SCP (UK2) LLP - Filleted accounts

Registered number

OC431655

SCP (UK2) LLP

Unaudited Accounts

31 May 2024

SCP (UK2) LLP
Registered number:		OC431655
Balance Sheet
as at 31 May 2024				(As restated)
Notes		2024		2023
£			£
Fixed assets
Investments	3	-		-

Creditors: amounts falling due within one year	4	(1,007,530)		(1,003,540)

Net current liabilities		(1,007,530)		(1,003,540)

Total assets less current liabilities		(1,007,530)		(1,003,540)



Net liabilities attributable to members		(1,007,530)		(1,003,540)

Represented by:
Loans and other debts due to members	5	2,000,000		2,000,000

Members' other interests
Other reserves		(3,007,530)		(3,003,540)

		(1,007,530)		(1,003,540)

Total members' interests
Loans and other debts due to members	5	2,000,000		2,000,000
Members' other interests		(3,007,530)		(3,003,540)

		(1,007,530)		(1,003,540)

For the year ended 31 May 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 23 December 2025 and signed on their behalf by:


Stonebridge Private Office Ltd
Designated member

SCP (UK2) LLP
Notes to the Accounts
for the year ended 31 May 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.

	Members' remuneration and division of profits
	The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members. Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet. Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members. The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves. Where losses of an LLP are not explicitly allocated in the LLP agreement those losses are held in other reserves.

	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.

	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:

	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

	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.


2	Employees		2024		2023
Number				Number

	Average number of persons employed by the LLP		-		-


3	Fixed asset investments
Investments in
subsidiary
undertakings
£
	Cost
	At 1 June 2023				3,000,000

	At 31 May 2024				3,000,000

	Provision for impairment
	At 1 June 2023				(3,000,000)

	At 31 May 2024				(3,000,000)

	Net book value
	At 1 June 2023				-

	At 31 May 2024				-


4	Creditors: amounts falling due within one year		2024		2023
£				£

	Other creditors		1,007,530		1,003,540

	Hambleden Capital Partners LLP, a member of this LLP, advanced a loan of £1,000,000 to the LLP. The loan does not bear interest and is repayable on demand.


5	Loans and other debts due to members		2024		2023
£				£

	Members capital classified as debt		2,000,000		2,000,000

	Amounts falling due within one year		2,000,000		2,000,000


5	Controlling party

	The members are the controlling and ultimate controlling party by virtue of their controlling interest in the limited liability partnership.


6	Prior period adjustments

	The prior period figures have been adjusted to reflect losses of the LLP within 'other reserves', instead of debts due to/from members.


7	Other information

	SCP (UK2) LLP is a limited liability partnership incorporated in England. Its registered office is:
	Nyman Libson Paul, Regina House
	124 Finchley Road
	London
	NW3 5JS