Clapele LLP - LLP accounts 18.2

REGISTERED NUMBER: OC383837 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

CLAPELE LLP

Page

General Information

1

Report of the Members

2

Statement of Comprehensive Income

3

Statement of Financial Position

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

Mr R C Breen

Mr S H Pearson

Mr M O'Brien

Benit Limited

REGISTERED OFFICE:

Fifth Floor,

11 Leadenhall Street

London

EC3V 1LP

REGISTERED NUMBER:

OC383837 (England and Wales)

ACCOUNTANTS:

Acuity Professional Ltd

Business Advisers and Accountants

Fifth Floor

11 Leadenhall Street

London

EC3V 1LP

The members present their report with the financial statements of the LLP for the year ended 31 March 2018.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of business development and marketing.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mr R C Breen

Mr S H Pearson

Mr M O'Brien

Benit Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £NIL (2017 - £76,704 profit).

MEMBERS' INTERESTS

The members take drawings in accordance with the partnership agreement. The profits of the business are attributed firstly

to meet the expenses and liabilities of the partnership, secondly to provide a contingency for future trading, thirdly to

apply remuneration for those members engaged in the business and finally to allocation of profit between the partners as

decided from time to time.

This report has been prepared in accordance with the special 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.

ON BEHALF OF THE MEMBERS:

Mr R C Breen - Designated member

19 December 2018

TURNOVER

-

Administrative expenses

63

49

(63

)

(49

)

Other operating income

63

76,753

OPERATING PROFIT and

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES

-

76,704

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES

-

76,704

Members' remuneration charged as an
expense

4

-

(255,682

)

LOSS FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS

-

(178,978

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

-

(178,978

)

CURRENT ASSETS

Debtors

5

-

129,688

Cash at bank

631

8,319

631

138,007

CREDITORS

Amounts falling due within one year

6

-

10,125

NET CURRENT ASSETS

631

127,882

TOTAL ASSETS LESS CURRENT
LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

631

127,882

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

MEMBERS' OTHER INTERESTS

Capital accounts

631

1,022,768

Other reserves

-

(894,886

)

631

127,882

TOTAL MEMBERS' INTERESTS

Members' other interests

631

127,882

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 2018.

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 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.

The financial statements were approved by the members of the LLP on 19 December 2018 and were signed by:

Mr R C Breen - Designated member

1.	STATUTORY INFORMATION

Clapele LLP is registered in England and Wales. The LLP's registered number and registered office address can be

found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE 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.

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.

FINANCIAL INSTRUMENTS

The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognized in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

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 recognized amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets - 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.

Classification of financial liabilities - 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.

Basic financial liabilities - Basic financial liabilities, including creditors, bank loans and loans from fellow group

companies that are classified as debt, are initially recognized at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 recognized

initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2017 - NIL).

4.	INFORMATION IN RELATION TO MEMBERS

2018

2017

£

Members' remuneration charged as an expense

Members' remuneration

-

255,682

2018

2017

The average number of members during the year was

4

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Other debtors

-

129,688

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Taxation and social security

-

10,125

7.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.