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Registered number: OC424097
Carbon Cap Management LLP
Report And Financial Statements
INFORMATION FOR FILING WITH THE REGISTRAR
31 December 2020
Blick Rothenberg Ltd
Chartered Accountants
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CARBON CAP MANAGEMENT LLP
REGISTERED NUMBER:OC424097
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BALANCE SHEET
AS AT 31 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Members' capital classified as equity
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Amounts due from members (included in debtors)
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CARBON CAP MANAGEMENT LLP
REGISTERED NUMBER:OC424097
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2020
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity 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.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 4 to 6 form part of these financial statements.
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CARBON CAP MANAGEMENT LLP
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RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Loss for the year available for discretionary division among members
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Members' interests after profit for the year
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Amounts introduced by members
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Balance at 31 December 2019
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Loss for the year available for discretionary division among members
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Members' interests after profit for the year
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Amounts introduced by members
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Balance at 31 December 2020
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The notes on pages 4 to 6 form part of these financial statements.
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The ability of the members of the LLP to reduce the amount of Members’ other interests is restricted by the LLP agreement.
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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CARBON CAP MANAGEMENT LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Carbon Cap Management LLP is a limited liability partnership registered in England & Wales (registered number OC424097). Its registered office address is 1 Adam Street, London, WC2N 6LE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. Management do not consider there are any key accounting estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
Management are also required to exercise judgement in applying the entity's accounting policies. Due to the straightforward nature of the business management consider that no critical judgements have been made in applying the LLP's accounting policies.
The following principal accounting policies have been applied:
The members have indicated their willingness to continue to support the LLP such that it will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of signing of these financial statements. Accordingly, these financial statements have been prepared on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the LLP as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
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CARBON CAP MANAGEMENT LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
The LLP does not trade in financial instruments and all such instruments arise directly from operations. All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment. The LLP's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings. Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the LLP only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.
The taxation payable on the profits of the LLP is the personal liability of the members.
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds.
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The average monthly number of employees during the year was 2 (2019 - 1).
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CARBON CAP MANAGEMENT LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £1,732 (2019 - £nil). Contributions totalling £nil (2019 - £nil) were payable to the fund at the balance sheet date.
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