EISER Infrastructure Partners LLP OC349990 false 2023-01-01 2023-12-31 2023-12-31 2023-12-31 The principal activity of the company is holding entity Digita Accounts Production Advanced 6.30.9574.0 false OC349990 2023-01-01 2023-12-31 OC349990 2023-12-31 OC349990 bus:Consolidated 2023-12-31 OC349990 core:OtherReservesSubtotal 2023-12-31 OC349990 core:OtherReservesSubtotal bus:Consolidated 2023-12-31 OC349990 core:CurrentFinancialInstruments 2023-12-31 OC349990 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 OC349990 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-12-31 OC349990 core:WithinOneYear bus:Consolidated 2023-12-31 OC349990 bus:FRS102 bus:Consolidated 2023-01-01 2023-12-31 OC349990 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 OC349990 bus:FullAccounts bus:Consolidated 2023-01-01 2023-12-31 OC349990 bus:RegisteredOffice bus:Consolidated 2023-01-01 2023-12-31 OC349990 bus:PartnerLLP1 2023-01-01 2023-12-31 OC349990 bus:PartnerLLP1 bus:Consolidated 2023-01-01 2023-12-31 OC349990 bus:PartnerLLP2 bus:Consolidated 2023-01-01 2023-12-31 OC349990 bus:Consolidated 2023-01-01 2023-12-31 OC349990 bus:LimitedLiabilityPartnershipLLP bus:Consolidated 2023-01-01 2023-12-31 OC349990 bus:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 OC349990 bus:Agent1 bus:Consolidated 2023-01-01 2023-12-31 OC349990 bus:Agent2 bus:Consolidated 2023-01-01 2023-12-31 OC349990 core:FurnitureFittings bus:Consolidated 2023-01-01 2023-12-31 OC349990 core:MotorVehicles bus:Consolidated 2023-01-01 2023-12-31 OC349990 core:OfficeEquipment bus:Consolidated 2023-01-01 2023-12-31 OC349990 core:OtherRelatedParties bus:Consolidated 2023-01-01 2023-12-31 OC349990 core:Subsidiary1 2023-01-01 2023-12-31 OC349990 core:Subsidiary1 1 2023-01-01 2023-12-31 OC349990 core:Subsidiary2 2023-01-01 2023-12-31 OC349990 core:Subsidiary2 1 2023-01-01 2023-12-31 OC349990 core:Subsidiary3 2023-01-01 2023-12-31 OC349990 core:Subsidiary3 1 2023-01-01 2023-12-31 OC349990 core:UKTax bus:Consolidated 2023-01-01 2023-12-31 OC349990 countries:AllCountries bus:Consolidated 2023-01-01 2023-12-31 OC349990 2022-12-31 OC349990 2022-01-01 2022-12-31 OC349990 2022-12-31 OC349990 bus:Consolidated 2022-12-31 OC349990 core:OtherReservesSubtotal 2022-12-31 OC349990 core:OtherReservesSubtotal bus:Consolidated 2022-12-31 OC349990 core:CurrentFinancialInstruments 2022-12-31 OC349990 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 OC349990 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2022-12-31 OC349990 core:WithinOneYear bus:Consolidated 2022-12-31 iso4217:GBP xbrli:pure

Registration number: OC349990

EISER Infrastructure Partners LLP

Annual Report and Unaudited Consolidated Financial Statements

for the Year Ended 31 December 2023

 

EISER Infrastructure Partners LLP

Contents

Limited liability partnership information

1

Members' Report

2 to 3

Statement of Members' Responsibilities

4

Accountants' Report

5

Consolidated Financial Statements

6 to 22

Consolidated Statement of Comprehensive Income

6

Consolidated Balance Sheet

7

Balance Sheet

9

Consolidated Statement of Changes in Members’ Interests

11

Statement of Changes in Members’ Interests

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

 

EISER Infrastructure Partners LLP

Limited liability partnership information

Designated members

Mr H R W Meissner

EISER Finance Limited
 

Registered office

42-46 Station Road
Edgware
England
HA8 7AB

Solicitors

Weil, Gotshal & Manges (London) LLP
110 Fetter Lane
London
EC4A 1AY

Bankers

RBSI Guernsey
Royal Bank of Scotland International
PO Box 62, Royal Bank Place
1 Glategny Esplanade
St Peters Port
GY1 4BQ

Royal Bank of Scotland
250 Bishopsgate
London
EC2M 4AA

Accountants

Richlands Business Advisers Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

EISER Infrastructure Partners LLP

Members' Report for the Year Ended 31 December 2023

The members present their report and the unaudited consolidated financial statements for the year ended 31 December 2023.

