The notes on pages 5 to 6 form part of these financial statements.

The 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.

Vespa B GP LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3 St. James's Square, London, SW1Y 4JU.

The principal activity of the LLP is to act as a General Partner.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.

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

Income comprises priority profit shares ('PPS') from the funds for which the LLP acts as general partner. The PPS is recognised over the period to which it relates.

The LLP's investments in the funds for which it acts as a general partner are held at cost.

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.

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

Members' capital

Members' capital, which is repayable on retirement from the LLP, is accounted for as debt.

Allocation of profits

Profits and losses are automatically allocated amongst the Limited Partners in accordance with the Limited Partnership Agreement. Profits and losses allocated during the year are included in the Partners' capital accounts.

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

During the year the partnership received priority profit share income of £1,068,690 (2024: £1,213,541) from an entity under common control.

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.