Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 31 December 2024

The directors present their report with the financial statements of the company for the period ended 31 December 2024

Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

Outward VC (General Partner) Ltd
IEC UK Investment Management Limited

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
29 April 2025

And signed on behalf of the board by:
Name: IEC UK Investment Management Limited
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2024

	2024	2023
	£	£
Turnover:	2,365,925	1,827,887
Cost of sales:	( 4,264,023 )	( 9,008,537 )
Gross profit(or loss):	(1,898,098)	(7,180,650)
Administrative expenses:	( 81,043 )	( 130,897 )
Operating profit(or loss):	(1,979,141)	(7,311,547)
Profit(or loss) before tax:	(1,979,141)	(7,311,547)
Profit(or loss) for the financial year:	(1,979,141)	(7,311,547)

Balance sheet

As at 31 December 2024

	Notes	2024	2023
		£	£
Fixed assets
Investments:	3	46,986,811	46,751,071
Total fixed assets:		46,986,811	46,751,071
Current assets
Debtors:	4	187,320	280,621
Cash at bank and in hand:		188,616	1,329,982
Total current assets:		375,936	1,610,603
Creditors: amounts falling due within one year:	5	( 34,254 )	( 2,393,196 )
Net current assets (liabilities):		341,682	(782,593)
Total assets less current liabilities:		47,328,493	45,968,478
Total net assets (liabilities):		47,328,493	45,968,478
Capital and reserves
Called up share capital:		39,845,841	36,506,685
Profit and loss account:		7,482,652	9,461,793
Total Shareholders' funds:		47,328,493	45,968,478

The notes form part of these financial statements

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Valuation information and policy

  Investments are reported at a fair value as determined by the Members. Unquoted investments are valued in accordance with the "International Private Equity and Venture Capital Valuation Guidelines". Investments are initially valued on acquisition at the cost of the investment. The investment cost is considered to provide the best indication of fair value for an initial period after the investment has been made. Subsequently, investments are valued at their fair value using methodologies set out in the guidelines, which may include the price at which third party capital that has recently been raised or other relevant factors. Movements in fair value are recognised in the Profit and Loss Account. The investments have been valued at fair value as at 31 December 2024.

  Other accounting policies

  Going concern Income and Expenses Cash and cash equivalents Foreign currency translation Investment Valuation Taxation Priority share Carried interest

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 2. Employees

  	2024	2023
  Average number of employees during the period	0	0