These financial statements consolidate the financial statements for EISER Infrastructure Partners LLP (“EIP”, “the partnership”, or “LLP”), EISER Infrastructure Limited (“EIL”), EISER Finance Limited (“EFL”), and EISER Infrastructure GP LLP (“GP LLP”) collectively referred to as the Group, drawn upto 31 December 2023.

Principal activity

The principal activity of the limited liability partnership is holding entity.

Review of the business and future developments

The members conduct monthly members meetings to address both financial and non-financial issues. Financial review includes the complete review of management accounts and detailed forecasts are undertaken to ensure the continued growth of the business.

Principal risks and uncertainties

The principal risks and uncertainties related to the Group are that it ceases to be the appointed investment manager to Fund I, along with the ability of the Group to attract and retain investors for future Funds.

The LLP continues to monitor and improve controls and processes to provide adequate oversight for actively managing the assets of Fund I. Other risks and uncertainties relate to the ability to attract and retain key investment executives.

The LLP is not exposed to any significant price, credit, liquidity or cash flow risk.

Results

The consolidated statement of comprehensive income shows group profits/(losses) available for distribution among members of £141,771 (2022: £ 253,193 profit).

The Group's statement of financial position shows Group members' total interest amount to £1,823,997 (2022: £1,682,226).

The partnership has taken advantage of Section 408 of the Companies Act 2006 as applied by the Limited Liability Partnerships, Partnerships and Groups (Accounts & Audit) Regulations 2016 and has not included its own profit and loss account in these financial statements. Its own profit for the year available for discretionary division among members was £264,393 (2022: £3,766).

Designated members

The members who held office during the year and to the date of this report were as follows:

Mr H R W Meissner

EISER Finance Limited

 

EISER Infrastructure Partners LLP

Members' Report for the Year Ended 31 December 2023

Members' drawings and the subscription and repayment of members' capital

Policies for members’ drawings, subscriptions and repayment of members’ capital are governed by the amended and restated Limited Liability Partnership Agreement dated 5 March 2014.

Approved by the Board on 10 June 2024 and signed on its behalf by:

.........................................
Mr H R W Meissner
Designated member

 

EISER Infrastructure Partners LLP

Statement of Members' Responsibilities for the Year Ended 31 December 2023

The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The Limited Liability Partnerships, Partnerships and Groups (Accounts & Audit) Regulations 2016 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and limited liability partnership and of the profit or loss of the group and limited liability partnership for that year. In preparing these financial statements, the members are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and partnership will continue in business.

The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These responsibilities are exercised by the Board on behalf of the members.

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of
EISER Infrastructure Partners LLP
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of EISER Infrastructure Partners LLP for the year ended 31 December 2023 set out on pages 6 to 22 from the limited liability partnership's 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 members of EISER Infrastructure Partners LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of EISER Infrastructure Partners LLP and state those matters that we have agreed to state to the members of EISER Infrastructure Partners LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EISER Infrastructure Partners LLP and its members as a body for our work or for this report.

It is your duty to ensure that EISER Infrastructure Partners LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of EISER Infrastructure Partners LLP. You consider that EISER Infrastructure Partners LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of EISER Infrastructure Partners LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Richlands Business Advisers Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

10 June 2024

 

EISER Infrastructure Partners LLP

Consolidated Statement of Comprehensive Income
for the Year Ended 31 December 2023

Note

2023
 £

2022
 £

Turnover

2

435,216

184,742

Administrative expenses

 

(308,373)

(11,202)

Operating profit

126,843

173,540

Realised loss on investments in subsidiary

 

-

-

Foreign currency gains/(losses)

 

(47,838)

73,600

Other interest receivable and similar income

72,548

7,335

Other income

 

-

-

Interest payable and similar charges

(790)

(1,282)

Profit for the year before taxation and members' remuneration charged as an expense

 

150,763

253,193

Taxation

5

(8,992)

-

Profit for the year before members' remuneration charged as an expense

 

141,771

253,193

Profit for the year available for discretionary division among members

 

141,771

253,193

Profit/(loss) attributable to:

 

Owners of the parent

 

141,771

253,193

Turnover and operating profit derive wholly from continuing operations.

The limited liability partnership has no recognised gains or losses for the year other than the results above.

