CLEARBELL CAPITAL CIP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The LLP is registered in England and Wales.
The address of the registered office is 2 Harewood Place, London, W1S 1BX
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
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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 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:
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.
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairement losses.
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