Caseware UK (AP4) 2021.0.152 2021.0.152 2021-10-312021-10-31The following events have taken place since the year end: The share price of Sensyne Health plc has fallen significantly. This has reduced the value of the LLP’s beneficial entitlement (as covered in note 8) to nil as at the date of signing these financial statements. Included in unlisted equity investments is an investment in Prenetics Group Limited which was valued at £2.92m on 31 October 2021. In May 2022, this entity was merged into a Special Purpose Acquisition Company which was admitted to Nasdaq and renamed Prenetics Global Ltd. Since listing on Nasdaq, the share price has fallen sharply which means the value of the LLP’s investment at the date of signing these financial statements is approximately £1.7m. No changes have been made to the figures reported in these financial statements for the events discussed above as they are considered non-adjusting post balance sheet events.Private equity investmentfalsetrue12020-11-01true1 OC319725 2020-11-01 2021-10-31 OC319725 2019-11-01 2020-10-31 OC319725 2021-10-31 OC319725 2020-10-31 OC319725 1 2020-11-01 2021-10-31 OC319725 c:CurrentFinancialInstruments 2021-10-31 OC319725 c:CurrentFinancialInstruments 2020-10-31 OC319725 c:Non-currentFinancialInstruments 2021-10-31 OC319725 c:Non-currentFinancialInstruments 2020-10-31 OC319725 c:Non-currentFinancialInstruments 1 2021-10-31 OC319725 c:Non-currentFinancialInstruments 1 2020-10-31 OC319725 c:CurrentFinancialInstruments c:WithinOneYear 2021-10-31 OC319725 c:CurrentFinancialInstruments c:WithinOneYear 2020-10-31 OC319725 c:Non-currentFinancialInstruments c:AfterOneYear 2021-10-31 OC319725 c:Non-currentFinancialInstruments c:AfterOneYear 2020-10-31 OC319725 e:FRS102 2020-11-01 2021-10-31 OC319725 e:Audited 2020-11-01 2021-10-31 OC319725 e:FullAccounts 2020-11-01 2021-10-31 OC319725 e:LimitedLiabilityPartnershipLLP 2020-11-01 2021-10-31 OC319725 e:SmallCompaniesRegimeForAccounts 2020-11-01 2021-10-31 OC319725 6 2020-11-01 2021-10-31 OC319725 e:PartnerLLP1 2020-11-01 2021-10-31 OC319725 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-10-31 OC319725 c:OtherCapitalInstrumentsClassifiedAsEquity 2020-10-31 OC319725 c:FurtherSpecificReserve2ComponentTotalEquity 2021-10-31 OC319725 c:FurtherSpecificReserve2ComponentTotalEquity 2020-10-31 iso4217:GBP xbrli:pure


Registered number: OC319725












TECHNIKOS LLP
INFORMATION FOR FILING WITH THE REGISTRAR
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021


 
REGISTERED NUMBER:OC319725
TECHNIKOS LLP

BALANCE SHEET
AS AT 31 OCTOBER 2021

2021
2020
Note
£
£

Fixed assets
  

Investments
 7 
12,814,394
10,496,883

Current assets
  

Debtors: amounts falling due after more than one year
 8 
496,046
975,972

Debtors: amounts falling due within one year
 8 
94,501
276,581

Cash at bank and in hand
  
107,072
57,989

  
697,619
1,310,542

Creditors: amounts falling due within one year
 9 
(23,277)
(16,457)

Net current assets
  
 
 
674,342
 
 
1,294,085

Total assets less current liabilities
  
13,488,736
11,790,968

Creditors: amounts falling due after more than one year
 10 
(254,999)
(254,999)

  

Net assets attributable to members
  
13,233,737
11,535,969


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
2,001
2,001

Members' other interests
  

Members' capital classified as equity
  
16,742,849
16,742,849

Other reserves classified as equity

  

(3,511,113)
(5,208,881)

  
 
13,231,736
 
11,533,968

  
13,233,737
11,535,969


Total members' interests
  

Loans and other debts due to members
  
2,001
2,001

Members' other interests
  
13,231,736
11,533,968

  
13,233,737
11,535,969


Page 1


 
REGISTERED NUMBER:OC319725
TECHNIKOS LLP
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2021

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

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 on 26 August 2022.




JC Hirst as director of
Lime Street Research Limited
Designated member

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 

TECHNIKOS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

1.


General information

Technikos LLP is a limited liability partnership incorporated in the United Kingdom.
The LLP's registered address is 4th Floor, 50 Mark Lane, London, EC3R 7QR.
The principal activity of the LLP is set out in the Members' Report.

2.Accounting policies

 
2.1

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 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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

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 LLP's accounting policies (see note 3).

 
2.2

Going concern

The designated members have prepared financial forecasts that indicate that the LLP will be able to meet its liabilities as and when they fall due for a period of at least twelve months from the date of signing these accounts. Accordingly the designated members continue to adopt the going concern basis. 

