Registered number: 04577544
UNAUDITED
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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CONDUIT VENTURES (GENERAL PARTNER) LIMITED
COMPANY INFORMATION
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CONDUIT VENTURES (GENERAL PARTNER) LIMITED
CONTENTS
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CONDUIT VENTURES (GENERAL PARTNER) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
The director presents his report and the financial statements for the year ended 31 December 2017.
The director who served during the year was:
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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CONDUIT VENTURES (GENERAL PARTNER) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CONDUIT VENTURES (GENERAL PARTNER) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Conduit Ventures (General Partner) Limited for the year ended 31 December 2017 which comprise the Profit and loss account, the Balance sheet and the related notes from the Company accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/
members/regulations-standards-and-guidance/
.
This report is made solely to the director of Conduit Ventures (General Partner) Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely
to prepare for your approval the financial statements of Conduit Ventures (General Partner) Limited and state those matters that we have agreed to state to the director of Conduit Ventures (General Partner) Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Conduit Ventures (General Partner) Limited and its director for our work or for this report.
It is your duty to ensure that Conduit Ventures (General Partner) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Conduit Ventures (General Partner) Limited. You consider that Conduit Ventures (General Partner) Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
3rd Floor
12 Gough Square
EC4A 3DW
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CONDUIT VENTURES (GENERAL PARTNER) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2017
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CONDUIT VENTURES (GENERAL PARTNER) LIMITED
REGISTERED NUMBER:
04577544
BALANCE SHEET
AS AT
31 DECEMBER 2017
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 5 to 7 form part of these financial statements.
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CONDUIT VENTURES (GENERAL PARTNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
Conduit Ventures (General Partner) Limited is a private limited company incorporated in the United Kingdom and registered in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London EC4A 3DW.
The principal activity of the company during the year was that of General Partner to the Conduit Ventures Fund Limited Partnership and the Conduit Ventures NTEC Co-Investment Fund Limited Partnership.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
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.
The following principal accounting policies have been applied:
The accounts have been prepared on a break up basis as the Limited Partnerships of which the company was a General Partner have been dissolved.
Turnover represents the General Partner's share receivable by the company under the partnership agreements with Conduit Ventures Fund Limited Partnership and Conduit Ventures NTEC Co-Investment Fund Limited Partnership.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Investments are included at cost less any provision for permanent diminution in value.
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.
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CONDUIT VENTURES (GENERAL PARTNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
2.
Accounting policies (continued)
Financial assets that are 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.
Basic financial instruments including trade and other creditors are recognised at the transaction price.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account
except when deferred in other comprehensive income as qualifying cash flow hedges.
Interest income is recognised in the Profit and loss account using the effective interest method.
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CONDUIT VENTURES (GENERAL PARTNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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