Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-310falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Making, holding and trading investments.true2023-04-010truefalse OC308188 2023-04-01 2024-03-31 OC308188 2022-04-01 2023-03-31 OC308188 2024-03-31 OC308188 2023-03-31 OC308188 c:CurrentFinancialInstruments 2024-03-31 OC308188 c:CurrentFinancialInstruments 2023-03-31 OC308188 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC308188 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC308188 d:FRS102 2023-04-01 2024-03-31 OC308188 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC308188 d:FullAccounts 2023-04-01 2024-03-31 OC308188 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC308188 2 2023-04-01 2024-03-31 OC308188 6 2023-04-01 2024-03-31 OC308188 d:PartnerLLP1 2023-04-01 2024-03-31 OC308188 d:PartnerLLP2 2023-04-01 2024-03-31 OC308188 d:PartnerLLP3 2023-04-01 2024-03-31 OC308188 d:PartnerLLP4 2023-04-01 2024-03-31 OC308188 d:PartnerLLP5 2023-04-01 2024-03-31 OC308188 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC308188 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC308188 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC308188















SISU CAPITAL PARTNERS LLP



UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024














 


 

SISU CAPITAL PARTNERS LLP
 

INFORMATION




Designated members

SISU Capital Limited
Joy Seppala, casting vote in tied voting
Dermot Coleman
Justin Fitzsimmons
David Mills

LLP registered number

OC308188

Registered office

96 Kensington High Street
London
W8 4SG

Accountants

Griffin Stone Moscrop & Co
Chartered Accountants
21-27 Lamb's Conduit Street
London
WC1N 3GS


 

SISU CAPITAL PARTNERS LLP
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Reconciliation of members' interests
 
 
3
Notes to the financial statements
 
 
4 - 8


 

SISU CAPITAL PARTNERS LLP
REGISTERED NUMBER:OC308188

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
88
88

  
88
88

Current assets
  

Debtors: amounts falling due within one year
 5 
200,636
-

Cash at bank and in hand
  
47,245
91,972

Creditors: amounts falling due within one year
 6 
(205,179)
(34,616)

Net current assets
  
 
 
42,702
 
 
57,356

  

Net assets
  
42,790
57,444


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
42,290
56,944

Members' other interests
  

Members' capital classified as equity

  

500
500

  
 
500
 
500

  
42,790
57,444


Total members' interests
  

Loans and other debts due to members
 7 
42,290
56,944

Members' other interests
  
500
500

  
42,790
57,444


Page 1

 

SISU CAPITAL PARTNERS LLP
REGISTERED NUMBER:OC308188
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 on 28 January 2025.




................................................
Joy Seppala
Designated Member

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 

SISU CAPITAL PARTNERS LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024







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

£
£
£
£
£
£

Amounts due to members 

28,759
28,759


Balance at 1 April 2022 
500
-
500
28,759
28,759
29,259

Profit for the year available for discretionary division among members
 
-
28,185
28,185
-
-
28,185

Members' interests after profit for the year
500
28,185
28,685
28,759
28,759
57,444

Other division of profits
 
-
(28,185)
(28,185)
28,185
28,185
-

Amounts due to members
 



56,944
56,944


Balance at 31 March 2023
500
-
500
56,944
56,944
57,444

Loss for the year available for discretionary division among members
 
-
(4,237)
(4,237)
-
-
(4,237)

Members' interests after loss for the year
500
(4,237)
(3,737)
56,944
56,944
53,207

Other division of losses
-
4,237
4,237
(4,237)
(4,237)
-

Drawings
 
-
-
-
(10,417)
(10,417)
(10,417)

Amounts due to members
 



42,290
42,290


Balance at 31 March 2024 
500
-
500
42,290
42,290
42,790

The notes on pages 4 to 8 form part of these financial statements.

The average number of members during the period was 5 (2023 - 5).
In the event of a winding up of the LLP, monies due to creditors will be paid before any distributions of loans and other debts due to members.

