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Registration number: OC312779

Recap International LLP

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Recap International LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 7

Balance Sheet

2

Notes to the Financial Statements

4

 

Recap International LLP

Limited liability partnership information

Designated members

Haakon Korsgaard

Snjezana Fijan
 

Registered office

114 St. Martin's Lane
London
WC2N 4BE

Accountants

Bourner Bullock
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Recap International LLP

(Registration number: OC312779)
Balance Sheet as at 30 April 2024

Note

2024

2023

Fixed assets

 

Investments

4

2,334

2,334

Current assets

 

Stocks

5

20,934,239

20,934,239

Creditors: Amounts falling due within one year

6

(225,095)

(221,036)

Net current assets

 

20,709,144

20,713,203

Net assets attributable to members

 

20,711,478

20,715,537

Represented by:

 

Loans and other debts due to members

 

Other amounts

20,711,478

20,715,537

   

20,711,478

20,715,537

Total members' interests

 

Loans and other debts due to members

 

20,711,478

20,715,537

   

20,711,478

20,715,537

 

Recap International LLP

(Registration number: OC312779)
Balance Sheet as at 30 April 2024

For the year ending 30 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

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. 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 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.

The financial statements of Recap International LLP (registered number OC312779) were approved by the Board and authorised for issue on 28 April 2025. They were signed on behalf of the limited liability partnership by:

.........................................
Haakon Korsgaard
Designated member

 

Recap International LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

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.

The functional currency of Recap International LLP is considered to be the Euro 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

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.

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.

 

Recap International LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

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

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.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Stocks comprise purchased interests in property rights in Croatia which arise under the Succession Agreement and are carried out at the lower of cost and net realisable value. The designated member is of the opinion that the ultimate value of each right is significantly above cost. However, obtaining value under these rights depends on the outcome of political and legal processes which are likely to take some time. Consequently, there is a fundamental uncertainty as to the carrying value of these stocks. If the value obtained is below costs, adjustments will be needed to write down stocks to these net realisable values.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and invesments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company 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.

 

Recap International LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

2

Significant judgements and 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 balance sheet 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. In the Members's opinion the only significant judgment is the new recoverable amount of property rights included in stock. The carrying amount is €20,000,500 (2020: €20,000,500).

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

4

Investments held as fixed assets

2024

2023

Shares in group undertakings and participating interests

2,334

2,334

Shares in group undertakings and participating interests

Subsidiary undertakings

Total

Cost

At 1 May 2023

2,334

2,334

At 30 April 2024

2,334

2,334

Net book value

At 30 April 2024

2,334

2,334

At 30 April 2023

2,334

2,334

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:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings

Recap International d.o.o.

Croatia

Ordinary shares

100%

Group services company

 

Recap International LLP

Notes to the Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024

2023

Stocks

20,934,239

20,934,239

6

Creditors: Amounts falling due within one year

2024

2023

Trade creditors

6,445

3,809

Amounts owed to group undertakings and undertakings in which the limited liability partnership has a participating interest

215,839

214,834

Accruals and deferred income

2,811

2,393

225,095

221,036