Company No:
Contents
| DIRECTORS | Carl Irving Dickinson |
| Anne Margaret Glover | |
| Hermann Maria Hauser |
| SECRETARY | Carl Irving Dickinson |
| REGISTERED OFFICE | Suite 1 |
| 2nd Floor 2 Quayside | |
| Cambridge | |
| CB5 8AB | |
| United Kingdom |
| COMPANY NUMBER | 03392685 (England and Wales) |
| AUDITOR | Deloitte LLP |
| Statutory Auditor | |
| 110 Queen Street | |
| Glasgow | |
| G1 3BX | |
| United Kingdom |
The directors present their Strategic Report for the financial year ended 31 March 2025.
BUSINESS REVIEW AND PRINCIPAL ACTIVITIES
The Company is a wholly owned subsidiary of Amadeus Partners Limited.
The Company’s principal activity is the management of the Amadeus II, III, Amadeus and Angels Seed Fund, EII, HI, IV Digital Prosperity, TI, IV Early Stage Fund, EIS, RSEF, IV Velocity, EIII, GI, V Technology Fund, VI Technology Fund, EIV-S, HIl-S, NI-S and BI investment funds, for which it receives management fees from Amadeus General Partner Limited, its subsidiary undertaking. The Company is regulated by the Financial Conduct Authority, ("FCA"). The Company manages 19 funds (2024: 19).
RESULTS AND PERFORMANCE
Management fees received are £5,363,769 (2024: £4,803,490) and the profit and loss account on page 10 shows that the Company’s profit before tax is £585,026 (2024: loss £1,139,814). See note 3 for further details on turnover.
The balance sheet on page 11 shows that the Company’s net assets balance has increased from £3,718,336 to £4,303,362. The increase is due to the profit generated in the year.
**GOING CONCERN**
The Company’s day to day working capital is funded through the receipt of management fees which are ordinarily based on the level of funds invested in portfolio companies within each of the funds.
The directors have reviewed the cash flow and projected income and expenses over the next twelve months from the date of approval and have deemed that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
KEY PERFORMANCE INDICATORS ('KPI'S')
The Company’s directors deem the key performance indicator of the entity to be continued growth in management fee income. For details regarding management fee income refer to the Results and Performance section above.
FUTURE DEVELOPMENTS
There have been no changes in the Company’s principal activity during the year under review and the directors do not anticipate this will change in the future.
Approved by the Board of Directors and signed on its behalf by:
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Anne Margaret Glover
Director |
The directors present their annual report on the affairs of the Company, together with the financial statements, for the financial year ended 31 March 2025.
Disclosures required by s416(4) of Companies Act 2006 which are presented in the Strategic Report and form part of this report by cross reference include future developments, proposed dividends and financial risk management objectives and policies.
FUTURE DEVELOPMENTS
Details of future developments can be found in the Strategic Report.
EVENTS AFTER THE BALANCE SHEET DATE
There have been no significant events since the balance sheet date.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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DIRECTORS' INDEMNITIES
AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Deloitte LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
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Anne Margaret Glover
Director |
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Report on the audit of the financial statements
In our opinion the financial statements of Amadeus Capital Partners Limited (the ‘Company’):
* give a true and fair view of the state of the Company’s affairs as at 31 March 2025 and of its profit for the year then ended;
* have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
* have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
* the profit and loss account;
* the balance sheet;
* the statement of changes in equity; and
* the related notes 1 to 21.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the Company’s industry and its control environment, and reviewed the Company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the Company’s business sector.
We obtained an understanding of the legal and regulatory frameworks that the Company operates in, and identified the key laws and regulations that:
* had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act and tax legislation; and
* do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included FCA regulations.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address it are described below:
* The presumed significant fraud risk surrounding revenue has been pinpointed to the accuracy of management fee income. The terms of the management fee income have been agreed to the relevant Management Agreements and the underlying determination of the amount due have been recalculated as the management fee income is in line with the terms stated in the underlying Limited Partnership Agreements using audited input data.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
* reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
* performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
* enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
* reading minutes of meetings of those charged with governance and reviewing correspondence with the licensing authority.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The strategic report and directors’ report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors’ report.
