NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Lil Lou Touring LLP is a limited liability partnership, registered in England and Wales, registration number OC426896. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the LLP continued to be 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".
The following principal accounting policies have been applied:
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Functional and presentation currency
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The LLP's functional and presentational currency is pound sterling.
As at the balance sheet date, the financial statements show that the LLP has liabilities in excess of assets as a result of losses made to date. The financial statements have been prepared on a going concern basis as the members have confirmed that they will continue to support the LLP for the foreseeable future and meet the excess liabilities if the LLP is unable to do so.
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, value added tax and other sales taxes.
Turnover from the rendering of services is recognised when it is probable the LLP will receive the rights to the consideration due under the contract.
Income from performances are recognised once the performances have taken place.
Interest income is recognised in profit or loss using the effective interest method.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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