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Registered number: OC429321 (England & Wales)
| MOONFIRE VENTURES LLP |
| ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Pages for Filing with Registrar |
MOONFIRE VENTURES LLP
CONTENTS
| Page
Limited Liability Partnership Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 - 7
MOONFIRE VENTURES LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated Members
Mattias Ljungman Moonfire Member (Guernsey) Limited
LLP registered number OC429321
Registered office 40 Queen Anne Street London W1G 9EL Accountants Lewis Golden LLP 40 Queen Anne Street London W1G 9EL
Independent auditors Deloitte LLP Regency Court Glategny Esplanade St Peter Port Guernsey GY1 3HW
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Registered number: OC429321 MOONFIRE VENTURES LLP
BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Non-current assets |  |  |  |  |
Tangible fixed assets | 4 |  | 16,114 |  | 14,902
Current assets |  |  |  |  |
Debtors | 5 | 78,937 |  | 27,883 |
Bank and cash balances |  | 520,024 |  | 446,022 |
|  | 598,961 |  | 473,905 |
Creditors: amounts falling due within one year | 6 | (78,299) |  | (61,896) |
Net current assets |  |  | 520,662 |  | 412,009
Total assets less current liabilities |  |  | 536,776 |  | 426,911
Net assets before loans and other debts due to members |  |  | 536,776 |  | 426,911
Represented by: |  |  |  |  |
Loans and other debts due to members |  |  | 32,484 |  | 32,484
Members' other interests |  |  |  |  |
Members' capital classified as equity |  | 100,000 |  | 100,000 |
Other reserves |  | 404,292 |  | 294,427 |
|  |  | 504,292 |  | 394,427
|  |  | 536,776 |  | 426,911
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime under the Companies Act 2006. The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The entity has opted not to file the Directors' Report and Profit and Loss Account in accordance with the provisions applicable to entities subject to the small LLPs regime. The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
Mattias Ljungman
Designated member
Date: 25 April 2025
The notes on pages 3 to 7 form part of these financial statements. - 2 -
MOONFIRE VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Moonfire Ventures LLP is a limited liability partnership, incorporated in England and Wales, LLP registered number OC429321. The address of the registered office is 40 Queen Anne Street, London W1G 9EL. 2.Accounting policies
| 2.1 | 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 Section 1A - small entities of the Financial Reporting Standard 102, ('FRS 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 Partnership" - January 2019. The company has taken advantage of cashflow exemption in accordance with Section 1A - small entities of the Financial Reporting Standard 102. The company has taken advantage of Statement of Changes in Equity exemption in accordance with Section 1A - small entities of the Financial Reporting Standard 102.
| 2.2 | Going concern
The LLP is the investment advisor to Moonfire Fund Management Limited ("MFML"), which is engaged to manage Moonfire Ventures Fund I LP, Moonfire Ventures Fund II LP and Moonfire Ventures Opportunity Fund I LP (the "Funds"). The LLP receives investment advisory fees from MFML, however receipt of the investment advisory fees from MFML is dependent upon MFML receiving management fees from the Funds. The Funds have a legal obligation per the respective limited partnership agreements to pay a management fee to MFML and therefore, the Members believe that it is appropriate to prepare these financial statements on the going concern basis. The Members have concluded given their knowledge of the market and the Funds' portfolios that there will be no impact on the going concern of the Funds or the Funds' ability to pay the respective management fees, and ultimately the LLP to receive the constant advisory fees to enable it to settle its own obligations in the normal course of business.
| 2.3 | 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. - 3 -
MOONFIRE VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | 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. Turnover comprises investment advisory fees. Advisory fees are recognised on an accruals basis.
| 2.5 | Operating leases: the LLP as lessee
Rentals paid under operating lease are charged to the Profit and Loss Account on a straight line basis over the lease term. There are no ongoing operating lease commitments.
| 2.6 | 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 the Profit and Loss Account 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.
| 2.7 | Member's remuneration
A member's share of the profit or loss for the period is accounted for as an allocation of profits. Unallocated profit or losses are included with 'Other Reserves'.
| 2.8 | 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. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 33% |
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. - 4 -
MOONFIRE VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Debtors
Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Financial instruments
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 11 (2023 - 9).
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MOONFIRE VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Plant and machinery
|  | £
| Cost |
| At 1 January 2024 | 41,932
| Additions | 13,328
| Disposals | (3,699)
| At 31 December 2024 | 51,561
| Depreciation |
| At 1 January 2024 | 27,030
| Charge for the year on owned assets | 10,862
| Disposals | (2,445)
| At 31 December 2024 | 35,447
| Net book value |
| At 31 December 2024 | 16,114
| At 31 December 2023 | 14,902
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MOONFIRE VENTURES LLP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other debtors | 78,937 | 27,883
6. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 16,372 | 18,287
| Other taxation and social security | 1,798 | 1,645
| Other creditors | 6,050 | -
| Accruals | 54,079 | 41,964
|  | 78,299 | 61,896
7. | Related party transactions
| The members have nothing to report with regard to any related party transactions outside of the normal course of business. Investment advisory fees of £2,920,951 (2023: £3,271,491) were received during the year from Moonfire Fund Management Limited.
8. | Post balance sheet events
The Members have evaluated the subsequent events from the date of the financial statements through to the date the financial statements were available to be issued. The members are actively monitoring the impact of tariffs enforced by the Trump administration post 31 December 2024 on the global markets and how this might impact the financial performance of the LLP. Whilst there can be no guarantees as to future operations or performance, the LLP is continuing to operate as normal and the members do not consider the going concern of the LLP to be adversely impacted.
9. | Controlling party
The LLP does not have a parent undertaking. The ultimate controlling party of the group is considered to be Mattias Ljungman.
10. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 25 April 2025 by David Becker (Senior Statutory Auditor) on behalf of Deloitte LLP.
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