America's Growth Capital Europe, LLP
Annual Report and Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Limited Liability Partnership Registration No. OC368580 (England and Wales)
America's Growth Capital Europe, LLP
Contents
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 9
AMERICA'S GROWTH CAPITAL EUROPE, LLP
America's Growth Capital Europe, LLP
BALANCE SHEET
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
152,193
35,235
Current assets
Debtors falling due after more than one year
4
56,727
37,674
Debtors falling due within one year
4
1,197,291
240,886
1,254,018
278,560
Creditors: amounts falling due within one year
5
(1,351,211)
(258,795)
Net current (liabilities)/assets
(97,193)
19,765
Total assets less current liabilities and net assets attributable to members
55,000
55,000
Represented by:
Members' other interests
Members' capital classified as equity
55,000
55,000
55,000
55,000

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.

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.

The financial statements were approved by the members and authorised for issue on 19 November 2025 and are signed on their behalf by:
19 November 2025
B. Howe on behalf of
America's Growth Capital Holdings, LLC
Designated member
Limited Liability Partnership Registration No. OC368580
America's Growth Capital Europe, LLP
Reconciliation of Members' Interests
For the year ended 31 December 2024
Page 2
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other amounts
Total
Total
2024
£
£
£
£
Members' interests at 1 January 2024
55,000
-
-
55,000
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
(2,786,172)
(2,786,172)
(2,786,172)
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
55,000
(2,786,172)
(2,786,172)
(2,731,172)
Other movements
-
2,786,172
2,786,172
2,786,172
Members' interests at 31 December 2024
55,000
-
-
55,000
America's Growth Capital Europe, LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 December 2024
Page 3
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Members'
Interests
Members' capital
Other amounts
Total
Total
2023
£
£
£
£
Members' interests at 1 January 2023
55,000
-
-
55,000
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
(2,079,070)
(2,079,070)
(2,079,070)
Result for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
55,000
(2,079,070)
(2,079,070)
(2,024,070)
Other movements
-
2,079,070
2,079,070
2,079,070
Members' interests at 31 December 2023
55,000
-
-
55,000
AMERICA'S GROWTH CAPITAL EUROPE, LLP
America's Growth Capital Europe, LLP
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024
Page 4
1
Accounting policies
Limited liability partnership information

America's Growth Capital Europe, LLP is a limited liability partnership incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

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 2018, 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, which are those of America's Growth Capital Europe, LLP as an individual entity, have been prepared on the historic cost convention, modified to include certain financial instruments at fair value.The principal accounting policies adopted are set out below.

1.2
Going concern

The LLP made a loss in the year before being allocated between members. The parent company which has demonstrated its committed to the long-term success of the LLP, has confirmed it’s ongoing financial support to the LLP to enable it to continue to trade and meet its liabilities as they fall due for a period of at least one year from the date of signature of the audit report for the year ended 31 December 2024. The designated members have reviewed the financial standing of the parent entity and are confident in its ability to provide support to the business. These financial statements have therefore been prepared on a going concern basis.

1.3
Turnover

Turnover represents the fair value of services provided during the period. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable and is based on services provided and expenses incurred, but excludes VAT.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

AMERICA'S GROWTH CAPITAL EUROPE, LLP
America's Growth Capital Europe, LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 5
1.4
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.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over 7 years on a straight line basis
Computer equipment
over 2 years at 50% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

AMERICA'S GROWTH CAPITAL EUROPE, LLP
America's Growth Capital Europe, LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 6
1.7
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.

1.8
Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.9
Taxation

The taxation payable on the partnership profits is solely the personal liability of the individual members consequently neither partnership taxation nor related deferred taxation arising in respect of the partnership are accounted for in these financial statements.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.13

Members' remuneration and equity

A member’s share in the profit or loss for the year is accounted for when profits are allocated. Unallocated profits and losses are included within other reserves. The treatment of members' remuneration in the profit and loss account is determined by reference to the nature of the participation rights that give rise to the remuneration. If the members' remuneration gives rise to a liability it is charged as an expense. Amounts subscribed or otherwise contributed by members are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity capital. Equity capital is any capital that is repayable to the member only at the discretion of the limited liability partnership.

AMERICA'S GROWTH CAPITAL EUROPE, LLP
America's Growth Capital Europe, LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2024
Page 7
2
Employees

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

2024
2023
Number
Number
Total
9
7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
63,786
40,397
104,183
Additions
142,948
-
142,948
At 31 December 2024
206,734
40,397
247,131
Depreciation and impairment
At 1 January 2024
39,770
29,178
68,948
Depreciation charged in the year
19,323
6,667
25,990
At 31 December 2024
59,093
35,845
94,938
Carrying amount
At 31 December 2024
147,641
4,552
152,193
At 31 December 2023
24,016
11,219
35,235
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
950,160
-
Other debtors
195,899
240,886
Prepayments and accrued income
51,232
-
1,197,291
240,886
AMERICA'S GROWTH CAPITAL EUROPE, LLP
America's Growth Capital Europe, LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2024
4
Debtors
(Continued)
Page 8
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
56,727
37,674
Total debtors
1,254,018
278,560
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
-
176,161
Other creditors
65,783
9,946
Accruals and deferred income
1,285,428
72,688
1,351,211
258,795
6
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.
7
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
378,180
519,998
8
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group with which it is party to the transactions.

AMERICA'S GROWTH CAPITAL EUROPE, LLP
America's Growth Capital Europe, LLP
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2024
Page 9
9
Parent company

The parent undertaking is America's Growth Capital Holdings LLC, a limited liability company incorporated in the United States of America. The registered address is 99 High St FL 22, Boston, MA 02110 United States.

The ultimate controlling party is Benjamin Howe, by virtue of his managing member status in America's Growth Capital Holdings LLC.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Andrew Grieve and the auditor was Moore Kingston Smith LLP.
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