The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements of the limited liability partnership.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships' regime and in accordance with the provision of Financial Reporting Standard 102 Section 1A - Small Entities.

SAO Capital Management LLP is a limited liability partnership incorporated in England and Wales. The registered office is 10 Napier Place, London, W14 8LG.

The LLP's principal activities are disclosed in the Members' Report.

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, 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 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources, through funding from a related undertaking, to continue in operational existence for the foreseeable future. The members remain satisfied that the LLP is able to meet its liabilities as they fall due over the next 12 months. Thus it has adopted the going concern basis in preparing the annual financial statements.

Turnover is measured at the fair value of consideration received or receivable and represents amounts receivable for investment advisory services net of VAT and trade discounts.

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:

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.

Non-wasting chattels including artwork purchased for the office space have not been depreciated on the basis that the value is deemed to be retained, but will be reviewed annually for impairment.

The LLP has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial assets are recognised in the LLP's Balance Sheet when the LLP becomes party to the contractual provisions of the instrument. Basic financial assets, which include amounts owed from affiliated undertakings, other receivables 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, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

Financial liabilities, including amounts owed to affiliated undertakings and other creditors, are initially measured at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method, except for short-term payables when the recognition of interest would be immaterial.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the LLP'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.

In the opinion of the members there are no significant estimates or judgements included in these financial statements.

The average number of persons (excluding members) employed by the partnership during the year was 2 (2023 - 2).

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

The LLP was under the control of its designated members throughout the current and prior year.

As at 31 March 2024, the LLP was owed £91,616 (2023: £nil) from Network VC, a Mauritius Company in which Mr Saliudeen Bakare is a director.

As at 31 March 2024, the LLP owed £1,216 (2023: was owed £4,421) from Africa Capitalworks Advisor LLP, a limited liability partnership in which Mr Nana Sao has a participating interest. The LLP also owed £13,281 (2023: was owed £98,709) from Sao Foundation, a UK registered charity in which Mr Nana Sao and Mr Saliudeen Bakare are trustees.

As at 31 March 2024, the LLP owed Sao Capital Management Limited, a company in which Mr Nana Sao has a participating interest, £3,433,012 (2022: £3,128,253) in respect of loans received to fund administrative costs.