Caseware UK (AP4) 2024.0.164 2024.0.164 2025-12-31 2025-01-01 true false false 1 true General Partner to the Conduit Ventures Carried Interest Limited Partnership.1 SC312218 2025-01-01 2025-12-31 SC312218 2024-01-01 2024-12-31 SC312218 2025-12-31 SC312218 2024-12-31 SC312218 c:CompanySecretary1 2025-01-01 2025-12-31 SC312218 c:Director1 2025-01-01 2025-12-31 SC312218 c:RegisteredOffice 2025-01-01 2025-12-31 SC312218 d:CurrentFinancialInstruments 2025-12-31 SC312218 d:CurrentFinancialInstruments 2024-12-31 SC312218 d:ShareCapital 2025-12-31 SC312218 d:ShareCapital 2024-12-31 SC312218 c:EntityHasNeverTraded 2025-01-01 2025-12-31 SC312218 c:FRS102 2025-01-01 2025-12-31 SC312218 c:Audited 2025-01-01 2025-12-31 SC312218 c:FullAccounts 2025-01-01 2025-12-31 SC312218 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 SC312218 e:PoundSterling 2025-01-01 2025-12-31 iso4217:GBP xbrli:pure

Registered number: SC312218 CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED Company Information
Director | J Butt
Company secretary | L Zheng
Registered number | SC312218
Registered office | 50 Lothian Road
| Festival Square
| Edinburgh
| EH3 9WJ
Independent auditor | Sayers Butterworth LLP
| Chartered Accountants & Statutory Auditor
| 3rd Floor
| 12 Gough Square
| London
| EC4A 3DW
CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED Contents
| Page
Director's report | 1 - 2
Independent auditor's report | 3 - 6
Profit and loss account | 7
Balance sheet | 8
Notes to the financial statements | 9
CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED Director's report For the Year Ended 31 December 2025 The director presents his report and the financial statements for the year ended 31 December 2025.
Director
The director who served during the year was:
J Butt
Director's responsibilities statement
The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Company's financial statements 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 Company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditor
The director at the time when this Director's report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Sayers Butterworth LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Page 1
CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED Director's report (continued) For the Year Ended 31 December 2025 This report was approved by the board on 24 April 2026 and signed on its behalf.
J Butt Director
Page 2
CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED Independent auditor's report to the members of Conduit Ventures CI (General Partner) Limited
Opinion
We have audited the financial statements of Conduit Ventures CI (General Partner) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and loss account, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its result for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. Page 3
CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED Independent auditor's report to the members of Conduit Ventures CI (General Partner) Limited (continued)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Director's report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's report and from the requirement to prepare a Strategic report.
Responsibilities of directors
As explained more fully in the Director's responsibilities statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Page 4
CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED Independent auditor's report to the members of Conduit Ventures CI (General Partner) Limited (continued) In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: ∙Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pension legislation, and distributable profits legislations. ∙It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report. Page 5
CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED Independent auditor's report to the members of Conduit Ventures CI (General Partner) Limited (continued)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Burch (Senior statutory auditor) for and on behalf of Sayers Butterworth LLP Chartered Accountants & Statutory Auditor 3rd Floor 12 Gough Square London EC4A 3DW 24 April 2026 Page 6
CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED Profit and loss account For the Year Ended 31 December 2025
The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.
Page 7
CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED Registered number: SC312218 Balance sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 1 |  | 1 |
|  | 1 |  | 1 |
Total assets less current liabilities |  |  | 1 |  | 1
Net assets |  |  | 1 |  | 1
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
|  |  | 1 |  | 1
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2026.
J Butt
Director
The notes on page 9 form part of these financial statements. Page 8
CONDUIT VENTURES CI (GENERAL PARTNER) LIMITED Notes to the financial statements For the Year Ended 31 December 2025
1. | General information
Conduit Ventures CI (General Partner) Limited is a private limited company incorporated in the United Kingdom and registered in Scotland. The address of the registered office is 50 Lothian Road, Festival Square, Edinburgh EH3 9WJ. The principal activity of the company during the year was that of General Partner to the Conduit Ventures Carried Interest Limited Partnership. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
| 2.2 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
3. | Employees
| The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
4. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Called up share capital not paid | 1 | 1
|  | 1 | 1
Page 9