Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-312024-04-01falseThe principal object of the LLP is making long term investments.44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC352180 2024-04-01 2024-07-31 OC352180 2023-04-01 2024-03-31 OC352180 2024-07-31 OC352180 2024-03-31 OC352180 c:CurrentFinancialInstruments 2024-07-31 OC352180 c:CurrentFinancialInstruments 2024-03-31 OC352180 c:CurrentFinancialInstruments 2 2024-07-31 OC352180 c:CurrentFinancialInstruments 2 2024-03-31 OC352180 c:CurrentFinancialInstruments c:WithinOneYear 2024-07-31 OC352180 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC352180 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-07-31 OC352180 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 OC352180 e:FRS102 2024-04-01 2024-07-31 OC352180 e:AuditExempt-NoAccountantsReport 2024-04-01 2024-07-31 OC352180 e:FullAccounts 2024-04-01 2024-07-31 OC352180 e:LimitedLiabilityPartnershipLLP 2024-04-01 2024-07-31 OC352180 2 2024-04-01 2024-07-31 OC352180 4 2024-04-01 2024-07-31 OC352180 6 2024-04-01 2024-07-31 OC352180 e:PartnerLLP15 2024-04-01 2024-07-31 OC352180 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-07-31 OC352180 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC352180 c:FurtherSpecificReserve2ComponentTotalEquity 2024-07-31 OC352180 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC352180 c:FurtherSpecificReserve3ComponentTotalEquity 2024-07-31 OC352180 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC352180 1 2024-07-31 OC352180 2 2024-07-31 OC352180 1 2024-03-31 OC352180 2 2024-03-31 OC352180 f:PoundSterling 2024-04-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: OC352180









NEW WAVE VENTURES LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JULY 2024

 
NEW WAVE VENTURES LLP
 

CONTENTS



Page
Balance Sheet
1 - 2
Reconciliation of Members' Interests
3
Notes to the Financial Statements
4 - 8


 
NEW WAVE VENTURES LLP
REGISTERED NUMBER: OC352180

BALANCE SHEET
AS AT 31 JULY 2024

31 July
31 March
2024
2024
Note
£
£

Fixed assets
  

Investments
 4 
14,105,274
14,733,038

  
14,105,274
14,733,038

Current assets
  

Debtors: amounts falling due within one year
 5 
1,320,825
2,981,197

Current asset investments
 6 
-
1,497,615

Cash at bank and in hand
 7 
883,493
173,639

  
2,204,318
4,652,451

Creditors: Amounts Falling Due Within One Year
 8 
(14,900)
(23,205)

Net current assets
  
 
 
2,189,418
 
 
4,629,246

Total assets less current liabilities
  
16,294,692
19,362,284

  

Net assets
  
16,294,692
19,362,284


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 10 
-
803,070

  
-
803,070

Members' other interests
  

Members' capital classified as equity
  
16,294,692
19,581,799

Other reserves classified as equity
  
-
(1,022,585)

  
 
16,294,692
 
18,559,214

  
16,294,692
19,362,284


Total members' interests
  

Amounts due from members (included in debtors)
 5 
-
(2,370,911)

Loans and other debts due to members
 10 
-
803,070

Members' other interests
  
16,294,692
18,559,214

  
16,294,692
16,991,373


Page 1

 
NEW WAVE VENTURES LLP
REGISTERED NUMBER: OC352180
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

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

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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 by: 

................................................
C Twemlow
Designated member

Date: 24 October 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
NEW WAVE VENTURES LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 JULY 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Loss for the year
 
-
(189,017)
(189,017)
-
-
(189,017)

Members' interests after loss for the year
19,659,620
(1,022,585)
18,637,035
(1,228,041)
(1,228,041)
17,408,994

Repayment of capital
(77,821)
-
(77,821)
-
-
(77,821)

Amounts withdrawn by members
-
-
-
(339,800)
(339,800)
(339,800)

Amounts due to members
803,070
803,070

Amounts due from members
 



(2,370,911)
(2,370,911)


Balance at 31 March 2024
19,581,799
(1,022,585)
18,559,214
(1,567,841)
(1,567,841)
16,991,373

Profit for the period
 
-
21,798,144
21,798,144
-
-
21,798,144

Members' interests after profit for the period
19,581,799
20,775,559
40,357,358
(1,567,841)
(1,567,841)
38,789,517

Other division of profits
-
(20,775,559)
(20,775,559)
20,775,559
20,775,559
-

Repayment of capital
(3,287,107)
-
(3,287,107)
-
-
(3,287,107)

Amounts withdrawn by members
-
-
-
(19,207,718)
(19,207,718)
(19,207,718)

Balance at 31 July 2024 
16,294,692
-
16,294,692
-
-
16,294,692

The notes on pages 4 to 8 form part of these financial statements.