 

EISER Infrastructure Partners LLP

(Registration number: OC349990)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

7

46,813

63,131

Investments

8

9,845

9,831

 

56,658

72,962

Current assets

 

Debtors

9

994,707

1,094,804

Cash and short-term deposits

 

2,261,304

1,805,513

 

3,256,011

2,900,317

Creditors: Amounts falling due within one year

10

(1,488,672)

(1,291,053)

Net current assets

 

1,767,339

1,609,264

Net assets attributable to members

 

1,823,997

1,682,226

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

872,280

872,280

Other reserves

 

951,717

809,946

 

1,823,997

1,682,226

   

1,823,997

1,682,226

Total members' interests

 

Equity

 

1,823,997

1,682,226

   

1,823,997

1,682,226

For the year ending 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 LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLP's regime.

 

EISER Infrastructure Partners LLP

(Registration number: OC349990)
Consolidated Balance Sheet as at 31 December 2023

The financial statements of EISER Infrastructure Partners LLP (registered number OC349990) were approved by the Board and authorised for issue on 10 June 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr H R W Meissner
Designated member

 

EISER Infrastructure Partners LLP

(Registration number: OC349990)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

8

119

119

Current assets

 

Debtors

9

956,583

821,807

Cash and short-term deposits

 

158,398

245,308

 

1,114,981

1,067,115

Creditors: Amounts falling due within one year

10

(418,915)

(635,443)

Net current assets

 

696,066

431,672

Net assets attributable to members

 

696,185

431,791

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

872,280

872,280

Other reserves

 

(176,095)

(440,489)

 

696,185

431,791

   

696,185

431,791

Total members' interests

 

Equity

 

696,185

431,791

   

696,185

431,791

The partnership profit for the year, available for discretionary division among members, was £264,393 (2022 - £3,766).

For the year ending 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 LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the LLP (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLP's regime.

The financial statements of EISER Infrastructure Partners LLP (registered number OC349990) were approved by the Board and authorised for issue on 10 June 2024. They were signed on behalf of the limited liability partnership by:

 

EISER Infrastructure Partners LLP

(Registration number: OC349990)
Balance Sheet as at 31 December 2023

.........................................
Mr H R W Meissner
Designated member

 

EISER Infrastructure Partners LLP

Consolidated Statement of Changes in Members’ Interests
At 31 December 2023

 

Equity

   

Members' capital
£

Other reserves
£

Total
£

Total
2023
 £

Members' interest at 31 December 2021 as previously stated

872,280

556,753

1,429,033

1,429,033

 

Members' interest at 1 January 2022 as restated

872,280

556,753

1,429,033

1,429,033

Profit for the financial year available for discretionary division among members

-

253,193

253,193

253,193

 
 
 
 

At 31 December 2022

872,280

809,946

1,682,226

1,682,226

 

 

Equity

   

Members' capital
£

Other reserves
£

Total
£

Total
2023
 £

Members' interest at 1 January 2023 as restated

872,280

809,946

1,682,226

1,682,226

Profit for the financial year available for discretionary division among members

-

141,771

141,771

141,771

 
 
 
 

At 31 December 2023

872,280

951,717

1,823,997

1,823,997

 

 

EISER Infrastructure Partners LLP

Statement of Changes in Members’ Interests
At 31 December 2023

 

Equity

   

Members' capital
£

Other reserves
£

Total equity
£

Total
2022
£

Members' interest at 1 January 2022

872,280

(444,255)

428,025

428,025

(Profit)/loss for the period available for discretionary division among members

-

3,766

3,766

3,766

At 31 December 2022

872,280

(440,489)

431,791

431,791

 

Equity

   

Members' capital
£

Other reserves
£

Total equity
£

Total
2023
£

Members' interest at 1 January 2023

872,280

(440,489)

431,791

431,791

(Profit)/loss for the period available for discretionary division among members

-

264,394

264,394

264,394

At 31 December 2023

872,280

(176,095)

696,185

696,185

 

EISER Infrastructure Partners LLP

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

Note

2023
 £

2022
 £

Operating profit

 

126,843

173,540

Depreciation

 

16,318

22,097

Non cash movement - Revaluation of Investments - FVTPL

 

(14)

(494)

Debtors movement

 

100,097

(96,550)

Creditors movement

 

188,627

(328,452)

Foreign currency gains/(losses)

 

(47,838)

