Blue River Capital Management LLP

REGISTERED NUMBER: OC311498 (England and Wales)

REPORT OF THE MEMBERS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

BLUE RIVER CAPITAL MANAGEMENT LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Statement of Financial Position

7

Reconciliation of Members' Interests

8

Statement of Cash Flows

10

Notes to the Statement of Cash Flows

11

Notes to the Financial Statements

12

DESIGNATED MEMBERS:

A Qureshi

M F Ydin

REGISTERED OFFICE:

Cransley Hall

Church Lane

Cransley

Kettering

NN14 1PX

REGISTERED NUMBER:

OC311498 (England and Wales)

AUDITORS:

Thorne Lancaster Parker

Chartered Accountants &

Statutory Auditors

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

The members present their report with the financial statements of the LLP for the year ended 31 December 2017.

CESSATION OF TRADING

The LLP ceased trading on 31 December 2014.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of fund advisor and operator. The LLP is authorised

by the Financial Conduct Authority.

DESIGNATED MEMBERS

The designated members during the year under review were:

Amrita Investments Limited

- resigned 15 March 2017

A Qureshi

M F Ydin

- appointed 10 December 2016

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £3,896 (2016 - £2,639 loss).

MEMBERS' INTERESTS

The members participate fully in the profits and losses, share the risk and subscribe the capital for the LLP. The LLPs

policy is to allow each member to draw such sum as the designated members may from time to time agree subject to the

cash requirements of the LLP. Any amounts of tax estimated to be payable by members during the next accounting year

shall be taken out of profits before distribution and each member shall be charged with their proportion of such tax.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with

applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each

financial year. Under that law the members have elected to prepare the financial statements in accordance with United

Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under

legislation applicable to limited liability partnerships the members must not approve the financial statements unless they

are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for

that period. In preparing these financial statements, the members are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's

transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to

ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability

Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible

for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a

member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are

aware of that information.

ON BEHALF OF THE MEMBERS:

A Qureshi - Designated member

13 December 2018

Opinion

We have audited the financial statements of Blue River Capital Management LLP (the 'LLP') for the year ended

31 December 2017 which comprise the Statement of Comprehensive Income, Statement of Financial Position,

Reconciliation of Members' Interests, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the

Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has

been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United

Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the LLP's affairs as at 31 December 2017 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements

that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have

fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we

have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the members' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the members have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the LLP's ability to continue to adopt the going concern basis of accounting for a period of at
least twelve months from the date when the financial statements are authorised for issue.

Other information

The members are responsible for the other information. The other information comprises the information in the Report

of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of

assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we

conclude that there is a material misstatement of this other information, we are required to report that fact. We have

nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs

requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page two, the members are responsible

for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the members determine necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going

concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting

unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies

Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act

2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters

we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by

law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our

audit work, for this report, or for the opinions we have formed.

Christopher Kay (Senior Statutory Auditor)

for and on behalf of Thorne Lancaster Parker

Chartered Accountants &

Statutory Auditors

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

19 December 2018

REVENUE

-

Administrative expenses

4,070

2,650

OPERATING LOSS

3

(4,070

)

(2,650

)

Interest receivable and similar income

174

11

LOSS FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS

(3,896

)

(2,639

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(3,896

)

(2,639

)

CURRENT ASSETS

Debtors

5

1,915

1,266

Cash at bank

50,185

50,011

52,100

51,277

CREDITORS

Amounts falling due within one year

6

2,100

-

NET CURRENT ASSETS

50,000

51,277

TOTAL ASSETS LESS CURRENT
LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

50,000

51,277

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

50,000

51,277

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

50,000

51,277

Amounts due from members

5

(1,539

)

(376

)

48,461

50,901

The financial statements were approved by the members of the LLP on 13 December 2018 and were signed by:

A Qureshi - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

reserves

amounts

Total

£

Amount due to members

51,277

Amount due from members

(376

)

Balance at 1 January 2017

-

50,901

Loss for the financial year available
for discretionary division among
members

(3,896

)

-

(3,896

)

Members' interests after loss for the
year

(3,896

)

50,901

47,005

Other divisions of loss

3,896

(3,896

)

-

Introduced by members

-

1,080

Reclassifications

-

376

Amount due to members

50,000

Amount due from members

(1,539

)

