North Road UK, LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: OC443565 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NORTH ROAD UK, LLP

Page

General information

1

Balance sheet

2

Notes to the financial statements

3

Designated members:

J D Frouman

North Road Opco, LLC

Registered office:

30 Bedford Street

London

United Kingdom

WC2E 9ED

Registered number:

OC443565 (England and Wales)

Auditors:

Hayvenhursts Limited

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 0LT

FIXED ASSETS

Intangible assets

4

58,390

98,317

Tangible assets

5

209,582

273,792

267,972

372,109

CURRENT ASSETS

Debtors

6

2,832,778

653,448

Cash at bank

172,239

663,015

3,005,017

1,316,463

CREDITORS

Amounts falling due within one year

7

(1,245,233

)

(520,530

)

NET CURRENT ASSETS

1,759,784

795,933

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

2,027,756

1,168,042

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

1,055,138

450,289

MEMBERS' OTHER INTERESTS

Capital accounts

5,000

Incentive units reserve

967,618

712,753

2,027,756

1,168,042

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

1,055,138

450,289

Members' other interests

972,618

717,753

2,027,756

1,168,042

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 23 October 2025 and were signed by:

North Road Opco, LLC - Designated member

1.	STATUTORY INFORMATION

North Road UK, 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 LLP’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

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.

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 represents amounts charged to the LLP's parent under a sales and marketing agreement, excluding value added tax. Turnover is recognised when chargeable costs are incurred.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated impairment losses.

Development costs directly attributable to the development phase of a project are capitalised as intangible assets. The viability of each development project is assessed on a quarterly basis. If the project is no longer feasible or is discontinued, all associated development costs are written off and recognised in profit or loss.

Projects transferred to production are reclassified to work in progress and recognised as amounts due from contracts.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and accumulated impairment losses.

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

Furniture & Fixtures - 7 years on straight line basis.

Leasehold Improvements - 5 years on straight line basis.

Financial instruments

The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the LLP's balance sheet 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

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.

Going concern

The Members have confirmed that the LLP will continue in operation for the foreseeable future being at least twelve months from the date of these financial statements have been approved and will be able to realise its assets and discharge its liabilities in the normal course of business. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 5 (2023 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

Cost

At 1 January 2024

98,317

Additions

50,890

Reclassification/transfer

(90,817

)

At 31 December 2024

58,390

Net book value

At 31 December 2024

58,390

At 31 December 2023

98,317

5.	TANGIBLE FIXED ASSETS

Fixtures

Improvements

and

to property

fittings

Totals

£

Cost

At 1 January 2024

and 31 December 2024

286,583

48,263

334,846

Depreciation

At 1 January 2024

55,308

5,746

61,054

Charge for year

57,316

6,894

64,210

At 31 December 2024

112,624

12,640

125,264

Net book value

At 31 December 2024

173,959

35,623

209,582

At 31 December 2023

231,275

42,517

273,792

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

as restated

£

Amounts recoverable on contract

912,193

448,742

Other debtors

1,831,199

130,342

VAT

13,236

14,321

Prepayments

76,150

60,043

2,832,778

653,448

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

as restated

£

Amounts owed to group undertakings

1,165,662

466,702

Taxation and social security

3,872

2,933

Other creditors

75,699

50,895

1,245,233

520,530

8.	LEASING AGREEMENTS

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

31/12/24

31/12/23

as restated

£

Within one year

144,825

Between one and five years

-

144,825

289,650

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

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

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

The Report of the auditors was unqualified.

Gareth R Williams (Senior Statutory Auditor)

for and on behalf of Hayvenhursts Limited

11.	ULTIMATE PARENT COMPANY

The immediate parent undertaking is North Road Opco, LLC., the company incorporated in the United States of America and the ultimate parent is CE Parent, LP., the partnership registered in the United States of America.