SCP (UK1) LLP OC431314 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is is that of holding investments. Digita Accounts Production Advanced 6.30.9574.0 true true OC431314 2023-04-01 2024-03-31 OC431314 2024-03-31 OC431314 core:OtherReservesSubtotal 2024-03-31 OC431314 core:CurrentFinancialInstruments 2024-03-31 OC431314 core:Non-currentFinancialInstruments 2024-03-31 OC431314 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 OC431314 core:CostValuation 2024-03-31 OC431314 core:WithinOneYear 2024-03-31 OC431314 bus:SmallEntities 2023-04-01 2024-03-31 OC431314 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC431314 bus:FilletedAccounts 2023-04-01 2024-03-31 OC431314 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC431314 bus:RegisteredOffice 2023-04-01 2024-03-31 OC431314 bus:PartnerLLP1 2023-04-01 2024-03-31 OC431314 bus:PartnerLLP2 2023-04-01 2024-03-31 OC431314 bus:PartnerLLP3 2023-04-01 2024-03-31 OC431314 bus:PartnerLLP6 2023-04-01 2024-03-31 OC431314 bus:PartnerLLP7 2023-04-01 2024-03-31 OC431314 bus:PartnerLLP8 2023-04-01 2024-03-31 OC431314 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC431314 countries:AllCountries 2023-04-01 2024-03-31 OC431314 core:CostValuation 2023-03-31 OC431314 2022-04-01 2023-03-31 OC431314 2023-03-31 OC431314 core:OtherReservesSubtotal 2023-03-31 OC431314 core:CurrentFinancialInstruments 2023-03-31 OC431314 core:Non-currentFinancialInstruments 2023-03-31 OC431314 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 OC431314 core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: OC431314

SCP (UK1) LLP

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

SCP (UK1) LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

SCP (UK1) LLP

Limited liability partnership information

Designated members

James Foren Cox

SCP (UK2) LLP
 

Members

James Pringle Jack

Rana Sattaripour

Ladan Sattaripour
 

Registered office

Nyman Libson Paul
Regina House
124 Finchley Road
London
NW3 5JS

Accountants

Charter Tax Consulting Limited
8th Floor
1 Southampton Street
London
WC2R 0LR

 

SCP (UK1) LLP

(Registration number: OC431314)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Investments

3

1,434,375

1,434,375

Current assets

 

Debtors

3,930

-

Creditors: Amounts falling due within one year

4

(3,697)

(3,637)

Net current assets/(liabilities)

 

233

(3,637)

Total assets less current liabilities

 

1,434,608

1,430,738

Creditors: Amounts falling due after more than one year

5

(1,240,737)

(1,160,518)

Net assets attributable to members

 

193,871

270,220

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

5,976,441

5,518,503

Members’ other interests

 

Other reserves

 

(5,782,570)

(5,248,283)

   

193,871

270,220

Total members' interests

 

Loans and other debts due to members

 

5,976,441

5,518,503

Equity

 

(5,782,570)

(5,248,283)

   

193,871

270,220

 

SCP (UK1) LLP

(Registration number: OC431314)
Balance Sheet as at 31 March 2024

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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

The financial statements of SCP (UK1) LLP (registered number OC431314) were approved by the Board and authorised for issue on 31 January 2025. They were signed on behalf of the limited liability partnership by:



Designated member


James Foren Cox
Designated member

 
 

SCP (UK1) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

LLP Information

The Limited Liability Partnership is incorporated in England & Wales.
The registered office address is:
Nyman Libson Paul
Regina House
124 Finchley Road
London
England
NW3 5JS

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of SCP (UK1) LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The limited liability partnership is part of a small group. The limited liability partnership has taken advantage of the exemption provided by Section 399 (2A) of the Companies Act 2006, as applied to limited liability partnerships, and has not prepared group accounts.

 

SCP (UK1) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Prior period errors

The loss in the P&L was incorrectly allocated to members' remuneration charged as an expense. The prior year's P&L has been restated to correct the allocation of the loss.

The allocation of a previous year's profit was not showing in the reconciliation of member's interests. The allocation is now shown correctly in the prior year.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

 

SCP (UK1) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

3

Investments held as fixed assets

Shares in group undertakings and participating interests

Subsidiary undertakings
£

Total
£

Cost

At 1 April 2023

1,434,375

1,434,375

At 31 March 2024

1,434,375

1,434,375

Net book value

At 31 March 2024

1,434,375

1,434,375

At 31 March 2023

1,434,375

1,434,375

4

Creditors: Amounts falling due within one year

2024
£

2023
£

Other creditors

97

97

Accruals and deferred income

3,600

3,540

3,697

3,637

5

Creditors: Amounts falling due after more than one year

2024
£

2023
£

Other creditors

1,240,737

1,160,518

 

SCP (UK1) LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.