REGISTERED NUMBER: 08285871 (England and Wales)

STRATEGIC REPORT, DIRECTOR'S REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SCP GROUP ADVISORY LIMITED

Page

Company Information

1

Strategic Report

2

Director's Report

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTOR:

M C Brabet-Friel

REGISTERED OFFICE:

3 Hill Street

London

W1J 5LB

REGISTERED NUMBER:

08285871 (England and Wales)

AUDITORS:

EV Accountants Limited

Chartered Accountants & Statutory Auditors

Unit 201, Second Floor

Metroline House

118-122 College Road

Harrow

Middlesex

HA1 1BQ

The director presents her strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

SCP Group Advisory Limited is a group company of Swan Capital Partners. Swan Capital Partners is a private investment firm based in Luxembourg with an office in London.

SUMMARY OF KEY PERFORMANCE INDICATORS

The financial performance for the year was as follows:

2024

2023

Change

Change

£

£

£

%

Turnover

3,705,512

3,455,941

249,571

7.22%

Profit before tax

356,470

332,462

24,008

7.22%

Net profit margin

9.62%

9.62%

-

0.00%

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates on a cost plus revenue basis which is intended to mitigate to a significant extent against market profits margin decreases, exchange rate and liquidity risks.

The company continuously monitors and forecasts liquidity requirements and has sufficient liquidity to meet all legal and operational commitments.

BUSINESS STRATEGY AND FUTURE DEVELOPMENTS

The company will continue to advise on investments in asset-backed situations.

SECTION 172(1) STATEMENT

The directors present this statement to explain how they have had regard to the matters set out in section 172(1) of the Companies Act 2006 when promoting the success of the Company for the benefit of its members as a whole.

During the year, the Board considered the long-term consequences of its decisions and the interests of stakeholders including employees, clients, shareholders, suppliers, communities, and regulators. The Board recognises that effective engagement with these groups is central to the Company's ability to deliver sustainable performance.

Key areas of stakeholder engagement and Board oversight in the year included:

-

Clients - continuous feedback gathered through surveys and relationship meetings, used to inform service development.

-

Employees - workforce engagement through staff forums and surveys; investment in training and professional development.

-

Shareholders - ongoing dialogue through results presentations and meetings.

-

Suppliers and partners - regular contract reviews and collaboration on service delivery.

-

Communities and environment - initiatives to reduce our operational footprint and support sustainable real estate practices.

-

Regulators and professional bodies - monitoring compliance updates and contributing to industry discussions.

Decisions taken in the year included investment in technology upgrades to enhance client service, reinforcement of sustainability initiatives, and approval of enhanced training programmes. In each case, the Board considered the potential impact on stakeholders, reputational factors, and long-term value creation.

ON BEHALF OF THE BOARD:

M C Brabet-Friel - Director

30 September 2025

The director presents her report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTOR

M C Brabet-Friel held office during the whole of the period from 1 January 2024 to the date of this report.

CHARITABLE DONATIONS AND EXPENDITURE

During the year, the company made charitable donations of £20,000 (2023 - £Nil)

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, EV Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M C Brabet-Friel - Director

30 September 2025

Opinion

We have audited the financial statements of SCP Group Advisory Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Director's Report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry in which the company operates;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

-

understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators and the company's advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Binoy Mistry BA FCA (Senior Statutory Auditor)

for and on behalf of EV Accountants Limited

Chartered Accountants & Statutory Auditors

Unit 201, Second Floor

Metroline House

118-122 College Road

Harrow

Middlesex

HA1 1BQ

30 September 2025

REVENUE

3

3,705,512

3,455,941

Administrative expenses

3,351,511

3,123,479

354,001

332,462

Other operating income

2,469

-

OPERATING PROFIT and

PROFIT BEFORE TAXATION

356,470

332,462

Tax on profit

7

113,793

74,880

PROFIT FOR THE FINANCIAL YEAR

242,677

257,582

PROFIT FOR THE YEAR

242,677

257,582

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

242,677

257,582

FIXED ASSETS

Property, plant and equipment

8

128,068

189,772

CURRENT ASSETS

Debtors

9

2,507,229

1,224,924

Cash at bank

138,915

625,877

2,646,144

1,850,801

CREDITORS

Amounts falling due within one year

10

1,866,443

1,375,481

NET CURRENT ASSETS

779,701

475,320

TOTAL ASSETS LESS CURRENT LIABILITIES

907,769

665,092

CAPITAL AND RESERVES

Called up share capital

12

5,001

5,001

Retained earnings

13

902,768

660,091

SHAREHOLDERS' FUNDS

907,769

665,092

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

M C Brabet-Friel - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

5,001

402,509

407,510

Changes in equity

Total comprehensive income

-

257,582

257,582

Balance at 31 December 2023

5,001

660,091

665,092

Changes in equity

Total comprehensive income

-

242,677

242,677

Balance at 31 December 2024

5,001

902,768

907,769

Cash flows from operating activities

Cash generated from operations

1

(412,082

)

