City Clarity LLP LLP accounts

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REGISTERED NUMBER: OC346692

City Clarity LLP

Filleted Unaudited Financial Statements

31 March 2017

City Clarity LLP

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

City Clarity LLP

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		1,073		865

Current assets

Debtors	6	47,064	50,433
Cash at bank and in hand		711	538
		--------	--------
		47,775	50,971

Creditors: amounts falling due within one year	7	30,266		50,836
		--------		--------
Net current assets			17,509		135
			--------		-------
Total assets less current liabilities			18,582		1,000
			--------		-------
Net assets			18,582		1,000
			--------		-------

Represented by:

Loans and other debts due to members

Other amounts	8		17,582		–

Members' other interests

Members' capital classified as equity	1,000	1,000
Other reserves	–	–
	--------	-------
	18,582	1,000
	--------	-------

Total members' interests

Amounts due from members		(47,064)	(50,433)
Loans and other debts due to members	8	17,582	–
Members' other interests		1,000	1,000
		--------	--------
		(28,482)	(49,433)
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 March 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) relating to small LLPs.

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 financial statements .

City Clarity LLP

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the members and authorised for issue on 23 April 2018 , and are signed on their behalf by:

Mr J P Plank

Designated Member

Registered number: OC346692

City Clarity LLP

Notes to the Financial Statements

Year ended 31 March 2017

1.	General information

The LLP is registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.

2.	Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).

3.	Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on the going concern basis which is dependent upon on the continued support of the members.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members, amounted to 2 (2016: 2).

5.	Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2016	13,156	13,156
Additions	879	879
	--------	--------
At 31 March 2017	14,035	14,035
	--------	--------
Depreciation
At 1 April 2016	12,291	12,291
Charge for the year	671	671
	--------	--------
At 31 March 2017	12,962	12,962
	--------	--------
Carrying amount
At 31 March 2017	1,073	1,073
	--------	--------
At 31 March 2016	865	865
	--------	--------

6.	Debtors

	2017	2016
	£	£
Amounts due from members	47,064	50,433
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	–	31
Accruals and deferred income	28,600	49,020
Other creditors	1,666	1,785
	--------	--------
	30,266	50,836
	--------	--------

8.	Loans and other debts due to members

	2017	2016
	£	£
Amounts owed to members in respect of profits	17,582	–
	--------	----

9.	Related party transactions

The balance due from members of £47,064 (2016: £50,433 due from Mr J P Plank and Mrs L M Plank) is due from Mr J P Plank being amounts paid on account of profits.

10.	Transition to FRS 102

These are the first financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.