73,600

Net cash inflow/(outflow) from operating activities

384,033

(156,259)

Cash flows from investing activities

 

Interest received

 

72,548

7,335

Cash flows from financing activities

 

Interest paid

 

(790)

(1,282)

Net increase/(decrease) in cash and cash equivalents

 

455,791

(150,206)

Cash and cash equivalents at 1 January

 

1,805,513

1,955,719

Cash and cash equivalents at 31 December

 

2,261,304

1,805,513

2023
£

2022
£

Reconciliation to cash at bank and in hand:

Cash at bank

2,261,304

1,805,513

 

EISER Infrastructure Partners LLP

Notes to the Consolidated Financial Statements for the Year Ended 31 December 2023

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and requirements of the Statement of Recommended Practice (SORP) 'Accounting by Limited Liability Partnerships' (2017).

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.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Functional currency

The group considers the pound sterling to be the currency that most faithfully represents the economic effect of the underlying transactions, events and conditions. The pound sterling is the currency in which the group measures its performance and reports its results.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the partnership and its subsidiaries, as at 31 December 2023. The subsidiaries are EISER Infrastructure Limited (“EIL”), EISER Finance Limited (“EFL”) and EISER Infrastructure GP LLP (“GP LLP”).

Profit in relation to EIP for the year amounted to £264,393 (2022: £3,766). No statement of comprehensive income is presented for EISER Infrastructure Partners LLP as permitted by section 408 of the Companies Act 2006, Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland” (“FRS 102”).

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the partnership obtains control, and continue to be consolidated until the date that such control ceases. The financial statements of EFL, GP LLP and EIL are prepared for the same reporting period as the partnership. All intra-group balances, income and expenses, unrealised gains and losses and dividends resulting from intra-group transactions are eliminated in full.

 

EISER Infrastructure Partners LLP

Notes to the Consolidated Financial Statements for the Year Ended 31 December 2023

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of Advisory and Administration services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, and discounts.

Turnover is accounted for on an accruals basis. Refer note 2 for breakdown of turnover.

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.

Profits available for distribution are distributed in accordance with the amended and restated Limited Liability Partnership Agreement.

Foreign currency

The financial statements are presented in pound sterling, which is the functional currency of the company. Transactions denominated in currencies other than the pound sterling are translated into pound sterling at the rate of exchange ruling at the date of transaction. Non-monetary assets and liabilities are translated into pound sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities are translated into pound sterling at the rate of exchange ruling at the statement of financial position date. All realized and unrealized exchange gains and losses are recognized in the statement of comprehensive income.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

EISER Infrastructure Partners LLP

Notes to the Consolidated Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

3 years straight line basis

Office equipment

3 years straight line basis

Motor vehicles

25% reducing balance method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Fixed asset investments

Investment in subsidiaries

Investments in subsidiaries represent the Partnership's interest in EFL, as company incorporated and registered in England and Wales, and GP LLP, a partnership registered in England and Wales. Investments are stated at historical cost less provision for any permanent diminution in value.

Other investments

Financial assets represent the company’s interest in EISER Global Infrastructure Fund, held at fair value through profit and loss.

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.

 

EISER Infrastructure Partners LLP

Notes to the Consolidated Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Pensions and other post retirement obligations

The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Employer Financed Retirement Benefit Schemes ("EFRBS")

In 2012, the partnership established an employer financed retirement benefit scheme for the benefit of its officers, employees and their wider families, The EISER Finance Limited 2012 EFRBS (‘the Scheme’).

In accordance with UITF Abstract 32 ‘Employee Benefit Trusts and other intermediate payment arrangements’, the partnership does not include the assets and liabilities of the Scheme on its statement of financial position to the extent that it considers that it will not retain any future economic benefit from the assets of the Scheme and will not have control of the rights or other access to those future economic benefits.

2

Turnover

An analysis of the group's turnover for the year by class of business is as follows:

2023
 £

2022
 £

Advisory and directors' fees

435,216

184,742

All income during the year were generated in the United Kingdom.

 

EISER Infrastructure Partners LLP

Notes to the Consolidated Financial Statements for the Year Ended 31 December 2023

3

Particulars of employees

The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:

2023
No.

2022
No.

Sales, marketing and distribution

2

2

2

2

The aggregate payroll costs were as follows:

2023
 £

2022
 £

Wages and salaries

33,000

(240,765)

Social security costs

3,178

5,027

36,178

(235,738)

4

Members' remuneration

2023

2022

Average number of members during the year

2

2

The average profit/(loss) allocation per member in respect of the year's results amounted to £141,770 (2022: £253,193 profit).

