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REGISTERED NUMBER: SO305845 (Scotland)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

NEXT WAVE PARTNERS FP III GP LLP

NEXT WAVE PARTNERS FP III GP LLP (REGISTERED NUMBER: SO305845)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NEXT WAVE PARTNERS FP III GP LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: J A Brod
Next Wave Partners LLP





REGISTERED OFFICE: 50 Lothian Road
Festival Square
Edinburgh
EH3 9WJ





BUSINESS ADDRESS: 87-89 Baker Street
London
W1U 6RJ





REGISTERED NUMBER: SO305845 (Scotland)





ACCOUNTANTS: Hartley Fowler LLP
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU

NEXT WAVE PARTNERS FP III GP LLP (REGISTERED NUMBER: SO305845)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 18,094 16,631

CREDITORS
Amounts falling due within one year 4 18,094 16,631
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET LIABILITIES ATTRIBUTABLE TO
MEMBERS

-

-

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

TOTAL MEMBERS' INTERESTS
Amounts due from members (18,094 ) (16,631 )

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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 29 January 2025 and were signed by:





J A Brod - Designated member

NEXT WAVE PARTNERS FP III GP LLP (REGISTERED NUMBER: SO305845)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Next Wave Partners FP III GP LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements have been prepared under the going concern principle. The members believe that this is appropriate because the company has sufficient working capital to meet its creditors as they fall due and receives support from the parent entity.

Preparation of consolidated financial statements
The Partnership is a General Partner of Next Wave FP III LP (the "Partnership"). In accordance with the Limited Partnership Agreement, the Partnership has delegate the operation and management of the Partnership to Next Wave Partners LLP (the "Manager"). As a result, the Partnership does not consolidate the financial results of the Partnership, and the accounts have been prepared for the Partnership on a standalone, single entity basis.

Related party exemption
The Partnership has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 8,880 7,417
Accrued expenses 9,214 9,214
18,094 16,631