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
* adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* the financial statements are not in agreement with the accounting records and returns; or
* certain disclosures of directors’ remuneration specified by law are not made; or
* we have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Statutory Auditor
Glasgow
G1 3BX
United Kingdom
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Turnover | 3 |
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| Administrative expenses | (
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| Operating profit/(loss) |
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| Interest receivable and similar income | 4 |
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| Profit/(loss) before taxation | 5 |
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| Tax on profit/(loss) | 9 |
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| Profit/(loss) for the financial year |
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| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 11 |
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| Investments | 12 |
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| 455,337 | 266,045 | |||
| Current assets | ||||
| Debtors | 13 |
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| Cash at bank and in hand |
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| 9,978,708 | 10,565,116 | |||
| Creditors: amounts falling due within one year | 14 | (
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| Net current assets | 3,848,025 | 3,452,291 | ||
| Total assets less current liabilities | 4,303,362 | 3,718,336 | ||
| Net assets | 4,303,362 | 3,718,336 | ||
| Capital and reserves | 15 | |||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholder's funds | 4,303,362 | 3,718,336 |
The financial statements of Amadeus Capital Partners Limited (registered number:
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Anne Margaret Glover
Director |
| Called-up share capital | Profit and loss account | Total | |||
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| At 01 April 2023 |
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| Loss for the financial year |
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| Total comprehensive loss |
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| At 31 March 2024 |
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| At 01 April 2024 |
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| Profit for the financial year |
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| Total comprehensive income |
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| At 31 March 2025 |
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The notes to the financial statements form an integral part of these financial statements.
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Amadeus Capital Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 1, 2nd Floor 2 Quayside, Cambridge, CB5 8AB, England, United Kingdom.
The principal activities are set out in the Strategic Report.
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council.
The functional Currency of Amadeus Capital Partners Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.
Amadeus Capital Partners Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. Exemptions have been taken in these separate Company financial statements in relation to financial instruments, presentation of a cash flow statement and remuneration of key management personnel on the basis that this information is presented in the consolidated financial statements of Amadeus Partners Limited which are publicly available, see note 21 for further details.
The company has taken advantage of the exemption from preparing consolidated financial statements afforded by Section 400 of the Companies Act 2006 because it is a wholly owned subsidiary of Amadeus Partners Limited, which is established under the law of a member state of the European Community and which prepares consolidated financial statements which are publicly available.
The Company’s day to day working capital is funded through the receipt of management fees which are ordinarily based on the level of funds invested in portfolio companies within each of the funds.
The directors have reviewed the cash flow and projected income and expenses over the next twelve months from the date of approval and have deemed that the Company has adequate resources to continue in operational existence for the above mentioned period. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.
Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Company and the Company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Administrative expenses are incurred on behalf of the funds, they are recharged in line with the Limited Partnership Agreements specific to each fund. Costs are accounted for on an accruals basis.
Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:
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| Leasehold improvements |
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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 credited or charged to profit or loss.
Leasehold improvements are depreciated over 5 years to the break clause date of the lease.
The Company as lessee
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value with changes in fair value recognised through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for relief from the recognition of share premium, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
Critical judgements in applying the Company’s accounting policies
No critical judgements have been identified by the directors that have been made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Key source of estimation uncertainty
There are no key sources of estimation uncertainty in the process of applying the Company's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Breakdown by business class
An analysis of the Company's turnover by class of business is set out below.
| 2025 | 2024 | ||
| £ | £ | ||
| Management fee | 5,363,769 | 4,803,490 | |
| Other Income | 328,994 | 339,221 | |
| 5,692,763 | 5,142,711 |
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable and similar income |
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Interest receivable consists wholly of bank interest.
