The directors present their Strategic report for the year ended 31 March 2025.
The Strategic report has been prepared for Amadeus Partners Limited and its subsidiaries ('the Group') as a whole and therefore gives greater emphasis to those matters which are significant to Amadeus Partners Limited and its Group undertakings when viewed as a whole.
The Group's principal activity is the management of the Amadeus investment funds for which the Group receives management fees.
The Group manages funds with total commitments of £872m (2024: £853m).
There have been no changes in the Company's principal activity during the year under review. Since the prior year one fund has been opened, taking the number of managed funds to 19.
The results for the Group for the year ended are as follows:
The Consolidated statement of comprehensive income on page 8 shows that the Group's turnover has increased from £5,142,711 to £5,692,763. The Group has moved to profit before tax of £622,388 in the current year from a loss of £1,104,222 in the prior year. See note 3 for further explanation of turnover. The increase in both turnover and profit during the year is driven by an increase in the level of management fees in the year.
The balance sheet on page 9 shows that the Group's net assets balance has increased from £8,969,463 to £9,591,851. The increase in net assets is driven by the profit generated in the year.
The Company's directors deem the key performance indicator of the entity to be continued growth in management fee income. For details regarding the contraction of management fee income refer to Results and performance.
The Group receives profit shares and management fees as stipulated by the relevant Limited Partnership Agreements. As such, the Group's income is predictable and does not give rise to any significant risks or uncertainties. The Group's operating expenses relate primarily to payroll and premises costs and as such are also predictable and controllable. The inherent risk in the management company is directly linked to the performance of the funds. This risk is managed through the recruitment of competent investment managers.
The Group's activities expose it to a number of financial risks and uncertainties including liquidity risk, cash flow risk and credit risk.
Liquidity and Cash flow risk
The Group's principal financial assets are cash and amounts owed by the Amadeus investment funds. Liquidity is monitored using regular forecasting of operational cash flows by management.
Credit risk
The Group's credit risk is primarily attributable to the amounts owed by the Amadeus investment funds, which are based on the terms of the relevant Limited Partnership Agreements. Management periodically reviews the funds financial positions and will take appropriate action as to whether there is any impairment with any of the amounts owed by the funds. As the manager of the funds, Amadeus has the ability to control when payments in regard to these debts are made, therefore reducing credit risk.
There have been no changes in the Group’s principal activity during the year under review and the directors do not anticipate this will change in the future.
Group'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.
Accordingly, the directors have concluded that the financial statements should continue to be prepared on a going concern basis.
Events after the balance sheet date
There have been no significant events since the balance sheet date.
On behalf of the board
The directors present their annual report on the affairs of the Group, 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, post balance sheet events, and financial risk management objectives and policies.
See the Strategic report for reference to the results and performance of the Group during the year.
No dividend has been paid or is proposed for the year ended 31 March 2025 (2024: £Nil).
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In our opinion the financial statements of Amadeus Partners Limited (the ‘Parent Company’) and its subsidiaries (the ‘Group’) :
give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 March 2025 and of the Group’s 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.
Basis for 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.
Other information
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 Group’s industry and its control environment, and reviewed the Group’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 Group’s business sector.
We obtained an understanding of the legal and regulatory frameworks that the Group 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 Group’s ability to operate or to avoid a material penalty. This included the regulated subsidiary operating licence.
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 areas, and our specific procedures performed to address it is described below:
A significant fraud risk related to the accuracy of management fee income was identified. To address this, the management fee income was recalculated. This recalculation used audited input data and confirmed that the income aligns with the terms specified in the relevant Management Agreements and Limited Partnership Agreements.
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.
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 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 Group and Parent Company and their environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report and directors’ report.
Matters on which we are required to report by exception
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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent Company 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.
There are no comprehensive income or expenses other than the profit for the current year and loss for the preceding financial year. Accordingly, no separate statement of other comprehensive income is given.
All amounts are derived from continuing operations.
The notes on pages 14 to 30 form part of these group financial statements.
The notes on pages 14 to 30 form part of these group financial statements.
As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and
related notes. The Company’s profit for the year was £498 (2024: £500 profit).
Amadeus 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 Group consists of Amadeus Partners Limited and all of its subsidiaries.
The principal activities of the Company and its subsidiaries (the "Group") are set out in the strategic report.
These financial statements have been prepared in accordance 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.
The functional currency of Amadeus Partners Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The financial statements have been prepared under the historical cost convention.
The Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group. The Company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
The Group financial statements consolidate the financial statements of Amadeus Partners Limited and its subsidiary undertakings drawn up to 31 March each year. The Company was incorporated on 23 October 1998 and became the parent of Amadeus Capital Partners Limited on 18 January 1999 via a share for share exchange in that company.
This combination was a group reconstruction under Financial Reporting Standard No. 6 "Acquisitions and Mergers", and as such has been accounted for via merger accounting. Thus the results and cash flows of the combined entities were brought into the financial statements of the combined entity from the beginning of the financial period in which the combination occurred (i.e. from 1 April 1998).
