Registered number
OC359340
Si Ventures LLP
Accounts
31 December 2024
Si Ventures LLP
Profit and Loss Account
for the year ended 31 December 2024
2024 2023
£ £
Turnover 109,865 105,742
Cost of sales (5,936) (15,073)
Gross profit 103,929 90,669
Administrative expenses (72,285) (67,672)
Operating profit 31,644 22,997
Interest receivable - 664
Interest payable (14,181) (16,979)
Profit before members' remuneration and profit share 17,463 6,682
Profit for the financial year available for discretionary division among members 17,463 6,682
Si Ventures LLP
Registered number: OC359340
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 89,670 24,256
Investments 4 1,215,700 280,700
1,305,370 304,956
Current assets
Debtors 5 2,315,095 2,174,333
Cash at bank and in hand 96,768 19,451
2,411,863 2,193,784
Creditors: amounts falling due within one year 6 (53,822) (55,216)
Net current assets 2,358,041 2,138,568
Total assets less current liabilities 3,663,411 2,443,524
Creditors: amounts falling due after more than one year 7 (696,953) (353,277)
Net assets attributable to members 2,966,458 2,090,247
Represented by:
Loans and other debts due to members 8 2,932,184 2,073,436
Members' other interests
Other reserves 34,274 16,811
2,966,458 2,090,247
Total members' interests
Loans and other debts due to members 8 2,932,184 2,073,436
Members' other interests 34,274 16,811
2,966,458 2,090,247
For the year ended 31 December 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 26 September 2025 and signed on their behalf by:
Simon Scotchbrook
Designated member
Si Ventures LLP
Reconciliation of Members' Interests
for the year ended 31 December 2024
£
EQUITY DEBT TOTAL
Members' other interests Loans and other debts due to members
less any amounts due from members
in debtors
Members' capital (classified as equity) Revaluation reserve Other reserves Total Members' capital (classified as debt) Other amounts Total Total members' interests
Balance at 1 January 2024 - - 16,811 16,811 510,700 1,562,736 2,073,436 2,090,247
Profit for the financial year available for discretionary division among members 17,463 17,463 17,463
Members' interests after profit for the year - - 34,274 34,274 510,700 1,562,736 2,073,436 2,107,710
Introduced by members - - 935,000 - 935,000 935,000
Repaid to members - - - (76,252) (76,252) (76,252)
Balance at 31 December 2024 - - 34,274 34,274 1,445,700 1,486,484 2,932,184 2,966,458
Si Ventures LLP
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 14,344 100,463 114,807
Additions - 75,454 75,454
At 31 December 2024 14,344 175,917 190,261
Depreciation
At 1 January 2024 3,009 87,542 90,551
Charge for the year 3,009 7,031 10,040
At 31 December 2024 6,018 94,573 100,591
Net book value
At 31 December 2024 8,326 81,344 89,670
At 31 December 2023 11,335 12,921 24,256
4 Fixed asset investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2024 280,700
Additions 935,000
At 31 December 2024 1,215,700
5 Debtors 2024 2023
£ £
Trade debtors 19,190 68,028
Other debtors 2,295,905 2,106,305
2,315,095 2,174,333
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,104 6,104
Obligations under finance lease and hire purchase contracts 14,979 4,470
Trade creditors 47,598 43,175
Other taxes and social security costs (14,858) 1,468
Other creditors (1) (1)
53,822 55,216
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 33,172 39,276
Obligations under finance lease and hire purchase contracts 55,021 385
Other creditors 608,760 313,616
696,953 353,277
8 Loans and other debts due to members 2024 2023
£ £
Members capital classified as debt 1,445,700 510,700
Loans from members 1,546,527 1,622,779
Amounts due to members in respect of profits (60,043) (60,043)
2,932,184 2,073,436
Amounts falling due within one year 2,932,184 2,073,436
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
9 Other information
Si Ventures LLP is a limited liability partnership incorporated in England. Its registered office is:
Rose Collage
Flatts Lane
Middlesbrough
TS6 0PX
Si Ventures LLP
Administrative expenses
for the year ended 31 December 2024
This schedule does not form part of the statutory accounts of the LLP
2024 2023
£ £
Employee costs 9,294 3,722
Premises costs 12,759 10,304
Repairs 2,092 -
General administrative expenses 12,260 7,901
Motor expenses 11,380 8,621
Travel and subsistence - 2
Legal and professional costs 10,793 18,653
Other finance charges 567 552
Depreciation and loss/(profit) on sale 10,040 10,040
Other expenses 3,100 7,877
72,285 67,672
Si Ventures LLP
Detailed profit and loss account
for the year ended 31 December 2024
This schedule is designed for completing the partnership tax return and does not form part of the statutory accounts of the LLP
2024 2023
£ £
Sales 109,865 105,742
Cost of sales 4,301 7,586
Construction industry subcontractor costs 75 7,487
Other direct costs 1,560 -
Gross profit 103,929 90,669
Other income/profits - 664
Expenses
Employee costs 9,294 3,722
Premises costs 12,759 10,304
Repairs 2,092 -
General administrative expenses 12,260 7,901
Motor expenses 11,380 8,621
Travel and subsistence - 2
Legal and professional costs 10,793 18,653
Interest 14,181 16,979
Other finance charges 567 552
Depreciation and loss/(profit) on sale 10,040 10,040
Other expenses 3,100 7,877
86,466 84,651
Profit before members' remuneration and profit share 17,463 6,682
Si Ventures LLP
Detailed profit and loss account
for the year ended 31 December 2024
This schedule does not form part of the statutory accounts of the LLP
2024 2023
£ £
Sales
Sales 109,865 105,742
Cost of sales
Purchases 4,301 7,586
Construction industry subcontractor costs
Subcontractor costs 75 7,487
Other direct costs
Direct labour 1,560 -
Other income/profits
Interest receivable - 664
Employee costs
Wages and salaries 9,294 3,658
Staff training and welfare - 64
9,294 3,722
Premises costs
Rent - 1,894
Rates 2,241 5,808
Light and heat 10,518 2,602
12,759 10,304
Repairs
Repairs 2,092 -
General administrative expenses
Telephone and fax 7,175 6,102
Postage 22 -
Stationery and printing 72 -
Information and publications 3 -
Insurance 2,062 -
Software 2,926 1,799
12,260 7,901
Motor expenses
Motor expenses 11,380 8,621
Travel and subsistence
Travel and subsistence - 2
Legal and professional costs
Accountants fees - 4,500
Other legal and professional 793 2,153
Management fees 10,000 12,000
10,793 18,653
Interest payable
Interest payable 14,181 16,979
Other finance charges
Bank charges 133 154
Hire purchase and lease interest 434 398
567 552
Depreciation and loss/(profit) on sale
Depreciation 10,040 10,040
10,040 10,040
10,040 10,040
Other expenses
Sundry expenses 3,100 7,877
3,100 7,877
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