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Registered number: OC367565
CONNECT VENTURES ONE (FP) LLP
UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONNECT VENTURES ONE (FP) LLP
INFORMATION
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4th Floor
140 Aldersgate Street
London
EC1A 4HY
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Blick Rothenberg Limited
16 Great Queen Street
London
WC2B 5AH
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CONNECT VENTURES ONE (FP) LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The members present their annual report together with the financial statements of Connect Ventures One (FP) LLP (the "LLP") for the year ended 31 December 2024.
Principal activities
The principal activity of the LLP is investment.
Designated Members
P Bezza, W A Earner and S Teli were designated members of the LLP throughout the period.
Members' capital and interests
Members share profits and losses as agreed by the members.
Details of changes in members' capital in the year ended 31 December 2024 are set out in the reconciliation of members' interests.
Members' responsibilities statement
The 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 members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the 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 LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments 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 LLP will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to 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 the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the members on 19 December 2025 and signed on their behalf by:
P Bezza
Designated member
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CONNECT VENTURES ONE (FP) LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Realised disposal on fixed asset investment
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Profit for the year before members' remuneration and profit shares available for discretionary division among members
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Other comprehensive income for the year
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Revaluation reserve movement on fixed asset investment
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Realised revaluation reserve transferred to profit and loss
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 6 to 8 form part of these financial statements.
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REGISTERED NUMBER:OC367565
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CONNECT VENTURES ONE (FP) LLP
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Revaluation reserve classified as equity
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Other reserves classified as equity
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Amounts due from members (included in debtors)
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The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLP's regime.
The entity is 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by the The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
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REGISTERED NUMBER:OC367565
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CONNECT VENTURES ONE (FP) LLP
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the members and were signed on their behalf on
The notes on pages 6 to 8 form part of these financial statements.
Connect Ventures One (FP) LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.
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CONNECT VENTURES ONE (FP) LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Balance at 1 January 2023
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Balance at 31 December 2023
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Profit for the year available for discretionary division among members
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Members' interests after profit for the year
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Other division of profits
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Balance at 31 December 2024
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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CONNECT VENTURES ONE (FP) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Connect Ventures One (FP) LLP is a limited liability partnership, incorporated in the UK and registered in England & Wales. Its principal activity is investment.
The LLP's registered address is 4th Floor, 140 Aldersgate Street, London, EC1A 4HY.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting
Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies
Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited
Liability Partnerships" published in December 2021. 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.
Investments are measured initially at cost. At each period end they are remeasured to market value.
The LLP has elected to apply the provisions of IAS39 in lieu of the FRS102 treatment of financial assets. Accordingly unrealised valuation gains are recognised in other comprehensive income and are transferred to the revaluation reserve. Permanent impairment losses are recognised in the profit and loss account.
If the investment is a debt instrument, a reversal of a permanent impairment loss is recognised in the profit and loss account to the extent that the original impairment was recognised in the profit and loss account. If the investment is an equity instrument a reversal of a permanent impairment loss is recognised in other comprehensive income.
Any temporary diminution in value of investments is recognised in other comprehensive income and transferred to the revaluation reserve.
Profits and losses realised on the disposal of investments are dealt with in the profit and loss account.
The values assigned to the investments are based upon available information and do not necessarily represent amounts which might ultimately be realised.
The market value of investments includes the fair value of Carry payments receivable. The fair value is calculated by determining what Carry payments would be due to the Founder Partner if all assets of the fund were realised at their balance sheet value.
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CONNECT VENTURES ONE (FP) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The LLP’s cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Loan contributions from the members to finance the LP are initially recognised at transaction value. Amounts payable within one year are measured at the undiscounted amount of amount due. Other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.
The LLP only has short term receivables and payables. Its net current asset position is a reasonable measure of its liquidity at any given time.
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Members' remuneration and profit allocation
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A member's discretionary share in the profit or the loss for the period is accounted for as an allocation of profits. Unallocated profits and losses are included within 'other reserves'.
The taxation payable on profits is the personal liability of members during the period.
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During the year investments with a cost of £755,431 were disposed of for £3,659,177 which derived a realised profit of £2,903,737.
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Amounts owed by group undertakings
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CONNECT VENTURES ONE (FP) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Related party transactions
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At the year end, an amount of £100 (2023: £27,924) was due to Connect Ventures LLP, an entity that has key management personnel in common.
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CONNECT VENTURES ONE (FP) LLP
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CONNECT VENTURES ONE (FP) LLP
FOR THE YEAR ENDED 31 DECEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, as applied to LLPs, we have prepared for your approval the financial statements of Connect Ventures One (FP) LLP for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet and the related notes from the entity's accounting records and from information and explanations you have given to us.
We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales (ICAEW) and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
It is your duty to ensure that Connect Ventures One (FP) LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the entity's assets, liabilities, financial position and profit. You consider that Connect Ventures One (FP) LLP is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Connect Ventures One (FP) LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Use of our report
This report is made solely to the members in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Connect Ventures One (FP) LLP and state those matters that we have agreed to state to them in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Connect Ventures One (FP) LLP and its members for our work or for this report.
Blick Rothenberg Limited
Chartered Accountants
16 Great Queen Street
London
WC2B 5AH
22 December 2025
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