2 15 July 2025 false false false false false false false false false false false false false false false false false No description of principal activity 2024-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP OC342778 2024-04-01 2025-03-31 OC342778 2025-03-31 OC342778 2024-03-31 OC342778 2023-04-01 2024-03-31 OC342778 2024-03-31 OC342778 2023-03-31 OC342778 core:PlantMachinery 2024-04-01 2025-03-31 OC342778 core:FurnitureFittings 2024-04-01 2025-03-31 OC342778 bus:Director1 2024-04-01 2025-03-31 OC342778 core:PlantMachinery 2024-03-31 OC342778 core:FurnitureFittings 2024-03-31 OC342778 core:PlantMachinery 2025-03-31 OC342778 core:FurnitureFittings 2025-03-31 OC342778 core:WithinOneYear 2025-03-31 OC342778 core:WithinOneYear 2024-03-31 OC342778 core:AfterOneYear 2025-03-31 OC342778 core:AfterOneYear 2024-03-31 OC342778 core:FurnitureFittings 2024-03-31 OC342778 bus:SmallEntities 2024-04-01 2025-03-31 OC342778 bus:Audited 2024-04-01 2025-03-31 OC342778 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 OC342778 bus:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 OC342778 bus:FullAccounts 2024-04-01 2025-03-31
REGISTERED NUMBER: OC342778
SCM Private LLP
Filleted Financial Statements
31 March 2025
SCM Private LLP
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
5
159
2,113
Current assets
Debtors
6
148,072
130,266
Cash at bank and in hand
397,853
196,457
---------
---------
545,925
326,723
Creditors: amounts falling due within one year
7
80,198
48,148
---------
---------
Net current assets
465,727
278,575
---------
---------
Total assets less current liabilities
465,886
280,688
Creditors: amounts falling due after more than one year
8
2,500
12,500
---------
---------
Net assets
463,386
268,188
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
Members' other interests
Members' capital classified as equity
3,210,624
3,210,624
Other reserves
(2,747,238)
(2,942,436)
------------
------------
463,386
268,188
------------
------------
Total members' interests
Loans and other debts due to members
Members' other interests
463,386
268,188
---------
---------
463,386
268,188
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
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.
SCM Private LLP
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the members and authorised for issue on 15 July 2025 , and are signed on their behalf by:
A J Miller
Designated Member
Registered number: OC342778
SCM Private LLP
Notes to the Financial Statements
Year ended 31 March 2025
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation payable on the partnership profits is the personal liability of the members and consequently neither taxation nor related deferred taxation are accounted for in the financial statements. Amounts retained for tax are treated in the same way as other profits of the partnership and are included in "Members' interests" or in "Loans and other debts due to members" depending on whether or not division of profits has occurred.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the amounts derived from the provision of investment advisory services to external clients during the year and is stated net of VAT.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Refer to the members report for this detail.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computers and IT equipment
-
33% straight line
Furniture and fixtures
-
25% straight line
Website development costs
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 2 (2024: 3 ).
5.
Tangible assets
Computer and IT equipment
Furniture and fittings
Website development costs
Total
£
£
£
£
Cost
At 1 April 2024 and 31 March 2025
63,889
31,163
114,150
209,202
--------
--------
---------
---------
Depreciation
At 1 April 2024
63,889
29,050
114,150
207,089
Charge for the year
1,954
1,954
--------
--------
---------
---------
At 31 March 2025
63,889
31,004
114,150
209,043
--------
--------
---------
---------
Carrying amount
At 31 March 2025
159
159
--------
--------
---------
---------
At 31 March 2024
2,113
2,113
--------
--------
---------
---------
6.
Debtors
2025
2024
£
£
Trade debtors
28,520
3,745
Other debtors
119,552
126,521
---------
---------
148,072
130,266
---------
---------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
25,439
6,648
Social security and other taxes
2,401
2,212
Other creditors
42,358
29,288
--------
--------
80,198
48,148
--------
--------
The creditors of the LLP are protected to the value of the net assets on insolvency and are ranked before members.
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,500
12,500
-------
--------
9.
Summary audit opinion
The auditor's report dated 15 July 2025 was unqualified .
The senior statutory auditor was Paul Mattei , for and on behalf of Leaman Mattei .