REGISTERED NUMBER: OC319474 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

APQ PARTNERS LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Designated members:

Lennart Kaltenbach

Talbinder Sandhu

APQ Global Limited

Registered office:

3rd Floor

22/23 Old Burlington Street

London

W1S 2JJ

Registered number:

OC319474 (England and Wales)

Bankers:

HSBC PLC

City of London

20 Eastcheap

London

EC3M 1ED

Fixed assets

Tangible assets

4

13,339

6,304

Current assets

Debtors

5

66,609

325,335

Cash at bank

258,071

31,871

324,680

357,206

Creditors

Amounts falling due within one year

6

170,075

88,381

Net current assets

154,605

268,825

Total assets less current liabilities

and

Net assets attributable to members

167,944

275,129

Loans and other debts due to members

107,788

275,029

Members' other interests

Capital accounts

100

100

Other reserves

60,056

-

167,944

275,129

Total members' interests

Loans and other debts due to members

107,788

275,029

Members' other interests

60,156

100

Amounts due from members

5

-

(217,986

)

167,944

57,143

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 December 2017.

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 and delivered 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.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP on 16 July 2018 and were signed by:

APQ Global Limited - Designated member

1.	Statutory information

APQ Partners 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the

Members have carefully considered these risks including an assessment on uncertainty on future trading

projection for a period of at least 12 months from the date of signing the financial statements, and the extent to

which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the Members consider that the LLP maintains an appropriate level of liquidity, sufficient

to meet the demands of the business including any capital and servicing obligations and external debt liabilities.

In addition, the LLP's assets are assessed for recoverability on a regular basis, and the Members consider that

the LLP is not exposed to losses on these assets which would affect their decision to adopt the going concern

basis.

The Members have a reasonable expectation that the LLP has adequate resources to continue in operational

existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts

upon the LLP's ability to continue as a going concern. Thus the Members have continued to adopt the going

concern basis of accounting in preparing these financial statements.

Turnover

Revenue represents fees receivable (excluding value added tax) during the year for discretionary investment

management and advisory services. Management fees and performance fees are recognised when receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

Over the term of the lease, Straight line over 3 years and Straight line over 4 years

Impairment of assets

At each reporting date the LLP reviews the carrying value of its assets to determine whether there is any

indication that these assets have suffered an impairment loss. If any such indication exists the recoverable

amount of the asset is estimated in order to determine the extent of the impairment loss.

The recoverable amount of an asset is the higher of fair value less costs to sell and value in use. Value in use is

the present value of the future cash flows expected to be derived from the asset, or cash generating unit. The

present value calculation involves estimating the future cash inflows and outflows to be derived from continuing

use of the asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows.

Where the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognised

immediately in profit or loss. An impairment loss recognised for all assets is reversed in a subsequent period if,

and only if, the reasons for the impairment loss have ceased to apply. Impairment losses are charged to profit or

loss in administration expenses.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at

that date the transaction took place. Where this is not possible to determine, income and expense items are

translated using an average exchange rate for the period.

Monetary assets and liabilities denominated in foreign currencies at the reporting date are reported at the rates

of exchange prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign

currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary

items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign exchange

gains and losses resulting from the settlement of such transactions and from the translation at the reporting date

of monetary assets and liabilities are reported in profit or loss.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme

are charged to profit or loss in the period to which they relate.

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 which will be assessed on the individual Member and not the

LLP.

Financial instruments

Financial assets and liabilities are recognised when the LLP becomes party to the contractual provisions of the

financial instrument. The LLP holds only basic financial instruments which comprise cash and cash equivalents,

trade and other receivables, and trade and other payables. The LLP has chosen to apply the provisions of

Section 11 Basic Financial Instruments in full.

Financial assets - classified as basic financial instruments

(i) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid

investments with original maturities of three months or less.

(ii) Trade and other receivables

Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and

subsequently measured at amortised cost including the effective interest method, less any provision for

impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash

expected to be received, net of any impairment.

At the end of each reporting period, the LLP assesses whether there is objective evidence that an receivable

amount may be impaired. A provision for impairment is established when there is objective evidence that the

LLP will not be able to collect all amounts due according to the original terms of the receivables. The amount of

the provision is the difference between the asset's carrying amount and the present value of the estimated future

cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in

profit or loss.

(iii) Trade and other payables and loans and borrowings

Trade and other payables and loans and borrowings are initially measured at the transaction price, including any

transaction price, including any transaction costs, and subsequently measured at amortised cost using the

effective interest method. Amounts that are payable within one year are measured at the discounted amount of

the cash expected to be paid.

Critical accounting judgements and estimation uncertainty

In applying the LLP's accounting policies, the members are required to make judgements, estimates and

assumptions in determining the carrying amounts of assets and liabilities. The members' judgements, estimated

and assumptions are based on the best and most reliable evidence available at the time when the decisions are

made, and are based on historical experience and other factors that are considered to be applicable. Due to the

inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and

outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or

in the period of the revision and future periods, if the revision affects both current and future periods.

(i) Critical judgements in applying the LLPs accounting policies

The LLP makes a number of assessments which require judgement in preparing the accounts and can have a

significant effect upon the financial statements. However due to the straight forward nature of the LLP's

business, management does not believe that there are any judgements that have a significant risk of causing a

material adjustment to the carrying amounts of assets and liabilities within the next financial year.

(ii) Key accounting estimates and assumptions

The LLP makes estimates and assumptions concerning the future. The resulting accounting estimates will, by

definition, seldom equal the related actual results. However, due to the straight forward nature of the LLP's

business, management does not believe that there are any estimates and assumptions that have a significant

risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial

year.

4.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 January 2017

109,017

Additions

12,741

Disposals

(51,550

)

At 31 December 2017

70,208

Depreciation

At 1 January 2017

102,713

Charge for year

5,706

Eliminated on disposal

(51,550

)

At 31 December 2017

56,869

Net book value

At 31 December 2017

13,339

At 31 December 2016

6,304

5.

Debtors: amounts falling due within one year

2017

2016

£

£

Other debtors

66,609

325,335

6.

Creditors: amounts falling due within one year

2017

2016

£

£

Trade creditors

45,575

75,213

Taxation and social security

2,350

241

Other creditors

122,150

12,927

170,075

88,381

7.	Related party disclosures

In the previous year, APQ Partners LLP received investment management fees from APQ Capital Management

Limited of £782,544, a company controlled by a formed Designated member.

8.	Ultimate controlling party

There is no overall controlling party.