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CLEARBELL II (FEEDER) GP LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The LLP is registered in Scotland. The address of the registered office is 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ.
2.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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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 following principal accounting policies have been applied:
Turnover represents a priority profit share due from Clearbell II (Feeder) LP. Clearbell Capital LLP is entitled to receive 99.99% of the priority profit share from Clearbell II (Feede) LP and the second general partner, Clearbell GP Invest Limited receives 0.01% of the priority profit share.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
As a general partner to the funds, the LLP is entitled to receive a priority profit share from the funds over the period of eight year life with an option to extend a further two years. The rendering of the services of the LLP includes a number of acts over a specified period of time. Revenue is spread over the life of the fund in line with services provided by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. This is evidenced by the actual investment activity and the expected investment activity to the end of the fund life which the members believe best represents the stage of completion. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable
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Division and distribution of profits
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A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .
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