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REGISTERED NUMBER: OC384605
NN Touring LLP
Filleted Unaudited Financial Statements
31 March 2023
NN Touring LLP
Financial Statements
Year ended 31 March 2023
Contents
Page
Members' report
1
Report to the members on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
NN Touring LLP
Members' Report
Year ended 31 March 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 31 March 2023 .
Principal activities
The principal activity of the LLP during the year was that of live music performances and merchandise sales.
Designated members
The designated members who served the LLP during the year were as follows:
Mrs Caty Nesbitt
Miss Nina Nesbitt
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 3 November 2023 and signed on behalf of the members by:
Mrs Caty Nesbitt
Designated Member
Registered office:
Bourne House
475 Godstone Road
Whyteleafe
Surrey
England
CR3 0BL
NN Touring LLP
Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of NN Touring LLP
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of NN Touring LLP for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
BAILHACHE LINTON LLP Accountants
Bourne House 475 Godstone Road Whyteleafe Surrey CR3 0BL
3 November 2023
NN Touring LLP
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
3
2,395
Current assets
Debtors
4
31,716
64,319
Cash at bank and in hand
46,734
12,421
--------
--------
78,450
76,740
Creditors: amounts falling due within one year
5
60,709
70,734
--------
--------
Net current assets
17,741
6,006
--------
-------
Total assets less current liabilities
20,136
6,006
--------
-------
Net assets
20,136
6,006
--------
-------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
6
100
100
Other amounts
6
20,036
5,906
--------
-------
20,136
6,006
--------
-------
Members' other interests
Other reserves
--------
-------
20,136
6,006
--------
-------
Total members' interests
Loans and other debts due to members
6
20,136
6,006
Members' other interests
--------
-------
20,136
6,006
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the income statement has not been delivered.
For the year ending 31 March 2023 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
NN Touring LLP
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the members and authorised for issue on 3 November 2023 , and are signed on their behalf by:
Mrs Caty Nesbitt
Designated Member
Registered number: OC384605
NN Touring LLP
Notes to the Financial Statements
Year ended 31 March 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Bourne House, 475 Godstone Road, Whyteleafe, Surrey, CR3 0BL, England.
2.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Eqiupment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
3.
Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2022
Additions
2,499
2,499
-------
-------
At 31 March 2023
2,499
2,499
-------
-------
Depreciation
At 1 April 2022
Charge for the year
104
104
-------
-------
At 31 March 2023
104
104
-------
-------
Carrying amount
At 31 March 2023
2,395
2,395
-------
-------
At 31 March 2022
-------
-------
4.
Debtors
2023
2022
£
£
Trade debtors
936
43,687
Other debtors
30,780
20,632
--------
--------
31,716
64,319
--------
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,859
3,490
Social security and other taxes
6,742
Other creditors
39,850
60,502
--------
--------
60,709
70,734
--------
--------
6.
Loans and other debts due to members
2023
2022
£
£
Amounts owed to members in respect of profits
20,036
5,906
Other amounts
100
100
--------
-------
20,136
6,006
--------
-------
7.
Related party transactions
The LLP is controlled by the designated members. The transactions and balances with these members during the year were as follows:
2023 2022
£ £
Amounts due to designated members 20,136 6,006
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.