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Registered number: 12488333









ATOMICO V COINVEST LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ATOMICO V COINVEST LIMITED
REGISTERED NUMBER: 12488333

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
5,469,985
4,462,589

Current assets
  

Debtors: amounts falling due within one year
 5 
78
72,446

Cash at bank and in hand
 6 
5
991,692

  
83
1,064,138

Creditors: amounts falling due within one year
 7 
(618,721)
(205,241)

Net current (liabilities)/assets
  
 
 
(618,638)
 
 
858,897

Total assets less current liabilities
  
4,851,347
5,321,486

Creditors: amounts falling due after more than one year
 8 
(5,567,609)
(5,586,500)

Net liabilities
  
(716,262)
(265,014)


Capital and reserves
  

Called up share capital 
 10 
78
78

Profit and loss account
  
(716,340)
(265,092)

Total equity
  
(716,262)
(265,014)


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.
 
Page 1

 
ATOMICO V COINVEST LIMITED
REGISTERED NUMBER: 12488333
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C J Barnes
Director

Date: 18 September 2024

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

Page 2

 
ATOMICO V COINVEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Atomico V Coinvest Limited is a private company limited by shares, registered in England and Wales. The registered office address is 29 Rathbone Street, London, W1T 1NJ.
The financial statements are presented in Sterling (£), rounded to the nearest £1.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional currency is USD. This differs from the presentational currency which is GBP. The reason for the difference is that the investments made by the company are denominated in USD, but all reporting requirements for the company are GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
ATOMICO V COINVEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Valuation of investments

Loans to unlisted partnerships, whose market value can be reliably determined, 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. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

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.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 4

 
ATOMICO V COINVEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.10

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
4,462,589


Additions
1,007,396



At 31 December 2023
5,469,985






Net book value



At 31 December 2023
5,469,985



At 31 December 2022
4,462,589


 

Page 5

 
ATOMICO V COINVEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
78
78

Prepayments and accrued income
-
72,368

78
72,446



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5
991,692



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
598,747
199,845

Other creditors
5,841
80

Accruals and deferred income
14,133
5,316

618,721
205,241



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
5,586,500

Amounts owed to group undertakings
5,567,609
-

5,567,609
5,586,500


Bank loans totalling £Nil (2022 - £5,586,500) are secured over all assets of the company. Guarantees have also been received from Atomico Management Limited, Atomico Advisors V Sarl, Atomico (UK) Partners LLP, Atomico Holdings ScSp, and Atomico Holdings V Feeder ScSp.

Page 6

 
ATOMICO V COINVEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due 1-2 years

Bank loans
-
698,312

Amounts falling due 2-5 years

Bank loans
-
4,888,188

-
5,586,500



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of $1.00 each
78
78



11.


Controlling party

The parent company is Atomico Management Limited, a company registered in the Cayman Islands. No consolidated financial statements are prepared.
In the opinion of the directors the ultimate controlling party is N Zennstrom.

 
Page 7