Registered number:
12613467
SCALEUP CAPITAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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REGISTERED NUMBER:
12613467
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SCALEUP CAPITAL LIMITED
BALANCE SHEET
AS AT
31 MAY 2022
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
23 September 2022
.
The notes on pages 3 to 7 form part of these financial statements.
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REGISTERED NUMBER:
12613467
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SCALEUP CAPITAL LIMITED
BALANCE SHEET
(CONTINUED)
AS AT
31 MAY 2022
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SCALEUP CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
ScaleUp Capital Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales.
The Company's registered address is 44 Catherine Place, London, SW1E 6HL.
The principal activity is fund management.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
Management are also required to exercise judgement in applying the entity's accounting policies. Due to the straight forward nature of the business management consider that no critical judgements have been made in applying the entity's accounting policies.
The Company is the parent company of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the LLP as an individual undertaking and not about its group.
Turnover comprises revenue recognised by the LLP in respect of services supplied during the year, exclusive of value added tax. Management and monitoring fees are recognised over the period to which they relate. Consultancy fees are recognised as the service is performed.
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.
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:
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Short-term leasehold property
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Unlisted investments are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period.
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SCALEUP CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2.
Accounting policies (continued)
Tax is recognised in the statement of comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Apart from its investments, the Company does not trade in financial instruments and all such instruments arise directly from operations. All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that
the balance may be impaired. The Company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance
for impairment. All cash is held with banks with strong external credit ratings. Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are removed from the balance sheet when they are settled.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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The average monthly number of employees, including directors, during the year was
9
(2021 -
1
)
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SCALEUP CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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Short-term leasehold property
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Investments in subsidiary companies
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SCALEUP CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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Due after more than one year
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Amounts owed by related undertakings
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Amounts owed to related undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: amounts falling due after more than one year
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The other loans are repayable 10 years after they were drawn by the Company. The loans are unsecured and interest free.
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SCALEUP CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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Allotted, called up and fully paid
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12,401
(2021 -
1
)
Ordinary
shares of £
1
each
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During the year, 10,000 Ordinary shares of £1 were issued at par. A further 2,400 Ordinary shares of £1 were issued at at a premium of £7.34.
10.
Other financial commitments
The Company has committed to invest £4,270,000 (2021: £4,230,000) in one of the funds managed by the Company. At the balance sheet date £1,854,512 (2021: £781,026) had been called.
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Related party transactions
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During the previous period, the Company advanced a loan of £316,341 to a company under common control. Interest is payable on the loan at 3% per annum. The loan is shown in note 7. On 28 September 2021, the loan was novated and the amount is now receivable from a director.
The Company has received loans of £2,775,002 (2021: £1,275,002) from a director, these are shown in note 9. Also included in note 9 are loans of £500,000 (2021: £nil) from a trust settled by a director.
During the year the company acquired the trade and assets of Root Capital LLP, a subsidiary undertaking. A distribution of £125,816, representing the value of the net assets transferred has been recognised in the statement of comprehensive income.
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The auditor's report on the financial statements for the year ended 31 May 2022 was
unqualified
and did not contain an emphasis of matter .
The audit report was signed on
23 September 2022
by
Peter Scott
(senior statutory auditor) on behalf of
Blick Rothenberg Audit LLP
.
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