Incapital Re LLP
Incapital Re LLP
Registered number: OC365603
Unaudited Financial Statements
For The Year Ended 31 December 2017
Incapital Re LLP
Unaudited Financial Statements
For The Year Ended 31 December 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Incapital Re LLP
Balance Sheet
As at
31 December 2017
Balance Sheet
Registered number:
OC365603
For the year ending 31 December 2017 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLP's subject to the small LLPs regime.)
| 2017 | 2016 | ||||
|---|---|---|---|---|---|
| Notes | € | € | € | € | |
| FIXED ASSETS | |||||
| Investments | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS ATTRIBUTABLE TO MEMBERS |
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| REPRESENTED BY: | |||||
| Equity | |||||
| Members' other interests | |||||
| Members' capital | 4,039,897 | 4,320,036 | |||
| Other reserves | (869,734) | (869,735) | |||
| 3,170,163 | 3,450,301 | ||||
| 3,170,163 | 3,450,301 | ||||
| TOTAL MEMBERS' INTEREST | |||||
| Amounts due from members | (1,006,240) | - | |||
| Members' other interests | 3,170,163 | 3,450,301 | |||
| 2,163,923 | 3,450,301 | ||||
Page 1
Incapital Re LLP
Balance Sheet (continued)
As at
31 December 2017
Member's responsibilities:
-
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. - The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Incapital Re LLP
Notes to the Financial Statements
For The Year Ended 31 December 2017
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
1.2.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.3.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.
Average Number of Employees
Average number of employees, including members, during the year was as follows:37
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Incapital Re LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
3.
Investments
| Listed | Unlisted | Total | |||
|---|---|---|---|---|---|
| € | € | € | |||
| Cost | |||||
| As at |
3,819,000 | 7,100,000 | 10,919,000 | ||
| Additions | 2,650,000 | 2,650,000 | |||
| Disposals | (3,169,000) | 3,169,000 | - | ||
| As at |
650,000 | 12,919,000 | 13,569,000 | ||
| Provision | |||||
| As at |
- | - | - | ||
| As at |
- | - | - | ||
| Net Book Value | |||||
| As at |
650,000 | 12,919,000 | 13,569,000 | ||
| As at |
3,819,000 | 7,100,000 | 10,919,000 | ||
The LLP holds 20% or more of the share capital of the following companies :
Company : Incapital Participacoes LTDA
Shares held Class : Ordinary
Country of incorporation : Brazil
Capital & Reserves :1,730,972.00 ( Brazilian real )
Profit (loss) for the year : (13,997,275.00) ( Brazilian real )
Share capital & reserves and profit/(loss) for the year are derived from the unaudited financial statements of the subsidiary and participating interest for the year ended 31.12.2017
The company Incapital Participacoes LTDA is an intervening consenting party in the agreement.
4.
Debtors
| 2017 | 2016 | ||
|---|---|---|---|
| € | € | ||
| Due within one year | |||
| Other debtors |
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| Amounts due from members | 1,006,240 | - | |
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Incapital Re LLP
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2017
5.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
|---|---|---|---|
| € | € | ||
| Trade creditors |
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| Other creditors |
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| Accruals and deferred income |
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Other creditors include a loan from Opus- Chartered S.A.
The loan was originally granted by Gestifinco Partner S.A to Incapital RE LLP and acquired by Opus - Chartered issuances S.A, a public limited liabilty company incorporated under the laws of the Grand Duchy of Luxembourg as an unregulated Securitisation company.
The bonds are denominated in Euros and pay and interest rate of 6.25% per annum. The bonds are callable by the issuer in full or in parts at least at par.
6.
Ultimate Controlling Party
The members are aware of the ultimate controlling party. However, they are under a duty of of confidentiality that prevents them from disclosing certain information otherwise required by FRS 102. Therefore, they have taken the exemption offered by the standard in respect of confidentiality.
7.
General Information
Incapital Re LLP is a limited liability partnership, incorporated in England & Wales, registered number OC365603 . The Registered Office is 22 Eastcheap, 2nd Floor, London, United Kingdom, EC3M 1EU.
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