REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NEXT WAVE CORPORATE MEMBER LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NEXT WAVE CORPORATE MEMBER LIMITED |
NEXT WAVE CORPORATE MEMBER LIMITED (REGISTERED NUMBER: 08941047) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
NEXT WAVE CORPORATE MEMBER LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4th Floor Tuition House |
27-37 St George's Road |
Wimbledon |
London |
SW19 4EU |
NEXT WAVE CORPORATE MEMBER LIMITED (REGISTERED NUMBER: 08941047) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
NEXT WAVE CORPORATE MEMBER LIMITED (REGISTERED NUMBER: 08941047) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Next Wave Corporate Member Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The Company has a 100% subsidiary, Next Wave 1E GP Ltd, which is a general partner of Next Wave 1E General Partner LP (the "Partnership") which is a general partner of the Next Wave branded investment funds (the "Funds"). In accordance with the Limited Partnership Agreement of the Partnerships and the Funds, the Company has delegated the operation and management of the Partnerships to Next Wave Partners LLP (the "Manager"). As a result, the Company does not consolidate the financial results of the Partnerships or the Funds, and the accounts have been prepared for the Company on a standalone, single entity basis. |
Related party exemption |
The company 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivables 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 measure 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. |
NEXT WAVE CORPORATE MEMBER LIMITED (REGISTERED NUMBER: 08941047) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2017 | 24,727 |
Valuation in 2018 | 65,867 |
Valuation in 2019 | 47,456 |
Valuation in 2020 | (138,047 | ) |
Valuation in 2021 | (38,942 | ) |
Cost | 38,941 |
2 |
If fixed asset investments had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 38,941 | 38,941 |
Aggregate provisions | (38,939 | ) | (38,939 | ) |
Fixed asset investments were valued on fair value basis on 31 March 2024 by the directors . |
The company's investments at the Balance Sheet date in the capital of companies and partnerships include the following: |
Next Wave 1E GP Limited |
Next Wave 1E General Partner LP |
The Company has a subsidiary and acts as a partner in the entities listed above (the "Partnerships") which are the general partners of the Next Wave branded limited partnership investment funds (the "Funds"). In accordance with the Limited Partnership Agreements the Partnerships have delegated the operation and management of the Funds to Next Wave Partners LLP (the "Manager"). The Partnerships performs these activities in a fiduciary capacity and does not exercise control for its own benefit. |
The majority of the economic interests in the Funds are held by the limited partner investors in those funds, and the Company's economic interest in those Funds is limited. |
NEXT WAVE CORPORATE MEMBER LIMITED (REGISTERED NUMBER: 08941047) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
7. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
At the balance sheet date, the Company has a capital commitment to Next Wave 1E General Partner LP of £32,554 which is available for drawdown. |
8. | RELATED PARTY DISCLOSURES |
Included within the balance sheet is an investment commitment of £250,000 (of which £217,446 has been paid) to Next Wave 1E General Partner LP, a partnership of which Next Wave 1E GP Limited is the general partner, a 100% subsidiary of the Company. |
As noted above, the management of Next Wave 1E General Partner LP has been delegated to Next Wave Partners LLP, a director of the Company and former parent. |