Vespa Capital III Founder Partner LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2025
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC430728 (England and Wales)
Vespa Capital III Founder Partner LLP
Limited Liability Partnership Information
Designated members
N D Hammond
M H Lester
Limited liability partnership number
OC430728
Registered office
3 St James's Square
London
United Kingdom
SW1Y 4JU
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Business address
3 St James's Square
London
United Kingdom
SW1Y 4JU
Vespa Capital III Founder Partner LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
Vespa Capital III Founder Partner LLP
Balance Sheet
As at 31 March 2025
Page 1
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
3
11,581,608
4,511,663
Current assets
Debtors
9
7
Cash and cash equivalents
2,602
2,396
Net current assets
2,611
2,403
Total assets less current liabilities and net assets attributable to members
11,584,219
4,514,066
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
105
105
Members' other interests
Members' capital classified as equity
6,274
6,066
Other reserves classified as equity
11,577,840
4,507,895
11,584,219
4,514,066
Total members' interests
Loans and other debts due to members
105
105
Members' other interests
11,584,114
4,513,961
11,584,219
4,514,066

T he members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

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

Vespa Capital III Founder Partner LLP
Balance Sheet (Continued)
As at 31 March 2025
Page 2
The financial statements were approved by the members and authorised for issue on 12 November 2025 and are signed on their behalf by:
12 November 2025
M H Lester
Designated member
Limited Liability Partnership Registration No. OC430728
Vespa Capital III Founder Partner LLP
Notes to the Financial Statements
For the year ended 31 March 2025
Page 3
1
Accounting policies
Limited liability partnership information

Vespa Capital III Founder Partner LLP is a limited liability partnership incorporated in England and Wales. The registered office is: 3 St James Square, London, England, SW1Y 4JU.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together 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 limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, with the exception of investments which are held at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Members' participating interests

A members' non-discretionary profit allocation is accounted for as remuneration charged as an expense in the statement of comprehensive income after arriving at "profit for the year before members' remuneration and profit shares".

A members' discretionary share in the profit or loss for the year is accounted for as an allocation of profits.

1.4
Fixed asset investments

Investments held as fixed assets are shown at fair value.

1.5
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.

Vespa Capital III Founder Partner LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 4
1.6
Financial instruments

The LLP does not trade in financial instruments and all such instruments arise directly from operations. All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment. The LLP's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings. Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the LLP only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

1.7
Foreign exchange

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. Nonmonetary 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.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was nil (2024: nil).

3
Fixed asset investments
2025
2024
£
£
Unlisted investments
11,581,608
4,511,663
Movements in fixed asset investments
Investments
£
Valuation
At 1 April 2024
4,511,663
Revaluations
7,069,945
At 31 March 2025
11,581,608
Carrying amount
At 31 March 2025
11,581,608
At 31 March 2024
4,511,663
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