Limited Liability Partnership Registration No. OC428629 (England and Wales)
SHAKE-SCENE SHAKESPEARE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
SHAKE-SCENE SHAKESPEARE LLP
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
SHAKE-SCENE SHAKESPEARE LLP
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
706
972
Cash at bank and in hand
553
227
1,259
1,199
Creditors: amounts falling due within one year
5
(1,259)
(1,199)
Net current assets and net assets attributable to members
-
-
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
(3,662)
(879)
Other amounts
3,662
879
-
-
Total members' interests
6
Amounts due from members
(706)
(972)

The members of the limited liability partnership have elected not to include a copy of the income statement 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 16 August 2022 and are signed on their behalf by:
16 August 2022
E Hughes
L Emmanuel
Designated member
Designated Member
Limited Liability Partnership Registration No. OC428629
SHAKE-SCENE SHAKESPEARE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Limited liability partnership information

Shake-Scene Shakespeare LLP is a limited liability partnership incorporated in England and Wales. The registered office is Flat 1 4 Fielding Road, London, W14 0LL.

 

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 January 2017, 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 limited liability partnerships subject to the small limited liability partnerships' 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 on the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

1.2
Going concern

The limited liability partnership is dependent upon the financial support from the members who have confirmed that support will continue in the foreseeable future. On that basis the members consider it appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax. Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement.

 

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.

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments.

SHAKE-SCENE SHAKESPEARE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.

 

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Financial liabilities are derecognised when the limited liability partnership’s contractual obligations expire or are discharged or cancelled.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

SHAKE-SCENE SHAKESPEARE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

2
Employees

There were no employees in the period.

3
Members' remuneration
2022
2021
Number
Number
Average number of members during the year
3
3
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by members
706
972
5
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
1,259
1,199
SHAKE-SCENE SHAKESPEARE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
6
Reconciliation of Members' Interests
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2022
£
£
£
Amounts due to members
783
Amounts due from members
(1,755)
Members' interests at 1 April 2021
(972)
(972)
(972)
Members' remuneration charged as an expense
(1,734)
(1,734)
(1,734)
Profit for the financial year available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the year
(2,706)
(2,706)
(2,706)
Introduced by members
2,000
2,000
2,000
Members' interests at 31 March 2022
(706)
(706)
(706)
Amounts due from members, included in debtors
(706)
(706)
7
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.

2022-03-312021-04-01false16 August 2022CCH SoftwareCCH Accounts Production 2022.2000OC4286292021-04-012022-03-31OC4286292022-03-31OC428629bus:PartnerLLP12021-04-012022-03-31OC428629bus:PartnerLLP22021-04-012022-03-31OC428629bus:LimitedLiabilityPartnershipLLP2021-04-012022-03-31OC428629bus:SmallCompaniesRegimeForAccounts2021-04-012022-03-31OC428629bus:FRS1022021-04-012022-03-31OC428629bus:AuditExemptWithAccountantsReport2021-04-012022-03-31OC428629bus:FullAccounts2021-04-012022-03-31xbrli:purexbrli:shares