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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2021 |
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EUROPEAN CO-INVESTMENT PARTNERS LLP |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2021 |
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EUROPEAN CO-INVESTMENT PARTNERS LLP |
EUROPEAN CO-INVESTMENT PARTNERS LLP (REGISTERED NUMBER: OC313610) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2021 |
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General Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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EUROPEAN CO-INVESTMENT PARTNERS LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2021 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Fifth Floor |
11 Leadenhall Street |
London |
EC3V 1LP |
EUROPEAN CO-INVESTMENT PARTNERS LLP (REGISTERED NUMBER: OC313610) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
1,115,025 |
1,156,369 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
7 |
438,838 |
569,188 |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 406,032 | 406,032 |
Other reserves |
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1,115,025 | 1,156,369 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 7 | 438,838 | 569,188 |
Members' other interests | 676,187 | 587,181 |
Amounts due from members | 5 | (137,357 | ) | (85,729 | ) |
977,668 | 1,070,640 |
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In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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EUROPEAN CO-INVESTMENT PARTNERS LLP (REGISTERED NUMBER: OC313610) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2021 |
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1. | STATUTORY INFORMATION |
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European Co-Investment Partners LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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GOING CONCERN |
The financial statements have been prepared on a going concern basis based on the continued support of the members. |
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FINANCIAL INSTRUMENTS |
Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment is discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors greater than one year are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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SIGNIFICANT JUDGEMENTS AND ESTIMATES |
In preparing the financial statements, management were not required to make any estimates or judgements which materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities. |
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TURNOVER |
Turnover represents amounts recoverable from clients for consultancy services provided during the year. It is measured at the fair value of the consideration received or receivable, including recoverable expenses but excluding Value Added Tax. The LLP charges its consultancy fees on a monthly basis. |
EUROPEAN CO-INVESTMENT PARTNERS LLP (REGISTERED NUMBER: OC313610) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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2. | ACCOUNTING POLICIES - continued |
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CAPITAL INTRODUCTION AND REPAYMENT |
The members decide the amounts of capital required during the year with reference to the requirements of the business and the Financial Conduct Authority regulations. No interest is paid on capital. On leaving the partnership, a member's capital is transferred to a new member or repaid as soon as funds are available to do so without causing a winding up of the LLP. |
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FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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MEMBERS PROFIT SHARE AND DRAWINGS |
The level of member's profit share and drawings are agreed between the members during the year. |
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To the extent the profit allocations exceed drawings, the excess profit is included in the Statement of financial position under amounts due to members within one year. Where drawings exceed the allocated profits the excess is included in debtors. |
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OTHER RESERVES |
The other reserves consists of unrealized gains and losses on investments held by the LLP and is non distributable. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | FIXED ASSET INVESTMENTS |
Other |
investments |
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Cost or valuation |
At 1 July 2020 |
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Additions |
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Disposals | ( |
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Revaluations |
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Exchange differences | ( |
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Reclassification/transfer | ( |
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At 30 June 2021 |
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Net book value |
At 30 June 2021 |
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At 30 June 2020 |
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EUROPEAN CO-INVESTMENT PARTNERS LLP (REGISTERED NUMBER: OC313610) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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Loans and other debts due to members consist of other amounts due to members which are due within one year and do not contain members' capital treated as debt. They rank equally with debts due to ordinary creditors in the event of a winding up. No restrictions or limitations exist on the ability of the members to reduce these amounts. |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | CONTINGENT LIABILITIES |
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The members, via the LLP, are beneficiaries of certain carried interest arrangements concluded with affiliates of the LLP's main client. Such arrangements customarily include "claw-back" and/or "forfeiture" provisions which are guaranteed by the LLP and counter-guaranteed by the individual member beneficiary personally. Given the conservative carried interest distribution policy of the client, the members of the LLP believe that it is most unlikely that such guarantees would crystallise or be called upon to secure the affected obligations. Therefore, no provision for this guarantee is included in these financial statements. |
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10. | RELATED PARTY DISCLOSURES |
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Mr L F Giacometti, a designated member of European Co-Investment Partners LLP, is the majority shareholder of Gaburo S.r.l. During the year, Gaburo S.r.l. charged consultancy fees of £Nil (2020 - £25,711) to European Co-Investment Partners LLP. |
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11. | ULTIMATE CONTROLLING PARTY |
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There is no ultimate single controlling party. |