REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SPECTRUM EQUITY UK, LLP |
REGISTERED NUMBER: |
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: |
Spectrum Equity Management UK, Ltd |
Registered office: |
Registered number: |
Auditors: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
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 | ) |
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 |
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 |
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 |
4. | TANGIBLE FIXED ASSETS |
Computer Equipment | Artwork |
£ | £ |
Cost |
Additions | 13,822 | 9,943 |
At 31 December 2023 | 13,822 | 9,943 |
Depreciation |
Charge for year | 1,731 | - |
At 31 December 2023 | 1,731 | - |
Net book value |
At 31 December 2023 | 12,091 | 9,943 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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. |
for and on behalf of |
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. |