Profit/(loss) before taxation is stated after charging/(crediting):
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 11) |
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| Operating lease rentals |
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| Foreign exchange losses |
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| Bad debt provision |
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An analysis of the auditor's remuneration is as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 30,780 | 29,030 | |
| Total audit fees |
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| Taxation compliance services |
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| 2025 | 2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Investment |
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| Administration |
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Their aggregate remuneration comprised:
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| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other retirement benefit costs |
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| 2,709,438 | 2,827,074 |
| 2025 | 2024 | ||
| £ | £ | ||
| Directors' emoluments |
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| Company contributions to money purchase pension schemes |
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| 639,211 | 545,043 |
| 2025 | 2024 | ||
| Number | Number | ||
| Members of a money purchase pension scheme |
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Remuneration of the highest paid director
| 2025 | 2024 | ||
| £ | £ | ||
| Director's emoluments | 239,689 | 214,651 |
| 2025 | 2024 | ||
| £ | £ | ||
| Current tax on profit/(loss) | |||
| UK corporation tax |
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| Total current tax |
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| Total tax on profit/(loss) |
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The tax assessed for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK:
| 2025 | 2024 | ||
| £ | £ | ||
| Profit/(loss) before taxation | 585,026 | (1,139,814) | |
| Tax on profit/(loss) at standard UK corporation tax rate of 25% (2024: 25%) |
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| Income not taxable in determining taxable profit | (
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| Utilisation of tax losses not previously recognised | (
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| Change in unrecognised deferred tax assets | (
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| Deferred tax not recognised | 0 | 277,617 | |
| Depreciation on non-qualifying assets | 3,540 | 0 | |
| Total tax charge for year | 0 | 0 |
A net deferred tax asset not recognised in the current year amounts to £121,179 (2024: £6,768) in respect of tax losses. The, directors are of the opinion that there will be no suitable taxable income in the short to medium term for a deferred tax asset to be recognised.
Following the substantive enactment of the Finance Act 2021, effective 1 April 2023 the applicable corporation tax rate is now 25% (for companies with profits over £250,000) and continues to be 19% (for companies with profits of £50,000 or less). Companies with profits between £50,000 and £250,000 pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.
| Computer software | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 April 2024 |
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| At 31 March 2025 |
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| Accumulated amortisation | |||
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| At 31 March 2025 |
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Office equipment | Computer equipment | Total | ||||
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| Cost | |||||||
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| At 31 March 2025 |
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| Charge for the financial year |
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| At 31 March 2025 |
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| Net book value | |||||||
| At 31 March 2025 | 101,463 | 40,381 | 31,523 | 173,367 | |||
| At 31 March 2024 | 0 | 10,081 | 46,762 | 56,843 |
| 2025 | 2024 | ||
| £ | £ | ||
| Subsidiary undertakings |
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| Other investments and loans |
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| 281,970 | 209,202 |
Other investments and loans include £1 (2024: £1) which relates to Red Herring which is a magazine specialising in venture capital.
Investments in subsidiaries
| 2025 | |
| £ | |
| Cost | |
| At 01 April 2024 |
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| At 31 March 2025 |
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| Carrying value at 31 March 2025 |
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| Carrying value at 31 March 2024 |
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| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 April 2024 |
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| Additions |
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| Disposals | (
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(
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| At 31 March 2025 |
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| Carrying value at 31 March 2025 |
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| Carrying value at 31 March 2024 |
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Other investments and loans include the investments in the General Partner LP entities represent Amadeus Capital Partners Limited’s share of the General Partners contribution to the respective funds. During the year there was additional investments (Drawdowns) in the funds of £81,452, (2024: £82,200) and proceeds received (Distributions) amounted to £8,684 (2024: £360).
Investments in shares
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.03.2025 |
Ownership 31.03.2024 |
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50 Lothian Road, Edinburgh, EH3 9WJ | To act as an intermediary between the General Partners |
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Suite1, 2nd Floor, 2 Quayside, Cambridge, CB5 8AB | Dormant |
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Suite1, 2nd Floor, 2 Quayside, Cambridge, CB5 8AB | Dormant |
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69 Central Avenue, San Francisco, CA 94117 | Investment related advisory services |
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| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by Group undertakings (note 18) |
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| Amounts owed by associates (note 18) |
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| VAT recoverable |
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| Other debtors |
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| Prepayments |
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| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to Group undertakings (note 18) |
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| Other taxation and social security |
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| Accruals |
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| Other creditors |
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There is a fixed and floating charge registered over all the property or undertakings of the Company.
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| Presented as follows: | |||
| Called-up share capital presented as equity | 5,000 | 5,000 |
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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| Total future minimum lease payments under non-cancellable operating leases |
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Defined contribution schemes
The Company operates a defined contribution retirement benefit scheme for all qualifying employees. The total expense charged to profit or loss in the year ended 31 March 2025 was £72,644 (2024: £78,738). As at 31 March 2025 there were no pension contributions outstanding (2024: £Nil).