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 3

 

SISU CAPITAL PARTNERS LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

SISU Capital Partners LLP is a limited liability partnership formed on 2 June 2004 in the United Kingdom under registration number OC308188. The address of the registered office is 96 Kensington High Street, London, W8 4SG.  
The principal activity of the partnership is disclosed in the members' report.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis which contemplates the realisation of assets and the satisfaction of liabilities in the normal course of business. The members have confirmed the LLP has sufficient cash resources available to cover its fixed cost needs for at least twelve months after the signing of these financial statements. The LLP is considered to be a going concern and the financial statements have been prepared on the going concern basis. In making the assessment, the members have considered the financial position as at 31 March 2024 and liquidity forecasts taking into account income anticipated during the 2024-25 financial year.

  
2.3

Administrative expenses

Administrative expenses are accounted for on an accruals basis.

  
2.4

Taxation

The LLP itself does not pay tax on profits earned, rather the liability to any tax on profits earned in the partnership is with the members.

  
2.5

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

  
2.6

Presentation currency

The financial statements are presented in sterling and figures are rounded to the nearest £1.

Page 4


 
SISU CAPITAL PARTNERS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.7

Drawings

Drawings represent payments on account of profits which may be allocated to members. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the partnership and maybe reclaimed from members until profits have been allocated to them. Any unallocated profits are included within members’ other interests, classified as equity; advanced drawings in excess of allocated profits are included within ’Amounts due from members’ in debtors; allocated profits in excess of drawings are included within ‘Amounts due to members’ as a liability.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.14

Financial assets

Financial assets including cash at bank and trade and other debtors are measured initially at transaction price (including transaction costs) and subsequently held at cost, less any impairment. Financial assets classified as investments are accounted for in accordance with 2.10 above.

Page 5


 
SISU CAPITAL PARTNERS LLP
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.15

Financial liabilities and equity

Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form. Financial liabilities are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.

  
2.16

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.

  
2.17

Members' participation rights

Members’ participation rights are the rights of a member against the LLP that arise under the members’ agreement (for examples, 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 sections 11 and 12 of FRS 102, basic and other financial instruments. A members’ participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as equity. In the event of the death or retirement of a member or the dissolution of the LLP, such amounts are classified as liabilities. The profits of the LLP for each accounting year are allocated to members in such proportions as the members shall agree no later than ninety days following the financial year end and are treated as profits for discretionary division amongst members in the financial statements.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within ‘Loans and other debts due to members’ and are charged to the statement of comprehensive income within ‘Members’ remuneration charged as an expense’.
Amounts due to members that are classified as equity are shown in the statement of financial position within ‘Members’ other interests’.

Page 6

 

SISU CAPITAL PARTNERS LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The LLP has no employees.


4.


Fixed asset investments





Other fixed asset investments

£



Cost


At 1 April 2023
88



At 31 March 2024
88





5.


Debtors

2024
2023
£
£


Other debtors
200,636
-


At 31 March 2024, other debtors includes deposits of £60,207 for open derivative contracts that cannot be withdrawn until positions are closed.


6.


Creditors: amounts falling due within one year

2024
2023
£
£

Other loans
200,000
29,149

Other creditors
19
19

Accruals
5,160
5,448

205,179
34,616


Page 7

 

SISU CAPITAL PARTNERS LLP
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.

Loans and other debts due to members

2024
2023
£
£



Other amounts due to members
42,290
56,944

Loans and other debts due to members may be further analysed as follows:
2024
2023
£
£



Amounts falling due within one year
42,290
56,944


8.


Related party transactions

At the balance sheet date, £200,000 (2023 - £nil) was due to The SISU Capital Fund Limited; this is an interest-free loan.
At 31 March 2023, £29,149 was due to Scarba Limited. This loan, which was interest-free, was repaid in full during the year.


9.


Ultimate controlling party

The ultimate controlling party is Joy Seppala.

Page 8