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FRANCISCO PARTNERS OPERATIONS LLP
MEMBERS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
FRANCISCO PARTNERS OPERATIONS LLP
 

INFORMATION



Designated Members
D Shah
Francisco Partners UK Limited
P Oksanen

LLP registered number
OC362112

Registered office
Birchin Court
5th Floor
19-25 Birchin Lane
London
United Kingdom
EC3V 9DU

Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited


 
FRANCISCO PARTNERS OPERATIONS LLP
 

CONTENTS



Page
Members' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8 - 9
Reconciliation of Members' Interests
 
10
Notes to the Financial Statements
 
11 - 18


 
FRANCISCO PARTNERS OPERATIONS LLP
 
  
MEMBERS' REPORT INCORPORATING THE ENERGY AND CARBON REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The members present their report together with the audited financial statements of Francisco Partners Operations LLP (the "LLP") for the year ended 31 December 2024
 

Principal activities
 
 
The principal activity of the LLP is to provide investment advisory services to affiliated companies.
 
 
Designated Members
 
 
D Shah, Francisco Partners UK Limited and M S Spetzler (resigned 31 December 2024) and P Oksanen were designated members of the LLP throughout the period.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the year ended 31 December 2024 are set out in the Reconciliation of Members' Interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Energy and carbon report
 
 
The LLP has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
 
 
Members' responsibilities statement
 
 
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 LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgements and accounting estimates that are reasonable and prudent;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

Page 1

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
MEMBERS' REPORT INCORPORATING THE ENERGY AND CARBON REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
 
 
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to 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 the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

This report was approved by the members and signed on their behalf by: 






D Shah 
Designated member

Date: 22 April 2025

Page 2

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRANCISCO PARTNERS OPERATIONS LLP
 

Opinion
 

We have audited the financial statements of Francisco Partners Operations LLP (the 'LLP') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the LLP's affairs as at 31 December 2024 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern
 

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.


Page 3

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRANCISCO PARTNERS OPERATIONS LLP (CONTINUED)

Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRANCISCO PARTNERS OPERATIONS LLP (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the entity through discussions with members and other management, and from our commercial knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements including the Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008, the Companies Act 2006, tax legislation and FCA legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the LLP's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of bias; and
investigated the rationale behind significant or unusual transactions.

 
Page 5

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FRANCISCO PARTNERS OPERATIONS LLP (CONTINUED)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; 
reviewing correspondence with HMRC, the LLP's legal advisors and relevant regulators; and
reviewing the Limited Liability Partnership Deed. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Louise Morriss BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of
ZEDRA Corporate Reporting Services (UK) Limited
Chartered Accountants and Statutory Auditors
Birchin Court
5th Floor
19-25 Birchin Lane
London
United Kingdom
EC3V 9DU


23 April 2025
Page 6

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 2 
19,336,583
14,124,404

Gross profit
  
 
19,336,583
 
14,124,404

Administration Expenses
  
(15,819,551)
(11,180,421)

Operating profit
 3 
 
3,517,032
 
2,943,983

Interest receivable and similar income
 5 
12,165
5,367

Profit before tax
  
 
3,529,197
 
2,949,350

Profit for the year before members' remuneration and profit shares
  
 
3,529,197
 
2,949,350

Profit for the year before members' remuneration and profit shares
  
3,529,197
2,949,350

Members' remuneration charged as an expense
  
(1,759,161)
(1,659,949)

Profit share allocated to members
  
(1,770,036)
(1,289,401)

Profit for the financial year available for discretionary division among members
  
 
-
 
-

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 18 form part of these financial statements.

Page 7

 
FRANCISCO PARTNERS OPERATIONS LLP
REGISTERED NUMBER:OC362112

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
669,184
896,793

  
669,184
896,793

Current assets
  

Debtors: amounts falling due within one year
 7 
5,019,800
3,194,875

Bank and cash balances
  
3,690,272
2,481,468

  
8,710,072
5,676,343

Creditors: amounts falling due within one year
 8 
(4,315,898)
(3,210,289)

Net current assets
  
 
 
4,394,174
 
 
2,466,054

Total assets less current liabilities
  
5,063,358
3,362,847

Creditors: amounts falling due after more than one year
 9 
(155,050)
(224,575)

  
4,908,308
3,138,272

  

Net assets
  
4,908,308
3,138,272

Page 8

 
FRANCISCO PARTNERS OPERATIONS LLP
REGISTERED NUMBER:OC362112
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
60,000
60,000

Other reserves
  
4,848,308
3,078,272

  
 
4,908,308
 
3,138,272

  
4,908,308
3,138,272


Total members' interests
  

Amounts due from members (included in debtors)
  
(1,188,047)
(725,059)