Profits are shared among members in accordance with agreed profit sharing arrangements. The average profit per member is calculated in accordance with the requirements of the SORP by dividing the profit for the financial year before members' remuneration and profit shares by the average number of all members.

Directors' emoluments of £23,000 (2022: £23,000) in respect of members who were also directors of subsidiary, are included in staff costs.

The profit/(loss) attributable to the member with the largest entitlement was £141,770 (2022: £253,193 profit).

Allocated profits take in to account pension and annuity payments and include sums allocated as interest, members' motor expenses and capital profits.

 

EISER Infrastructure Partners LLP

Notes to the Consolidated Financial Statements for the Year Ended 31 December 2023

5

Taxation

Tax charged/(credited) in the income statement

2023
£

Current taxation

UK corporation tax for the period

8,992

6

Profit of the partnership

The partnership has taken advantage of Section 408 of the Companies Act 2006 as applied by the Limited Liability Partnerships, Partnerships and Groups (Accounts & Audit) Regulations 2016 and has not included its own profit and loss account in these financial statements. Its own profit for the year available for discretionary division among members was £264,393 (2022 - £3,766).

7

Tangible fixed assets

Group

Motor vehicles
£

Office equipment
£

Total
£

Cost

At 1 January 2023

102,428

5,776

108,204

At 31 December 2023

102,428

5,776

108,204

Depreciation

At 1 January 2023

40,011

5,062

45,073

Charge for the year

15,604

714

16,318

At 31 December 2023

55,615

5,776

61,391

Net book value

At 31 December 2023

46,813

-

46,813

At 31 December 2022

62,417

714

63,131

 

EISER Infrastructure Partners LLP

Notes to the Consolidated Financial Statements for the Year Ended 31 December 2023

LLP

Total
£

Cost

At 1 January 2023

-

At 31 December 2023

-

Depreciation

At 1 January 2023

-

At 31 December 2023

-

Net book value

At 31 December 2023

-

8

Investments held as fixed assets

Group

2023
£

2022
£

Other investments

9,845

9,831

Other investments

Listed investments
£

Total
£

Cost

At 1 January 2023

9,831

9,831

Revaluation

14

14

At 31 December 2023

9,845

9,845

Net book value

At 31 December 2023

9,845

9,845

At 31 December 2022

9,831

9,831

Details of undertakings

Details of the investments in which the limited liability partnership holds 20% or more of the nominal value of any class of share capital are as follows:

 

EISER Infrastructure Partners LLP

Notes to the Consolidated Financial Statements for the Year Ended 31 December 2023

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings

EISER Finance Limited

England and Wales

Ordinary Shares

100%

Holding company

EISER Infrastructure Limited

England and Wales

Ordinary shares

100%

General Partner

EISER Infrastructure GP LLP

England and Wales

Partnership interest

100%

General Partner

9

Debtors

 

Group

Partnership

2023
£

2022
£

2023
£

2022
£

Amounts owed by group undertakings

956,582

805,006

956,583

805,007

Other debtors

9,828

74,854

-

16,800

Prepayments and accrued income

28,297

214,944

-

-

994,707

1,094,804

956,583

821,807

10

Creditors: Amounts falling due within one year

 

Group

Partnership

2023
 £

2022
 £

2023
 £

2022
 £

Trade creditors

4,278

3,455

-

-

Amounts owed to group undertakings

956,583

805,007

418,915

418,915

Other taxes and social security

1,454

927

-

-

Other creditors

334

216,411

-

216,528

Accruals and deferred income

517,031

265,253

-

-

Corporation tax payable

8,992

-

-

-

1,488,672

1,291,053

418,915

635,443

 

EISER Infrastructure Partners LLP

Notes to the Consolidated Financial Statements for the Year Ended 31 December 2023

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

Group

Partnership

2023
 £

2023
 £

2022
 £

-

-

-

12

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £Nil (2022 - £Nil).

Contributions totalling £334 (2022 - £334) were payable to the scheme at the end of the year and are included in creditors.

13

Related party transactions

Group

Summary of transactions with other related parties

EIL is the General Partner and EFL acts as the management company for Fund I. The group has advisory agreements with the investment companies of Fund I.
As at 31 December 2023, £0 (2022: £67,486) was receivable by the group from Fund I

 

14

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.