The Designated Members of Bridges/GMPF Co-Investment Vehicle (General Partner) LLP (“the Partnership”) present their report along with the financial statements for the year to 31 March 2025.
The Partnership made neither a profit nor a loss, nor did it have any other recognised gains or losses for the year ended 31 March 2025 (31 March 2024: £nil), which is in line with the Designated Members’ expectations
Members' drawings, contributions, and repayments
The Limited Liability Partnership Agreement establishes policies for Members’ drawings, subscriptions for and the repayment of Members’ capital.
No Member is entitled to interest on their capital.
No capital contributions were subscribed to the Partnership by its Members in the year, and no capital was repaid to them. No drawings are paid, or expected to be paid, to the Members.
The Designated Members during the year were:
Provision of Designated Members’ insurance
Professional Indemnity and Directors’ and Officers’ liability insurance for the Designated Members is provided through a policy taken out by Bridges Fund Management Limited ("the ultimate parent undertaking").
The Designated Members consider only one risk to be material to the business – liquidity risk.
The objective of the Partnership in managing liquidity risk is to ensure it can meet its financial obligations as and when they fall due. The Partnership expects to meet its financial obligations through operating cash flows, to the extent that these are not met on its behalf by the Partnership’s ultimate parent undertaking.
This report has been prepared in accordance with the special provisions relating to small LLPs within Part 15 of the Companies Act 2006.
The Designated Members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the Designated Members to prepare financial statements for each financial year. Under that law the Designated Members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the Designated Members 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 Partnership and of the profit or loss of the Partnership for that period. In preparing these financial statements, the Designated Members are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business.
The Designated Members are responsible for keeping adequate accounting records that are sufficient to show and explain the Partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the Partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the Partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The notes on pages 5 to 8 form part of these financial statements.
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing.
The notes on pages 5 to 8 form part of these financial statements.
Bridges/GMPF Co-Investment Vehicle (General Partner) LLP is a limited liability partnership incorporated in England and Wales on 28 July 2017. The registered office is 38 Seymour Street, London, UK, W1H 7BP.
The Partnership's principal activities are disclosed in the Members' Report.
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to Limited Liability Partnerships subject to the small LLPs 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 Partnership. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention.
Basis of preparation
The Partnership is exempt by virtue of s400 of the Companies Act 2006 from the requirement to prepare group accounts, as it is included within the consolidated financial statements of the ultimate parent undertaking.
As the Partnership is a subsidiary owned equally by Bridges Ventures Holdings Limited and Bridges Ventures (General Partners) Limited, the Designated Members have taken advantage of the exemption contained in FRS102 section 33 and have therefore not disclosed transactions with entities which form part of the group (or investees of the group qualifying as related parties). The consolidated financial statements of the ultimate parent undertaking, within which the Partnership is included, can be obtained from the address given in Note 7.
The Partnership’s ultimate parent undertaking has undertaken to provide such funds as necessary to meet ongoing administrative expenses, therefore the Designated Members have a reasonable expectation that the Partnership has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Designated Members continue to adopt the going concern basis in preparing the financial statements.
Turnover, which excludes value added tax, represents General Partner's share received, recognised on an accruals basis, net of transaction/monitoring fees. All income is earned from UK continuing operations.
Administrative Expenses
Expenses are accounted for on an accruals basis and charged through the Statement of Comprehensive Income.
Taxation has not been recorded in these financial statements, as any tax liabilities that may arise are borne directly by the Members.
The Members' participation rights are the rights of a member against the Partnership that arise under the members' agreement.
The Members' participation rights in the earnings or assets of the Partnership are analysed between those that are, from the Partnerships' 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 the Members' capital, are classed as liabilities unless the Partnership has the unconditional right to refuse payment to Members, in which case they are classified as equity.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at the 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.
Basic financial liabilities 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.
Basic financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
In the application of the Partnership’s accounting policies, the Designated Members 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.
Having considered the nature of the Partnership’s business, key sources of income and expenditure, Balance Sheet items and the Partnership’s accounting policies, the Designated Members do not believe there are any critical accounting judgements or key sources of estimation uncertainty.
The Partnership had no employees during the financial year (31 March 2024: None).
There are no subsequent events to report.