REGISTERED NUMBER: OC336996 (England and Wales)

Report of the Members and

Financial Statements

for the Year Ended 30th April 2025

for

SRP RISK AND FINANCE LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Statement of Financial Position

8

Reconciliation of Members' Interests

9

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

14

DESIGNATED MEMBERS:

N S R Edwards

SRP 2 LLP

REGISTERED OFFICE:

167-169 Great Portland St

London

W1W 5PF

REGISTERED NUMBER:

OC336996 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

The members present their report with the financial statements of the LLP for the year ended 30th April 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of corporate finance.

DESIGNATED MEMBERS

The designated members during the year under review were:

N S R Edwards

SRP 2 LLP

N S R Edwards acts as a nominee member for SRP 2 LLP.

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £16,025 (2024 - £15,376 profit).

MEMBERS' INTERESTS

The policy in relation to members' drawings, subscriptions and repayment of capital, whether equity or debt, is established in the Members' Agreement. Movements of members' interests between equity and debt are as disclosed in the Reconciliation of Members' Interests.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships 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 LLP and of the profit or loss of the LLP 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;

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

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs 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 LLP 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 members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

N S R Edwards - Designated member

21st August 2025

Opinion

We have audited the financial statements of SRP Risk and Finance LLP (the 'LLP') for the year ended 30th April 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Reconciliation of Members' Interests, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 LLP's affairs as at 30th April 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 LLPs 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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 LLP'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 directors 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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 Statement of Members' Responsibilities set out on page two, 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 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 LLP'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 LLP or to cease operations, or have 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

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

- We obtained an understanding of the legal and regulatory frameworks through our accumulated knowledge

and consideration of sector information that is applicable to the entity. We determined that the most

significant which are directly relevant to specific assertions in the financial statements are those related to

the financial reporting framework including but not limited to United Kingdom Generally Accepted

Accounting Practice and the Companies Act 2006 and tax legislation.

-

We made enquiries with management and those charged with governance to confirm our understanding that the LLP continued to comply with the applicable legal and regulatory frameworks, and also to confirm our understanding of the specific policies and procedures enlisted to ensure ongoing compliance.

-

We assessed the susceptibility of the LLP's financial statements to material misstatement, including how fraud may occur, and gained an understanding of the LLP's policies and procedures on fraud risks through discussion with management.

-

We considered the risk of material misstatement due to fraud as a result of possible management override of controls, and improper revenue recognition. To address these risks we tested the appropriateness of journal entries posted, reviewed those judgements made in making accounting estimates, and tested the application of revenue recognition and the cut-off of revenue.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs 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 LLP'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 LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Patrick duCasse (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

21st August 2025

REVENUE

21,437

20,617

Administrative expenses

(6,229

)

(5,913

)

OPERATING PROFIT

3

15,208

14,704

Interest receivable and similar income

817

672

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

16,025

15,376

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

16,025

15,376

Members' remuneration charged as an expense

4

(16,025

)

(15,376

)

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

-

-

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

-

-

CURRENT ASSETS

Debtors

5

63,581

52,186

Cash at bank

48,041

59,365

111,622

111,551

CREDITORS

Amounts falling due within one year

6

5,547

5,476

NET CURRENT ASSETS

106,075

106,075

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

106,075

106,075

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

56,075

56,075

MEMBERS' OTHER INTERESTS

Capital accounts

50,000

50,000

106,075

106,075

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

56,075

56,075

Members' other interests

50,000

50,000

Amounts due from members

5

(40,662

)

(41,997

)

65,413

64,078

The financial statements were approved by the members of the LLP and authorised for issue on 21st August 2025 and were signed by:

N S R Edwards - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1st May 2024

50,000

-

50,000

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

-

-

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

50,000

-

50,000

Repayments of debt (including members' capital classified as a liability)

-

-

-

Drawings on account and distributions of profit

-

-

-

Balance at 30th April 2025

50,000

-

50,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Members'

capital

(classified

Other

as debt)

amounts

Total

Total

£

£

£

£

Amount due to members

50,000

6,075

56,075

Amount due from members

-

(41,997

)

(41,997

)

Balance at 1st May 2024

50,000

(35,922

)

14,078

64,078

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

16,025

16,025

16,025

Profit for the financial year available for discretionary division among members

-

-

-

-

Members' interests after profit for the year

50,000

(19,897

)

30,103

80,103

Drawings on account and distributions of profit

-

(14,690

)

(14,690

)

(14,690

)

Amount due to members

50,000

6,075

56,075

Amount due from members

-

(40,662

)

(40,662

)

Balance at 30th April 2025

50,000

(34,587

)

