REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Icg-Longbow Partners Investments |
No.3 LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
for |
Icg-Longbow Partners Investments |
No.3 LLP |
Icg-Longbow Partners Investments |
No.3 LLP (Registered number: OC385807) |
Contents of the Financial Statements |
for the year ended 30 June 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Icg-Longbow Partners Investments |
No.3 LLP |
General Information |
for the year ended 30 June 2023 |
Designated members: |
Registered office: |
Registered number: |
Icg-Longbow Partners Investments |
No.3 LLP (Registered number: OC385807) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Current assets |
Debtors |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current assets |
Total assets less current liabilities |
and |
Net assets attributable to members | 34,003 | 293,879 |
Loans and other debts due to members | 6 | 224,056 | 337,713 |
Members' other interests |
Capital accounts | 16,550 | 16,550 |
Other reserves | 7 | ( |
) | ( |
) |
34,003 | 293,879 |
Total members' interests |
Loans and other debts due to members | 6 | 224,056 | 337,713 |
Members' other interests | (190,053 | ) | (43,834 | ) |
Amounts due from members | (1,000 | ) | (1,000 | ) |
33,003 | 292,879 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
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. |
Icg-Longbow Partners Investments |
No.3 LLP (Registered number: OC385807) |
Balance Sheet - continued |
30 June 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Icg-Longbow Partners Investments |
No.3 LLP (Registered number: OC385807) |
Notes to the Financial Statements |
for the year ended 30 June 2023 |
1. | Statutory information |
ICG-Longbow Partners Investments NO3 LLP (the "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 (£). |
Amounts in these financial statements are rounded to the nearest £. |
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", the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 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. |
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. |
Financial instruments |
Financial assets and liabilities are recognised when the LLP becomes party to the contractual provisions of the financial instrument. The LLP holds both basic financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, loans and borrowings. The members have chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
Financial assets - classified as basic financial instruments |
(i) Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the members assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the LLP will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement. |
(iii) Equity investments |
Equity investments comprise ordinary shares, publicly traded in active markets for which a reliable fair value can be measured reliably. Equity investments are initially recognised at fair value, which is the transaction price excluding transaction costs and are subsequently measured at fair value through profit or loss. |
(iv) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid. |
Icg-Longbow Partners Investments |
No.3 LLP (Registered number: OC385807) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
2. | Accounting policies - continued |
Investment |
Fixed asset investments are stated at cost less provision for diminution in value. |
Taxation |
As a limited liability partnership the firm is not liable for United Kingdom taxation, its profits being liable to income tax in the hands of the members. Therefore, no provision for taxation is made in the financial statements. |
Members' remuneration profit allocation |
Members' remuneration and profit allocation are stipulated in the Limited Liability Partnership Agreement, where the profits of the LLP, in respect of any financial year of the LLP, shall be allocated amongst the members in such a manner and in such proportions as shall be determined by them. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the Members have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
In addition, the LLPs assets are assessed for recoverability on a regular basis, and the Members consider that the LLP is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The Members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the LLP's ability to continue as a going concern. Thus the Members have continued to adopt the going concern basis of accounting in preparing these financial statements. |
3. | Employee information |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
At 1 July 2022 |
Impairments | ( |
) |
Reclassification/transfer | ( |
) |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
5. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Accruals and deferred income |
Icg-Longbow Partners Investments |
No.3 LLP (Registered number: OC385807) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
6. | Loans and other debts due to members |
2023 | 2022 |
£ | £ |
Loans from members | 224,056 | 337,713 |
Falling due within one year | 224,056 | 337,713 |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors. |
7. | Reserves |
Other |
reserves |
£ |
At 1 July 2022 | ( |
) |
Undivided profit | (146,219 | ) |
At 30 June 2023 | ( |
) |
8. | Ultimate controlling party |
There is no one significant ultimate controlling party |