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Scapa General Partner Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Scapa General Partner Limited (‘the Company’) is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office and principal place of business is C/O DWF LLP, 2 Semple Street, Edinburgh, United Kingdom, EH3 8BL. Scapa General Partner Limited has the responsibility for managing and operating the affairs of Scapa Scottish Limited Partnership who are responsible for making the annual payments to the pension scheme.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The functional currency of the Company is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The following principal accounting policies have been applied:
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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.
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.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
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