REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
MATCAP VENTURES LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
MATCAP VENTURES LLP |
MATCAP VENTURES LLP (REGISTERED NUMBER: OC442463) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
MATCAP VENTURES LLP |
General Information |
for the Year Ended 31 March 2024 |
Designated members: |
Registered office: |
Registered number: |
MATCAP VENTURES LLP (REGISTERED NUMBER: OC442463) |
Balance Sheet |
31 March 2024 |
31/3/24 | 31/3/23 |
(As |
restated) |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net assets attributable to members | 14,597,692 | 14,721,770 |
Loans and other debts due to members | 9 | 14,498,380 | 14,622,458 |
Members' other interests |
Other reserves 3 |
14,597,692 | 14,721,770 |
Total members' interests |
Loans and other debts due to members | 9 | 14,498,380 | 14,622,458 |
Members' other interests | 99,312 | 99,312 |
Amounts due from members | 6 | (12,406 | ) | - |
14,585,286 | 14,721,770 |
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. |
MATCAP VENTURES LLP (REGISTERED NUMBER: OC442463) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
MATCAP VENTURES LLP (REGISTERED NUMBER: OC442463) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | Statutory information |
Matcap Ventures LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | Prior period adjustment |
The accounts have been restated to incorporate the impact of a number of oversights and accounting errors resulting in profits available for distribution at 31 March 2024 increasing by £14,978,601. |
On 21 June 2022 and at subsequent times throughout the financial year to 31 March 2023, shares and financial instruments held as investment assets and liabilities were transferred from another UK LLP under common control. A number of the errors related to these assets and liabilities |
. |
The transactions requiring adjustment are listed below. |
1. Omission of a $6,000,000 Convertible Loan Note investment included in the transfer of assets and liabilities referred to above and its subsequent conversion into shares in an associate undertaking. |
2. Omission of a £150,000 Convertible Loan Note liability included in the transfer of assets and liabilities referred to above for nil consideration. |
3. Carrying value upon transfer not used to recognise an investment in ordinary and redeemable preference shares in an associate company and omission of the outstanding liability in respect of the redeemable preference shares, all of which were included in the transfer of assets and liabilities referred to above. |
4. Omission of investments in subsidiaries for nil consideration, as part of the transfer of assets and liabilities above and the subsequent exercise of a call option agreement resulting in the issue of shares in an associate in return for the transfer of one of the investments transferred |
Summary of the prior year accounting impact of the above transactions |
£ |
$6,000,000 CLN |
Increase in creditors - amounts owed by group undertakings | (5,149,594 | ) |
Increase in fixed asset investments | 5,128,196 |
$150,000 CLN |
Decrease in members' interests - Distribution | 236,096 |
Increase in members' interests - Capital Contribution | (99,308 | ) |
Decrease in fixed asset investments | (136,788 | ) |
Investment in associates |
Increase in fixed asset investments | 50,002 |
Increase in creditors - amounts owed by group undertakings | (50,000 | ) |
Increase in members' interests - Capital Contribution | (2 | ) |
Investment in subsidiaries |
Increase in fixed asset investments | 2 |
Increase in members' interests - Capital Contributions | (2 | ) |
Exercise of call option |
Increase in fixed asset investments | 14,999,999 |
Total | 14,978,601 |
3. | 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. |
Investments in subsidiaries |
Investments in subsidiary undertakings and investments in associated undertakings are recognised at cost less impairment. |
MATCAP VENTURES LLP (REGISTERED NUMBER: OC442463) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | Accounting policies - continued |
Transfers of assets & liabilities from related parties under common control |
Transfers of assets and liabilities from related parties under common control are recognised at cost less impairment where the cost is the book value in the transferor. The intention of such transfers at the point of transfer is to transfer at nil gain or loss |
Financial instruments |
Financial instruments are recognised when the LLP becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. |
Financial instruments are measured at fair value at initial recognition which is normally the transaction price. At the end of each financial period, the financial instruments are measured at fair value with all changes in fair value recognised in profit or loss. |
4. | Employee information |
The average number of employees during the year was NIL (2023 - NIL). |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
Details of the prior year restatement of Fixed asset investments is included in Note 2. |
6. | Debtors: amounts falling due within one year |
31/3/24 | 31/3/23 |
(As |
restated) |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Other Debtors as at 31 March 2023 have decreased by £120,047 as a result of the change in members current account balances incorporating the prior year adjustments included in Note 2. |
7. | Creditors: amounts falling due within one year |
31/3/24 | 31/3/23 |
(As |
restated) |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Details of the prior year restatement of creditors 1 year is included in Note 2. |
MATCAP VENTURES LLP (REGISTERED NUMBER: OC442463) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | Creditors: amounts falling due after more than one year |
31/3/24 | 31/3/23 |
(As |
restated) |
£ | £ |
Other creditors |
9. | Loans and other debts due to members |
Loans and other debts due to members' (other than members' capital classified as debt) would rank secondary to other creditors. |
10. | Other reserves |
31/3/24 | 31/3/23 (As restated | ) |
£ | £ |
Distributable reserves | (236,096 | ) | (236,096 | ) |
Distribution | 236,096 | 236,096 |
Capital contribution | 99,312 | 99,312 |
Details of the prior year restatement of the Other reserves is included in Note 2. |