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REGISTERED NUMBER: 00769039 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ALBEMARLE VENTURE PARTNER LIMITED

ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ALBEMARLE VENTURE PARTNER LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: D J Wills
R Cameron-Clarke





SECRETARY: D J Wills





REGISTERED OFFICE: 5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA





REGISTERED NUMBER: 00769039 (England and Wales)





ACCOUNTANTS: Thorne Lancaster Parker
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA

ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 5 2,170 3,173
Investments 6 778,743 866,390
780,913 869,563

CURRENT ASSETS
Debtors 7 911 244
Cash at bank 192,484 160,195
193,395 160,439
CREDITORS
Amounts falling due within one year 8 202,342 362,260
NET CURRENT LIABILITIES (8,947 ) (201,821 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

771,966

667,742

CAPITAL AND RESERVES
Called up share capital 9 154,750 154,750
Fair value reserve 10 137,279 133,585
Capital reserve 10 45,250 45,250
Retained earnings 10 434,687 334,157
SHAREHOLDERS' FUNDS 771,966 667,742

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039)

STATEMENT OF FINANCIAL POSITION - continued
31 December 2023


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 5 June 2024 and were signed on its behalf by:





D J Wills - Director


ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Albemarle Venture Partner Limited is a private company, limited by shares , registered in England and Wales. 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investments
Listed equity investments which are not subsidiaries, associates or joint ventures are initially measured at transaction price and subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Unlisted equity investments which are not subsidiaries, associates or joint ventures whose fair values cannot be measured reliably are measured at cost less impairment.

Investment income
Investment income represents the total amount receivable in the ordinary course of business.

Property, plant and equipment
Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows;

Computer equipment - 25% on cost


The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investments in associates
Investments in associate undertakings are recognised at cost.

ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
Other financial assets

Listed equity investments which are not subsidiaries, associates or joint ventures are initially measured at transaction price and subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Unlisted equity investments which are not subsidiaries, associates or joint ventures whose fair values cannot be measured reliably are measured at cost less impairment.

Other financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities

Trade and other creditors, accruals, director loans and amounts owed to group undertakings are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Foreign currencies
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the standard exchange rate ruling for the period.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date.

Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Going concern
At the balance sheet date the company had net current liabilities of £8,947 which includes an amount of £167,468 (inclusive of accrued interest) owed to a director. The director has confirmed that he will not seek repayment of this balance within 12 months of the date of these reports. The financial statements have therefore been prepared on a going concern basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
£   
COST
At 1 January 2023
and 31 December 2023 5,341
DEPRECIATION
At 1 January 2023 2,168
Charge for year 1,003
At 31 December 2023 3,171
NET BOOK VALUE
At 31 December 2023 2,170
At 31 December 2022 3,173

ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


6. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Participating interests 12,500 12,500
Loans to undertakings in which the company has
a participating interest

65,050

69,850
Other investments not loans 701,193 784,040
778,743 866,390

Additional information is as follows:
Interest
in Listed Unlisted
associate investments investments Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 12,500 753,796 30,244 796,540
Additions - 60,596 - 60,596
Disposals - (164,236 ) (13,482 ) (177,718 )
Revaluations - 34,275 - 34,275
At 31 December 2023 12,500 684,431 16,762 713,693
NET BOOK VALUE
At 31 December 2023 12,500 684,431 16,762 713,693
At 31 December 2022 12,500 753,796 30,244 796,540

Cost or valuation at 31 December 2023 is represented by:

Interest
in Listed Unlisted
associate investments investments Totals
£    £    £    £   
Valuation in 2023 - 137,279 - 137,279
Cost 12,500 547,152 16,762 576,414
12,500 684,431 16,762 713,693

If listed investments had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 547,153 620,212

ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


6. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Associated company

Room2Spare Limited
Registered office: Unit G Aisecome Way Weston-Super-Mare Avon BS22 8NA
Nature of business: Storage space rental
%
Class of shares: holding
Ordinary of £1 25.00
31.12.22 31.12.21
£    £   
Aggregate capital and reserves (224,107 ) (200,583 )
Loss for the year (23,524 ) (22,119 )

The last available accounts for the company were for the year ended 31 December 2022.
Loans to
associates
£   
At 1 January 2023 69,850
Repayment in year (4,800 )
At 31 December 2023 65,050

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 244 244
Prepayments and accrued income 667 -
911 244

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 2,250
Other creditors 26,293 26,293
Directors' loan accounts 42,468 199,968
Accruals and deferred income 133,581 133,749
202,342 362,260

ALBEMARLE VENTURE PARTNER LIMITED (REGISTERED NUMBER: 00769039)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
154,750 Ordinary £1 154,750 154,750

10. RESERVES
Fair
Retained value Capital
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 334,157 133,585 45,250 512,992
Profit for the year 104,224 - - 104,224
Transfer (3,694 ) 3,694 - -
At 31 December 2023 434,687 137,279 45,250 617,216

11. RELATED PARTY DISCLOSURES

Private Equity Limited (PEL)
At the balance sheet date the amount owed by PEL, the parent undertaking, is £244 (2022: £244).


Room2Spare Limited (R2SL)
At the balance sheet date R2SL, an associated undertaking, owed the company £65,050 by way of an unsecured loan note, and this amount is included in investments. The loan originally bore interest at 15% p.a. and was repayable on 31 December 2007. The terms have been informally varied with no fixed repayment date. Interest of £nil has been recognised in the year and unpaid interest amounting to £116,203 is included within prepayments and accrued income which has been provided for in full .


D J Wills
Loan repayments amounting to £157,500 were made during the year to D J Wills. At the balance sheet date the total amount due to him was £42,468 (2022: £199,968). This amount is unsecured and there are no formal terms relating to interest or repayment.

There is unpaid interest relating to an earlier loan since fully repaid amounting to £125,000, and this amount is included in creditors

12. ULTIMATE CONTROLLING PARTY

The controlling party is Private Equity Limited.

The ultimate controlling party is D J Wills.