|
Registered number: OC453290
SCIENCE CAPITAL VENTURES LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
|
|
SCIENCE CAPITAL VENTURES LLP
CONTENTS
|
|
|
Statement of financial position
|
|
Notes to the financial statements
|
|
|
|
|
|
REGISTERED NUMBER:OC453290
|
SCIENCE CAPITAL VENTURES LLP
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Members' capital classified as equity
|
|
|
|
|
|
Other reserves classified as equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts due from members (included in debtors)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER:OC453290
|
SCIENCE CAPITAL VENTURES LLP
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2026
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 3 to 8 form part of these financial statements.
|
|
SCIENCE CAPITAL VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
Science Capital Ventures LLP is a limited liability partnership, incorporated in England and Wales. The address of its registered office is Soho Works, 2 Television Centre, 101 Wood Lane, London, W12 7FR.
The financial statements are presented in Sterling (£), which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £.
During the period, the entity changed its accounting reference date, resulting in a shortened accounting period ending on 31 March 2026. Accordingly, financial statements cover the seven-month period from 1 September 2025 to 31 March 2026. As a result, the comparative information presented within these financial statements and related notes are not entirely comparable.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.
The LLP is raising its inaugural venture fund and during this period continues to be debt funded. It’s ability to meet its liabilities as they fall due is dependent on a successful first close of the fund which would generate management fee income. The LLP has a non-interest bearing loan balance of £2.7m which is currently repayable on 31 August 2026. The members are in regular discussion with the lender who remain supportive of the LLP’s pursuit of the first close of its fund. This support has included the formal extension of the amount and the term of the facility and the negotiation of revised loan agreements (agreed but as yet unexecuted) to transition the loan to a secured interest bearing facility once the LLP is revenue generating. However the LLP remains dependent upon the continued support of the lender to not seek repayment of the loan at the end of its term, or alternatively agreeing to a further extension of the facility if the first close does not occur before the term expires. Should the first close not be achieved within the expected timeframe and the lender not agree an extension the LLP would be unable to continue its operations and would be required to cease trading.
Accordingly, a material uncertainty exists that may cast significant doubt on the LLP's ability to continue as a going concern. The financial statements do not include any adjustments that would result if the LLP were unable to continue as a going concern.
Notwithstanding this material uncertainty, the members have a reasonable expectation that a successful first close will be achieved, based on ongoing investor discussions and progress towards securing commitments. The members also have a reasonable expectation that the lender will enter into the documented revised loan agreement and that the lender will continue to provide support to the LLP. Accordingly, the members consider it appropriate to adopt the going concern basis in preparing the financial statements.
|
|
SCIENCE CAPITAL VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument.
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 LLP after deducting all of its liabilities.
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
|
|
SCIENCE CAPITAL VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
|
|
|
Financial instruments (continued)
|
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and other loans 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
|
|
SCIENCE CAPITAL VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
2.Accounting policies (continued)
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
|
|
|
Operating leases: the LLP as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
|
|
|
|
|
The LLP has no employees (2025: nil).
|
|
|
|
|
|
SCIENCE CAPITAL VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
|
|
It is intended that the amounts due from members will be repaid via the allocation of future LLP profits.
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The LLP entered into an unsecured non-interest bearing loan facility on 6 August 2024 for a maximum of £2.2m to fund the LLP during the raising of its inaugural fund. The loan is unsecured and interest free. The loan was originally advanced with the expectation that it may be settled through the issue of a capital interest in the LLP at the first close of the inaugural fund. Lender and borrower have subsequently agreed that the loan would instead convert to a secured facility with a debenture at that time, and the lender also agreed to advance additional facilities to a maximum of £2.7m. At the balance sheet date the loan repayment date was 30 June 2026. Subsequent to the year end, the lender has agreed to extend the term to 31 August 2026 when it is due and payable, or extendable with lender consent.
|
|
|
Commitments under operating leases
|
|
|
At 31 March 2026 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCIENCE CAPITAL VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2026
|
|
Related party transactions
|
|
|
During the year the LLP incurred consultancy expenses of £nil (2025: £178,998) relating to services provided by members prior to incorporation.
There are no other significant related party transactions requiring disclosure.
|
As at the balance sheet date, the members consider that there is no ultimate controlling party.
|