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Registration number: OC320974

IC Realty LLP

Annual Report and Financial Statements

for the Year Ended 31 December 2022

 

IC Realty LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 8

Balance Sheet

2

Notes to the Financial Statements

4

 

IC Realty LLP

Limited liability partnership information

Designated members

IC Holdings Ltd

IC Group Investments Ltd
 

Registered office

7th Floor 50 Broadway
London
SW1H 0BL

Auditors

Fuller & Roper Limited
Unit 12 Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

 

IC Realty LLP

(Registration number: OC320974)
Balance Sheet as at 31 December 2022

Note

2022
 $

2021
 $

Fixed assets

 

Investments

3

29,466,024

29,466,024

Current assets

 

Debtors

4,220,378

4,016,275

Cash and short-term deposits

 

13,660

20,349

 

4,234,038

4,036,624

Creditors: Amounts falling due within one year

5

(9,368,058)

(9,366,449)

Net current liabilities

 

(5,134,020)

(5,329,825)

Net assets attributable to members

 

24,332,004

24,136,199

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

1,862,141

1,666,336

Members’ other interests

 

Members' capital classified as equity

 

22,469,863

22,469,863

   

24,332,004

24,136,199

Total members' interests

 

Loans and other debts due to members

 

1,862,141

1,666,336

Equity

 

22,469,863

22,469,863

   

24,332,004

24,136,199

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The financial statements of IC Realty LLP (registered number OC320974) were approved by the Board and authorised for issue on 18 August 2023. They were signed on behalf of the limited liability partnership by:

 

IC Realty LLP

(Registration number: OC320974)
Balance Sheet as at 31 December 2022 (continued)

.........................................
IC Group Investments Ltd
Designated member

 

IC Realty LLP

Notes to the Financial Statements for the Year Ended 31 December 2022

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued July 2014).

The financial statements are presented in US dollars which is the functional currency of the LLP and rounded to the nearest $1.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 18 August 2023 was Simon Roper, who signed for and on behalf of Fuller & Roper Limited.

Exemption from preparing group accounts

The limited liability partnership has taken advantage of the exemption provided by Section 401 of the Companies Act 2006, as applied to limited liability partnerships, and has not prepared group accounts.

 

IC Realty LLP

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

1

Accounting policies (continued)

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

Fixed asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the partnership has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

IC Realty LLP

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

1

Accounting policies (continued)

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2021 - 0).

3

Investments held as fixed assets

2022
 $

2021
 $

Other investments

29,466,024

29,466,024

Other investments

Investments in group undertakings
$

Unlisted investments
$

Total
$

Cost

At 1 January 2022

32,158,896

-

32,158,896

Additions

-

29,466,024

29,466,024

Disposals

(32,158,896)

-

(32,158,896)

At 31 December 2022

-

29,466,024

29,466,024

Provision for impairment

At 1 January 2022

2,692,872

-

2,692,872

Eliminated on disposal

(2,692,872)

-

(2,692,872)

At 31 December 2022

-

-

-

Net book value

At 31 December 2022

-

29,466,024

29,466,024

At 31 December 2021

29,466,024

-

29,466,024

During the year, the LLP's subsidiaries were transferred to a related entity as part of a group reconstruction.

 

IC Realty LLP

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

4

Debtors

2022
 $

2021
 $

Amounts owed by group undertakings

-

4,016,275

Other debtors

4,220,378

-

4,220,378

4,016,275

5

Creditors: Amounts falling due within one year

2022
 $

2021
 $

Trade creditors

1,945

-

Other creditors

9,359,660

9,359,660

Accruals and deferred income

6,453

6,789

9,368,058

9,366,449

6

Related party transactions

Included within debtors are loans of of $4,094,031 (2021 - $3,902,308) to IC Constructora S.A.S. and $126,346 (2021 - $113,967) to Industrias y Construcciones IC S.A.S., former subsidiaries of the LLP. Both of these loans are unsecured and incur interest at LIBOR + 2%.

Included within other creditors are the following related party balances:

A loan of $1,531,693 (2021 - $1,531,693) from Bellum Management International Inc., a company under common control.

A loan of $4,000,000 (2021 - $4,000,000l) from IC Investment Management LLP, a company under common control.

A loan of $30,000 (2021 - $30,000l) from IC Advisors & Projects LLP, a company under common control.

A loan of $3,656,600 (2021 - $3,656,600) from Semig Investments Inc, a company under common control.

A loan of $115,000 (2021 - $115,000) from AM Investments LLC, a company under common control.

A loan of $26,367 (2021 - $26,367) from IC Group Investment Ltd, a designated member of the LLP.

All of these amounts are unsecured, interest free and repayable on demand.

 

IC Realty LLP

Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)

7

Control

The immediate parent undertaking is considered to be IC Group Investments Ltd, a company incorporated in the British Virgin Islands. Copies of the consolidated group financial statements can be obtained from Ritter House, Wickhams Cay II, Road Town, Tortola, British Virgin Islands.

The ultimate parent company is considered to be AM Investments LLC, a company incorporated in Delaware, USA.

The members of the LLP consider the ultimate controlling party to be the foundation council of the Fundacion IGA Victoria, a private foundation established under the laws of Panama.