Limited Liability Partnership registration number OC437931 (England and Wales)
SCOTT CAPITAL PARTNERS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SCOTT CAPITAL PARTNERS LLP
CONTENTS
Page
Members' report
1 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Reconciliation of members' interests
10 - 11
Statement of cash flows
12
Notes to the financial statements
13 - 20
SCOTT CAPITAL PARTNERS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The members present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the firm, Scott Capital Partners LLP is the provision of Family Office Consulting and Investment Management Services.

Members' drawings, contributions and repayments

A member's drawing policy is determined from time to time by the Management Board in line with the financial strength of the business.

A m ember's capital requirement is linked to the financial requirement of the business. There is no opportunity for appreciation of capital subscribed. Members introduce their capital at “par” and on retirement they are repaid their capital at “par”.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

David Scott
James Gibbs
Principal risks and uncertainties
The business is subject to a number of risks inherent to the industry in which it operates.
Market risk

Our revenue is broadly linked to the success of our clients. We provide a bespoke service for a small group of clients who have a diversified asset position. Whilst asset values can vary, the defensive nature of their assets tend to reduce extreme volatility and therefore the market risk to our income is cushioned through the daily weighted averaging of portfolios.

Liquidity risk

The company manages its cash flows on a daily, weekly and monthly basis depending on its cash resources and ensure s that debtors pay in a timely manner.

Operational and reputational risk

The re are a number of regulatory and reputational risks that exist through the company being an authorised FCA entity and a registered investment advisor with the US SEC. Ou r risk management framework has a strong focus on sound governance. Given that our business involves a large degree of human interaction we mitigate this through careful hiring, ongoing staff training along with robust policies and procedures to minimi se potential issue.

Credit risk

The credit risk is low due to a lack of reliance on any one family. As the income is billed regularly and we carefully manage any debtors, the credit risk is low.

Concentration risk

The concentration risk is the risk associated with the firm’s exposure to a small number of families within the firm’s client base. As the firm continues to grow and more families become clients this risk continues to dissipate.

The LLP has made significant progress since the end of this period and its business strategy remains focused on establishing a high quality multi-family office service to our clients.

There have been no significant adverse events since the Statement of Financial Position date.

SCOTT CAPITAL PARTNERS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Development and performance

We have continued to engage with a number of families and these relationships have been converted into formal arrangements despite market volatility and other difficult economic conditions. We have increased headcount across all the key parts of the business.

The LLP’s operational capacity continues to be developed with the introduction of a number of new technology partners who will supply our family office services software which will enable us to oversee and manage our clients’ affairs more efficiently, whilst also giving greater visibility to our clients on their total wealth.

The LLP remains cautiously optimistic about the forthcoming year and its business strategy remains focused on the development of the firm’s offering and client satisfaction.

Auditor

The auditor, Gerald Edelman LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the LLP has not consumed more than 40,000 kWH of energy in this reporting period, it qualifies as a low energy user under the these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK 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 limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Going concern

Having reviewed the entity's financial forecasts and expected future cash flows, the partners believe t hat the entity has adequate resources to continue in operational existence for the foreseeable future. Consequently, they have adopted the going concern basis in preparing the financial statements for the period ended 31 March 202 5.

Public disclosures

The LLP's Public disclosure can be found on the LLP's website (https://scottcp.com/legal-and-regulatory-information/).

SCOTT CAPITAL PARTNERS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Approved by the members on 18 July 2025 and signed on behalf by:
18 July 2025
David Scott
Designated Member
SCOTT CAPITAL PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SCOTT CAPITAL PARTNERS LLP
- 4 -
Opinion

We have audited the financial statements of Scott Capital Partners LLP (the 'limited liability partnership') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including 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 limited liability partnership's affairs as at 31 March 2025 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 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership 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 members' 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 limited liability partnership’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 members with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. 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. 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 course of 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.

SCOTT CAPITAL PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOTT CAPITAL PARTNERS LLP
- 5 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships 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

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

Responsibilities of members

As explained more fully in the members' r esponsibilities s tatement, the members are 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 members determine is 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- 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.

- Enquiring of management of whether they are aware of any non-compliance with laws and regulations.

- Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.

- Enquiring of management their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.

- Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals.

- Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act, tax legislation,data protection, anti-bribery, FCA regulations and employment.

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

- Performed analytical procedures to identify any unusual or unexpected relationships.

- Audited the risk of management override of controls, including through testing journal entries for appropriateness

- Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- Investigated the rationale behind significant or unusual transactions.

SCOTT CAPITAL PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOTT CAPITAL PARTNERS LLP
- 6 -

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

- Agreeing financial statements disclosures to underlying supporting documentation.

- Reviewing minutes of meetings of those charged with governance.

- Enquiring of management as to actual and potential litigation claims.

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the partners.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Hemen Doshi FCCA (Senior Statutory Auditor)
For and on behalf of Gerald Edelman LLP, Statutory Auditor
Chartered Accountants
73 Cornhill
London
EC3V 3QQ
18 July 2025
SCOTT CAPITAL PARTNERS LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
Year
Period
ended
ended
31 March
31 March
2025
2024
Notes
£
£
Turnover
3
2,798,094
1,786,463
Administrative expenses
(1,659,796)
(1,165,448)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
1,138,298
621,015

