IC Advisors & Projects LLP - Period Ending 2020-12-31
IC Advisors & Projects LLP - Period Ending 2020-12-31
Registration number:
IC Advisors & Projects LLP
for the Year Ended 31 December 2020
IC Advisors & Projects LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
IC Advisors & Projects LLP
Limited liability partnership information
Designated members |
IC Group Investments Ltd IC Holdings Ltd |
Registered office |
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Auditors |
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IC Advisors & Projects LLP
(Registration number: OC320973)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
27,688,038 |
31,158,791 |
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Members’ other interests |
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Members' capital classified as equity |
19,945,036 |
19,945,036 |
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47,633,074 |
51,103,827 |
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Total members' interests |
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Loans and other debts due to members |
27,688,038 |
31,158,791 |
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Equity |
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47,633,074 |
51,103,827 |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The financial statements of IC Advisors & Projects LLP (registered number OC320973) were approved by the
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Designated member
IC Advisors & Projects LLP
Notes to the Financial Statements for the Year Ended 31 December 2020
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 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.
Audit report
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.
IC Advisors & Projects LLP
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
1 |
Accounting policies (continued) |
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.
other taxes policy
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.
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.
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.
IC Advisors & Projects LLP
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
1 |
Accounting policies (continued) |
Recognition and Measurement
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
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.
IC Advisors & Projects LLP
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Auditor's remuneration |
2020 |
2019 |
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Audit of the financial statements |
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Investments held as fixed assets |
2020 |
2019 |
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Other investments |
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Other investments
Subsidiary undertakings |
Associated undertakings |
Total |
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Cost |
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At 1 January 2020 |
7,035,771 |
43,367,207 |
50,402,978 |
Revaluation |
- |
(2,727,711) |
(2,727,711) |
At 31 December 2020 |
7,035,771 |
40,639,496 |
47,675,267 |
Provision for impairment |
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At 1 January 2020 |
348,159 |
- |
348,159 |
Charge for year |
554,591 |
- |
554,591 |
At 31 December 2020 |
902,750 |
- |
902,750 |
Net book value |
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At 31 December 2020 |
6,133,021 |
40,639,496 |
46,772,517 |
At 31 December 2019 |
6,687,612 |
43,367,207 |
50,054,819 |
IC Advisors & Projects LLP
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
4 |
Investments held as fixed assets (continued) |
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 |
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IC Asesorias y Proyectos S.A.S. |
Colombia |
Ordinary |
100% |
Development of energy projects |
IC Investments & Advisors Inc. |
BVI |
Ordinary |
100% |
Dormant company |
International Power Leasing Company S.A. |
Panama |
Ordinary |
100% |
Finance and leasing |
Associates |
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Generadora del Atlantico S.A. |
Panama |
Ordinary |
31.73% |
Power generation |
Debtors |
2020 |
2019 |
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Other debtors |
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Less non-current portion |
(8,595,761) |
(8,487,098) |
145,197 |
31,103 |
Creditors: Amounts falling due within one year |
2020 |
2019 |
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Other creditors |
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Accruals and deferred income |
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IC Advisors & Projects LLP
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Related party transactions |
Included within other debtors is an amount of $6,645,761 (2019 - $6,537,098) owed to the LLP by Generadora del Atlantico SA, a company in which the LLP has an equity interest. During the year, $128,839 (2019 - $128,487) of interest accrued on $1,606,090 of this loan at 7% per annum and $166,063 (2019 - $259,249) accrued on the the remaining balance at a rate of LIBOR + 2.25%.
Also included within other debtors is a loan of $1,950,000 (2019 - $1,950,000) to IC Investment Management LLP, a related party by virtue of common control. This balance is unsecured, interest free and repayable on demand.
Included within other creditors are amounts of $427,900 (2019 - $Nil), $50,000 (2019 - $50,000) and $3,022,000 (2019 - $3,022,000) owed to IC Investment Management LLP, IC Investments & Advisors Inc. and IC Holdings Ltd, respectively. The amounts are interest free, unsecured and repayable on demand.
Control |
The immediate parent undertaking is considered to be IC Group Investments Ltd, a company incorporated in the British Virgin Islands. Copies of the consolidated group financial statements can be obtained from Ritter House, Wickhams Cay II, Road Town, Tortola, British Virgin Islands.
The ultimate parent company is considered to be 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.