Limited Liability Partnership registration number OC392503 (England and Wales)
BIFFY CLYRO LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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
The Bloomsbury Building
10 Bloomsbury Way
Holborn
WC1A 2SL
Accountants
CC Young & Co Limited
3rd Floor
The Bloomsbury Building
10 Bloomsbury Way
Holborn
WC1A 2SL
BIFFY CLYRO LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BIFFY CLYRO LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,974
5,657
Current assets
Debtors
4
355,040
199,272
Cash at bank and in hand
887,082
761,872
1,242,122
961,144
Creditors: amounts falling due within one year
5
(351,125)
(190,739)
Net current assets
890,997
770,405
Total assets less current liabilities and net assets attributable to members
894,971
776,062
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
894,971
776,062
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 2023 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 6 October 2023 and are signed on their behalf by:
06 October 2023
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 2023
- 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, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.
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 2021, 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.
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.
1.4
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.
BIFFY CLYRO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Equipment
£
Cost
At 1 April 2022 and 31 March 2023
6,194
Depreciation and impairment
At 1 April 2022
537
Depreciation charged in the year
1,683
At 31 March 2023
2,220
Carrying amount
At 31 March 2023
3,974
At 31 March 2022
5,657
BIFFY CLYRO LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
106,315
Amounts owed by group undertakings
595
Other debtors
248,725
198,677
355,040
199,272
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,627
14,130
Trade creditors
55,154
31,001
Taxation and social security
30,692
56,314
Other creditors
257,652
89,294
351,125
190,739
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.
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 £35,608 and received repayment of £33,022. At the balance sheet date Biffy Clyro LLP owed the related party £2,079 (2022: the related party owed Biffy Clyro LLP £507).
During the year Biffy Clyro LLP incurred expenses on behalf of Simon Neil, a member of Biffy Clyro LLP totalling £819 and received repayments of £1,532. At the balance sheet date Biffy Clyro LLP owed the related party £625 (2022: the related party owed Biffy Clyro LLP £88).
During the year Biffy Clyro LLP incurred expenses totalling £7,426 on behalf of Empire State Bstd LLP, a related party sharing one of the members. At the balance sheet date the related party owed Biffy Clyro LLP £7,426 (2022: £Nil).
All loans are interest free and repayable on demand.