522,367

Tax paid

(74,880

)

(44,955

)

Net cash from operating activities

(486,962

)

477,412

Cash flows from investing activities

Purchase of tangible fixed assets

-

(137,220

)

Sale of tangible fixed assets

-

1,248

Net cash from investing activities

-

(135,972

)

(Decrease)/increase in cash and cash equivalents

(486,962

)

341,440

Cash and cash equivalents at beginning of year

2

625,877

284,437

Cash and cash equivalents at end of year

2

138,915

625,877

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

356,470

332,462

Depreciation charges

61,705

54,067

Loss on disposal of fixed assets

-

1,485

418,175

388,014

(Increase)/decrease in trade and other debtors

(1,282,305

)

479,246

Increase/(decrease) in trade and other creditors

452,048

(344,893

)

Cash generated from operations

(412,082

)

522,367

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

138,915

625,877

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

625,877

284,437

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

625,877

(486,962

)

138,915

625,877

(486,962

)

138,915

Total

625,877

(486,962

)

138,915

1.	STATUTORY INFORMATION

SCP Group Advisory Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements.

Functional and presentation currency

The company's financial statements are presented in pound sterling and rounded to the nearest pound.

The company's functional currency is the Euro.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, and is derived from the provision of services in relation to real estate investments advisory services. Revenue is recognised when there is a right to consideration and is recorded at the value of the consideration due.

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

-

25% on cost

Fixtures and fittings

-

25% on cost

Office equipment

-

25% on cost

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Financial instruments

The company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issue' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year not amortised.

Clarification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at an amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2024

2023

£

£

Advisory fees

3,705,512

3,455,941

3,705,512

3,455,941

An analysis of revenue by geographical market is given below:

2024

2023

£

£

Europe

3,705,512

3,455,941

3,705,512

3,455,941

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,989,540

1,776,615

Social security costs

280,621

243,750

Other pension costs

47,975

50,041

2,318,136

2,070,406

The average number of employees during the year was as follows:

2024

2023

Director

1

1

Operations

5

7

6

8

2024

2023

£

£

Director's remuneration

250,000

250,000

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

250,000

250,000

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Other operating leases

272,226

285,000

Depreciation - owned assets

61,704

54,067

Loss on disposal of fixed assets

-

1,485

Foreign exchange differences

30,696

2,240

6.	AUDITORS' REMUNERATION

2024

2023

£

£

Fees payable to the company's auditors and their associates for the audit of the company's financial statements

13,000

12,000

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

113,793

74,880

Tax on profit

113,793

74,880

UK corporation tax was charged at 23.52%) in 2023.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

356,470

332,462

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

89,118

78,195

Effects of:

Expenses not deductible for tax purposes

10,847

9,306

Capital allowances in excess of depreciation

-

(12,621

)

Depreciation in excess of capital allowances

13,828

-

Total tax charge

113,793

74,880

8.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

Office

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

20,088

184,490

42,783

12,891

260,252

DEPRECIATION

At 1 January 2024

10,977

40,373

6,239

12,891

70,480

Charge for year

4,886

46,122

10,696

-

61,704

At 31 December 2024

15,863

86,495

16,935

12,891

132,184

NET BOOK VALUE

At 31 December 2024

4,225

97,995

25,848

-

128,068

At 31 December 2023

9,111

144,117

36,544

-

189,772

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,160,181

127,054

Other debtors

28,000

40,467

VAT

34,164

26,504

Prepayments and accrued income

1,284,884

1,030,899

2,507,229

1,224,924

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

105,354

103,490

Tax

113,793

74,880

Other creditors

10,942

12,349

Accruals and deferred income

1,636,354

1,184,762

1,866,443

1,375,481

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

174,000

268,500

Between one and five years

130,500

130,500

304,500

399,000

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

5,001

Ordinary

£1

5,001

5,001