REGISTERED NUMBER:
OC445267
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Meridian Health Ventures Management LLP (Previously KHP Ventures Management LLP) |
|
|
Filleted Unaudited Financial Statements |
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Meridian Health Ventures Management LLP (Previously KHP Ventures Management LLP) |
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Statement of Financial Position |
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31 March 2025
Current assets
|
Debtors |
5 |
511,731 |
85,194 |
|
Cash at bank and in hand |
206,552 |
249,510 |
|
--------- |
--------- |
|
718,283 |
334,704 |
|
|
|
|
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Creditors: amounts falling due within one year |
6 |
476,529 |
338,418 |
|
--------- |
--------- |
|
Net current assets/(liabilities) |
241,754 |
(
3,714) |
|
--------- |
------- |
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Total assets less current liabilities |
241,754 |
(
3,714) |
|
--------- |
------- |
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Net assets/(liabilities) |
241,754 |
(
3,714) |
|
--------- |
------- |
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|
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Represented by:
Loans and other debts due to members
|
Other amounts |
7 |
241,754 |
252 |
|
--------- |
---- |
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|
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Members' other interests
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Other reserves |
– |
– |
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--------- |
---- |
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241,754 |
252 |
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--------- |
---- |
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Total members' interests
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Amounts due from members |
(63,890) |
(85,194) |
|
Loans and other debts due to members |
7 |
241,754 |
252 |
|
Members' other interests |
– |
– |
|
--------- |
-------- |
|
177,864 |
(84,942) |
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--------- |
-------- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements
.
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Meridian Health Ventures Management LLP (Previously KHP Ventures Management LLP) |
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Statement of Financial Position (continued) |
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31 March 2025
These financial statements were approved by the
members
and authorised for issue on
12 December 2025
, and are signed on their behalf by:
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D C Dickens |
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Designated Member |
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Registered number:
OC445267
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Meridian Health Ventures Management LLP (Previously KHP Ventures Management LLP) |
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Notes to the Financial Statements |
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Year ended 31 March 2025
The LLP is registered in England and Wales. The address of the registered office is C.I.T.I. 10th floor, 75-79 York Road, London, SE1 7NJ. The company changed its name from KHP Ventures Management LLP on 22nd May 2025.
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2. |
Statement of compliance |
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These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2022).
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. The financial statements are prepared in Sterling, the functional currency of the entity.
Going concern
The members have considered the basis of preparation of the financial statements and have concluded that it is appropriate to prepare these on the going concern basis. The entity has sufficient reserves to be able to manage its liabilities as they fall due for a period of no less than twelve months from sign off of these financial statements, as such the LLP continues to adopt the going concern basis in these accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for management services, stated net of discounts and of Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
Financial assets Financial assets are recognised when the entity becomes a party to the contractual provisions of the financial instrument. The Company does not hold any third-party financial assets. Trade and other receivables Trade and other receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost less provision for impairment. Trade and other payables Obligations to pay for goods/services; current and non-current are initially recognised at fair value and are subsequently measured at amortised costs.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
4
(2024:
3
).
|
2025 |
2024 |
|
£ |
£ |
|
Other debtors |
511,731 |
85,194 |
|
--------- |
-------- |
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6.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Trade creditors |
3,481 |
7,047 |
|
Social security and other taxes |
122 |
– |
|
Other creditors - desc in a/cs |
1,027 |
1,027 |
|
Other creditors |
471,899 |
330,344 |
|
--------- |
--------- |
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476,529 |
338,418 |
|
--------- |
--------- |
|
|
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|
7. |
Loans and other debts due to members |
|
|
|
2025 |
2024 |
|
£ |
£ |
|
Loans from members |
252 |
252 |
|
Amounts owed to members in respect of profits |
241,502 |
– |
|
--------- |
---- |
|
241,754 |
252 |
|
--------- |
---- |
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The prior periods accounts run from incorporation of January 2023 to March 2024. Not being a full year of trade the figures are not comparable to the current, full year.
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9. |
Other financial commitments |
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The LLP had no other commitments or contracts for capital expenditure in place as at the reporting date.
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10. |
Related party transactions |
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No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.