H M Hauser, director of the Company, holds an interest in Amadeus II General Partner LP, Amadeus III General Partner LP, Amadeus and Angels Seed General Partner LP, Amadeus EII General Partner LP, Amadeus HI General Partner LP, Amadeus IV Digital Prosperity GP LP, Amadeus TI GP LP, Amadeus IV ES General Partner LP, Amadeus RSEF General Partner LP, Amadeus IV Velocity GP LP, Amadeus EIII General Partner LP, Amadeus GI GP LP, Amadeus V Technology GP LP, Amadeus EIV GP LP, Amadeus HII GP LP, Amadeus NI GP LP, Amadeus BI GP LP and Amadeus VI Technology GP LP through the Providence Investment Company Limited as a founder partner.
A M Glover, director of the Company, holds an interest in Amadeus II General Partner LP, Amadeus III General Partner LP, Amadeus and Angels Seed General Partner LP, Amadeus EII General Partner LP, Amadeus HI General Partner LP, Amadeus IV Digital Prosperity GP LP, Amadeus TI GP LP, Amadeus IV ES General Partner LP, Amadeus RSEF General Partner LP, Amadeus IV Velocity GP LP, Amadeus EIII General Partner LP, Amadeus GI GP LP, Amadeus V Technology GP LP, Amadeus EIV GP LP, Amadeus HII GP LP, Amadeus NI GP LP, Amadeus BI GP LP and Amadeus VI Technology GP LP through Calderstone LLC as a founder partner.
The Company has taken the qualifying entities exemption available in FRS 102 to not disclose related party transactions with fellow wholly-owned group entities.
Amounts owed by group and associated undertakings
| 2025 | 2024 | ||
| £ | £ | ||
| Amadeus General Partner Limited | 5,433,567 | 6,268,351 | |
| Amadeus III Affiliates Fund | 13,577 | 9,076 | |
| Amadeus & Angels Seed Fund | 61,637 | 17,837 | |
| Amadeus Ell | 263,150 | 178,770 | |
| Amadeus EllI | 27,676 | 23,472 | |
| Amadeus HI | 13,240 | 5,714 | |
| Amadeus IV Digital Prosperity | 97,147 | 29,538 | |
| Amadeus BI | 27,701 | 3,130 | |
| Amadeus IV Early Stage Fund A | 10,232 | 35,820 | |
| Amadeus IV Early Stage Fund B | 7,438 | 56,011 | |
| Amadeus IV Early Stage EIS | 139,410 | 182,896 | |
| Amadeus Capital Partners Inc | 678,440 | 656,620 | |
| Amadeus IV Velocity Fund | 3,548 | 0 | |
| Amadeus RSEF | 19,127 | 12,630 | |
| Amadeus V Technology Fund | 170,901 | 84,667 | |
| Amadeus GI | 2,184 | 86 | |
| Amadeus EIV-S | 124,573 | 22,696 | |
| Amadeus HII-S | 10,049 | 5,448 | |
| Amadeus NI-S | 7,124 | 3,380 | |
| Amadeus II 'A' | 1,621 | 108 | |
| Amadeus II 'B' | 1,307 | 86 | |
| Amadeus II 'C' | 1,200 | 55 | |
| Amadeus II 'D' GmbH & Co KG | 65 | 2 | |
| Amadeus II Affiliates Fund | 19,502 | 16,264 | |
| Amadeus III | 12,614 | 5,615 | |
| Amadeus VI Technology Fund | 14,373 | 356 | |
| 7,161,403 | 7,618,628 |
The company’s immediate, parent undertaking is Amadeus Partners Limited, a company registered in England and Wales. This is the largest and smallest parent undertaking preparing consolidated financial statements of which incorporate the results of the company. The address of their registered office and where copies of these financial statements may be obtained from is Suite 1, 2nd Floor, 2 Quayside, Cambridge, CB5 8AB, United Kingdom.
A M Glover and H M Hauser, directors of Amadeus Partners Limited, consider the group headed by Amadeus Partners Limited to have no ultimate controlling party.