Clareville Capital Partners LLP - Accounts to registrar - small 17.2

REGISTERED NUMBER: OC303295 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

CLAREVILLE CAPITAL PARTNERS LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

D E Yarrow

R A Oury

REGISTERED OFFICE:

121 First Floor

Sloane Street

Sloane Square

London

London

SW1X 9BW

REGISTERED NUMBER:

OC303295 (England and Wales)

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

BANKERS:

Clydesdale Bank

Credit Admin Team

2nd Floor

20 Merrion Way

Leeds

LS2 8NZ

SOLICITORS:

Simmons & Simmons

CityPoint

Ropemaker Street

EC2Y 9SS

CURRENT ASSETS

Debtors

4

465,812

390,946

Cash at bank and in hand

258,311

238,151

724,123

629,097

CREDITORS

Amounts falling due within one year

5

111,446

55,127

NET CURRENT ASSETS

612,677

573,970

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

612,677

573,970

LOANS AND OTHER DEBTS DUE TO MEMBERS

6

191,753

153,046

MEMBERS' OTHER INTERESTS

Capital accounts

420,924

3,306,999

Other reserves

7

-

(2,886,075

)

612,677

573,970

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

6

191,753

153,046

Members' other interests

420,924

420,924

Amounts due from members

4

(8,982

)

(76,882

)

603,695

497,088

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2017.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP on 18 August 2017 and were signed by:

R A Oury - Designated member

1.	STATUTORY INFORMATION

Clareville Capital 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.

2.	ACCOUNTING POLICIES

Basis of preparation of financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the historical cost convention in accordance with

applicable accounting standards and the requirements of the Statement of Recommended Practice

"Accounting by Limited Liability Partnerships"

Turnover

Turnover which is stated net of value added tax, represents management and performance fees

receivable for investment management services provided during the year and arising from continuing

activities in the United Kingdom. Management and performance fees are recognised when the LLP

obtains the right to consideration in exchange for its performance of services.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to

write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on

the following bases

Leasehold property - over term of lease

Fixtures & fittings - over 4 years

Computer Equipment - over 3 years

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of

exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate of ruling on the date of the

transaction.

Exchange gains and losses are recognised in the profit and loss account.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Financial instruments

Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The

company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.

Taxation

No provision has been made for taxation in the financial statements. Each Member is exclusively liable

for any tax liabilities arising out of their interest in the LLP, which will be assessed on the individual

Members and not the LLP.

Members profit allocations

Discretionary profit allocations are recognised when formally approved by the management committee.

Allocations made to members which are not considered discretionary are accrued as an expense to the

profit and loss account.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

13,378

DEPRECIATION

At 1 April 2016

and 31 March 2017

13,378

NET BOOK VALUE

At 31 March 2017

-

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

426,232

247,097

Other debtors

39,580

143,849

465,812

390,946

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

126

-

Trade creditors

69,943

11,101

Taxation and social security

32,377

24,585

Other creditors

9,000

19,441

111,446

55,127

6.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.3.17

31.3.16

£

£

Amounts owed to members in respect of profits

191,753

153,046

Falling due within one year

191,753

153,046

The amounts above rank as a creditor falling due within 1 year.

7.

RESERVES

Other

reserves

£

At 1 April 2016

(2,886,075

)

Deemed capital contribution now reversed

2,886,075

At 31 March 2017

-

Other reserves brought forward contained £3m which was a deemed capital contribution from the

corporate member, representing the value of the goodwill which it made available to the LLP on its

formation. The corporate member was entitled to a commercial return from the LLP whilst it utilised

this goodwill. The capital was deemed to be contributed but the LLP received no absolute right to the

goodwill and an enduring benefit remained with the corporate member. Consequently this was

provided for by way of a charge against the Other reserves.

At the year end the balance on Other reserves was reversed and transferred to relevant members'

capital accounts.

8.	RELATED PARTY DISCLOSURES

During the year, Clareville Capital Limited (a corporate member of the LLP) received a return on its

capital investment during the period of £39,825 (2016: £42,834). The total amounts due to/(from)

Clareville Capital Limited are dealt with as profit allocations and/or drawings and are reflected in the

detailed partners' current accounts notes.

R A Oury serves as the Senior Partner of Oury Clark, who undertake and submit various tax, company

secretarial and compliance tasks on behalf of the LLP. The total fees charged to the LLP for the period

amount to £39,797 (2016: £41,868) of which £nil (2016: £nil) was outstanding at the balance sheet

date.

9.	FIRST YEAR ADOPTION

The partnership adopted FRS 102 (Section 1A) for the accounting year ended 31 March 2017. There

were no adjustments arising at the transition date or at the end of the comparative period, therefore

there is no difference between equity under the previous financial reporting framework and equity

under FRS 102 (Section 1A).