Vespa Capital II 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. OC398084 (England and Wales)
Vespa Capital II Founder Partner LLP
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Vespa Capital II Founder Partner LLP
Balance Sheet
As at 31 March 2025
Page 1
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
3
13,120,624
15,643,422
Current assets
Cash and cash equivalents
98
105
Net current assets
98
105
Total assets less current liabilities and net assets attributable to members
13,120,722
15,643,527
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
3,056
3,056
Other amounts
36
43
3,092
3,099
Members' other interests
Other reserves classified as equity
13,117,630
15,640,428
13,120,722
15,643,527
Total members' interests
Loans and other debts due to members
3,092
3,099
Members' other interests
13,117,630
15,640,428
13,120,722
15,643,527

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 in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Vespa Capital II 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
N D Hammond
Designated member
Limited Liability Partnership Registration No. OC398084
Vespa Capital II 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 II Founder Partner LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3 St. James's 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

Members' participation rights are the rights of a member against the LLP that arise under the m embers' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

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

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.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

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.

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.

2
Employees

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

Vespa Capital II Founder Partner LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 5
3
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
13,120,624
15,643,422
Movements in fixed asset investments
Shares in subsidiaries
£
Valuation
At 1 April 2024
15,643,422
Revaluation
(2,522,798)
At 31 March 2025
13,120,624
Carrying amount
At 31 March 2025
13,120,624
At 31 March 2024
15,643,422
Vespa Capital II Founder Partner LLP
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 6
4
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.

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