Members' other interests
  
4,908,308
3,138,272

  
3,720,261
2,413,213


The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




D Shah
Designated member

Date: 22 April 2025

Page 9

 
FRANCISCO PARTNERS OPERATIONS LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Members' remuneration charged as an expense
-
-
-
1,659,949
1,659,949
1,659,949

Members' interests after profit for the year
60,000
1,788,871
1,848,871
1,280,607
1,280,607
3,129,478

Other division of profits
-
1,289,401
1,289,401
-
-
1,289,401

Drawings on account and distribution of profit
-
-
-
(2,005,666)
(2,005,666)
(2,005,666)

Amounts due from members
 



(725,059)
(725,059)


Balance at 31 December 2023
60,000
3,078,272
3,138,272
(725,059)
(725,059)
2,413,213

Members' interests after profit for the year
60,000
3,078,272
3,138,272
(725,059)
(725,059)
2,413,213

Other division of profits
-
1,770,036
1,770,036
-
-
1,770,036

Drawings on account and distribution of profit
-
-
-
(462,988)
(462,988)
(462,988)

Amounts due from members
 



(1,188,047)
(1,188,047)


Balance at 31 December 2024 
60,000
4,848,308
4,908,308
(1,188,047)
(1,188,047)
3,720,261

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 10

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

  
1.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
 
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Francisco Partners UK Limited as at 31 December 2024 and these financial statements may be obtained from https://find-and-update .company-information .service.gov.uk /company/05317664/filing -history.

 
1.3

Going concern

Francisco Partners Operations LLP is in a net asset position primarily supported by amounts due from Francisco Partners Management, L.P., the ultimate parent company. This balance is due on demand the members have assessed that the ultimate parent company has sufficient capital available to repay this.  
Francisco Partners Operations LLP has received written confirmation from its ultimate parent company, that it will continue to provide financial support to the LLP for a period of at least 12 months from the date of signing these financial statements. For this reason, the members continue to adopt the going concern basis in preparing the financial statements.

Page 11

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services 
Turnover is recognised on a cost plus 10% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions
are satisfied:

the amount of turnover can be measured reliably;
it is probable that the LLP will receive the consideration due under the intercompany service agreement; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Leasehold improvements
-
over the life of the lease
Fixtures and fittings
-
7 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.6

Debtors

Short-term debtors are measured at transaction price. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

Page 12

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

 
1.8

Creditors

Short-term and long-term creditors are measured at the transaction price.

 
1.9

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. 

 
1.10

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.11

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.

Page 13

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.


2.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Intercompany sales
19,336,583
14,124,404

19,336,583
14,124,404


Analysis of turnover by country of destination:

2024
2023
£
£

Rest of world
19,336,583
14,124,404

19,336,583
14,124,404



3.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
228,913
233,501

Fees payable to the LLP's auditor for the audit of the LLP's annual financial statements
4,950
11,750

Other operating lease rentals
425,210
425,015

Page 14

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Employees

2024
2023
£
£

Wages and salaries
11,909,099
8,081,642

Social security costs
1,872,888
1,179,939

Cost of defined contribution scheme
17,721
18,208

13,799,708
9,279,789


The average monthly number of employees during the year was 16 (2023 - 17).


5.


Interest receivable

2024
2023
£
£


Other interest receivable
12,165
5,367

12,165
5,367

Page 15

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
1,006,036
404,154
125,466
1,535,656


Additions
-
-
1,305
1,305


Disposals
-
-
(3,484)
(3,484)



At 31 December 2024

1,006,036
404,154
123,287
1,533,477



Depreciation


At 1 January 2024
329,752
223,531
85,580
638,863


Charge for the year on owned assets
159,969
37,117
31,828
228,914


Disposals
-
-
(3,484)
(3,484)



At 31 December 2024

489,721
260,648
113,924
864,293



Net book value



At 31 December 2024
516,315
143,506
9,363
669,184



At 31 December 2023
676,284
180,623
39,886
896,793

Page 16

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,485,976
2,113,076

Other debtors
57,976
93,569

Prepayments and accrued income
287,801
263,171

Amounts due from members
1,188,047
725,059

5,019,800
3,194,875



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,197
36,663

Other taxation and social security
3,553,578
2,436,598

Accruals and deferred income
756,123
737,028

4,315,898
3,210,289



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
155,050
224,575

155,050
224,575


The long term liability relates to a deferred rental expense deriving from a lease incentive that was entered into on 19 May 2021. The liability will be settled in March 2028 when the lease term ends. 

Page 17

 
FRANCISCO PARTNERS OPERATIONS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Commitments under operating leases

At 31 December 2024 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than one year
379,392
379,392

Later than one year and not later than five years
853,632
1,233,024

1,233,024
1,612,416


11.


Controlling party

Francisco Partners Management, L.P. is the parent of the smallest group for which consolidated financial statements are drawn up of which the LLP is a member. The registered office of the parent company is 277 Centerville Rd, Ste 400, Wilmington Delaware, 19808.


12.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 18