The right to any payments or repayment of capital to the members is discretionary on the part of the LLP.

Page 3

 
NEW WAVE VENTURES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

1.


General information

New Wave Ventures LLP ("the LLP") is a limited liability partnership and is incorporated and domiciled in England and Wales, registered number OC352180. The address of its registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

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 and the requirements of the Statement of Recommended Practice "Accounts by Limited Liability Pratices". 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

Exemption from preparing consolidated financial statements

The LLP, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the LLP will continue in operational existence for the forseeable future. The members have reviewed the working capital requirements of the LLP and having considered the contingency plans in place the members consider the adoption of the going concern basis in preparing these financial statements is appropriate for a period of at least twelve months from the date of signing these financial statements. 

 
2.4

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
NEW WAVE VENTURES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

2.Accounting policies (continued)

  
2.5

Turnover

Turnover comprises income receivable from investments in the form of interest, dividends, and those arising from disposals.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the LLP but are presented separately due to their size or incidence.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted  shares, 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 Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Current asset investments comprise treasury bills which are measured at market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 5

 
NEW WAVE VENTURES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

2.Accounting policies (continued)

  
2.12

Taxation

In accordance with Section 10 of the Limited Liability Partnership Act 2000, any trade, profession or business carried on by the LLP is treated as though that business were carried on in partnership by its members. Accordingly, any liability to taxation is that of the members themselves and not of the LLP. Thus there is no provision for taxation in these accounts.


3.


Employees

The average monthly number of employees, including members, during the period was 4 (31 March 2024 - 4)


4.


Fixed asset investments








Investments in subsidiary companies
Listed investments
Unlisted investments
Total

£
£
£
£



Cost or valuation


At 1 April 2024
1,271,170
975,932
15,014,319
17,261,421


Disposals
-
-
(2,153,031)
(2,153,031)


Revaluations
-
1,525,267
-
1,525,267



At 31 July 2024

1,271,170
2,501,199
12,861,288
16,633,657



Impairment


At 1 April 2024
1,271,170
-
1,257,213
2,528,383



At 31 July 2024

1,271,170
-
1,257,213
2,528,383



Net book value



At 31 July 2024
-
2,501,199
11,604,075
14,105,274



At 31 March 2024
-
975,932
13,757,106
14,733,038

During the period, the LLP disposed of an investment with a cost of £2,153,031 for £21,868,361, resulting in a realised gain of £19,715,330.

Page 6

 
NEW WAVE VENTURES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

5.


Debtors

31 July
31 March
2024
2024
£
£


Other debtors
1,310,990
595,740

Prepayments and accrued income
9,835
14,546

Amounts due from members
-
2,370,911

1,320,825
2,981,197



6.


Current asset investments

31 July
31 March
2024
2024
£
£

Treasury bills
-
1,497,615



7.


Cash and cash equivalents

31 July
31 March
2024
2024
£
£

Cash at bank and in hand
883,493
173,639



8.


Creditors: Amounts falling due within one year

31 July
31 March
2024
2024
£
£

Trade creditors
-
6,933

Accruals and deferred income
14,900
16,272

14,900
23,205


Page 7

 
NEW WAVE VENTURES LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024

9.


Financial instruments

31 July
31 March
2024
2024
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,384,692
2,647,186




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents, listed investments and treasury bills.


10.


Loans and other debts due to members


31 July
31 March
2024
2024
£
£



Other amounts due to members
-
803,070

Loans and other debts due to members may be further analysed as follows:

31 July
31 March
2024
2024
£
£



Falling due within one year
-
803,070

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

 
Page 8