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REGISTERED NUMBER: SO302174
Panoramic Growth Equity (Carried Interest) LLP
Filleted Unaudited Financial Statements
For the year ended
31 March 2025
Panoramic Growth Equity (Carried Interest) LLP
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
£
Fixed assets
Investments
5
200
200
Current assets
Debtors
6
21,828
19,434
Creditors: amounts falling due within one year
7
21,828
19,434
--------
--------
Net current liabilities
–
–
----
----
Total assets less current liabilities
200
200
----
----
Net assets
200
200
----
----
Represented by:
Loans and other debts due to members
Other amounts
–
–
Members' other interests
Members' capital classified as equity
200
200
Other reserves
–
–
----
----
200
200
----
----
Total members' interests
Amounts due from members
(11,172)
(8,538)
Loans and other debts due to members
–
–
Members' other interests
200
200
--------
-------
(10,972)
(8,338)
--------
-------
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 .
Panoramic Growth Equity (Carried Interest) LLP
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the members and authorised for issue on 11 December 2025 , and are signed on their behalf by:
D H Wilson
Designated Member
Registered number: SO302174
Panoramic Growth Equity (Carried Interest) LLP
Notes to the Financial Statements
Year ended 31 March 2025
1.
General information
The LLP is registered in Scotland. The address of the registered office is Suite 7, The Garment Factory, 10 Montrose Street, Glasgow, G1 1RE, Scotland.
2.
Statement of compliance
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 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The members have assessed the LLP's ability to continue as a going concern and have reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
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'.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include other receivables and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include other payables, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the entity assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the entity will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4.
Average number of employees
During the year the average number of employees was nil (2024: nil).
5.
Investments
Other investments other than loans
£
Cost
At 1 April 2024 and 31 March 2025
200
----
Impairment
At 1 April 2024 and 31 March 2025
–
----
Carrying amount
At 31 March 2025
200
----
At 31 March 2024
200
----
6.
Debtors
2025
2024
£
£
Other debtors
21,828
19,434
--------
--------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
21,828
19,434
--------
--------
8.
Related party transactions
In the opinion of the members there is no controlling party as defined by FRS102. The investment held in the balance sheet represents an interest in Panoramic Enterprise Capital Fund 1 LP, a fund which is managed by Panoramic Growth Equity (Fund Management) LLP. The members of this LLP are also members of Panoramic Growth Equity (Fund Management) LLP. Included in other debtors at the year end is an amount of £10,517 (2024: £10,757) due from Panoramic Enterprise Capital Fund 1 LP. Included in creditors at the year end was a sum of £1,020 (2024: £1,020) due to Panoramic Growth Equity (General Partner 1) Limited in respect of expenses settled on behalf of this LLP. Included in creditors at the year end was a sum of £18,414 (2024: £16,134) due to Panoramic Growth Equity (Fund Management) LLP in respect of expenses settled on behalf of this LLP.