NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 5 APRIL 2023
The Waeve Touring LLP is a limited liability partnership, registered in England and Wales, registration number OC441163. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The LLP was incorporated on 22 February 2022 and commenced trading on 6 April 2022.
A written resolution was passed on 2 November 2023 to extend the accounting reference date of the LLP from 28 February 2023 to 5 April 2023.
The principal activity of the LLP is that of music touring.
2.Accounting policies
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Basis of preparation of financial statements
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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".
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Functional and presentation currency
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The LLP's functional and presentational currency is pound sterling.
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 and other sales taxes.
Turnover from music touring activities is recognised when it is probable the LLP will receive the rights to the consideration due under the contract.
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Division and distribution of profits
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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.
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
Short-term debtors are measured at transaction price, less any impairment.
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