Registration number:
IC Investment Management LLP
for the Year Ended 31 December 2023
IC Investment Management LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
IC Investment Management LLP
Limited liability partnership information
Designated members |
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Registered office |
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Auditors |
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IC Investment Management LLP
(Registration number: OC321621)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash and short-term deposits |
- |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Other amounts |
6,557,131 |
7,916,924 |
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Members’ other interests |
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Members' capital classified as equity |
12,798,417 |
12,798,417 |
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19,355,548 |
20,715,341 |
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Total members' interests |
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Loans and other debts due to members |
6,557,131 |
7,916,924 |
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Equity |
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19,355,548 |
20,715,341 |
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. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
The financial statements of IC Investment Management LLP (registered number OC321621) were approved by the
IC Investment Management LLP
(Registration number: OC321621)
Balance Sheet as at 31 December 2023
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IC Investment Management LLP
Notes to the Financial Statements for the Year Ended 31 December 2023
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 functional currency of IC Investment Management LLP is considered to be US dollars because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
The financial statements are presented in US dollars and rounded to the nearest $1.
Going concern
The financial statements have not been prepared on a going concern basis. It is intended that the LLP will be dissolved within the next 12 months.
Audit report
Reclassification of comparative amounts
IC Investment Management LLP
Notes to the Financial Statements for the Year Ended 31 December 2023
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.
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.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
IC Investment Management LLP
Notes to the Financial Statements for the Year Ended 31 December 2023
Investments held as fixed assets |
2023 |
2022 |
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Other investments |
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Other investments
Unlisted investments |
Total |
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Cost |
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At 1 January 2023 |
30,400,587 |
30,400,587 |
Disposals |
(22,744,162) |
(22,744,162) |
At 31 December 2023 |
7,656,425 |
7,656,425 |
Provision for impairment |
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At 1 January 2023 |
10,741,703 |
10,741,703 |
Eliminated on disposal |
(10,726,703) |
(10,726,703) |
At 31 December 2023 |
15,000 |
15,000 |
Net book value |
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At 31 December 2023 |
7,641,425 |
7,641,425 |
At 31 December 2022 |
19,658,884 |
19,658,884 |
Debtors |
2023 |
2022 |
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Amounts owed by group undertakings |
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Other debtors |
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Less non-current portion |
(416,000) |
(416,000) |
Total current trade and other debtors |
18,184,365 |
7,463,909 |
IC Investment Management LLP
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors: Amounts falling due within one year |
2023 |
2022 |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Accruals and deferred income |
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Loans and other debts due to members |
2023 |
2022 |
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Money owed to members by the LLP in respect of profits |
6,557,131 |
7,916,924 |
In the event of winding up, amounts in ‘Loans and other debts due to members’ would rank after other creditors who are unsecured.
There are no such restrictions or limitations existing on the ability of the members to reduce the amount of ‘Members’ other interests’.
Related party transactions |
Included within other debtors are amounts of $Nil (2022 - $926,200) advanced to IC Inversiones SAS and $Nil (2022 - $2,029,869) advanced to VTU de Colombia S.A. for future capital increases.
The LLP has also granted loans of $12,233,652 (2022 - $Nil) to Sierra Equity Investments S.L.U., $413,780 to Camden Parners Ltd (2022 - $449,197), $17 (2022 - $17) to International Power Leasing Company SA, $4,000,000 (2022 - $4,000,000) to IC Realty LLP and $1,550,470. (2022 - $69,900) to Clover American Services LLC. All of these entities are relatred parties by virtue of common control. The balances are unsecured, interest free and repayable on demand. Included in debtors due after one year is $416,000 (2022 - $416,000) owed to the LLP by Signature Systems LLC, a company in which the LLP holds an equity investment.
Included within other creditors is a loan $2,084,607 (2022 - $2,084,607) of from IC Group Investments Ltd, a member of the LLP.
The LLP has also received additional loans which are included within other creditors of $2,250,000 (2022 - $2,250,000) from Bellum Management International Inc, $1,140,430 (2022 - $1,084,730) from IC Advisors & Projects LLP and $1,384,371 (2022 - $1,384,371) from Andover Financial Investments LLP. All of these entities are related parties by virtue of common control. The balances are unsecured, interest free and repayable on demand.
IC Investment Management LLP
Notes to the Financial Statements for the Year Ended 31 December 2023
Control |
The immediate parent undertaking is considered to be IC Group Investments Limited, a company incorporated in the British Virgin Islands, with its registered office at 6th Floor, 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.