ACCOUNTS - Final Accounts preparation

Loans and other debts due to members

Registered number: OC415612

JEM RECORDS LLP

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


JEM RECORDS LLP REGISTERED NUMBER:OC415612

BALANCE SHEET

AS AT 31 MARCH 2023

		2023		2022
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	7,603		7,998
Cash at bank	5	9,016		11,336
		16,619		19,334
Creditors: amounts falling due within one year	6	(1,619)		(1,620)
Net current assets			15,000		17,714
Total assets less current liabilities			15,000		17,714

Net assets			15,000		17,714

Represented by:
Loans and other debts due to members within one year
Other amounts	7		36,529		36,529
			36,529		36,529
Members' other interests
Other reserves classified as equity		(21,529)		(18,815)
			(21,529)		(18,815)
			15,000		17,714

Total members' interests
Loans and other debts due to members	7	36,529	36,529
Members' other interests		(21,529)	(18,815)
		15,000	17,714

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JEM RECORDS LLP REGISTERED NUMBER:OC415612

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by:

C L Balsam

Designated member

Date: 21 September 2023

The notes on pages 3 to 5 form part of these financial statements.

Jem Records LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

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JEM RECORDS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

Jem Records LLP is a limited liability partnership, registered in England and Wales, registration number OC415612. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the LLP continued to be that of music production.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

2.2

Functional and presentation currency

The LLP's functional and presentational currency is pound sterling.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Royalties receivable are recognised at the year end date by the LLP.
Turnover from music production of services is recognised when it is probable the LLP will receive the right to the consideration due under the contract.

2.4

Division and distribution of profits

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 the profit and loss account during the period to which the profits are generated.

2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

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JEM RECORDS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.7

Creditors

Short-term creditors are measured at the transaction price.

2.8

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Equity instruments are any contracts that evidence residual interests in the assets of the LLP after deducting all their liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Employees

The average monthly number of employees, including members, during the year was 2 (2022 -2).

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JEM RECORDS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Debtors

					2023	2022
					£	£


Trade debtors	-	5
Other debtors	7,603	7,993
	7,603	7,998

5.	Cash
		2023	2022
		£	£

	Cash at bank	9,016	11,336

6.	Creditors: amounts falling due within one year
		2023	2022
		£	£

Trade creditors	619	620
Accruals	1,000	1,000
	1,619	1,620


	Other amounts due to members	36,529	36,529

Loans and other debts due to members may be further analysed as follows:

					2023	2022
					£	£


	Falling due within one year	36,529	36,529

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

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