Company Registration No. 11830431 (England and Wales)
LLCAD Investment (UK) Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
LLCAD Investment (UK) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
LLCAD Investment (UK) Limited
Statement of financial position
As at 31 December 2023
1
As restated
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
6,176,599
6,176,599
Current assets
-
-
Creditors: amounts falling due within one year
5
(6,176,598)
(6,176,598)
Net current liabilities
(6,176,598)
(6,176,598)
Net assets
1
1
Capital and reserves
-
-
Called up share capital
7
1
1

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 22 October 2025 and are signed on its behalf by:
Jeffrey Singleton
Director
Company Registration No. 11830431
LLCAD Investment (UK) Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information

LLCAD Investment (UK) Limited is a private company, limited by shares, incorporated in England and Wales (Registered number 11830431). The registered office is 3rd Floor, 63 St James's Street, London, SW1A 1LY.

1.1
Accounting convention

These financial statements have been prepared in accordance 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 sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a parent undertaking but has not prepared consolidated financial statements for the year ended 31 December 2023, as it has taken advantage of the exemption available under Section 399 of the Companies Act 2006.

This exemption applies because the company qualifies as a small group under the criteria set out in Section 383 of the Act. As a result, these financial statements present information for the company only and do not include the results, assets, liabilities, or cash flows of its subsidiary undertakings

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiarie s are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

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 company after deducting all of its liabilities.

LLCAD Investment (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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 paymen ts 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.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Loans to group undertakings and participating interests
6,176,598
6,176,598
6,176,599
6,176,599
4
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
LLCAD Holdings (UK) Limited
1
Ordinary
100
-
Madison LLCAD Holdings S.a.r.l
2
Ordinary
-
100
Clayoquot Wilderness Resort ULC
3
Ordinary
-
100
LLCAD Investment (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
4
Subsidiaries (continued)
4

Registered office addresses:

1
3rd Floor 63 St James's Street, London, England, SW1A 1LY
2
1, Place d'Armes, L-1136, LU, Luxembourg
3
300-638 Smithe Street,Vancouver, V6B 1E3, Canada
5
Creditors: amounts falling due within one year
As restated
2023
2022
£
£
Amounts owed to group undertakings
6,176,598
6,176,598
6
Prior period adjustment
Reconciliation of changes in equity
During the year ended 31 December 2023, the Company identified an error in the financial statements for the year ended 31 December 2022. This error related to the classification of share capital.
As at 31 December 2022, the share capital was previously reported as £6,176,600. However, based on the statement of capital, this balance should have been £1, with the remaining amount correctly classified as part of the intercompany loan.
The restatement has been made in accordance with Section 10 – Accounting Policies, Estimates and Errors of FRS 102. These adjustments were necessary to more accurately reflect the Company's financial position and performance. Accordingly, the opening comparative figures have been restated to correct the identified error. The impact on the prior period financial statements is as follows:
Changes to the statement of financial position
As Restated at 31 December
Adjustment
As previously reported at 31 December
2022
2022
2022
£
£
£
Fixed Assets
Investments
6,176,599
(1)
6,176,600
Creditors due within one year
Amounts owed to parent undertaking
(6,176,598)
(6,176,598)
0
Net assets
1
(6,176,599)
6,176,600
Capital and reserves
Share Capital
1
(6,176,599)
6,176,600
There is no impact on the profit/loss for the year as a result of this adjustment.
LLCAD Investment (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
Prior period adjustment (continued)
5
7
Called up share capital
As restated
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1
1
1
1
1
1
1
1
8
Parent company

The immediate parent of LLCAD Investment (UK) Limited is Madison Offshore LLCAD Holdings LLC, a company incorporated in the Cayman Islands. The ultimate controlling party of Madison Offshore LLCAD Holdings LLC is Mr Eric Charles Resnick, who holds the ultimate voting rights over the entity.

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