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SCOTT CAPITAL PARTNERS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Year
Period
ended
ended
31 March
31 March
2025
2024
£
£
Profit for the financial year available for discretionary division among members
1,138,298
621,015
Other comprehensive income
-
-
Total comprehensive income for the year
1,138,298
621,015
SCOTT CAPITAL PARTNERS LLP
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
8
151,214
191,590
Current assets
Debtors
9
915,014
741,861
Cash at bank and in hand
193,205
203,930
1,108,219
945,791
Creditors: amounts falling due within one year
11
(350,040)
(252,892)
Net current assets
758,179
692,899
Total assets less current liabilities and net assets attributable to members
909,393
884,489
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
(829,232)
(686,011)
Members' other interests
Members' capital classified as equity
1,738,625
1,570,500
909,393
884,489
The financial statements were approved by the members and authorised for issue on 18 July 2025 and are signed on their behalf by:
18 July 2025
David Scott
Designated member
Limited Liability Partnership registration number OC437931 (England and Wales)
SCOTT CAPITAL PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Members' interests at 1 April 2024
1,570,500
-
1,570,500
(686,011)
(686,011)
884,489
Profit for the financial year available for discretionary division among members
-
1,138,298
1,138,298
-
-
1,138,298
Members' interests after profit for the year
1,570,500
1,138,298
2,708,798
(686,011)
(686,011)
2,022,787
Allocation of profit for the financial year
-
(1,138,298)
(1,138,298)
1,138,298
1,138,298
-
Introduced by members
175,000
-
175,000
-
-
175,000
Repayments of capital
(6,875)
-
(6,875)
-
-
(6,875)
Drawings on account and distributions of profit
-
-
-
(1,281,519)
(1,281,519)
(1,281,519)
Members' interests at 31 March 2025
1,738,625
-
1,738,625
(829,232)
(829,232)
909,393
SCOTT CAPITAL PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 May 2023
1,447,500
(494,091)
953,409
(253,000)
(253,000)
700,409
Profit for the financial year available for discretionary division among members
-
621,015
621,015
-
-
621,015
Members' interests after profit for the period
1,447,500
126,924
1,574,424
(253,000)
(253,000)
1,321,424
Allocation of profit for the period
-
(126,924)
(126,924)
126,924
126,924
-
Introduced by members
135,000
-
135,000
-
-
135,000
Repayments of capital
(12,000)
-
(12,000)
-
-
(12,000)
Drawings on account and distributions of profit
-
-
-
(559,935)
(559,935)
(559,935)
Members' interests at 31 March 2024
1,570,500
-
1,570,500
(686,011)
(686,011)
884,489
SCOTT CAPITAL PARTNERS LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
14
1,058,117
310,241
Investing activities
Purchase of tangible fixed assets
(16,448)
(5,939)
Net cash used in investing activities
(16,448)
(5,939)
Financing activities
Capital introduced by members (classified as debt or equity)
175,000
135,000
Repayment of capital or debt to members
(6,875)
(12,000)
Payments to members
(1,281,519)
(559,935)
Borrowings/(Repayment of borrowings)
61,000
(131,000)
Net cash used in financing activities
(1,052,394)
(567,935)
Net decrease in cash and cash equivalents
(10,725)
(263,633)
Cash and cash equivalents at beginning of year
203,930
467,563
Cash and cash equivalents at end of year
193,205
203,930
SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Limited liability partnership information

Scott Capital Partners LLP is a limited liability partnership incorporated in England and Wales. The registered office is 24 St James's Square, London, SW1Y 4JH.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The comparative figures are for the eleven month period to 31 March 2024.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.5
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
Straightline over 5 years.
Computers
Straightline over 4 years.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification 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 limited liability partnership after deducting all of its liabilities.

SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from members 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at 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. A m ounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
2,798,094
1,786,463
2025
2024
£
£
Turnover analysed by geographical market
UK
2,798,094
1,786,463
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
1,277
1,546
Depreciation of owned tangible fixed assets
56,824
32,747
5
Auditor's remuneration
2025
2024
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
13,750
9,200
6
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
3
3

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
185,920
194,797
Social security costs
21,864
23,267
Pension costs
9,286
9,563
217,070
227,627
SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
7
Information in relation to members
2025
2024
Number
Number
Average number of members during the year
18
12
8
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2024
204,502
55,097
259,599
Additions
-
16,448
16,448
At 31 March 2025
204,502
71,545
276,047
Depreciation and impairment
At 1 April 2024
49,171
18,838
68,009
Depreciation charged in the year
40,900
15,924
56,824
At 31 March 2025
90,071
34,762
124,833
Carrying amount
At 31 March 2025
114,431
36,783
151,214
At 31 March 2024
155,331
36,259
191,590
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
1
Prepayments and accrued income
730,784
557,630
730,784
557,631
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
184,230
184,230
Total debtors
915,014
741,861
SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
10
Loans and overdrafts
2025
2024
£
£
Other loans
200,000
139,000
Payable within one year
200,000
139,000

The above loan of £200,000 (202 4: £139,000) is due to the executive members of the LLP. There are no terms of repayment or interest attached to this amount.

11
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other borrowings
10
200,000
139,000
Trade creditors
18,670
14,728
Other taxation and social security
69,111
54,482
Other creditors
2,353
2,237
Accruals and deferred income
59,906
42,445
350,040
252,892
12
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,286
9,563

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

13
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
307,050
307,050
Between two and five years
562,925
869,975
869,975
1,177,025
SCOTT CAPITAL PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
14
Cash generated from operations
2025
2024
£
£
Profit for the year
1,138,298
621,015
Adjustments for:
Depreciation of tangible fixed assets
56,824
32,747
Movements in working capital:
Increase in debtors
(173,153)
(339,986)
Increase/(decrease) in creditors
36,148
(3,535)
Cash generated from operations
1,058,117
310,241
15
Analysis of changes in net funds/(debt)
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
203,930
(10,725)
193,205
Loan from executive member
(139,000)
(61,000)
(200,000)
Balances before members' debt
64,930
(71,725)
(6,795)
Loans and other debts due to members:
- Drawings by members
686,011
143,221
829,232
Balances including members' debt
750,941
71,496
822,437
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