Balance at 31 December 2017

-

48,461

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

reserves

amounts

Total

£

Amount due to members

50,736

Amount due from members

(376

)

Balance at 1 January 2016

-

50,360

Loss for the financial year available
for discretionary division among
members

(2,639

)

-

(2,639

)

Members' interests after loss for the
year

(2,639

)

50,360

47,721

Other divisions of loss

2,639

(2,639

)

-

Introduced by members

-

3,180

Amount due to members

51,277

Amount due from members

(376

)

Balance at 31 December 2016

-

50,901

Cash flows from operating activities

Cash generated from operations

1

(1,080

)

46,820

Net cash from operating activities

(1,080

)

46,820

Cash flows from investing activities

Interest received

174

11

Net cash from investing activities

174

11

Cash flows from financing activities

Transactions with members and former

members

Contributions by members

1,080

3,180

Net cash from financing activities

1,080

3,180

Increase in cash and cash equivalents

174

50,011

Cash and cash equivalents at beginning of
year

2

50,011

-

Cash and cash equivalents at end of year

2

50,185

50,011

1.	RECONCILIATION OF LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2017

2016

£

Loss for the financial year before members' remuneration and profit shares
available for discretionary division among members

(3,896

)

(2,639

)

Finance income

(174

)

(11

)

(4,070

)

(2,650

)

Decrease in trade and other debtors

890

49,470

Increase in trade and other creditors

2,100

-

Cash generated from operations

(1,080

)

46,820

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of

these Statement of Financial Position amounts:

Year ended 31 December 2017

31.12.17

1.1.17

£

Cash and cash equivalents

50,185

50,011

Year ended 31 December 2016

31.12.16

1.1.16

£

Cash and cash equivalents

50,011

-

1.	STATUTORY INFORMATION

Blue River Capital Management 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 preparing the financial statements

These financial statements have been prepared in accordance with 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.

Going concern

The financial statements have been prepared on the going concern basis.

The LLP ceased to trade on 30 October 2014, when it disposed of all assets and settled all liabilities existing at

that date.

The designated members of the LLP have confirmed that since the year end, the LLP intends to re-commence

trading. On this basis the designated members consider the going concern basis to be appropriate.

If the financial statements were not prepared on the going concern basis adjustments would be necessary to

provide for additional costs.

Financial instruments

The LLP has adopted section 11 of FRS 102 in respect of its basic financial instruments.

Basic financial assets

Other debtors, amounts due from members, cash and bank balances are initially recognised at transaction price

and subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount

and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The

impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised

the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the

carrying amount would have been had the impairment not previously been recognised. The impairment reversal

is recognised in profit or loss.

Basic financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or

are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another

party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing

additional restrictions.

Basic financial liabilities

Other creditors and amounts due to members are initially recognised at transaction price and subsequently

carried at amortised cost, using the effective interest rate method.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

Members' interests

Members' interests that are in substance liabilities of the Limited Liability Partnership are shown as such in

accordance with FRS 102.

Amounts due from members are included in debtors.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand.

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. Tax is assessed on the individual member and not on the

LLP.

3.	OPERATING LOSS

The operating loss is stated after charging:

2017

2016

£

Auditors' remuneration

1,750

4.	INFORMATION IN RELATION TO MEMBERS

2017

2016

The average number of members during the year was

2

There was no remuneration payable to the members under an employment contract during the year ended 31

December 2017.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Amounts due from members

1,539

376

Other debtors

376

-

VAT

-

890

1,915

1,266

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Accruals and deferred income

2,100

-

7.	FINANCIAL INSTRUMENTS

The company has the following financial instruments:

2017

2016

Financial assets that are debt instruments measured at amortised cost

- Amount due from members

1,539

376

- Other debtors

376

-

- VAT

-

890

1,915

1,266

Financial liabilities measured at amortised cost

- Amount due to members

-

1,277

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2017

2016

£

Members' capital classified as a liability
under FRS 25

50,000

Amounts owed to members in respect of profits

-

1,277

50,000

51,277

Falling due within one year

50,000

51,277

Blue River Capital Management LLP - LLP accounts 18.2

Blue River Capital Management LLP - LLP accounts 18.2