996ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-30OC336996ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-30
REGISTERED NUMBER: OC336996 (England and Wales)



















Report of the Members and

Financial Statements

for the Year Ended 30th April 2024

for

SRP RISK AND FINANCE LLP

SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)






Contents of the Financial Statements
for the year ended 30th April 2024




Page

General Information 1

Report of the Members 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Statement of Financial Position 8

Reconciliation of Members' Interests 9

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 14


SRP RISK AND FINANCE LLP

General Information
for the year ended 30th April 2024







DESIGNATED MEMBERS: N S R Edwards
SRP 2 LLP





REGISTERED OFFICE: 167-169 Great Portland St
London
W1W 5PF





REGISTERED NUMBER: OC336996 (England and Wales)





AUDITORS: Simpson Wreford & Partners
Chartered Accountants & Statutory Auditors
Suffolk House
George Street
Croydon
Surrey
CR0 0YN

SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)

Report of the Members
for the year ended 30th April 2024

The members present their report with the financial statements of the LLP for the year ended 30th April 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of corporate finance.

DESIGNATED MEMBERS
The designated members during the year under review were:

N S R Edwards
SRP 2 LLP

N S R Edwards acts as a nominee member for SRP 2 LLP.

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £15,376 (2023 - £15,759 profit).

MEMBERS' INTERESTS
The policy in relation to members' drawings, subscriptions and repayment of capital, whether equity or debt, is established in the Members' Agreement. Movements of members' interests between equity and debt are as disclosed in the Reconciliation of Members' Interests.

STATEMENT OF MEMBERS' RESPONSIBILITIES
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships 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 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 LLP 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 enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs 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 LLP 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 members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)

Report of the Members
for the year ended 30th April 2024


AUDITORS
The auditors, Simpson Wreford & Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:





N S R Edwards - Designated member


21st August 2024

Report of the Independent Auditors to the Members of
SRP Risk and Finance LLP

Opinion
We have audited the financial statements of SRP Risk and Finance LLP (the 'LLP') for the year ended 30th April 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Reconciliation of Members' Interests, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 LLP's affairs as at 30th April 2024 and of its profit 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 LLP 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 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.

Other information
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors 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.

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
SRP Risk and Finance LLP


Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities set out on page two, 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 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 LLP'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 LLP or to cease operations, or have 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 a Report of the Auditors 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 obtained an understanding of the legal and regulatory frameworks through our accumulated knowledge and consideration of sector information that is applicable to the entity. We determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006 and tax legislation.

- We made enquiries with management and those charged with governance to confirm our understanding that the LLP continued to comply with the applicable legal and regulatory frameworks, and also to confirm our understanding of the specific policies and procedures enlisted to ensure ongoing compliance.

- We assessed the susceptibility of the LLP's financial statements to material misstatement, including how fraud may occur, and gained an understanding of the LLP's policies and procedures on fraud risks through discussion with management.

- We considered the risk of material misstatement due to fraud as a result of possible management override of controls, and improper revenue recognition. To address these risks we tested the appropriateness of journal entries posted, reviewed those judgements made in making accounting estimates, and tested the application of revenue recognition and the cut-off of revenue.

Due to 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.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
SRP Risk and Finance LLP


Use of our 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 to LLPs 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 LLP's members those matters we are required to state to them in a Report of the Auditors 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.




Patrick duCasse (Senior Statutory Auditor)
for and on behalf of Simpson Wreford & Partners
Chartered Accountants & Statutory Auditors
Suffolk House
George Street
Croydon
Surrey
CR0 0YN

21st August 2024

SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)

Statement of Comprehensive
Income
for the year ended 30th April 2024

30.4.24 30.4.23
Notes £    £   

REVENUE 20,617 20,719

Administrative expenses (5,913 ) (5,065 )
OPERATING PROFIT 3 14,704 15,654

Interest receivable and similar income 672 105
PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES


15,376


15,759

PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES


15,376


15,759

Members' remuneration charged as an
expense

4

(15,376

)

(15,759

)
PROFIT FOR THE FINANCIAL YEAR AVAILABLE
FOR DISCRETIONARY DIVISION AMONG
MEMBERS


-


-


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

-

-

SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)

Statement of Financial Position
30th April 2024

30.4.24 30.4.23
Notes £    £   
CURRENT ASSETS
Debtors 5 52,186 53,913
Cash at bank 59,365 57,340
111,551 111,253
CREDITORS
Amounts falling due within one year 6 5,476 5,253
NET CURRENT ASSETS 106,075 106,000
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 106,075 106,000

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

56,075

56,000

MEMBERS' OTHER INTERESTS
Capital accounts 50,000 50,000
106,075 106,000

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 56,075 56,000
Members' other interests 50,000 50,000
Amounts due from members 5 (41,997 ) (52,373 )
64,078 53,627

The financial statements were approved by the members of the LLP and authorised for issue on 21st August 2024 and were signed by:





N S R Edwards - Designated member

SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)

Reconciliation of Members' Interests
for the year ended 30th April 2024


EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1st May 2023 50,000 - 50,000
Members' remuneration charged as an expense,
including employment and retirement benefit costs

-

-

-
Profit for the financial year available for
discretionary division among members

-

-

-
Members' interests after profit for the year 50,000 - 50,000
Introduced by members - - -
Repayments of debt (including members' capital
classified as a liability)

-

-

-
Drawings on account and distributions of profit - - -
Balance at 30th April 2024 50,000 - 50,000

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Members'
capital
(classified Other
as debt) amounts Total Total
£    £    £    £   
Amount due to members 50,000 6,000 56,000
Amount due from members - (52,373 ) (52,373 )
Balance at 1st May 2023 50,000 (46,373 ) 3,627 53,627
Members' remuneration charged as an expense,
including employment and retirement benefit costs

