Company No:
Contents
| DIRECTORS | Hugo Llewelyn |
| Neil Sarkhel (Resigned 31 August 2025) | |
| Harry Savory | |
| Arthur Scott (Resigned 30 September 2025) | |
| Timothy Thorp (Appointed 29 September 2025) |
| SECRETARY | Newcore Capital Management LLP |
| REGISTERED OFFICE | First Floor |
| 50 Marshall Street | |
| London | |
| W1F 9BQ | |
| United Kingdom |
| COMPANY NUMBER | 10436980 (England and Wales) |
| Note | 2026 | 2025 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 3 |
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| 10 | 10 | |||
| Net current assets | 0 | 0 | ||
| Total assets less current liabilities | 10 | 10 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 4 |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Newcore Strategic Situations III GP Limited (registered number:
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Hugo Llewelyn
Director |
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.
Newcore Strategic Situations III GP Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is First Floor, 50 Marshall Street, London, W1F 9BQ, 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 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 Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company 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.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Investments in subsidiaries are measured at cost less accumulated impairment.
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes 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.
Basic financial assets
Basic financial assets, including other debtors, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Basic financial liabilities
Basic financial liabilities, including other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2026 | 2025 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year |
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Investments in subsidiaries
| 2026 | |
| £ | |
| Cost | |
| At 01 April 2025 |
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| At 31 March 2026 |
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| Carrying value at 31 March 2026 |
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| Carrying value at 31 March 2025 |
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| 2026 | 2025 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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The Company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Newcore Strategic Situations III GP Limited is the General Partner of a Limited Partnership. It has unlimited liability for any financial obligations of the Limited Partnership beyond those that are not captured by the Limited Partners’ commitments. At the reporting date there is no indication that the Limited Partnership had any financial liability which they cannot meet.
The Company is the General Partner of a partnership: Newcore Strategic Situations III LP. The registered office of this partnership is 50 Marshall Street, London, W1F 9BQ.
The ultimate controlling party of the Company is Hugo Llewelyn, by virtue of his majority ownership and control of Newcore Capital Management Finance LLP and Newcore Capital Management LLP.