Limited Liability Partnership registration number OC400709 (England and Wales)
BFMV LIVE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BFMV LIVE LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
BFMV LIVE LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,995
6,660
Current assets
Debtors
5
433,027
10,158
Cash at bank and in hand
255,668
51,406
688,695
61,564
Creditors: amounts falling due within one year
6
(551,320)
(44,071)
Net current assets
137,375
17,493
Total assets less current liabilities
142,370
24,153
Creditors: amounts falling due after more than one year
7
(30,833)
(40,833)
Net assets/(liabilities) attributable to members
111,537
(16,680)
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
(54,300)
(5,210)
Other amounts
165,837
42,832
111,537
37,622
Members' other interests
Other reserves classified as equity
-
(54,302)
111,537
(16,680)

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.

BFMV LIVE LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 13 March 2024 and are signed on their behalf by:
13 March 2024
Mr M  Tuck
Designated member
Limited Liability Partnership registration number OC400709 (England and Wales)
BFMV LIVE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

BFMV Live LLP is a limited liability partnership incorporated in England and Wales. The registered office is 180 Great Portland Street, London, W1W 5QZ.

 

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.

1.2
Turnover

Turnover represents the amounts recoverable for the live performance, excluding value added tax.

1.3
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
wdv @ 25%
1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The limited liability partnership has only basic financial instruments.

Basic financial assets

Basic financial assets, which include cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction.

Basic financial liabilities

Basic financial liabilities, including creditors, and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

1.6
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.

BFMV LIVE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2023
2022
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
26,788
Depreciation and impairment
At 1 April 2022
20,128
Depreciation charged in the year
1,665
At 31 March 2023
21,793
Carrying amount
At 31 March 2023
4,995
At 31 March 2022
6,660
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
370,102
-
Other debtors
62,925
10,158
433,027
10,158
BFMV LIVE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
9,167
Trade creditors
580
-
Taxation and social security
20,518
-
Other creditors
520,222
34,904
551,320
44,071
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
30,833
40,833
8
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.

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