The directors of Amadeus Capital Partners have assessed the material nature of the Amadeus Capital GP LLP and deemed it immaterial. On this basis the Amadeus Capital GP LLP has been omitted from consolidation which is permitted per Companies Act 2006 s405(2).
Under merger accounting, there has been no adjustment to reflect fair values on consolidation.
As permitted by Section 408 of the Companies Act 2006 no profit and loss account or statement of comprehensive income is presented for the parent company. The profit/(loss) attributable to the Company is disclosed in the footnote to the Company's balance sheet.
Employee Benefit Trust
The Group accounts for its Employee Benefit Trust in accordance with the requirements of FRS 102 and as such shows the assets and liabilities of the trust in the Company only balance sheet of Amadeus Partners Limited. The assets and liabilities of the trust are unrestricted.
The trust holds 231,000 'A2' ordinary shares of the Company in its subsidiary Amadeus Jersey Limited, these are accounted for as Treasury Shares in the consolidated balance sheet in accordance with FRS 102.
The Group'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 Group has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the directors have concluded that the financial statements should continue to be prepared on a going concern basis.
Turnover represents the management fees, monitoring fees and other income. 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.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
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.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Fund intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) Returns to the holder are (i) a fixed amount; or (ii) ,a fixed rate of return over the life of the instrument; or (iii) a variable return that, throughout the life of the instrument, is equal to a single referenced quoted- or observable interest rate; or (iv) some combination of such fixed rate and variable rates, providing that both rates are positive. (b)There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods. (c) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in relevant taxation or law. (d) There are no conditional returns or repayment provisions except for the variable rate return described in (a) and prepayment provisions described in (c).
Debt instruments that are classified as payable or receivable within one year and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
Other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be Nil) less impairment.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the fund transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the fund, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another' party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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.
Equity instruments issued by the Group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet 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.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, 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.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
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 Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The Group's employees are members of the Group's defined contribution retirement benefit scheme. Amounts charged in the profit and loss account in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the Balance sheet.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals under operating leases are charged on a straight-line basis over the lease term.
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
Interest income
Interest income is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably.
Administrative expenses
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.
In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements in applying the Group's accounting policies
No critical judgements have been identified by the directors that have been made in the process of applying the Group'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 Group's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Turnover is wholly attributable to the principal activity of the Group and arises solely within the United Kingdom.
Particulars of employees of the Group and the Company (including executive directors) are shown below:
Their aggregate remuneration comprised:
The number of directors who are members of a money purchase pension scheme during the year is 2 (2024: 2).
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
A deferred tax liability has not been recognised in respect of timing differences relating to the excess of advance priority profit share over available tax losses as there is insufficient evidence that the liability will crystallise. The amount of the liability is £2,006,412 (2024: £2,061,493).
Factors that may affect future tax charges
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. As a result deferred tax has been calculated at 25% (2024:25%).
The Group has taxable losses carried forward of £20,608,623 (2024: £19,013,480).
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: £359).
Other investments and loans include £1 (2024: £1) which relates to Red Herring which is a magazine specialising in venture capital.
Details of the Company's subsidiaries at 31 March 2025 are as follows:
Amadeus Capital Partners Limited holds 100% of the ordinary share capital of Amadeus General Partner Limited, Amadeus Capital Limited, Amadeus Capital Partners (Nominee) Limited and Amadeus Capital Partners, Inc. The subsidiaries are companies incorporated in England and Wales, with the exception of Amadeus Capital Partners, Inc which is a Delaware corporation and Amadeus General Partner Limited which is incorporated in Scotland, and are all included within the consolidation. The addresses of the subsidiaries' registered offices is Suite 1, 2nd Floor, 2 Quayside, Cambridge, CB5 8AB, with the exception of Amadeus Capital Partners, Inc whose address is 69 Central Avenue, San Francisco, CA 94117, USA and Amadeus General Partner Limited whose address is 50 Lothian Road, Edinburgh, EH3 9WJ.
The principal activity of Amadeus Capital Partners Limited is to act as the manager to the Amadeus II, III, Amadeus and Angels Seed Fund, Amadeus EII, Amadeus HI, Amadeus IV Digital Prosperity, Amadeus TI, Amadeus IV Early Stage Fund, EIS, Amadeus RSEF, Amadeus IV Velocity, Amadeus EIII, Amadeus GI, Amadeus V Technology, Amadeus EIV-S, Amadeus HII-S, Amadeus VI Technology Fund, Amadeus NI-S and Amadeus BI investment funds.
