Company No: OC454739 (England and Wales)

Contents

• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

	Note	2026
		£
Current assets
Debtors	3	162,502
		162,502
Creditors: amounts falling due within one year	4	( 162,500)
Net current assets		2
Total assets less current liabilities		2
Net assets attributable to members		2
Represented by
Members' other interests
Members' capital classified as equity		2
		2
Total members' interests
Members' other interests		2
		2

For the financial period ending 31 March 2026 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 Profit and Loss Account has not been delivered.

The financial statements of Concept VC II GP LLP (registered number: OC454739) were approved and authorised for issue by the members on 03 September 2026. They were signed on its behalf by:

Concept VC Ltd Designated member

	EQUITY Members' other interests	Total members' interests
	Members' capital (classified as equity)	Total
	£	£
Balance at 01 April 2025	0	0
Introduced by members	2	2
Balance at 31 March 2026	2	2

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 period, unless otherwise stated.

General information and basis of accounting

Concept VC II GP 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 C/O Johnston Carmichael Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom. The principal place of business is 40 Grosvenor Gardens Mews South, London, Greater London, England, SW1W 0LB.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in July 2024 (SORP 2024).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements have been prepared for an extended accounting period of 16 months covering the period from 3 December 2024 to 31 March 2026. This extension was made to align the company’s year end with that of its related companies.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for management and advice services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP 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 LLP 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 LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the LLP Agreement (for example, in respect of amounts subscribed or otherwise contributed 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. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity

In accordance with the LLP Agreement, profits, losses, capital gains and capital losses are automatically allocated and divided between members through their respective members' accounts. The timing of distributions to members is determined by the Managing Member after payment of the LLP's expenses and liabilities and having regard to the LLP's cash requirements and future obligations. Accordingly, amounts allocated to members are treated as appropriations of profit rather than as an expense and are reflected in the Reconciliation of Members' Interests.

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'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Employees

	2026
	Number
Monthly average number of persons employed by the LLP during the period	0

3. Debtors

	2026
	£
Accrued income	162,500
Other debtors	2
	162,502

Included within other debtors is an amount of £2 due from members in respect of unpaid capital contributions. The balance is unsecured and interest free.

4. Creditors: amounts falling due within one year

	2026
	£
Other creditors	162,500

5. Related party transactions

Other related party transactions

	2026
	£
Advisory fees received from Concept VC II LP	975,000
Management fees paid to Concept VC Limited	(975,000)