Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-31002024-03-310false2023-04-01Clearbell Capital CIP LLP (the "LLP") was established on 10th February 2014.The principal activity of the LLP is to act as the Carried Interest Partner of Amberside LP, Clearbell UK Strategic Trust and Kings Keeley LP. The LLP is also the General Partner of Clearbell Strategic Coinvest LP.0truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC390988 2023-04-01 2024-03-31 OC390988 2022-04-01 2023-03-31 OC390988 2024-03-31 OC390988 2023-03-31 OC390988 c:CurrentFinancialInstruments 2024-03-31 OC390988 c:CurrentFinancialInstruments 2023-03-31 OC390988 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC390988 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC390988 d:FRS102 2023-04-01 2024-03-31 OC390988 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC390988 d:FullAccounts 2023-04-01 2024-03-31 OC390988 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC390988 6 2023-04-01 2024-03-31 OC390988 d:PartnerLLP1 2023-04-01 2024-03-31 OC390988 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC390988 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC390988 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC390988









CLEARBELL CAPITAL CIP LLP







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
CLEARBELL CAPITAL CIP LLP
 

CONTENTS



Page
Members' Report
1
Statement of Comprehensive Income
2
Balance Sheet
3 - 4
Reconciliation of Members' Interests
5
Notes to the Financial Statements
6 - 9


 
CLEARBELL CAPITAL CIP LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The members present their annual report together with the financial statements of Clearbell Capital CIP LLP (the "LLP") for the year ended 31 March 2024
 

Principal activities
 
 
The LLP was incorporated on 10 February 2014 and commenced trading on that date.
 
 
The principal activity of the LLP is to act as the Carried Interest Partner of Amberside LP, Clearbell UK Strategic Trust and Kings Keeley LP. The LLP is also the General Partner of Clearbell Strategic Coinvest LP.
 
 
Designated Members
 
 
The designated memembers who served the LLP during the year were Clearbell Capital LLP & Clearbell GP Invest Limited.
 

 
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members.
 
 
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
 
 
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
 

This report was approved by the members on 10 September 2024 and signed on their behalf by:
 
 


___________________________
Clearbell Capital LLP


Page 1

 
CLEARBELL CAPITAL CIP LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Income from shares in group undertakings
  
2,000
2,000

Income from fixed assets investments
  
250,177
-

Profit before tax
  
 
252,177
 
2,000

Profit for the year before members' remuneration and profit shares
  
 
252,177
 
2,000

Profit for the year before members' remuneration and profit shares
  
252,177
2,000

Members' remuneration charged as an expense
  
(252,177)
(2,000)

Results for the year available for discretionary division among members
  
 
-
 
-

Other comprehensive income for the year
  

Total comprehensive income for the year
  

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 6 to 9 form part of these financial statements.

Page 2

 
CLEARBELL CAPITAL CIP LLP
REGISTERED NUMBER: OC390988

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 7 
526
526

  
526
526

Current assets
  

Debtors: amounts falling due within one year
 8 
2
2

  
2
2

Creditors: Amounts Falling Due Within One Year
 9 
(526)
(526)

Net current liabilities
  
 
 
(524)
 
 
(524)

Total assets less current liabilities
  
2
2

  

Net assets
  
2
2


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
2
2

  
 
2
 
2

  
2
2


Total members' interests
  

Members' other interests
  
2
2

  
2
2


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 were approved and authorised for issue by the members and were signed on their behalf on 10 September 2024.

Page 3

 
CLEARBELL CAPITAL CIP LLP
REGISTERED NUMBER: OC390988
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024




___________________________
Clearbell Capital LLP
Designated member

The notes on pages 6 to 9 form part of these financial statements.

Clearbell Capital CIP LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 4

 
CLEARBELL CAPITAL CIP LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024




EQUITY
Members' other interests
Members' capital (classified as equity)
Total

£
£

Members' interests after profit for the year
2
2

Balance at 31 March 2023
2
2

Members' interests after profit for the year
2
2

Balance at 31 March 2024 
2
2

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 5

 
CLEARBELL CAPITAL CIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The LLP is registered in England and Wales. 

The address of the registered office is 2 Harewood Place, London, W1S 1BX




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 Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (the 2008 Regulations). 

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are presented in Sterling (£) which is also the functional currency of the LLP.

The following principal accounting policies have been applied:

 
3.2

Profit allocation

The LLP is entitled to receive 10% of the amounts distributed pari passu with the distributions to two of the Limited Partners in Amberside LP after the Limited Partners have received a 9% IRR on their contributions.

The LLP entitled to receive 10% of the amounts distributed pari passu with the distributions to two of the Limited Partners in Kings Keeley LP after the Limited Partners have received an 8% IRR on their contributions.

The LLP is entitled to receive 10% of distributions from Clearbell UK Strategic Trust over a hurdle of 10% and 20% over a 12% hurdle subject to an aggregate maximum distribution of 15%.

The LLP is also entitled to a £2,000 priority profit allocation of Clearbell Strategic Coinvestment LP. All income and capital gains are to be distributed to all the Limited Partners based on their holding of the Limited Partnership.

At 31 March 2024, the LLP received £2,000 in distributions from Clearbell Strategic Coinvestment LP (2023: £2,000). The LLP also received £250,177 as a priority profit share from Amberside LP.

 
3.3

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairement losses.

Page 6

 
CLEARBELL CAPITAL CIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Accounting policies (continued)

  
3.4

Members participation rights

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 income and retained earnings 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 income and retained earnings 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 income and retained earnings 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'.



4.


Employees




The entity has no employees.

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).


5.


Information in relation to members

2024
2023
£
£




Paid under the terms of the LLP agreement
252,177
2,000

252,177
2,000



The amount of profit attributable to the member with the largest entitlement was
250,152
1,999


Page 7

 
CLEARBELL CAPITAL CIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Income from investments

2024
2023
£
£

Income from fixed asset investments
250,177
-

250,177
-







7.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 April 2023
526



At 31 March 2024
526




The above represents an investment in Amberside LP, Kings Keeley LP and Clearbell UK Strategic Trust.

Amberside LP, Kings Keeley LP and Clearbell UK Strategic Trust are incorporated and registered in the Isle of Man. 


8.


Debtors

2024
2023
£
£


Other debtors
2
2

2
2



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
526
526

526
526


Page 8

 
CLEARBELL CAPITAL CIP LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Related party transactions

Under the provisions of Financial Reporting Standard 102 Section 1A, the LLP is exempt from disclosing related party transactions with other group companies as 100% of the voting rights are controlled within the group and ultimate parent, Clearbell Capital LLP ("CCLLP"), is incorporated in the United Kingdom and publishes consolidated accounts that are available from Companies House.


11.


Controlling party

The ultimate and immediate parent undertaking is Clearbell Capital LLP ("CCLLP") which is incorporated in the United Kingdom and registered in England and Wales.

The largest and smallest group of undertakings of which the LLP is a member and for which group accounts are drawn up is CCLLP. Copies of the CCLLP financial statements are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

Page 9