Company No: OC404014 (England and Wales)

Contents

• Limited Liability Partnership Information
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

DESIGNATED MEMBERS	P G Cullum
	H M Reynolds

MEMBERS	Cass Entrepreneurship CI Investments 2016 LLP
	City Entrepreneurship Limited
	Cullum Family Trust

REGISTERED OFFICE	106 Bunhill Row
	London
	EC1Y 8TZ
	United Kingdom

REGISTERED NUMBER

OC404014 (England and Wales)

ACCOUNTANT	S&W Partners (South East) Limited
	Brockbourne House
	77 Mount Ephraim
	Royal Tunbridge Wells
	TN4 8BS

	Note	2025		2024
		£		£
Fixed assets
Investments	4	5,240,189		5,065,189
		5,240,189		5,065,189
Current assets
Debtors	5	382,908		243,805
		382,908		243,805
Creditors: amounts falling due within one year	6	( 4,632)		( 4,751)
Net current assets		378,276		239,054
Total assets less current liabilities		5,618,465		5,304,243
Net assets attributable to members		5,618,465		5,304,243
Represented by
Members' other interests
Members' capital classified as equity		5,179,322		4,654,322
Other reserves		439,143		649,921
		5,618,465		5,304,243
		5,618,465		5,304,243
Total members' interests
Members' other interests		5,618,465		5,304,243
		5,618,465		5,304,243

For the financial 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Cass Entrepreneurship Investments 2016 LLP (registered number: OC404014) were approved and authorised for issue by the Board of Directors on 04 December 2025. They were signed on its behalf by:

H M Reynolds Designated member

	EQUITY Members' other interests			Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Total
	£	£	£	£
Balance at 01 April 2023	3,729,284	925,586	4,654,870	4,654,870
Loss for the financial year available for discretionary division among members	0	(275,665)	(275,665)	(275,665)
Members' interest after loss for the financial year	3,729,284	649,921	4,379,205	4,379,205
Introduced by members	950,025	0	950,025	950,025
Repayment of capital	(24,987)	0	(24,987)	(24,987)
Balance at 31 March 2024	4,654,322	649,921	5,304,243	5,304,243
Loss for the financial year available for discretionary division among members	0	(211,742)	(211,742)	(211,742)
Members' interest after loss for the financial year	4,654,322	438,179	5,092,501	5,092,501
Introduced by members	525,000	0	525,000	525,000
Other division of income	0	964	964	964
Balance at 31 March 2025	5,179,322	439,143	5,618,465	5,618,465

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

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cass Entrepreneurship Investments 2016 LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 106 Bunhill Row, London, EC1Y 8TZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The functional currency of Cass Entrepreneurship Investments 2016 LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the LLP operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The members have made an assessment in preparing these financial statements as to whether the LLP is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Specifically, fees earned by the Fund, comprising arrangement and monitoring fees, are recognised as they fall due from portfolio companies. Costs, primarily representing professional and administration costs, are recognised as they are billed or incurred.

Interest income

Interest income is recognised in the profit or loss using the effective interest method.

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of comprehensive income.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debt within equity under 'Other reserves' if not divided automatically.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In determining the value of the investments held by the LLP, the members consider all relevant available information. The members will use their judgement and apply their experience within the industry and markets to ensure that the investments are measured at cost less any deemed impairment.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed, including members, by the LLP during the year	5		5

4. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	5,843,462		5,843,462
Additions	525,000		525,000
At 31 March 2025	6,368,462		6,368,462
Provisions for impairment
At 01 April 2024	778,273		778,273
Impairment	350,000		350,000
At 31 March 2025	1,128,273		1,128,273
Carrying value at 31 March 2025	5,240,189		5,240,189
Carrying value at 31 March 2024	5,065,189		5,065,189

5. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	382,908		243,805

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Amounts owed to Group undertakings	312		312
Accruals	4,320		4,439
	4,632		4,751

7. Related party transactions

During the year an LLP under common control received amounts of £161,631 (2024: £92,738) on behalf of the LLP and made payments on behalf of the LLP of £23,492 (2024: £76,256). As at the year end the year £381,944 was owed by LLPs under common control (2024: £243,805) and is included within other debtors. This amount is interest free and repayable on demand.