Next Wave Partners LLP - Accounts to registrar (filleted) - small 18.2

Next Wave Partners LLP - Accounts to registrar (filleted) - small 18.2

NEXT WAVE PARTNERS LLP - Company Information

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REGISTERED NUMBER: OC322169 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

NEXT WAVE PARTNERS LLP
NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NEXT WAVE PARTNERS LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2020







DESIGNATED MEMBERS: J A Brod
R D Mackenzie





REGISTERED OFFICE: 42 Wigmore Street
London
W1U 2RY





REGISTERED NUMBER: OC322169 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU
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NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

BALANCE SHEET
31 MARCH 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,935 3,202
Investments 5 3 3
4,938 3,205

CURRENT ASSETS
Debtors 6 204,193 218,891
Cash at bank 350,531 552,319
554,724 771,210
CREDITORS
Amounts falling due within one year 7 489,417 689,541
NET CURRENT ASSETS 65,307 81,669
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS
70,245
84,874

LOANS AND OTHER DEBTS DUE TO
MEMBERS
9
60,244
74,873

MEMBERS' OTHER INTERESTS
Capital accounts 10,001 10,001
70,245 84,874

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 60,244 74,873
Members' other interests 10,001 10,001
70,245 84,874

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 July 2020 and were signed by:





J A Brod - Designated member

The notes form part of these financial statements

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NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020


1. STATUTORY INFORMATION

Next Wave Partners LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently.

Going concern
Due to the ongoing support of the partnership's members, the members believe that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the partnership will continue in operational existence for the forseeable future.

If the partnership were unable to continue in operational existence for the forseeable future, adjustments would be necessary to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Preparation of consolidated financial statements
The financial statements contain information about Next Wave Partners LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the options under Section 398 and Section 405 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements.

Subsidiaries of the LLP that are either dormant or trade exclusively with the LLP, and if consolidated would have no impact on the profit or loss or financial position of the consolidated group, are excluded under s405 on the basis that they are not material for the purpose of giving a true and fair view.

Subsidiaries of the LLP that are the general partners of investment funds, or of the limited partnerships that are the general partners, hold legal title to the investment in portfolio companies on behalf of the funds. They also trade exclusively with the LLP and are excluded under s405.

The economic interest in the funds is held by the limited partner investors, the LLP's economic interest is small and restricted to an indirect entitlement to receive a management fee from the general partner, which is itself limited to the amount of the general partner's share received from the funds. The funds are therefore not consolidated in these financial statements.

Related party exemption
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

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NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2019 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2019 48,085
Additions 4,040
Disposals (637 )
At 31 March 2020 51,488
DEPRECIATION
At 1 April 2019 44,883
Charge for year 1,842
Eliminated on disposal (172 )
At 31 March 2020 46,553
NET BOOK VALUE
At 31 March 2020 4,935
At 31 March 2019 3,202

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NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


5. FIXED ASSET INVESTMENTS

The LLP's investments at the balance sheet date in the share capital of companies and capital of LLPs include the following:

Next Wave Partners GP Ltd

Next Wave Partners FP Ltd

Next Wave Partners Nominees Ltd

Next Wave (General Partner) LLP

Next Wave Partners III GP LLP

Next Wave Partners FP III GP LLP

6. DEBTORS
2020 2019
£    £   
Amounts falling due within one year:
Trade debtors 16,341 11,037
Amounts owed by group undertakings 104,049 95,703
Other debtors 66,204 94,552
186,594 201,292

Amounts falling due after more than one year:
Other debtors 17,599 17,599

Aggregate amounts 204,193 218,891

Other debtors due after more than one year relate to a rent deposit.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 83,130 72,374
Amounts owed to group undertakings 41,000 37,651
Taxation and social security 5,304 5,328
Other creditors 359,983 574,188
489,417 689,541

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2020 2019
£    £   
Within one year 70,395 70,395
Between one and five years 105,593 175,988
175,988 246,383

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NEXT WAVE PARTNERS LLP (REGISTERED NUMBER: OC322169)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


9. LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of a winding up, the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Askew FCA (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

11. RELATED PARTY DISCLOSURES

The management fees receivable are fees due to the LLP under investment management agreements with the various limited partnership investment funds of which its subsidiaries are the General Partner.

The LLP's deal and directors' fee income is all receivable from investments owned by the various limited partnership investment funds.

Under the terms of the limited partnership agreements relating to the limited partnerships, of which the LLP is the manager, income and capital gains arising in respect of investments realised by the limited partnerships are allocated between the partners, which includes its subsidiaries.

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