Next Wave Partners FP Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC306878 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

NEXT WAVE PARTNERS FP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Brod

Next Wave Partners LLP

SECRETARY:

J A Brod

REGISTERED OFFICE:

50 Lothian Road

Festival Square

Edinburgh

EH3 9WJ

BUSINESS ADDRESS:

87-89 Baker Street

London

W1U 6RJ

REGISTERED NUMBER:

SC306878 (Scotland)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

CREDITORS

Amounts falling due within one year

4

11,371

10,158

NET CURRENT LIABILITIES

(11,371

)

(10,158

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(11,371

)

(10,158

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(11,372

)

(10,159

)

SHAREHOLDERS' FUNDS

(11,371

)

(10,158

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2023 and were signed on its behalf by:

J A Brod - Director

1.	STATUTORY INFORMATION

Next Wave Partners FP Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the going concern principle. The directors believe that this is appropriate because the company has sufficient working capital to meet its creditors as they fall due and receives support from the parent entity.

Preparation of consolidated financial statements

The Company is a general partner of Next Wave Partners FP LP (the "Partnership"). In accordance with the Limited Partnership Agreement the Company has delegated the operation and management of the Partnership to Next Wave Partners LLP (the "Manager"). As a result, the Company does not consolidate the financial results of the Partnership, and the accounts have been prepared for the Company on a standalone, single entity basis.

Related party exemption

The company 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors and creditors receivable / payable within on year

Debtors and creditors with no stated interest rate and receivable or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed to group undertakings

8,208

6,995

Other creditors

3,163

3,163

11,371

10,158

5.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed a director £10 (2022: £10). The loan is unsecured, bears no interest and has no repayment terms.