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Registered number: 15074456
TRIPLE PRIVATE EQUITY LTD.
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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REGISTERED NUMBER:15074456
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TRIPLE PRIVATE EQUITY LTD.
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 7 form part of these financial statements.
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TRIPLE PRIVATE EQUITY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Triple Private Equity Ltd. is a private company, limited by shares, incorporated in England and Wales. The address of its registered office is Foxglove House, 166 Piccadilly, London, England, W1J 9EF.
The financial statements are presented in Euros (€), which is a functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest €.
2.Accounting policies
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Basis of preparation of financial statements
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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. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
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Exemption from preparing consolidated financial statements
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The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
The financial statements have been prepared on a going concern basis notwithstanding the fact that
the Company has a deficiency on total equity at the end of the year. After considering the terms of the working capital contribution (discussed further in note 9) and the Company's cash flow forecasts, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Euros.
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.
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TRIPLE PRIVATE EQUITY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover comprises revenue recognised by the Company in respect of management services supplied during the year, exclusive of value added tax. Fees are recognised over the period in which services are provided.
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Operating leases: the Company as lessee
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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.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
Investments in subsidiaries are measured at cost less accumulated impairment.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The Company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The Company's cash holdings comprise on demand balances only. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the Company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.
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TRIPLE PRIVATE EQUITY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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The average monthly number of employees, including directors, during the period was 7.
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Prepayments and accrued income
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TRIPLE PRIVATE EQUITY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Working capital contribution
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The terms applicable to the Working capital contribution and Other loans are discussed in Note 9.
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Allotted, called up and fully paid
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1,000 Ordinary shares of €1.00 each
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On incorporation 1,000 Ordinary €1 shares were issued at par.
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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TRIPLE PRIVATE EQUITY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Related party transactions
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The Company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group except where necessary to show a true and fair view.
Turnover
The Company owns 100% of the share capital of Triple Private Equity Fund I GP S.a.r.l. ('Fund I GP'), a company incorporated in Luxembourg. Turnover includes management fees of €2,975,231 from Triple Private Equity Fund I SCSp, a Luxembourg special limited partnership of which Fund I GP is the general partner.
Administrative expenses
The Company owns 100% of the share capital of Triple Private Equity Denmark ApS ('ApS'), a company incorporated in Denmark. Included in administrative expenses is €789,009 of costs charged by ApS for investment advisory services.
Working capital contribution
During the period the Company received a working capital contribution of €2,000,000 from Triple Private Equity Luxembourg SCSp ('SCSp'), a Luxembourg special limited partnership under common control. The contribution was funded by a third party that also invested in the fund managed by the Company and in exchange for these arrangements will receive a share of the fund management fees.
The contribution shall become immediately due and payable in the event of bankruptcy, insolvency or compulsory liquidation of the Company but in such circumstances ranks pari passu with amounts owed to equity holders. SCSp otherwise has no right to demand repayment in whole or part.
The outstanding balance of the contribution is reduced by the cumulative fund management fee share that the fund has paid to the third party until the third party has received €2,000,000 such that the contribution is considered to be extinguished. The director has determined that, in substance, the contribution is intended to compensate the Company for the first €2,000,000 reduction of its fees under the revenue sharing arrangements. Accordingly, the unextinguished contribution is recognised as a separate item within Creditors (Note 6) and is released to the profit and loss account as Turnover over the same period as the fee reductions for which it compensates.
Loans
During the period, the Company received loans from related parties as set out below. The loans are unsecured and repayable on demand. Interest is charged at 4% per annum.
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Balance outstanding at 31 December 2024
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Interest charged during the period
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TRIPLE PRIVATE EQUITY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
The auditor's report on the financial statements for the period ended 31 December 2024 was unqualified and did not contain an emphasis of matter.
The audit report was signed on 15 May 2025 by Simon Lewis (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
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