Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.3The principal activity of the LLP continued to be that of live performance of musician's known as Judas Priest and merchandising of their image on tour.false2023-04-01true3 OC308126 2023-04-01 2024-03-31 OC308126 2022-04-01 2023-03-31 OC308126 2024-03-31 OC308126 2023-03-31 OC308126 c:CurrentFinancialInstruments 2024-03-31 OC308126 c:CurrentFinancialInstruments 2023-03-31 OC308126 c:CurrentFinancialInstruments 2 2024-03-31 OC308126 c:CurrentFinancialInstruments 2 2023-03-31 OC308126 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC308126 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC308126 e:FRS102 2023-04-01 2024-03-31 OC308126 e:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC308126 e:FullAccounts 2023-04-01 2024-03-31 OC308126 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC308126 2 2023-04-01 2024-03-31 OC308126 e:PartnerLLP3 2023-04-01 2024-03-31 OC308126 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC308126 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC308126 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC308126














JP TOURING LLP

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
JP TOURING LLP
REGISTERED NUMBER:OC308126

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
5,077,786
399,900

Cash at bank
 5 
71,523
831,879

  
5,149,309
1,231,779

Creditors: amounts falling due within one year
 6 
(3,268,240)
(1,231,779)

Net current assets
  
 
 
1,881,069
 
 
-

Total assets less current liabilities
  
1,881,069
-

  

Net assets
  
1,881,069
-


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
1,881,069
-

  
1,881,069
-

  

  
1,881,069
-


Total members' interests
  

Amounts due from members (included in debtors)
 4 
-
(398,094)

Loans and other debts due to members
 7 
1,881,069
-

  
1,881,069
(398,094)

Page 1

 
JP TOURING LLP
REGISTERED NUMBER:OC308126
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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: 




I F Hill
Designated member

Date: 23 December 2024

The notes on pages 3 to 6 form part of these financial statements.
 
Page 2

 
JP TOURING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

JP Touring LLP is a limited liability partnership, registered in England and Wales, registration number OC308126. 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 live performance of musician's known as Judas Priest and merchandising of their image on tour.

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 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".

 
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 year 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 'administrative 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 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 live performance of musicians' known as Judas Priest and merchandising of their image on tour is recognised when it is probable the LLP will receive the right to the consideration due under the contract.
Turnover from performance income is recognised once the performance has taken place.
Recharged income is recognised when the corresponding expenses have been incurred on behalf of other entities.

 
2.4

Interest income

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

Page 3

 
JP TOURING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 year and may take place during or after the end of a financial year.

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.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.8

Debtors

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

 
2.9

Cash

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

 
2.10

 Creditors

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

 
2.11

 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 members, during the year was 3 (2023 - 3).

Page 4

 
JP TOURING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Debtors

2024
2023
£
£


Trade debtors
3,007,451
-

Other debtors
25,328
22

Prepayments and accrued income
2,045,006
1,784

Amounts due from members
-
398,094

5,077,785
399,900



5.


Cash

2024
2023
£
£

Cash at bank
71,523
831,879



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
-
37,500

Trade creditors
721,554
32,210

Amounts owed to group undertakings
670,665
672,349

Other taxation and social security
88,768
80,783

Other creditors
637,431
408,937

Accruals and deferred income
1,149,822
-

3,268,240
1,231,779


Included in the bank loan is the Coronavirus Bounce Back Loan for £NIL (2023 - £37,500), and it is fully guaranteed by the government.

Page 5

 
JP TOURING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
1,881,069
-

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

2024
2023
£
£



Falling due within one year
1,881,069
-

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

 
Page 6