IC Investment Management 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 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.

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.

IC Investment Management 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.

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 Investment Management LLP

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

3	Investments held as fixed assets

	2024 $	2023 $
Other investments	7,641,425	7,641,425

Other investments

	Unlisted investments $	Total $
Cost
At 1 January 2024	7,656,425	7,656,425
At 31 December 2024	7,656,425	7,656,425
Provision for impairment
At 1 January 2024	15,000	15,000
At 31 December 2024	15,000	15,000
Net book value
At 31 December 2024	7,641,425	7,641,425
At 31 December 2023	7,641,425	7,641,425

4

Debtors

	2024 $	2023 $
Amounts owed by group undertakings	16,233,669	16,233,669
Other debtors	2,366,696	2,366,696
Less non-current portion	(416,000)	(416,000)
Total current trade and other debtors	18,184,365	18,184,365

IC Investment Management LLP

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

5	Creditors: Amounts falling due within one year

	2024 $	2023 $
Trade creditors	6,420	7,562
Amounts owed to group undertakings	4,645,032	4,621,063
Other creditors	2,250,045	2,250,045
Accruals and deferred income	8,450	7,572
	6,909,947	6,886,242

6	Loans and other debts due to members

	2024 $	2023 $
Money owed to members by the LLP in respect of profits	6,533,426	6,557,131

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 are amounts of $12,233,652 (2023 - $12,233,652) to Sierra Equity Investments S.L.U., $413,780 to Camden Parners Ltd (2023 - $449,197), $17 (2023 - $17) to International Power Leasing Company SA, $4,000,000 (2023 - $4,000,000) to IC Realty LLP and $1,550,470 (2023 - $1,550,470) 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 (2023 - $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 (2023 - $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 $29,255 (2023 - $5,286) from Aurora Capital Investments LLC, $2,250,000 (2023 - $2,250,000) from Bellum Management International Inc, $1,140,430 (2023 - $1,140,430) from IC Advisors & Projects LLP and $1,384,371 (2023 - $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 2024

8

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 Aurora Capital Investments LLC (formerly known as 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.