Matcap Ventures LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: OC442463

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	4		20,041,414		20,041,414

			20,041,414		20,041,414
CURRENT ASSETS
Debtors	5	244,702		190,676
Cash at bank and in hand		161,026		264,021

		405,728		454,697
Creditors: Amounts Falling Due Within One Year	6	(5,300,480 )		(5,246,567 )

NET CURRENT ASSETS (LIABILITIES)			(4,894,752 )		(4,791,870 )

TOTAL ASSETS LESS CURRENT LIABILITIES			15,146,662		15,249,544

Creditors: Amounts Falling Due After More Than One Year	7		(561,376 )		(527,774 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			14,585,286		14,721,770

REPRESENTED BY:
Loans and other debts due to members
Other amounts		14,485,974		14,622,458

			14,485,974		14,622,458

Equity
Members' other interests
Other reserves		99,312		99,312

			99,312		99,312

			14,585,286		14,721,770

TOTAL MEMBERS' INTEREST
Amounts due from members			(145,255)		(136,484)
Loans and other debts due to members			14,485,974		14,622,458
Members' other interests			99,312		99,312

			14,440,031		14,585,286

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Matcap Ventures LLP

Balance Sheet (continued)

As At 31 March 2025

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 applicable to LLPs subject to the small LLPs regime.)

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 accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.

On behalf of the members

G B Fry

Designated Member

31/12/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Matcap Ventures LLP is a limited liability partnership, incorporated in England & Wales, registered number OC442463 . The Registered Office is The Scalpel, 18th Floor, 52 Lime Street, London, EC3M 7AF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

2.2. Going Concern Disclosure

The company is reliant on the continued financial support of the wider Together Group. The members have considered the company’s ability to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements and have received a letter of support from the Togther Group confirming its intention to provide such financial support as may be necessary to enable the company to meet its liabilities as they fall due for that period.

The members have assessed the ability of the Together Group to provide this support and, based on the parent company's financial forecasts and available resources, have concluded that this support can and will be provided. In making this assessment, the directors have taken into account the parent company's strong trading performance and cash flow generation.

As a result, the members have not identified any material uncertainties related to events or conditions that may cast significant doubt about the LLP's ability to continue as a going concern.

2.3. Financial Instruments

Financial instruments are recognised when the LLP becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire.

Financial instruments are measured at fair value at initial recognition which is normally the transaction price. At the end of each financial period, the financial instruments are measured at fair value with all changes in fair value recognised in profit or loss.

2.4. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.5. Investments in group undertakings

Investments in subsidiary undertakings and investments in associated undertakings are recognised at cost less impairment.

2.6. Transfers of assets & liabilities from related parties under common control

Transfers of assets and liabilities from related parties under common control are recognised at cost less impairment where the cost is the book value in the transferor. The intention of such transfers at the point of transfer is to transfer at nil gain or loss.

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: NIL (2024: NIL)

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Matcap Ventures LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

4. Investments

	Subsidiaries
	£
Cost
As at 1 April 2024	20,041,414

As at 31 March 2025	20,041,414

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	20,041,414

As at 1 April 2024	20,041,414

Subsidiaries

Details of the LLP's subsidiaries as at 31 March 2025 are as follows:

Agilience Limited - ordinary share capital (100%)

Purple Talent Limited - ordinary share capital (100%)

TGHB4 Limited - ordinary share capital (100%)

Together Group Holdings Limited - ordinary share capital (36%); preference shares (100%)

5. Debtors

	2025	2024
	£	£
Due within one year
Amounts owed by group undertakings	54,540	42,942
Other debtors	190,162	147,734

	244,702	190,676

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	74,811	22,437
Amounts owed to participating interests	5,220,869	5,203,237
Other creditors	4,800	20,893

	5,300,480	5,246,567

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other loans	561,376	527,774

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Page 5

Matcap Ventures LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Related Party Transactions

Debtors

The following balances were owed by group undertakings as at 31 March 2025:

Heritage TG (Jersey) £54,428 (2024: £27,143)
North Six Europe Holdings Limited £112 (2024: £8,177)

Creditors

The following balances were owed to group undertakings as at 31 March 2025:

Matcap LLP £5,170,867 (2024: £5,153,234)
Together Group Holdings Limited £50,000 (2024: £50,000)

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