IC Advisors & Projects LLP

Notes to the Financial Statements for the Year Ended 31 December 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, and registered in England and Wales, 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 Advisors & Projects 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

The Independent Auditor's Report was unqualified. We draw attention to Note 1 to the financial statements which explains that the members intend to dissolve the LLP and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1. Our opinion is not modified in respect of this matter. The name of the Senior Statutory Auditor who signed the audit report on 28 December 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.

IC Advisors & Projects LLP

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

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

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, 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.

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.

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.

2	Particulars of employees

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

IC Advisors & Projects LLP

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

3	Investments held as fixed assets

	2024 £	2023 £
Other investments	38,677,177	37,792,884

Other investments

	Subsidiary undertakings $	Other investments $	Total $
Cost
At 1 January 2024	125,232	37,743,842	37,869,074
Additions	-	884,293	884,293
At 31 December 2024	125,232	38,628,135	38,753,367
Provision for impairment
At 1 January 2024	76,190	-	76,190
At 31 December 2024	76,190	-	76,190
Net book value
At 31 December 2024	49,042	38,628,135	38,677,177
At 31 December 2023	49,042	37,743,842	37,792,884

4

Debtors

	2024  $	2023  $
Other debtors	6,932,492	9,405,684
Less non-current portion	(3,249,299)	(4,907,424)
	3,683,193	4,498,260

5	Creditors: Amounts falling due within one year

	2024 £	2023 £
Other creditors	3,201,292	4,711,481
Accruals and deferred income	9,819	6,491
	3,211,111	4,717,972

IC Advisors & Projects LLP

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

6	Loans and other debts due to members

	2024 £	2023 £
Money owed to members by the LLP in respect of profits	22,453,522	22,535,560

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’.

7	Related party transactions

Included within other debtors is an amount of $2,108,869 (2023 - $3,766,992) owed to the LLP by Generadora del Atlantico SA, a company in which the LLP has an equity interest. During the year, $165.013 (2023 - $290,412) of interest accrued on the loan.

Also included within other debtors is a loan of $3,500,101 (2023 - $3,500,101) to IC Advisors and Projects SL, $1,140,430 (2023 - $1,140,430) to IC Investment Management LLP, a related party by virtue of common control, and $57.288 (2023 - $59,046) owed by Aurora Capital Investments LLC (formerly known as AM Investments LLC), the ultimate parent company. These balances are unsecured, interest free and repayable on demand.

Included within other creditors are amounts of, $50,000 (2023 - $50,000), $3,151,022 (2023 - $3,150,022) and $Nil (2023 - $180,549) owed to IC Investments & Advisors Inc., IC Holdings Ltd and IC Asesorias y Proyectos S.A.S. E.S.P. respectively. The amounts are interest free, unsecured and repayable on demand. IC Investments & Advisors Inc. and IC Holdings Ltd are related parties by virture of common control. IC Asesorias y Proyectos S.A.S. E.S.P. was a subsidiary of the company until 30 December 2022.

8

Control

The immediate parent undertaking is considered to be IC Group Investments Ltd, 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 Aurora Capital 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.