Limited Liability Partnership registration number OC437112 (England and Wales)
CI CO-INVEST I LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CI CO-INVEST I LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CI CO-INVEST I LLP
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
Fixed assets
Investments
4
1,562,993
3,957,115
Current assets
Debtors
6
15,339
18,246
Cash at bank and in hand
13,740
36,982
29,079
55,228
Creditors: amounts falling due within one year
7
(223,665)
(230,024)
Net current liabilities
(194,586)
(174,796)
Total assets less current liabilities and net assets attributable to members
1,368,407
3,782,319
Represented by:
Loans and other debts due to members within one year
Loans advanced by members
4,273,684
3,892,583
Amounts due to members in respect of losses
(2,905,281)
(110,268)
1,368,403
3,782,315
Members' other interests
Members' capital classified as equity
4
4
1,368,407
3,782,319
Total members' interests
Loans and other debts due to members
1,368,403
3,782,315
Members' other interests
4
4
1,368,407
3,782,319

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 December 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

CI CO-INVEST I LLP
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 31 July 2024 and are signed on their behalf by:
31 July 2024
Jonathan S. Goldstein on behalf of JSG Investments Limited
Designated member
Limited Liability Partnership Registration No. OC437112
CI CO-INVEST I LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Limited liability partnership information

CI Co-Invest I LLP is a limited liability partnership incorporated in England and Wales. The registered office changed to 72 Welbeck Street, London, United Kingdom, W1G 0AY on 8th May 2024, it was previously 116 Upper Street, London, United Kingdom, N1 1QP.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Euros, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest Euro.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, it is the members’ current intention to provide any required additional contribution to enable the limited liability partnership to meet its liabilities as they fall due. On this basis, the members consider that there are adequate resources available  to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the limited liability partnership that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

 

Members' participation rights in the earnings or assets of the limited liability partnership are analysed between those that are, from the limited liability partnerships's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the limited liability partnership has an unconditional right to refuse payment to members, in which case they are classified as equity.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits and losses, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Profits and losses are automatically divided as they arise, so the limited liability partnership does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the limited liability partnership has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

CI CO-INVEST I LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Fixed asset investments

The limited liability partnership holds an investment in Cain International European Real Estate Opportunity Fund 1 LP. The investment is initially measured at transaction price and is subsequently measured at fair value at each reporting date. Changes in fair value are recognised through the profit and loss.

1.5
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

CI CO-INVEST I LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements in applying the companies accounting policies
Accounting policy for investments carried at fair value

Investments relates to an investment in Cain International European Real Estate Opportunity Fund 1 (CIEREOF 1 LP) which is financed by loans from members. Under FRS 102, if an investment can be measured reliably then a measurement at fair value through profit and loss account can be adopted as the accounting policy.

 

The fair value of the investment has been determined from valuation reports provided by CIEREOF 1 LP and reflects the deemed distribution available to CI Co-Invest 1 LLP as at 31 December 2023, this is considered to be the fair value of the investment. The net asset value of the CIEREOF 1 LP is based on the net asset value of underlying investments.

3
Employees

There were no employees during the period.

CI CO-INVEST I LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Fixed asset investments
2023
2022
Other investments other than loans
1,562,993
3,957,115
Movements in fixed asset investments
Investments
Cost or valuation
At 1 January 2023
3,957,115
Drawdowns from members
446,101
Rebated fees reducing base cost of investment
(68,621)
Losses on investments
(2,771,602)
At 31 December 2023
1,562,993
Carrying amount
At 31 December 2023
1,562,993
At 31 December 2022
3,957,115
5
Financial instruments
2023
2022
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,562,993
3,957,115
6
Debtors
2023
2022
Amounts falling due within one year:
Prepayments and other receivables
15,339
18,246
7
Creditors: amounts falling due within one year
2023
2022
Amounts owed to group undertakings
209,319
216,083
Other creditors
14,346
13,941
223,665
230,024
CI CO-INVEST I LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Related party transactions

During the year the limited liability partnership received rebate fees of EUR 68,621 (2022: EUR 47,999) from Cain International Management Limited, a member of the limited liability partnership.

 

As at 31 December 2023 included with within creditors was an amount of EUR 209,319 (2022: EUR 216,083) owing to Cain International Management Limited.

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