REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
LEVEL FILMS LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
LEVEL FILMS LLP |
LEVEL FILMS LLP (REGISTERED NUMBER: OC366988) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 AUGUST 2023 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LEVEL FILMS LLP |
GENERAL INFORMATION |
for the Year Ended 31 AUGUST 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
LEVEL FILMS LLP (REGISTERED NUMBER: OC366988) |
BALANCE SHEET |
31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
- |
457 |
LEVEL FILMS LLP (REGISTERED NUMBER: OC366988) |
BALANCE SHEET - continued |
31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
- |
457 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members |
9 |
- |
457 |
Amounts due from members | 5 | (8,839 | ) | - |
(8,839 | ) | 457 |
The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
The financial statements were approved by the members of the LLP and authorised for issue on |
LEVEL FILMS LLP (REGISTERED NUMBER: OC366988) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Level Films LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for goods and services provided during the year, excluding value added tax. |
In respect of contracts for on-going services, turnover represents the value of work done in the year, including adjustments for estimates of amounts not invoiced and amounts invoiced in advance. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion. |
Tangible fixed assets |
Fixtures, fittings & equipment | - |
Computer equipment | - |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the LLP becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the LLP's cash management. |
Financial liabilities are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
LEVEL FILMS LLP (REGISTERED NUMBER: OC366988) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The LLP has been profitable for each of the last five years ended 31 August 2023, and has remained profitable in the period up to the signing of these financial statements. |
The members have assessed the next twelve months as best they can. The LLP has met all of its existing liabilities and its remaining supplier liabilities fall within its existing working capital facilities. The members have a reasonable expectation that the LLP will remain a going concern and the members will endeavour to ensure that the LLP continues to have sufficient working capital to meet its requirements for the foreseeable future. The members will continue to carefully monitor the situation and have alternative plans in place should the need arise. |
In light of the above, the members have reviewed the going concern status of the business for the foreseeable future to the best of their abilities and have concluded that they have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The members therefore continue to adopt the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings | Computer |
& equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
LEVEL FILMS LLP (REGISTERED NUMBER: OC366988) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts due from members | 8,839 | - |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loan (see note 8) |
VAT | 2,178 | 2,501 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 8) |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans - less than 1 yr |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
LEVEL FILMS LLP (REGISTERED NUMBER: OC366988) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 AUGUST 2023 |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2023 | 2022 |
£ | £ |
Amounts owed to members in respect of profits | - | 457 |
Falling due within one year | - | 457 |
Loans and other debts due to members' rank pari passu as liabilities alongside all other unsecured liabilities of the firm in the event of a winding up. There are no restrictions or limitations on the ability of members to reduce the amounts of members' other interests. |
10. | ULTIMATE CONTROLLING PARTY |
The partnership is under the joint control of the members. |