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REGISTERED NUMBER: OC421262 (England and Wales)












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: G B Fry
Dr C Kurtzke
P K Sheehy





Registered office: Office 7 35-37 Ludgate Hill
London
EC4M 7JN





Registered number: OC421262 (England and Wales)






MATCAP LLP (REGISTERED NUMBER: OC421262)

Balance Sheet
31 March 2024

31/3/24 31/3/23
(As
restated)
Notes £    £    £    £   
Fixed assets
Tangible assets 5 1,111 -
Investments 6 1 -
1,112 -

Current assets
Debtors 7 6,338,475 5,953,700
Cash at bank and in hand 13,832 348,792
6,352,307 6,302,492
Creditors
Amounts falling due within one year 8 1,809,778 1,734,740
Net current assets 4,542,529 4,567,752
Total assets less current liabilities 4,543,641 4,567,752

Creditors
Amounts falling due after more than one
year

9

9,718

20,601
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 236,096 236,096
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 LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

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 have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 21 March 2025 and were signed by:





G B Fry - Designated member

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

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 1,600
At 31 March 2024 1,600
Depreciation
Charge for year 489
At 31 March 2024 489
Net book value
At 31 March 2024 1,111

6. Fixed asset investments
Shares in
group
undertakings
£   
Cost
Additions 1
At 31 March 2024 1
Net book value
At 31 March 2024 1

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 5,305,276 5,280,622
Other debtors 1,033,199 673,078
6,338,475 5,953,700

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 10,883 10,615
Trade creditors 1,016,066 1,605,212
Amounts owed to group undertakings 207,973 115,080
Other creditors 574,856 3,833
1,809,778 1,734,740

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 9,718 20,601

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.