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REGISTERED NUMBER: OC322169 (England and Wales)

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| FOR |

| NEXT WAVE PARTNERS LLP |

NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

General Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

NEXT WAVE PARTNERS LLP

GENERAL INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DESIGNATED MEMBERS: | J A Brod

| R D Mackenzie

| REGISTERED OFFICE: | 87-89 Baker Street

| London

| W1U 6RJ

| REGISTERED NUMBER: | OC322169 (England and Wales)

| AUDITORS: | Hartley Fowler LLP

| Statutory Auditors

| Chartered Accountants

| 4th Floor Tuition House

| 27-37 St George's Road

| Wimbledon

| London

| SW19 4EU

NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 5,635 |  | 4,501 |  |

Investments | 5 | 3 |  | 3 |  |

5,638 |  | 4,504 |  |

CURRENT ASSETS

Debtors | 6 | 353,045 |  | 305,314 |  |

Cash at bank | 217,051 |  | 214,762 |  |

570,096 |  | 520,076 |  |

CREDITORS

Amounts falling due within one year | 7 | 511,810 |  | 456,951 |  |

NET CURRENT ASSETS | 58,286 |  | 63,125 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS | 63,924 |  | 67,629 |  |

LOANS AND OTHER DEBTS DUE TO MEMBERS | 9 | 53,923 |  | 57,628 |  |

MEMBERS' OTHER INTERESTS

Capital accounts | 10,001 |  | 10,001 |  |

63,924 |  | 67,629 |  |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 9 | 53,923 |  | 57,628 |  |

Members' other interests | 10,001 |  | 10,001 |  |

Amounts due from members | 6 | (38,919 | ) | - |  |

25,005 |  | 67,629 |  |

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 22 July 2025 and were signed by:

J A Brod - Designated member

NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Next Wave Partners LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

| The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently.

| Going concern

| Due to the ongoing support of the partnership's members, the members believe that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the partnership will continue in operational existence for the forseeable future.

| If the partnership were unable to continue in operational existence for the forseeable future, adjustments would be necessary to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

| Preparation of consolidated financial statements

| The financial statements contain information about Next Wave Partners LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the options under Section 398 and Section 405 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements.

| Subsidiaries of the LLP that are either dormant or trade exclusively with the LLP, and if consolidated would have no impact on the profit or loss or financial position of the consolidated group, are excluded under s405 on the basis that they are not material for the purpose of giving a true and fair view.

| Subsidiaries of the LLP that are the general partners of investment funds, or of the limited partnerships that are the general partners, hold legal title to the investment in portfolio companies on behalf of the funds. They also trade exclusively with the LLP and are excluded under s405.

| The economic interest in the funds is held by the limited partner investors, the LLP's economic interest is small and restricted to an indirect entitlement to receive a management fee from the general partner, which is itself limited to the amount of the general partner's share received from the funds. The funds are therefore not consolidated in these financial statements.

| Related party exemption

| The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery etc | - | 25% on cost

NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEE INFORMATION

| The average number of employees during the year was 4 (2024 - 2 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 April 2024 | 38,724 |  |

| Additions | 3,253 |  |

| At 31 March 2025 | 41,977 |  |

| DEPRECIATION

| At 1 April 2024 | 34,223 |  |

| Charge for year | 2,119 |  |

| At 31 March 2025 | 36,342 |  |

| NET BOOK VALUE

| At 31 March 2025 | 5,635 |  |

| At 31 March 2024 | 4,501 |  |

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 3 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3 |  |

| At 31 March 2024 | 3 |  |

NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | FIXED ASSET INVESTMENTS - continued

| The LLP's investments at the balance sheet date in the share capital of companies and capital of LLPs include the following:

| Next Wave Partners GP Ltd

| Next Wave Partners FP Ltd

| Next Wave Partners Nominees Ltd

| Next Wave (General Partner) LLP

| Next Wave Partners III GP LLP

| Next Wave Partners FP III GP LLP

6. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 75,166 |  | 164,695 |  |

| Amounts owed by group undertakings | 126,088 |  | 44,577 |  |

| Other debtors | 121,791 |  | 66,042 |  |

323,045 |  | 275,314 |  |

| Amounts falling due after more than one year:

| Other debtors | 30,000 |  | 30,000 |  |

| Aggregate amounts | 353,045 |  | 305,314 |  |

| Other debtors due after more than one year relate to a rent deposit.

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 54,098 |  | 31,492 |  |

| Amounts owed to group undertakings | 222,338 |  | 83,626 |  |

| Taxation and social security | 3,049 |  | 14,788 |  |

| Other creditors | 232,325 |  | 327,045 |  |

511,810 |  | 456,951 |  |

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 88,387 |  | 88,387 |  |

| Between one and five years | 132,581 |  | 220,968 |  |

220,968 |  | 309,355 |  |

9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |

| In the event of a winding up, the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Jonathan Askew FCA (Senior Statutory Auditor)

| for and on behalf of Hartley Fowler LLP

11. | RELATED PARTY DISCLOSURES

| The management fees receivable are fees due to the LLP under investment management agreements with the various limited partnership investment funds of which its subsidiaries are the General Partner.

| The LLP's deal and directors' fee income is all receivable from investments owned by the various limited partnership investment funds.

| Under the terms of the limited partnership agreements relating to the limited partnerships, of which the LLP is the manager, income and capital gains arising in respect of investments realised by the limited partnerships are allocated between the partners, which includes its subsidiaries.