Company registration number 12550647 (England and Wales)
FPC GENERAL PARTNER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FPC GENERAL PARTNER LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
FPC GENERAL PARTNER LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
319,637
125,234
Creditors: amounts falling due within one year
4
(319,636)
(125,233)
Net current assets
1
1
Provisions for liabilities
36,332
-
0
Net assets
36,333
1
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
36,332
-
0
Total equity
36,333
1

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 12 September 2025 and are signed on its behalf by:
R D Hansen-Luke
Director
Company registration number 12550647 (England and Wales)
FPC GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

FPC General Partner Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Scott Place, 2 Hardman Street, Manchester, United Kingdom, M3 3AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover represents the amount derived from the provision of venture capital fund management services, stated net of VAT.

1.3
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

FPC GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FPC GENERAL PARTNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
1
Other debtors
319,636
125,233
319,637
125,234
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
319,636
125,233
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
6
Parent company

FPC General Partner Limited is a wholly owned subsidiary of Future Planet Capital (UK) Limited. The ultimate parent company is Future Planet Capital Group Limited. The results of FPC General Partner Limited are included in the consolidated financial statements of Future Planet Capital Group Limited which is the only group which consolidates the company's results. The registered office of the ultimate parent is 1 Scott Place, 2 Hardman Street, Manchester, United Kingdom, M3 3AA.

2024-12-31 2024-01-01 false false false CCH Software CCH Accounts Production 2025.100 No description of principal activity J M Davies R D Hansen-Luke E Phillips D P Knox 12550647 2024-01-01 2024-12-31 12550647 2024-12-31 12550647 2023-12-31 12550647 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 12550647 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12550647 core:ShareCapital 2024-12-31 12550647 core:ShareCapital 2023-12-31 12550647 core:RetainedEarningsAccumulatedLosses 2024-12-31 12550647 core:RetainedEarningsAccumulatedLosses 2023-12-31 12550647 core:ShareCapitalOrdinaryShareClass1 2024-12-31 12550647 core:ShareCapitalOrdinaryShareClass1 2023-12-31 12550647 bus:Director2 2024-01-01 2024-12-31 12550647 2023-01-01 2023-12-31 12550647 core:CurrentFinancialInstruments 2023-12-31 12550647 core:WithinOneYear 2024-12-31 12550647 core:WithinOneYear 2023-12-31 12550647 core:CurrentFinancialInstruments 2024-12-31 12550647 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 12550647 bus:OrdinaryShareClass1 2024-12-31 12550647 bus:OrdinaryShareClass1 2023-12-31 12550647 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12550647 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 12550647 bus:FRS102 2024-01-01 2024-12-31 12550647 bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 12550647 bus:Director1 2024-01-01 2024-12-31 12550647 bus:Director3 2024-01-01 2024-12-31 12550647 bus:Director4 2024-01-01 2024-12-31 12550647 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP