Execs SLI LLP - Period Ending 2019-12-31

Execs SLI LLP

Contents

Limited Liability Partnership Information	1
Members' Report	2
Profit and Loss Account	3
Statement of financial position	4
Statement of Changes in Members’ Interests	5
Statement of Changes in Members’ Interests Prior Period	6
Notes to the Financial Statements	7 to 9

Execs SLI LLP

Limited Liability Partnership Information

Designated members

D M Lattanzio R B Clayton C M Korat

Registered office

4th Floor 6 Duke Street St James's London SW1Y 6BN

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London  W1D 5AR

Execs SLI LLP

Members' Report for the Year Ended 31 December 2019

The members present their report and the unaudited financial statements for the year ended 31 December 2019.

Firm structure

The LLP is a limited liability partnership registered in England and Wales.

Principal activity

The principal activity of the LLP is that of investment in the European Real Estate Debt Fund.

Designated members

The members who held office during the year were as follows:

D M Lattanzio

R B Clayton

C M Korat

Members' drawings and the subscription and repayment of members' capital

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year and in accordance with terms agreed with individual members, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members may be invited to subscribe for further capital, the amounts of which are determined by the members. On retirement, capital is repaid to members.

Approved by the Board on 11 September 2020 and signed on its behalf by:

.........................................
C M Korat
Designated member

Execs SLI LLP

Profit and Loss Account for the Year Ended 31 December 2019

	2019  £	2018  £
Income from Investments	-	-
Operating profit/(loss)	-	-
Profit/(loss) for the year before members' remuneration and profit shares	-	-
Profit/(loss) for the year available for discretionary division among members	-	-

Turnover and operating profit derive wholly from continuing operations.

The LLP had no recognised gains or losses for the year other than the results above.

Execs SLI LLP

Statement of financial position as at 31 December 2019

	Note	2019  £	2018  £
Current assets
Debtors	4	6	6
Net assets attributable to members		6	6
Represented by:
Members’ other interests
Members' capital classified as equity		6	6
		6	6
Total members' interests
Members' capital classified as equity		6	6
		6	6

For the year ending 31 December 2019 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.

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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to small limited liability partnerships.

The financial statements of Execs SLI LLP (registered number OC350195) were approved by the Board and authorised for issue on 11 September 2020. They were signed on behalf of the limited liability partnership by:

.........................................
C M Korat
Designated member

Registration number: OC350195

Execs SLI LLP

Statement of Changes in Members’ Interests
At 31 December 2019

	Equity
	Members' capital £	Total £	Total 2019  £
Members' interest at 1 January 2019	6	6	6

Execs SLI LLP

Statement of Changes in Members’ Interests Prior Period
At 31 December 2018

	Equity			Loans and other debts due to/(from) members
	Members' capital £	Other reserves £	Total £	Members' capital classified as a liability £	Total 2018  £
Members' interest at 1 January 2018	7	2,649,817	2,649,824	(2,649,818)	6
Allocated (losses)/profits in respect of the prior year	-	(2,649,817)	(2,649,817)	2,649,817	-
At 31 December 2018	7	-	7	(1)	6

Execs SLI LLP

Notes to the Financial Statements for the Year Ended 31 December 2019

1	General Information

The Limited Liability Partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000.

The address of the registered office is:

4th Floor
6 Duke Street
St James's
London
SW1Y 6BN

The principal activity of the Limited Liability Partnership is that of investment in the European Real Estate Debt Fund.

2	Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the requirements of the statement of recommended practice 'Accountancy by Limited Liability Partnerships' issued in January 2017 (SORP 2017).

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:

4th Floor
6 Duke Street
St James's
London
SW1Y 6BN

The principal activity of the limited liability partnership is investment in the European Real Estate Debt Fund.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items may be shown at fair value.

The functional currency of the limited liability partnership is considered to be pounds sterling as that is the currency of the primary economic environment in which the entity operates. Foreign operations are included in accordance with the policies set out below.

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.

Execs SLI LLP

Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)

2	Accounting policies (continued)

Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are from the LLP's perspective, either a financial liability or equity, in accordance with FRS 25 (IAS 32) Financial Instruments. Disclosure and Presentation and UITF abstract 39 Member's shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example member's capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the Profit and Loss Account in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Balance Sheet.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the Profit and Loss Account and are equity appropriations in the Balance Sheet.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at Fair value with changes in fair value being recognised in profit and loss.

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.

3	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2018 - 0).

Execs SLI LLP

Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)

4

Debtors

	2019  £	2018  £
Other debtors	6	6