15,413

65,413

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1st May 2023

50,000

-

50,000

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

-

-

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

50,000

-

50,000

Introduced by members

-

-

-

Repayments of debt (including members' capital classified as a liability)

-

-

-

Drawings on account and distributions of profit

-

-

-

Balance at 30th April 2024

50,000

-

50,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Members'

capital

(classified

Other

as debt)

amounts

Total

Total

£

£

£

£

Amount due to members

50,000

6,000

56,000

Amount due from members

-

(52,373

)

(52,373

)

Balance at 1st May 2023

50,000

(46,373

)

3,627

53,627

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

15,376

15,376

15,376

Profit for the financial year available for discretionary division among members

-

-

-

-

Members' interests after profit for the year

50,000

(30,997

)

19,003

69,003

Introduced by members

-

75

75

75

Drawings on account and distributions of profit

-

(5,000

)

(5,000

)

(5,000

)

Amount due to members

50,000

6,075

56,075

Amount due from members

-

(41,997

)

(41,997

)

Balance at 30th April 2024

50,000

(35,922

)

14,078

64,078

Cash flows from operating activities

Cash generated from operations

2

2,549

6,278

Net cash from operating activities

2,549

6,278

Cash flows from investing activities

Interest received

817

672

Net cash from investing activities

817

672

Cash flows from financing activities

Transactions with members and former

members

Payments to members

(14,690

)

(5,000

)

Contributions by members

-

75

Net cash from financing activities

(14,690

)

(4,925

)

(Decrease)/increase in cash and cash equivalents

(11,324

)

2,025

Cash and cash equivalents at beginning of year

3

59,365

57,340

Cash and cash equivalents at end of year

3

48,041

59,365

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

Share of profit is charged to the profit and loss as members' remuneration expense.

2.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

30.4.25

30.4.24

£

£

Profit for the financial year available for discretionary division among members

-

-

Members' remuneration charged as an expense

16,025

15,376

Finance income

(817

)

(672

)

15,208

14,704

Increase in trade and other debtors

(12,730

)

(8,649

)

Increase in trade and other creditors

71

223

Cash generated from operations

2,549

6,278

3.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30th April 2025

30.4.25

1.5.24

£

£

Cash and cash equivalents

48,041

59,365

Year ended 30th April 2024

30.4.24

1.5.23

£

£

Cash and cash equivalents

59,365

57,340

4.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.5.24

Cash flow

changes

At 30.4.25

£

£

£

£

Net cash

Cash at bank

59,365

(11,324

)

48,041

59,365

(11,324

)

48,041

Net funds (before

members' debt)

59,365

(11,324

)

-

48,041

Loans and other debts

due to members

Members' capital

(50,000

)

-

-

(50,000

)

Other amounts

due to members

(6,075

)

14,690

(14,690

)

(6,075

)

Net funds/(debt)

3,290

3,366

(14,690

)

(8,034

)

5.

NET FUNDS

The net funds shown above relate only to cash and debt and do not include members' capital.

1.	STATUTORY INFORMATION

SRP Risk and Finance LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The members believe that the LLP has adequate resources to continue in operational existence for the foreseeable future having considered the impact of global events on the wider economy. They continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Commissions and transaction fees are recognised when the right to receive them becomes unconditional.

3.	OPERATING PROFIT

The operating profit is stated after charging:

30.4.25

30.4.24

£

£

Auditors' remuneration

1,700

1,600

Auditors' remuneration for non audit work

1,976

2,071

4.	INFORMATION IN RELATION TO MEMBERS

30.4.25

30.4.24

£

£

Members' remuneration charged as an expense

Automatic division of profit

16,025

15,376

30.4.25

30.4.24

The average number of members during the year was

2

2

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Amounts owed by group undertakings

21,495

9,495

Amounts due from members

40,662

41,997

Accrued income

1,424

694

63,581

52,186

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Trade creditors

1

-

Deferred income

1,666

1,666

Accrued expenses

3,880

3,810

5,547

5,476

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

30.4.25

30.4.24

£

£

Amounts owed to members in respect of profits

6,075

6,075

Capital account

50,000

50,000

56,075

56,075

Falling due within one year

56,075

56,075

8.	ULTIMATE PARENT COMPANY

The immediate and ultimate parent undertaking is SRP 2 LLP, an LLP incorporated in England & Wales, by virtue of a 100% share of voting rights.

9.	RELATED PARTY DISCLOSURES

The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	LOANS AND OTHER DEBTS DUE TO MEMBERS

If the LLP is wound up, and a surplus sum remains at the conclusion of the winding up, after payment of all money due to the creditors of the LLP and all expenses of the winding up, the liquidator shall pay that surplus sum to the members in accordance with the respective proportions to which the members share capital.