Limited Liability Partnership registration number OC374194 (England and Wales)
RUGAGUG LIVE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RUGAGUG LIVE LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
RUGAGUG LIVE LLP
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
616
1,238
Current assets
Debtors
4
4,269
52,730
Cash at bank and in hand
87,600
516,706
91,869
569,436
Creditors: amounts falling due within one year
5
(2,979)
(319,055)
Net current assets
88,890
250,381
Total assets less current liabilities and net assets attributable to members
89,506
251,619
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
95,140
251,619
Members' other interests
Other reserves classified as equity
(5,634)
-
89,506
251,619
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 30 November 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.
RUGAGUG LIVE LLP
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 12 August 2024 and are signed on their behalf by:
12 August 2024
G Garvey
C Potter
Designated member
Designated Member
M Potter
P Turner
Designated Member
Designated Member
Limited Liability Partnership registration number OC374194 (England and Wales)
RUGAGUG LIVE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Limited liability partnership information
Rugagug Live LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3rd Floor, Colwyn Chambers, 19 York Street, Manchester, M2 3BA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for live musical performances net of VAT.
1.3
Members' participating interests
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. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.
1.4
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:
Plant and machinery
25% Reducing balance
1.5
Financial instruments
The company has only basic financial instruments.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
RUGAGUG LIVE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2023
2022
Number
Number
Total
-
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
17,524
Disposals
(6,219)
At 30 November 2023
11,305
Depreciation and impairment
At 1 December 2022
16,286
Depreciation charged in the year
207
Eliminated in respect of disposals
(5,804)
At 30 November 2023
10,689
Carrying amount
At 30 November 2023
616
At 30 November 2022
1,238
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,269
52,730
RUGAGUG LIVE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
1,150
Other creditors
2,979
317,905
2,979
319,055
6
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.