Registration number:
Andover Financial Investments LLP
for the Year Ended 31 December 2021
Andover Financial Investments LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Andover Financial Investments LLP
Limited liability partnership information
Designated members |
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Registered office |
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Auditors |
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Andover Financial Investments LLP
(Registration number: OC368991)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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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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Investments |
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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 |
4,530,000 |
13,865,496 |
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Members’ other interests |
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Members' capital classified as equity |
113,531,602 |
113,531,602 |
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118,061,602 |
127,397,098 |
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Total members' interests |
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Loans and other debts due to members |
4,530,000 |
13,865,496 |
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Equity |
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118,061,602 |
127,397,098 |
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
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 Andover Financial Investments LLP (registered number OC368991) were approved by the
Andover Financial Investments LLP
(Registration number: OC368991)
Balance Sheet as at 31 December 2021 (continued)
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Andover Financial Investments LLP
Statement of Changes in Members’ Interests
At 31 December 2021
Equity |
Loans and other debts due to/(from) members |
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Members' capital |
Total equity |
Members' other amounts |
Total debt |
Total |
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Members' interest at 1 January 2021 |
113,531,602 |
113,531,602 |
13,865,496 |
13,865,496 |
127,397,098 |
Members' remuneration charged as an expense |
- |
- |
(8,325,113) |
(8,325,113) |
(8,325,113) |
Members' interests after total comprehensive income |
113,531,602 |
113,531,602 |
5,540,383 |
5,540,383 |
119,071,985 |
Drawings (including tax payments) |
- |
- |
(1,010,383) |
(1,010,383) |
(1,010,383) |
At 31 December 2021 |
113,531,602 |
113,531,602 |
4,530,000 |
4,530,000 |
118,061,602 |
Equity |
Loans and other debts due to/(from) members |
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Members' capital |
Total equity |
Members' other amounts |
Total debt |
Total |
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Members' interest at 1 January 2020 |
113,531,602 |
113,531,602 |
26,786,673 |
26,786,673 |
140,318,275 |
Members' remuneration charged as an expense |
- |
- |
(12,921,177) |
(12,921,177) |
(12,921,177) |
At 31 December 2020 |
113,531,602 |
113,531,602 |
13,865,496 |
13,865,496 |
127,397,098 |
Andover Financial Investments LLP
Notes to the Financial Statements for the Year Ended 31 December 2021
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 financial statements are presented in US dollars which is the functional currency of the LLP and rounded to the nearest $1.
Audit report
Exemption from preparing group accounts
The limited liability partnership has taken advantage of the exemption provided by Section 401 of the Companies Act 2006, as applied to limited liability partnerships, and has not prepared group accounts.
Andover Financial Investments LLP
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
1 |
Accounting policies (continued) |
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.
Foreign currency
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.
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.
Andover Financial Investments LLP
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
1 |
Accounting policies (continued) |
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.
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.
Current versus non-current classification
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Andover Financial Investments LLP
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
Investments held as fixed assets |
2021 |
2020 |
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Other investments |
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Other investments
Subsidiary undertakings |
Unlisted investments |
Total |
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Cost |
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At 1 January 2021 |
86,243,349 |
960 |
86,244,309 |
Revaluation |
(7,402,646) |
- |
(7,402,646) |
At 31 December 2021 |
78,840,703 |
960 |
78,841,663 |
Provision for impairment |
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Charge for year |
4,940,276 |
- |
4,940,276 |
At 31 December 2021 |
4,940,276 |
- |
4,940,276 |
Net book value |
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At 31 December 2021 |
73,900,427 |
960 |
73,901,387 |
At 31 December 2020 |
86,243,349 |
960 |
86,244,309 |
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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Colombia |
Ordinary |
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Investment management |
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Colombia |
Ordinary |
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Investment management |
Andover Financial Investments LLP
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
Debtors |
2021 |
2020 |
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Other debtors |
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Current asset investments |
2021 |
2020 |
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Other investments |
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Creditors: Amounts falling due within one year |
2021 |
2020 |
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Bank loans and overdrafts |
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Other creditors |
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Accruals and deferred income |
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Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
2021 |
2020 |
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JP Morgan Chase Bank N.A. line of credit |
4,757,960 |
5,167,344 |
The credit lines the LLP has received from JP Morgan Chase Bank N.A. incur interest at 0.75%. Security has been given by way of a charge over a portfolios of securities and investments held with JP Morgan Chase.
Andover Financial Investments LLP
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
Related party transactions |
Loans to related parties
2021 |
Parent |
Other related parties |
At start of period |
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Advanced |
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- |
Repaid |
- |
( |
At end of period |
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2020 |
Parent |
Other related parties |
At start of period |
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Advanced |
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Repaid |
- |
( |
At end of period |
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Terms of loans to related parties
Loans from related parties
2021 |
Other related parties |
At start of period |
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At end of period |
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Terms of loans from related parties
Andover Financial Investments LLP
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
Control |
The immediate parent undertaking is considered to be IC Holdings Ltd, a company incorporated in the Bahamas. Copies of the consolidated group financial statements can be obtained from Mareva House, 4 George Street, Nassau, Bahamas.
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.