REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
MATCAP LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
MATCAP LLP |
MATCAP LLP (REGISTERED NUMBER: OC421262) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MATCAP LLP |
General Information |
for the Year Ended 31 March 2024 |
Designated members: |
Registered office: |
Registered number: |
MATCAP LLP (REGISTERED NUMBER: OC421262) |
Balance Sheet |
31 March 2024 |
31/3/24 | 31/3/23 |
(As |
restated) |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
Net assets attributable to members | 4,533,923 | 4,547,151 |
Loans and other debts due to members | 10 | - | 13,228 |
Members' other interests |
Capital accounts | 4,297,827 | 4,297,827 |
Other reserves |
4,533,923 | 4,547,151 |
Total members' interests |
Loans and other debts due to members | 10 | - | 13,228 |
Members' other interests | 4,533,923 | 4,533,923 |
Amounts due from members | 7 | (877,499 | ) | (499,480 | ) |
3,656,424 | 4,047,671 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP. |
MATCAP LLP (REGISTERED NUMBER: OC421262) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
MATCAP LLP (REGISTERED NUMBER: OC421262) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | Statutory information |
Matcap 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. | Prior period adjustment |
The results for the prior year have been restated to incorporate the impact of a number of oversights and accounting errors resulting in profits available for distribution at 31 March 2024 increasing by £679,688. |
On 21 June 2022 and at subsequent times throughout the financial year to 31 March 2023, shares and financial instruments held as investment assets and liabilities were transferred to another UK LLP under common control. A number of the errors related to these assets and liabilities. |
The transactions requiring adjustment are listed below. |
1. Omission of $2,500,000 fundraising income and a 100% bad debt provision thereon |
2. Fair value not used to recognise a $6,000,000 Convertible Loan Note, issued to the LLP in 2022, prior to its inclusion in the transfer of assets and liabilities referred to above. |
3. Omission of a £150,000 Convertible Loan Note issued by the LLP in 2021 prior to its inclusion in the transfer of assets and liabilities referred to above at nil consideration. |
4. Fair value not used to recognise an investment in ordinary and redeemable preference shares in an associate company prior to its inclusion in the transfers of assets and liabilities referred to above. |
5. Transfer of investments in subsidiaries for nil consideration, as part of the transfer of assets and liabilities above |
6. Members capital denominated in foreign currency was not accounted for in line with accounting principles. |
Summary of the prior year accounting impact of the above transactions |
£ |
$2,500,000 income |
Increase in debtors - amounts owed by group undertakings | 2,343,801 |
$2,500,000 bad debt provision |
Decrease in debtors - amounts owed by group undertakings | (2,343,801 | ) |
$6,000,000 CLN |
Increase in debtors - amounts owed by group undertakings | 104,268 |
£150,000 CLN |
Increase in members interests - Capital Contribution | (236,096 | ) |
Increase in debtors - amounts owed by group undertakings | 150,000 |
Investment in associates |
Increase in members interests - Distribution | 2 |
Increase in debtors - amounts owed by group undertakings | 50,000 |
Investment in subsidiaries |
Increase in members interests - Distribution | 2 |
Decrease in debtors - amounts owed by group undertakings | (1 | ) |
Members capital |
Decrease in members interests - Members Capital | 611,513 |
Total | 679,688 |
3. | 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" including the provisions of Section 1A "Small Entities" 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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
MATCAP LLP (REGISTERED NUMBER: OC421262) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | Accounting policies - continued |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings and investments in associated undertakings are recognised at cost less impairment. |
Financial instruments |
Financial instruments are recognised when the LLP becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. |
Financial instruments are measured at fair value at initial recognition which is normally the transaction price. At the end of each financial period, the financial instruments are measured at fair value with all changes in fair value recognised in profit or loss. |
Receivables where payment is due after more than one year, or if there is any other indication of a financing transaction, are recorded initially at fair value equal to the amount expected to be received, discounted at a market-related interest rate. Subsequently finance income is recognised over the period to the expected date of payment. |
4. | Employee information |
The average number of employees during the year was NIL (2023 - NIL). |
5. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
Additions |
At 31 March 2024 |
Depreciation |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
Additions |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
During the prior reporting period an investment of £1 was made in a subsidiary which was subsequently transferred to another LLP under common control within the same reporting period |
MATCAP LLP (REGISTERED NUMBER: OC421262) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | Debtors: amounts falling due within one year |
31/3/24 | 31/3/23 |
(As |
restated) |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Debtors: amounts falling due after one year: |
Amounts due from group undertakings were £2,343,801 (2023 as restated: £2,025,850). They are not shown on the balance sheet as they are stated after provisions for doubtful debts £2,343,801 (2023 as restated: £2,025,850). |
Details of the prior year restatement of Debtors is included in Note 2. |
8. | Creditors: amounts falling due within one year |
31/3/24 | 31/3/23 |
(As |
restated) |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Details of the prior year restatement of creditors 1 year is included in Note 2. |
9. | Creditors: amounts falling due after more than one year |
31/3/24 | 31/3/23 |
(As |
restated) |
£ | £ |
Bank loans |
10. | Loans and other debts due to members |
Loans and other debts due to members' (other than members' capital classified as debt) would rank secondary to other creditors. |
11. | Other reserves |
31/3/24 | 31/3/23 (As restated | ) |
£ | £ |
Distributable reserves | 4 | 4 |
Distribution | (4 | ) | (4 | ) |
Capital contribution | 236,096 | 236,096 |
Details of the prior year restatement of the Other reserves is included in Note 2. |