Limited Liability Partnership Registration No. OC392503 (England and Wales)
BIFFY CLYRO LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
BIFFY CLYRO LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mr Simon Neil
Mr Ben Johnston
Mr James Johnston
Limited liability partnership number
OC392503
Registered office
3rd Floor
5 Chancery Lane
London
WC2A 1LG
Accountants
CC Young & Co Limited
3rd Floor
5 Chancery Lane
London
WC2A 1LG
BIFFY CLYRO LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BIFFY CLYRO LLP
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,657
-
Current assets
Debtors
4
199,272
49,670
Cash at bank and in hand
761,872
263,637
961,144
313,307
Creditors: amounts falling due within one year
5
(190,739)
(24,474)
Net current assets
770,405
288,833
Total assets less current liabilities and net assets attributable to members
776,062
288,833
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
776,062
288,833
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 March 2022 the limited liability partnership 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) relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 26 August 2022 and are signed on their behalf by:
26 August 2022
Mr Simon Neil
Mr Ben Johnston
Designated member
Designated Member
Mr James Johnston
Designated Member
Limited Liability Partnership Registration No. OC392503
BIFFY CLYRO LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Limited liability partnership information
Biffy Clyro LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3rd Floor, 5 Chancery Lane, London, WC2A 1LG.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the amounts recoverable for the goods and services provided to clients, excluding value added tax. Services are provided under contractual obligations which are performed gradually over time.
Revenue from contracts for the provision of live performances is recognised based on performance date.
1.3
Members' participating interests
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.
Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.
BIFFY CLYRO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.5
Impairment of fixed assets
At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those 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 (if any).
An impairment loss is recognised immediately in profit or loss.
1.6
Financial instruments
The limited liability partnership has only has assets which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2022
2021
Number
Number
Total
BIFFY CLYRO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
3
Tangible fixed assets
Equipment
£
Cost
At 1 April 2021
-
Additions
6,194
At 31 March 2022
6,194
Depreciation and impairment
At 1 April 2021
-
Depreciation charged in the year
537
At 31 March 2022
537
Carrying amount
At 31 March 2022
5,657
At 31 March 2021
-
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
3,760
Amounts owed by group undertakings
595
4,881
Other debtors
198,677
41,029
199,272
49,670
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
14,130
-
Trade creditors
31,001
18,879
Taxation and social security
56,314
5,595
Other creditors
89,294
-
190,739
24,474
6
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.
BIFFY CLYRO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
7
Related party transactions
During the year Biffy Clyro Partnership, a related party sharing 100% of members, incurred expenses on behalf of Biffy Clyro LLP totalling £12,530 and received repayment of £45,119. Biffy Clyro LLP incurred expenses on behalf of the related party totalling £3,464 and received repayment of £40,426. At the balance sheet date the related party owed Biffy Clyro LLP £507 (2021: £4,881 owed to the related party).
During the year Biffy Clyro LLP incurred expenses on behalf of Simon Neil, a member of Biffy Clyro LLP totalling £406 and received repayments of £318. At the balance sheet date the related party owed Biffy Clyro LLP £88 (2021: £Nil owed to the related party).
All loans are interest free and repayable on demand.