Vespa Capital LLP
Annual Report and Financial Statements
For the year ended 31 March 2025
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC337717 (England and Wales)
Vespa Capital LLP
Contents
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3 - 4
Notes to the financial statements
5 - 10
Vespa Capital LLP
Balance Sheet
As at 31 March 2025
Page 1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
1,392
Investments
5
206
204
206
1,596
Current assets
Debtors falling due after more than one year
6
305,842
426,721
Debtors falling due within one year
6
1,213,168
949,377
Cash and cash equivalents
350,508
355,521
1,869,518
1,731,619
Creditors: amounts falling due within one year
7
(1,396,969)
(1,238,830)
Net current assets
472,549
492,789
Total assets less current liabilities and net assets attributable to members
472,755
494,385
Represented by:
Loans and other debts due to members
Amounts due in respect of profits
409,493
409,493
Members' other interests
Members' capital classified as equity
56,881
56,881
Other reserves classified as equity
6,381
28,011
472,755
494,385
Total members' interests
Loans and other debts due to members
409,493
409,493
Members' other interests
63,262
84,892
472,755
494,385
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
Vespa Capital LLP
Balance Sheet (Continued)
As at 31 March 2025
Page 2
The financial statements were approved by the members and authorised for issue on 24 July 2025 and are signed on their behalf by:
24 July 2025
M H Lester
Designated member
Limited Liability Partnership Registration No. OC337717
Vespa Capital LLP
Reconciliation of Members' Interests
For the year ended 31 March 2025
Page 3
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Members' interests at 1 April 2024
56,881
28,011
84,892
409,493
409,493
494,385
Members' remuneration charged as an expense
-
-
-
1,427,000
1,427,000
1,427,000
Profit for the financial year available for discretionary division among members
-
665,370
665,370
-
-
665,370
Members' interests after profit and remuneration for the year
56,881
693,381
750,262
1,836,493
1,836,493
2,586,755
Allocation of profit for the financial year
-
(687,000)
(687,000)
687,000
687,000
-
Drawings
-
-
-
(2,114,000)
(2,114,000)
(2,114,000)
Members' interests at 31 March 2025
56,881
6,381
63,262
409,493
409,493
472,755
Vespa Capital LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 March 2025
Page 4
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
56,881
428,314
485,195
360,110
360,110
845,305
Members' remuneration charged as an expense
-
-
-
1,354,000
1,354,000
1,354,000
Profit for the financial year available for discretionary division among members
-
1,049,697
1,049,697
-
-
1,049,697
Members' interests after profit and remuneration for the year
56,881
1,478,011
1,534,892
1,714,110
1,714,110
3,249,002
Allocation of profit for the financial year
-
(1,450,000)
(1,450,000)
1,450,000
1,450,000
-
Drawings
-
-
-
(2,764,000)
(2,764,000)
(2,764,000)
Other movements
-
-
-
9,383
9,383
9,383
Members' interests at 31 March 2024
56,881
28,011
84,892
409,493
409,493
494,385
Vespa Capital LLP
Notes to the Financial Statements
For the year ended 31 March 2025
Page 5
1
Accounting policies
Limited liability partnership information
Vespa Capital LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3 St. James's Square, London, SW1Y 4JU.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", published in December 2018.
1.2
Revenue
The LLP's turnover comprises management fees received from the general partner of the funds and monitoring and transaction fees earned from the funds' investments in conjunction with the LLP's investment management activities, all of which are recognised over the period to which they relate.
1.3
Interest income
Interest income is recognised in profit or loss on an accruals basis, in line with the effective interest method.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
straight line over 5 years
Computers
straight line over 3 to 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.5
Fixed asset investments
Investments in subsidiaries and associates are measured at cost less impairment.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
Vespa Capital LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 6
1.7
Financial instruments
The LLP does not trade in financial instruments and all such instruments arise directly from operations. 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 LLP 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 LLP's cash holdings comprise on demand balances. 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.
1.8
Taxation
The taxation payable on partnership profits is the personal liability of the individual members and consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership profits are accounted for in these financial statements.
1.9
Members' remuneration and profit allocation
A member's non-discretionary profit allocation is accounted for as remuneration charged as an expense in the Statement of Comprehensive Income after arriving at "profit for the year before members' remuneration and profit shares".
A member's discretionary share in the profit or loss for the period is accounted for as an allocation of profits.
1.10
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.
2
Members' remuneration
2025
2024
Number
Number
Average number of members during the year
6
6
Vespa Capital LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 7
3
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2025
2024
Number
Number
11
10
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
7,979
17,349
25,328
Depreciation and impairment
At 1 April 2024
7,554
16,382
23,936
Depreciation charged in the year
425
967
1,392
At 31 March 2025
7,979
17,349
25,328
Carrying amount
At 31 March 2025
-
-
-
At 31 March 2024
425
967
1,392
5
Fixed asset investments
2025
2024
£
£
Investments in subsidiaries
106
104
Investments in associates
100
100
206
204
Vespa Capital LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
5
Fixed asset investments
(Continued)
Page 8
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 April 2024
204
Additions
2
At 31 March 2025
206
Carrying amount
At 31 March 2025
206
At 31 March 2024
204
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
612,460
364,826
Amounts owed by group undertakings
313,300
310,116
Other debtors
17,302
21,747
Prepayments and accrued income
270,106
252,688
1,213,168
949,377
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
305,842
426,721
Total debtors
1,519,010
1,376,098
Vespa Capital LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 9
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
262,475
210,411
Other taxation and social security
637,693
547,955
Other creditors
8,244
5,895
Accruals and deferred income
488,557
474,569
1,396,969
1,238,830
8
Loans and other debts due to members
2025
2024
£
£
Analysis of loans
Amounts due in respect of profits
409,493
409,493
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
9
Operating lease commitments
At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2025
2024
£
£
Within one year
223,405
223,405
Between two and five years
223,405
-
446,810
223,405
The lease agreement is made between the landlord and an entity under common control with the LLP but the cost is recharged in full to the LLP.
10
Related party transactions
The other debtors due in more than one year represent loans of £305,842 (2024: £426,721) advanced to entities under common control. The loans are unsecured and earn interest at 4% per annum.
The LLP was also charged £553,573 (2024: £659,708) during the year by an entity under common control for rent and asset usage charges.
Vespa Capital LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 10
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Andrew Grieve on behalf of Moore Kingston Smith LLP.
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