AV I GP LLP OC427537 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is to act as general partner for Ada Ventures I LP and Ada Ventures SOC I LP. Digita Accounts Production Advanced 6.30.9574.0 true OC427537 2023-04-01 2024-03-31 OC427537 2024-03-31 OC427537 bus:SmallEntities 2023-04-01 2024-03-31 OC427537 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC427537 bus:FilletedAccounts 2023-04-01 2024-03-31 OC427537 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC427537 bus:RegisteredOffice 2023-04-01 2024-03-31 OC427537 bus:PartnerLLP1 2023-04-01 2024-03-31 OC427537 bus:PartnerLLP2 2023-04-01 2024-03-31 OC427537 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC427537 countries:AllCountries 2023-04-01 2024-03-31 OC427537 2022-04-01 2023-03-31 OC427537 2023-03-31 iso4217:GBP xbrli:pure

Registration number: OC427537

AV I GP LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

AV I GP LLP

Limited liability partnership information

Designated members

AV I (Scotland) Ltd

Ada Partners LLP
 

Registered office

C/O Ada Partners LLP
United House
9 Pembridge Road
London
W11 3JY

Accountants

EVMS Partners LLP
Chartered Accountants
1st Floor, 5 St Bride Street
London
EC4A 4AS

 

AV I GP LLP

(Registration number: OC427537)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Net assets/(liabilities) attributable to members

 

-

-

Represented by:

 

   

-

-

Members' capital classified as equity

 

-

-

 

-

-

   

-

-

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

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

The financial statements of AV I GP LLP (registered number OC427537) were approved by the Members and authorised for issue on 3 December 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Matthew Penneycard
Director of AV I (Scotland) Ltd
Designated member

 

AV I GP LLP

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General Information

AV I GP LLP is a limited liability partnership incorporated in the UK and registered in England and Wales.
The entity's registered address is United House, 9 Pembridge Road, London, United Kingdom, W11 3JY.
The principal activities are disclosed in the Members' Report.

2

Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. Management do not consider there are any key accounting estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Management are also required to exercise judgement in applying the entity's accounting policies. Due to the straight forward nature of the business, management consider that no critical judgements have been made in applying the entity's accounting policies.

The following principal accounting policies have been applied:

Revenue recognition

The turnover shown in the profit and loss account represents the partnership's General Partner's profit share as a first charge on net income and capital gains of Ada Ventures I LP and Ada Ventures SOC I LP.

 

AV I GP LLP

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

The LLP does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment. All cash is held with banks with strong external credit ratings.

Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the LLP only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

3

Employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

4

Controlling Party

In the opinion of the members there is no individual controlling party.