Limited Liability Partnership Registration No. OC441978 (England and Wales)
MMC VENTURES GP LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MMC VENTURES GP LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
MMC Ventures Limited
MMC Ventures Advisors Limited
Limited liability partnership number
OC441978
Registered office
3rd Floor
24 High Holborn
LONDON
United Kingdom
WC1V 6AZ
Accountants
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
MMC VENTURES GP LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Statement of comprehensive income
3
Balance sheet
4
Reconciliation of members' interests
5 - 6
Statement of cash flows
7
Notes to the financial statements
8 - 9
MMC VENTURES GP LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The members present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the limited liability partnership continued to be that of a general partner.

Members' drawings, contributions and repayments

The rights and terms of the limited liability partnership are governed by part VI ("Default Provision") of the Limited Liability Partnership Regulations 2001. These regulations, amongst other things, outline that all members of the limited liability partnership are entitled to share equally in any capital and profits of the limited liability partnership.

 

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

MMC Ventures Limited
MMC Ventures Advisors Limited
Approved by the members on 8 February 2025 and signed on behalf by:
08 February 2025
B F Macfarlane (for and on behalf of)
MMC Ventures Limited
Designated Member
MMC VENTURES GP LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The 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 members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period.

 

In preparing these financial statements, the members are required to:

 

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability 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 limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MMC VENTURES GP LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
2024
2023
Notes
£
£
Result for the financial year before members' remuneration and profit shares available for discretionary division among members
-
0
-
0
Members' remuneration charged as an expense
3
-
-
Result for the financial year available for discretionary division among members
-
-

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

MMC VENTURES GP LLP
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 4 -
2024
2023
Notes
£
£
Net assets attributable to members
-
-
Represented by:
Other reserves classified as equity
-
-
Total members' interests
Members' other interests
-
-

For the financial year ended 31 December 2024 the limited liability partnership was entitled to exemption from audit under section 480 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to dormant limited liability partnerships.

The 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.

The financial statements were approved by the members and authorised for issue on 8 February 2025 and are signed on their behalf by:
08 February 2025
B F Macfarlane (for and on behalf of)
MMC Ventures Limited
Designated member
Limited Liability Partnership Registration No. OC441978
MMC VENTURES GP LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Current financial year
TOTAL
MEMBERS'
INTERESTS
Total
2024
£
Members' interests at 1 January 2024
-
Result for the financial year available for discretionary division among members
-
Members' interests after result for the year
-
Members' interests at 31 December 2024
-
MMC VENTURES GP LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Prior financial year
TOTAL
MEMBERS'
INTERESTS
Total
2023
£
Members' interests at 1 January 2023
-
Result for the financial year available for discretionary division among members
-
Members' interests after result for the year
-
Members' interests at 31 December 2023
-
MMC VENTURES GP LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Cash flows from operating activities
Cash generated from operations
6
-
-
Net cash from operating activities
-
-
Net cash from investing activities
-
-
Net cash from financing activities
-
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
-
Cash and cash equivalents at end of year
-
-
MMC VENTURES GP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
1
Accounting policies
Limited liability partnership information

MMC Ventures GP LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3rd Floor, 24 High Holborn, London, United Kingdom, WC1V 6AZ.

 

The limited liability 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.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's 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 members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
MMC VENTURES GP LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
3
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
2
2

No members received remuneration from the limited liability partnership during the current or prior financial year.

4
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. There were no loans and other debts due to members at the reporting date.

5
Ultimate controlling party

The limited liability partnership's immediate and ultimate parent undertaking is MMC Ventures Limited, a company incorporated in England whose registered address is 3rd Floor 24 High Holborn, London, United Kingdom, WC1V 6AZ.

 

The ultimate controlling party is B F Macfarlane.

6
Cash generated from operations
2024
2023
£
£
Result for the year
-
-
Cash generated from operations
-
-
7
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
-
-
-
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