-

15,376

15,376

15,376
Profit for the financial year available for
discretionary division among members

-

-

-

-
Members' interests after profit for the year 50,000 (30,997 ) 19,003 69,003
Introduced by members - 75 75 75
Drawings on account and distributions of profit - (5,000 ) (5,000 ) (5,000 )
Amount due to members 50,000 6,075 56,075
Amount due from members - (41,997 ) (41,997 )
Balance at 30th April 2024 50,000 (35,922 ) 14,078 64,078

SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)

Reconciliation of Members' Interests
for the year ended 30th April 2024

EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1st May 2022 50,000 - 50,000
Members' remuneration charged as an expense,
including employment and retirement benefit costs

-

-

-
Profit for the financial year available for
discretionary division among members

-

-

-
Members' interests after profit for the year 50,000 - 50,000
Introduced by members - - -
Repayments of debt (including members' capital
classified as a liability)

-

-

-
Drawings on account and distributions of profit - - -
Balance at 30th April 2023 50,000 - 50,000

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Members'
capital
(classified Other
as debt) amounts Total Total
£    £    £    £   
Amount due to members 50,000 - 50,000
Amount due from members - (35,882 ) (35,882 )
Balance at 1st May 2022 50,000 (35,882 ) 14,118 64,118
Members' remuneration charged as an expense,
including employment and retirement benefit costs

-

15,759

15,759

15,759
Profit for the financial year available for
discretionary division among members

-

-

-

-
Members' interests after profit for the year 50,000 (20,123 ) 29,877 79,877
Introduced by members - 6,000 6,000 6,000
Drawings on account and distributions of profit - (32,250 ) (32,250 ) (32,250 )
Amount due to members 50,000 6,000 56,000
Amount due from members - (52,373 ) (52,373 )
Balance at 30th April 2023 50,000 (46,373 ) 3,627 53,627

SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)

Statement of Cash Flows
for the year ended 30th April 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 2 6,278 10,790
Net cash from operating activities 6,278 10,790

Cash flows from investing activities
Interest received 672 105
Net cash from investing activities 672 105

Cash flows from financing activities
Transactions with members and former members
Payments to members (5,000 ) (32,250 )
Contributions by members 75 6,000
Net cash from financing activities (4,925 ) (26,250 )

Increase/(decrease) in cash and cash equivalents 2,025 (15,355 )
Cash and cash equivalents at beginning of
year

3

57,340

72,695

Cash and cash equivalents at end of year 3 59,365 57,340

SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)

Notes to the Statement of Cash Flows
for the year ended 30th April 2024

1. CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

Share of profit is charged to the profit and loss as members' remuneration expense.

2. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG
MEMBERS TO CASH GENERATED FROM OPERATIONS

30.4.24 30.4.23
£    £   
Profit for the financial year available for discretionary division among
members

-

-
Members' remuneration charged as an expense 15,376 15,759
Finance income (672 ) (105 )
14,704 15,654
Increase in trade and other debtors (8,649 ) (1,540 )
Increase/(decrease) in trade and other creditors 223 (3,324 )
Cash generated from operations 6,278 10,790

3. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30th April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 59,365 57,340
Year ended 30th April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 57,340 72,695


SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)

Notes to the Statement of Cash Flows
for the year ended 30th April 2024

4. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.5.23 Cash flow changes At 30.4.24
£    £    £    £   
Net cash
Cash at bank 57,340 2,025 59,365
57,340 2,025 59,365
Net funds (before
members' debt) 57,340 2,025 - 59,365

Loans and other debts
due to members
Members' capital (50,000 ) - - (50,000 )
Other amounts
due to members (6,000 ) 4,925 (5,000 ) (6,075 )
Net funds 1,340 6,950 (5,000 ) 3,290

5. NET FUNDS

The net funds shown above relate only to cash and debt and do not include members' capital.

SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

1. STATUTORY INFORMATION

SRP Risk and Finance LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The members believe that the LLP has adequate resources to continue in operational existence for the foreseeable future having considered the impact of global events on the wider economy. They continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Commissions and transaction fees are recognised when the right to receive them becomes unconditional.

3. OPERATING PROFIT

The operating profit is stated after charging:

30.4.24 30.4.23
£    £   
Auditors' remuneration 1,600 1,730
Auditors' remuneration for non audit work 2,071 1,525

4. INFORMATION IN RELATION TO MEMBERS
30.4.24 30.4.23
£    £   
Members' remuneration charged as an expense
Automatic division of profit 15,376 15,759

30.4.24 30.4.23

The average number of members during the year was 2 2

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Amounts owed by group undertakings 9,495 -
Amounts due from members 41,997 52,373
Accrued income 694 1,540
52,186 53,913

SRP RISK AND FINANCE LLP (REGISTERED NUMBER: OC336996)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Deferred income 1,666 1,598
Accrued expenses 3,810 3,655
5,476 5,253

7. LOANS AND OTHER DEBTS DUE TO MEMBERS
30.4.24 30.4.23
£    £   
Amounts owed to members in respect of profits 6,075 6,000
Capital account 50,000 50,000
56,075 56,000

Falling due within one year 56,075 56,000

8. ULTIMATE PARENT COMPANY

The immediate and ultimate parent undertaking is SRP 2 LLP, an LLP incorporated in England & Wales, by virtue of a 100% share of voting rights.

9. RELATED PARTY DISCLOSURES

The LLP 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.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

If the LLP is wound up, and a surplus sum remains at the conclusion of the winding up, after payment of all money due to the creditors of the LLP and all expenses of the winding up, the liquidator shall pay that surplus sum to the members in accordance with the respective proportions to which the members share capital.