Limited Liability Partnership registration number SO307773 (Scotland)
BRIDGES PROPERTY ALTERNATIVES FUND VI (FOUNDER PARTNER GP) LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
BRIDGES PROPERTY ALTERNATIVES FUND VI (FOUNDER PARTNER GP) LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated Members
Bridges Ventures Holdings Limited
Bridges Ventures (General Partners) Limited
LLP registration number
SO307773
Registered office
50 Lothian Road
Festival Square
Edinburgh
Scotland
EH3 9WJ
BRIDGES PROPERTY ALTERNATIVES FUND VI (FOUNDER PARTNER GP) LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Balance Sheet
3
Notes to the financial statements
4 - 6
BRIDGES PROPERTY ALTERNATIVES FUND VI (FOUNDER PARTNER GP) LLP
MEMBERS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The Designated Members of Bridges Property Alternatives Fund VI (Founder Partner GP) LLP (“the Partnership”) present their report along with the financial statements for the period ended 31 March 2024.

 

Principal activities

The principal activity of the Partnership is to act as General Partner of Bridges Property Alternatives Fund VI (Founder Partner) LP, which in turn acts as Founder Partner to Bridges Property Alternatives Fund VI LP ("the Fund").

Review of the Business

The Partnership did not trade during the period, and accordingly no Statement of Comprehensive Income has been prepared. The Partnership made neither a profit nor a loss, nor did it have any other recognised gains or losses for the period ended 31 March 2024.

Members' drawings, contributions and repayments

The Limited Liability Partnership Agreement establishes policies for Members’ drawings, subscriptions for and the repayment of Members’ capital.

 

No Member is entitled to interest on their capital.

 

£1 of capital contributions was subscribed to the Partnership by each of its Members in the period, and no capital was repaid to them. No drawings are paid, or expected to be paid, to the Members.

Designated Members

The Designated Members during the period were:

Bridges Ventures Holdings Limited
Bridges Ventures (General Partners) Limited

Provision of Designated Members’ insurance

Professional Indemnity and Directors’ and Officers’ liability insurance for the Designated Members is provided through a policy taken out by the Partnership’s ultimate parent, Bridges Fund Management Limited.

Risk Management

The Designated Members consider only one risk to be material to the business – liquidity risk.

 

The objective of the Partnership in managing liquidity risk is to ensure it can meet its financial obligations as and when they fall due. The Partnership expects to meet its financial obligations through operating cash flows, to the extent that these are not met on its behalf by the Partnership’s ultimate parent entity.

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.

Approved by the Designated Members and signed on their behalf by:
Paul Richings
15 November 2024
For and on behalf of Bridges Ventures Holdings Limited,
as Designated Member of  Bridges Property Alternatives Fund VI (Founder Partner GP) LLP.
BRIDGES PROPERTY ALTERNATIVES FUND VI (FOUNDER PARTNER GP) LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -

The Designated Members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the Designated Members to prepare financial statements for each financial period. Under that law the Designated Members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the Designated Members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Partnership and of the profit or loss of the Partnership for that period. In preparing these financial statements, the Designated Members are required to:

 

 

The Designated Members are responsible for keeping adequate accounting records that are sufficient to show and explain the Partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the Partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the Partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

BRIDGES PROPERTY ALTERNATIVES FUND VI (FOUNDER PARTNER GP) LLP
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 3 -
Period ending 31 March 2024
Notes
£
Current assets
Debtors
4
2
Net assets attributable to members
2
Represented by:
Members' capital classified as equity
2

The notes on pages 4 to 6 form part of these financial statements.

For the financial period ended 31 March 2024 the limited liability partnership 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 relating to small limited liability partnerships.

The Designated Members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

In accordance with section 444 of the Companies Act 2006, the Designated Members of the Partnership have elected not to include a copy of Statement of Comprehensive Income within the financial statements.

The financial statements were approved by the Designated Members and authorised for issue on 15 November 2024 and are signed on their behalf by:
Paul Richings
15 November 2024
For and on behalf of Bridges Ventures Holdings Limited,
as Designated Member of Bridges Property Alternative Fund VI (Founder Partner GP) LLP.
Limited Liability Partnership registration number SO307773 (Scotland)
BRIDGES PROPERTY ALTERNATIVES FUND VI (FOUNDER PARTNER GP) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
General Information

Bridges Property Alternatives Fund VI (Founder Partner GP) LLP is a limited liability partnership incorporated in Scotland on 21 April 2023. The registered office is 50 Lothian Road, Festival Square, Edinburgh, Scotland, EH3 9WJ.

 

The Partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to Limited Liability Partnerships subject to the small LLPs regime. 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 financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention.

Basis of preparation

The Partnership is exempt by virtue of s400 of the Companies Act 2006 from the requirement to prepare group accounts, as it is included within the consolidated financial statements of Bridges Fund Management Limited.

 

As the Partnership is a subsidiary owned equally by Bridges Ventures Holdings Limited and Bridges Ventures (General Partners) Limited, the Designated Members have taken advantage of the exemption contained in FRS102 section 33 and have therefore not disclosed transactions with entities which form part of the group (or investees of the group qualifying as related parties). The consolidated financial statements of Bridges Fund Management Limited ("ultimate parent undertaking"), within which the Partnership is included, can be obtained from the address given in Note 5.

1.2
Going concern

The Partnership’s ultimate parent undertaking has undertaken to provide such funds as necessary to meet ongoing administrative expenses, therefore the Designated Members have a reasonable expectation that the Partnership has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Designated Members continue to adopt the going concern basis in preparing the financial statements.

1.3
Members' participating interests

The Members' participation rights are the rights of a member against the Partnerships that arise under the members' agreement.

The Members' participation rights in the earnings or assets of the Partnerships are analysed between those that are, from the Partnerships' perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A Member's participation rights including amounts subscribed or otherwise contributed by Members, for example the Members' capital, are classed as liabilities unless the Partnerships has unconditional right to refuse payment to Members, in which case they are classified as equity.

BRIDGES PROPERTY ALTERNATIVES FUND VI (FOUNDER PARTNER GP) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

 

Basic financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

2
Judgements and key sources of estimation uncertainty

In the application of the Partnership’s accounting policies, the Designated Members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Having considered the nature of the Partnership’s business, key sources of income and expenditure, Balance Sheet items and the Partnership’s accounting policies, the Designated Members do not believe there are any critical accounting judgements or key sources of estimation uncertainty.

3
Employees

The Partnership had no employees during the period.

4
Debtors
Period ending 31 March 2024
£
Amounts owed by members
2
2
BRIDGES PROPERTY ALTERNATIVES FUND VI (FOUNDER PARTNER GP) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
5
Immediate and ultimate parent undertaking

In the opinion of the Designated Members, the immediate controlling parties are Bridges Ventures Holdings Limited and Bridges Ventures (General Partners) Limited. The ultimate controlling entity is Bridges Fund Management Limited.

 

The Partnership is a subsidiary owned equally by Bridges Ventures Holdings Limited and Bridges Ventures (General Partners) Limited, both of which are registered in England and Wales and operate in Great Britain. Copies of the financial statements of these companies can be obtained from 38 Seymour Street, London, W1H 7BP.

6
Subsequent events

There are no subsequent events to report.

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