Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31true22022-04-01falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC443306 2022-03-31 OC443306 2022-04-01 2023-03-31 OC443306 2021-04-01 2022-03-31 OC443306 2023-03-31 OC443306 c:OfficeEquipment 2022-04-01 2023-03-31 OC443306 c:OfficeEquipment 2023-03-31 OC443306 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 OC443306 c:CurrentFinancialInstruments 2023-03-31 OC443306 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC443306 d:FRS102 2022-04-01 2023-03-31 OC443306 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC443306 d:FullAccounts 2022-04-01 2023-03-31 OC443306 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC443306 2 2022-04-01 2023-03-31 OC443306 d:PartnerLLP1 2022-04-01 2023-03-31 OC443306 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC443306 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: OC443306














FIREFLY MUSIC STUDIOS LLP

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

 
FIREFLY MUSIC STUDIOS LLP
REGISTERED NUMBER:OC443306

BALANCE SHEET
AS AT 31 MARCH 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
13,588

  
13,588

Current assets
  

Debtors: amounts falling due within one year
 5 
395,089

Cash at bank and in hand
 6 
245,409

  
640,498

Creditors: amounts falling due within one year
 7 
(66,262)

Net current assets
  
 
 
574,236

Total assets less current liabilities
  
587,824

  

Net assets
  
587,824


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
587,824

  
587,824

  

  
587,824


Total members' interests
  

Loans and other debts due to members
 8 
587,824

  
587,824


Page 1

 
FIREFLY MUSIC STUDIOS LLP
REGISTERED NUMBER:OC443306
    
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: 




J S D Buckley
Designated member

Date: 6 March 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
FIREFLY MUSIC STUDIOS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

Firefly Music Studios LLP is a limited liability partnership, registered in England and Wales, registration number OC443306. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. 
The principal activity of the LLP is that of generating composer fees and royalty income.
The LLP was incorporated on 29 July 2022 and commenced trading on 26 July 2022.
The LLP shortened its accounting period from 31 July 2023 to 31 March 2023.

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 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

Foreign currency translation

Functional and presentation currency

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

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash are presented in the profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue 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. 

Turnover from composing is recognised when it is probable the LLP will receive the rights to the consideration due under the contract.

Royalties receivable are recognised at the period end date by the LLP.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
FIREFLY MUSIC STUDIOS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

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 discretionarily. Discretionary divisions of profits are recognised as amounts due to members, although may be used to offset amounts which have been drawn by members, which are recognised as loan assets repayable.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

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

 
2.8

Cash

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

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
FIREFLY MUSIC STUDIOS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

 Financial instruments

The LLP enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, and loans with related parties.


3.


Employees

The average monthly number of employees, including directors, during the period was 2.


4.


Tangible fixed assets





Office equipment

£



Cost


Additions
14,874



At 31 March 2023

14,874



Depreciation


Charge for the year
1,286



At 31 March 2023

1,286



Net book value



At 31 March 2023
13,588


5.


Debtors

2023
£


Trade debtors
29,867

Other debtors
835

Prepayments and accrued income
364,387

395,089


Page 5

 
FIREFLY MUSIC STUDIOS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

6.


Cash

2023
£

Cash at bank
245,409



7.


Creditors: amounts falling due within one year

2023
£

Trade creditors
5,375

Other taxation and social security
51,050

Accruals and deferred income
9,837

66,262



8.


Loans and other debts due to members


2023
£



Other amounts due to members
587,824

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

2023
£



Falling due within one year
587,824

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

 
Page 6