The principal activity of Amadeus General Partner Limited is to act as an intermediary between the general partners (Amadeus II General Partner LP, Amadeus III General Partner LP, Amadeus and Angels Seed General Partner LP, Amadeus Ell General Partner LP, Amadeus HI General Partner LP, Amadeus IV Digital Prosperity General Partner LP, Amadeus TI General Partner LP, Amadeus IV ES General Partner LP, Amadeus RSEF General Partner LP, Amadeus IV Velocity GP LP, Amadeus EIII General Partner LP, Amadeus GI General Partner LP, Amadeus V Technology Fund General Partner LP, Amadeus EIV General Partner LP, Amadeus HII General Partner LP, Amadeus NI General Partner LP and Amadeus BI General Partner LP), Amadeus VI Technology Fund, and the manager (Amadeus Capital Partners Limited) of the Amadeus II, III; Amadeus and Angels Seed Fund, Amadeus EII, Amadeus HI, Amadeus IV Digital Prosperity, Amadeus TI, Amadeus IV Early Stage Fund, Amadeus RSEF, Amadeus IV Velocity, Amadeus GI, Amadeus V Technology, Amadeus EIV-S, Amadeus HII-S, Amadeus NI-S, Am VI Technology General Partner LP and Amadeus BI investment funds.
The principal activity of Amadeus Capital Limited was property management of a leasehold, property. The lease was surrendered in 2002, hence the Company is now dormant.
The principal activity of Amadeus Capital Partners (Nominee) Limited is to act as a bare trustee in relation to investments beneficially owned by any fund managed by the Company or owned by the Company or any related Company, where for any reason the beneficial owner cannot hold such investment in its own name. The Company is now dormant.
The principal activity of Amadeus Capital Partners, Inc is to provide investment-related advisory services to its parent company.
Amadeus Capital Partners Limited and Amadeus General Partner Limited are both designated members of Amadeus Capital GP LLP. The principal activity of which is to act as an ancillary general partner to the Amadeus funds.
All investments of the Group and the Company represent the original cost of investments less any provision for impairment
Amounts owed by group and associated undertakings are unsecured, non‐interest bearing and repayable on demand.
Other debtors include VAT recoverable of £121,074 (2024: £82,046).
| 2025 | 2024 |
| £ | £ |
Group |
|
|
Amounts owed by group and associated undertakings: |
|
|
Amadeus General Partner Limited | 100 | 100 |
Amadeus II General Partner LP | 0 | 0 |
Amadeus III General Partner LP | 6,885 | 11,890 |
Amadeus and Angels Seed Fund General Partner LP | 0 | 0 |
Amadeus HI General Partner LP | 985 | 1,619 |
Amadeus IV Digital Prosperity General Partner LP | 354,019 | 89,050 |
Amadeus IV Early Stage Fund General Partner LP | 936,986 | 917,531 |
Amadeus RSEF General Partner LP | 50,000 | 64,053 |
Amadeus EIII General Partner LP | 0 | 0 |
Amadeus V Technology Fund General Partner LP | 2,733,160 | 4,520,147 |
Amadeus GI General Partner LP | 0 | 9,377 |
Amadeus TI General Partner LP | 268,430 | 150,725 |
Amadeus EIV General Partner LP | 269,162 | 127,052 |
Amadeus HII General Partner LP | 4,965 | 5,165 |
Amadeus NI General Partner LP | 7,824 | 8,119 |
Amadeus BI General Partner LP | 42,904 | 10,820 |
Amadeus VI Technology General Partner LP | 758,148 | 352,704 |
Amadeus II 'A' | 1,621 | 108 |
Amadeus II 'B' | 1,308 | 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 III Affiliates Fund | 13,577 | 9,076 |
Amadeus and Angels Seed Fund | 61,637 | 46,672 |
Amadeus Ell | 263,150 | 178,770 |
Amadeus EIII | 27,676 | 23,472 |
Amadeus HI | 13,240 | 5,714 |
Amadeus IV Digital Prosperity | 97,147 | 29,538 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amadeus BI | 27,700 | 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 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 | 10,050 | 5,448 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amadeus NI-S Amadeus IV Technology Fund Amadeus VI Technology Fund Amadeus Capital Partners, Inc Total
Company Amounts owed by group and associated undertakings: Amadeus Capital Partner Limited
| 7,124 0 14,373 678,440 7,161,405
26,045
| 3,380 356 0 0 6,990,844
26,045
|
Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.
The Group operates a defined contribution retirement benefit scheme for all qualifying employees.
As at 31 March 2025 there were no pension contributions outstanding (2024: £Nil).
The 'A1' ordinary and 'A2' ordinary shares have voting rights and rights on winding up. The 'B' shareholders have no voting rights and no rights on winding up.
The Group's and the Company's other reserves are as follows:
The profit and loss reserve represents cumulative profits or losses net of dividends paid and other adjustments.
The treasury shares represent shares of Amadeus (Jersey) Limited held by Amadeus Partners Limited. This is valued at the cost of the capital commitment and advanced loans, less impairment.
The capital redemption reserve represents the repurchase of ordinary shares in Amadeus Partners Limited.
Capital commitments
At the end of the year there were no capital commitments (2024: £Nil).
Lease commitments
At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
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.
Transactions with other group and associated entities are disclosed on the statement of comprehensive income and note 3. Balances with these entities which are outstanding at the year end are disclosed in notes 15 and 16.
The total remuneration for key management personnel for the year totalled £639,211 (2024: £545,043), being remuneration disclosed in Employee note in accounting policies.
There have been no events after the balance sheet date affecting the Company since the financial year.
A M Glover and H.M Hauser, directors of the Company, consider the Company to have no ultimate controlling party.