 
2.3

Valuation of investments

Fixed asset investments are included in the balance sheet at fair value. Fair value is determined in accordance with the "International Private Equity and Venture Capital Valuation Guidelines" issued by the British Venture Capital Association.
The non-basic loan investment's fair value is established based on historic data as to the value of equity investments generated as a result of the loan instrument, which represent the only return due on the loan balance.

Page 3

 

TECHNIKOS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
2.4

Other financial instruments

The LLP 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 LLP 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. 
The LLP’s cash holdings comprise on demand balances. 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 only derecognised when they are extinguished. As the LLP only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. Management consider the following are key accounting estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year:
Valuation of Investments 
Fixed asset investments are included in the balance sheet at a value determined in accordance with the "International Private Equity and Venture Capital Valuations Guidelines" developed by the British Venture Capital Association as permitted under the alternative accounting rules of the Companies Act 2006. 
The LLP's loan instrument is settled through the issue of co-participation shares on the spin out of new companies which seek to commercialise research findings from the facilities which the loan was provided to build. The loan has a fixed term, which may be extended by mutual agreement. However, on expiration the loan balance will be written off. The loan is therefore carried at a fair value based on the value of equity spin outs to date and the remaining expected life of the loan, which does not assume any extension. Such spin outs are not guaranteed, and their value may differ materially from the estimate fair value based on historic data. 
Equity investments are initially valued on acquisition at the cost of the investment. The investment cost is considered to provide the best indication of fair value for an initial period after the investment has been made. Subsequently, investments are valued at their fair value using methodologies set out in the guidelines, which may include: earnings multiple; the price at which third party capital has recently been raised; or other relevant factors. 
Management are also required to exercise judgement in applying the entity's accounting policies. Due to the straightforward nature of the business management consider that no critical judgments have been made in applying the entity's accounting policies.


4.


Employees

The entity has no employees (2020: nil).

Page 4

 

TECHNIKOS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

5.


Fair value movements

2021
2020
£
£



Unrealised gains on investments
2,729,882
1,054,374

Realised (losses)/gains on investments
(9,646)
5,990

Unrealised losses on investments
(2,228)
(1,783,330)

Fair value (losses)/gains on loan
(412,228)
134,017

Fair value gains/(losses) on derivative financial instruments
(479,926)
67,988

1,825,854
(520,961)


6.


Information in relation to members

2021
2020
£
£



Members' remuneration

Paid under the terms of the LLP agreement
70,000
70,000





7.


Fixed asset investments





Listed equity investments
Equity investments
Unlisted loan investments
Total

£
£
£
£



Cost or valuation


At 1 November 2020
138,144
9,620,205
738,534
10,496,883


Additions
-
2,085
-
2,085


Revaluations
(2,228)
2,729,882
(412,228)
2,315,426



At 31 October 2021
135,916
12,352,172
326,306
12,814,394




Page 5

 

TECHNIKOS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

8.


Debtors

2021
2020
£
£

Due after more than one year

Financial instruments (after 1 yr)
496,046
975,972


A derivative financial instrument has been recognised in respect of the LLP's beneficial entitlement to the proceeds arising from the University of Oxford's shareholding in Sensyne Health plc. The instrument was initially recognised on 31 May 2019, this being the date the LLP's entitlement was established with the University. The timing of future cash flows is not under the LLP's control. The fair value is a tier 2 valuation. 

2021
2020
£
£

Due within one year

Trade debtors
90,795
272,878

Prepayments and accrued income
3,706
3,703

94,501
276,581



9.


Creditors: amounts falling due within one year

2021
2020
£
£

Accruals and deferred income
23,277
16,457



10.


Creditors: amounts falling due after more than one year

2021
2020
£
£

Other loans
254,999
254,999


Other loans represent medium term loans of £123,333 (2020: £123,333) from each of H Sloane and G Robinson, who are designated members, and £8,333 (2020: £8,333) from R Chenevix-Trench, who is also a designated member.

Page 6

 

TECHNIKOS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

11.


Post balance sheet events

The following events have taken place since the year end: 
 
The share price of Sensyne Health plc has fallen significantly. This has reduced the value of the LLP’s beneficial entitlement (as covered in note 8) to nil as at the date of signing these financial statements. 
Included in unlisted equity investments is an investment in Prenetics Group Limited which was valued at £2.92m on 31 October 2021. In May 2022, this entity was merged into a Special Purpose Acquisition Company which was admitted to Nasdaq and renamed Prenetics Global Ltd. Since listing on Nasdaq, the share price has fallen sharply which means the value of the LLP’s investment at the date of signing these financial statements is approximately £1.7m. 

No changes have been made to the figures reported in these financial statements for the events discussed above as they are considered non-adjusting post balance sheet events. 


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2021 was unqualified and did not contain an emphasis of matter.

The audit report was signed on 26 August 2022 by Simon Lewis (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

Page 7