Andover Financial Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

1	Accounting policies

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 financial statements are presented in US dollars which is the functional currency of the LLP and rounded to the nearest $1.

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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 September 2025 was Simon Roper, who signed for and on behalf of Fuller & Roper Limited.

Exemption from preparing group accounts

The limited liability partnership is part of a small group. The limited liability partnership has taken advantage of the exemption provided by Section 399 (2A) of the Companies Act 2006, as applied to limited liability partnerships, and has not prepared group accounts.

Revenue recognition

Interest income is recognised using the effective interest method and dividend income is recognised as the LLP’s right to receive payment is established.

Andover Financial Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

Foreign currency

Profit and loss account transactions in foreign currencies are translated into US dollars at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into US dollars at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

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.

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.

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.

Andover Financial Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

Financial instruments

Classification

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the limited liability partnership intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Impairment of financial assets

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the limited liability partnership transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the limited liability partnership, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2	Particulars of employees

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

Andover Financial Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

3	Investments held as fixed assets

	2024 $	2023 $
Other investments	33,048,987	34,260,873

Other investments

	Subsidiary undertakings $	Unlisted investments $	Total $
Cost
At 1 January 2024	51,620,531	960	51,621,491
At 31 December 2024	51,620,531	960	51,621,491
Provision for impairment
At 1 January 2024	17,360,618	-	17,360,618
Charge for year	1,211,886	-	1,211,886
At 31 December 2024	18,572,504	-	18,572,504
Net book value
At 31 December 2024	33,048,027	960	33,048,987
At 31 December 2023	34,259,913	960	34,260,873

Andover Financial Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

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
Vanguardia Inversiones S.A.S	Colombia	Ordinary	100%	Investment management
Vanguardia Asesorias S.A.S.	Colombia	Ordinary	100%	Investment management

4

Debtors

	2024  $	2023  $
Amounts owed by group undertakings	36,203,545	29,729,331
Other debtors	1,347,704	2,601,917
	37,551,249	32,331,248

5	Current asset investments

	2024 $	2023 $
Other investments	35,397,461	42,656,980

6	Creditors: Amounts falling due within one year

	2024 $	2023 $
Bank loans and overdrafts	-	334,647
Other creditors	5,114,522	3,499,998
Accruals and deferred income	5,944	5,943
	5,120,466	3,840,588

Andover Financial Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:

	2024 $	2023 $
JP Morgan Chase Bank N.A. line of credit	-	334,647

The credit lines the LLP has received from JP Morgan Chase Bank N.A. incur interest at 0.75%. Security has been given by way of a charge over a portfolios of securities and investments held with JP Morgan Chase.

7	Loans and other debts due to members

	2024 $	2023 $
Money owed to members by the LLP in respect of profits	(11,207,978)	(7,472,243)

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’.

8	Related party transactions

Loans to related parties

2024	Group undertakings $	Other related parties $
At start of period	29,729,331	2,601,917
Advanced	5,112,843	130,158
Repaid	(23,000)	-
At end of period	34,819,174	2,732,075

2023	Group undertakings $	Other related parties $
At start of period	27,439,257	2,601,917
Advanced	2,290,074	-
At end of period	29,729,331	2,601,917

Terms of loans to related parties

All loan balances are unsecured, interest free and repayable on demand.
 

Andover Financial Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

Loans from related parties

2024	Other related parties $
At start of period	3,500,000
Advanced	1,614,507
At end of period	5,114,507

2023	Other related parties $
At start of period	1,000,000
Advanced	2,500,000
At end of period	3,500,000

Terms of loans from related parties

All loan balances are unsecured, interest free and repayable on demand.
 

9

Control

The immediate parent undertaking is considered to be IC Holdings Ltd, a company incorporated in the Bahamas, with its registered office at Mareva House, 4 George Street, Nassau, Bahamas.

The ultimate parent company is considered to be Aurora Capital Investments LLC (formerly known as AM Investments LLC), a company incorporated in Delaware, USA.