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REGISTERED NUMBER: OC444746 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SPECTRUM EQUITY UK, LLP

SPECTRUM EQUITY UK, LLP (REGISTERED NUMBER: OC444746)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SPECTRUM EQUITY UK, LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Designated members: P Khandelwal
Spectrum Equity Management UK, LLC
Spectrum Equity Management UK, Ltd





Registered office: Suite 1, 7th Floor
50 Broadway
London
SW1H 0DB





Registered number: OC444746 (England and Wales)





Auditors: Fuller & Roper Limited
Chartered Accountants and Statutory Auditors
12 Old Mills Industrial Estate
Paulton
BS39 7SU

SPECTRUM EQUITY UK, LLP (REGISTERED NUMBER: OC444746)

BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £   
FIXED ASSETS
Tangible assets 4 22,034 -

CURRENT ASSETS
Debtors 5 205,771 165,139
Cash at bank and in hand 629,772 -
835,543 165,139
CREDITORS
Amounts falling due within one year 6 (414,178 ) (9,740 )
NET CURRENT ASSETS 421,365 155,399
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

443,399

155,399

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

443,399

155,399

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 443,399 155,399
Amounts due from members 5 - (164,349 )
443,399 (8,950 )

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 13 November 2024 and were signed by:





P Khandelwal - Designated member

SPECTRUM EQUITY UK, LLP (REGISTERED NUMBER: OC444746)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Spectrum Equity UK, LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The LLP’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
No Depreciation is charged on Artwork.

Computer Equipment - 33.33% on straight line basis.

Financial instruments
The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the LLP's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, re initially recognised at transaction price.

Trade creditors 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. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

SPECTRUM EQUITY UK, LLP (REGISTERED NUMBER: OC444746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Going concern
The LLP's ultimate holding is Spectrum Equity Management, LP is contributing cash to cover the costs and has entered into a management services agreement that it will continue to support the company financially for at least 12 months from the date of the financial statements.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS


Computer
Equipment


Artwork
££   
Cost
Additions13,8229,943
At 31 December 202313,8229,943
Depreciation
Charge for year1,731-
At 31 December 20231,731-
Net book value
At 31 December 202312,0919,943

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Other debtors 205,771 165,139

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 15,819 4,740
Amounts owed to group undertakings 4,346 -
Taxation and social security 313,113 -
Other creditors 80,900 5,000
414,178 9,740

7. LOANS AND OTHER DEBTS DUE TO MEMBERS

The aggregate amount of money owed to members by the LLP in respect of profits is £133,000.

In the event of a winding up, amounts included within 'Loans and other debts due to members' would rank equally with unsecured creditors.

There are no restrictions or limitations existing on the ability of the members to reduce the amount of 'Members' other interests'.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Simon Roper (Senior Statutory Auditor)
for and on behalf of Fuller & Roper Limited

SPECTRUM EQUITY UK, LLP (REGISTERED NUMBER: OC444746)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £1,250,910.

10. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is Spectrum Equity Management UK, Ltd a company incorporated in England & Wales. The ultimate parent company is considered to be Spectrum Management GP LLC, a company formed under the laws of Delaware, USA.