Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-310false2023-04-01falseNo description of principal activity0trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC443487 2023-04-01 2024-03-31 OC443487 2022-04-01 2023-03-31 OC443487 2024-03-31 OC443487 2023-03-31 OC443487 c:CurrentFinancialInstruments 2024-03-31 OC443487 c:CurrentFinancialInstruments 2023-03-31 OC443487 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC443487 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC443487 d:FRS102 2023-04-01 2024-03-31 OC443487 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC443487 d:FullAccounts 2023-04-01 2024-03-31 OC443487 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC443487 2 2023-04-01 2024-03-31 OC443487 6 2023-04-01 2024-03-31 OC443487 d:PartnerLLP1 2023-04-01 2024-03-31 OC443487 d:PartnerLLP2 2023-04-01 2024-03-31 OC443487 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure


Registered number: OC443487












SONG CAPITAL LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

SONG CAPITAL LLP

CONTENTS



Page
Information
 
1
Balance sheet
 
2 - 3
Reconciliation of members' interests
 
4
Notes to the financial statements
 
5 - 9


 

SONG CAPITAL LLP

INFORMATION



Designated Members
D S Mackinnon
T J Pritchard

LLP registered number
OC443487

Registered office
35 Grosvenor Street
London
W1K 4QX

Accountants
Blick Rothenberg Limited
Chartered Accountants
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Page 1


 
REGISTERED NUMBER:OC443487
SONG CAPITAL LLP

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 3 
1
-

Current assets
  

Debtors: amounts falling due within one year
 4 
2,630,939
1,117,061

Cash at bank and in hand
  
157,216
2,592,361

  
2,788,155
3,709,422

Creditors: Amounts Falling Due Within One Year
 5 
(4,559,141)
(2,752,484)

Net current (liabilities)/assets
  
 
 
(1,770,986)
 
 
956,938

Total assets less current liabilities
  
(1,770,985)
956,938

  

Net (liabilities)/assets
  
(1,770,985)
956,938


Represented by:
  

Loans and other debts due (from)/to members within one year
  

Other amounts due (from)/ to members
  
(1,770,985)
956,938

  


Total members' interests
  

Loans and other debts due (from)/ to members
 6 
(1,770,985)
956,938


Page 2


 
REGISTERED NUMBER:OC443487
SONG CAPITAL LLP
    
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: 




D S Mackinnon
T J Pritchard
Designated member
Designated member


Date: 20 December 2024
Date:20 December 2024

The notes on pages 5 to 9 form part of these financial statements.

Song Capital LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of changes in equity.

Page 3

 

SONG CAPITAL LLP

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024







Members' other interests
Loans and other debts due to members less any amounts due from members in debtors




       Total

£
£
£

Profit for the year available for discretionary division among members (restated)
 
8,746,591
-
8,746,591

Other division of profits
(8,746,591)
8,746,591
-

Drawings on account of distribution of profit
-
(7,789,653)
(7,789,653)

Amounts due to members
956,938

Balance at 31 March 2023
 
-
956,938
956,938

Profit for the year available for discretionary division among members
 
1,434,712
-
1,434,712

Members' interests after profit for the year
1,434,712
956,938
2,391,650

Other division of profits
(1,434,712)
1,434,712
-

Amounts introduced by members
-
2,820,194
2,820,194

Drawings on account of distribution of profit
-
(6,982,829)
(6,982,829)

Amounts due (from)/ to members
(1,770,985)

Balance at 31 March 2024 
-
(1,770,985)
(1,770,985)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests. 
The comparative figures have been restated to reclassify ‘Members’ remuneration charged as an expense’ to  ‘Profit for the year available for discretionary division among members’. There has been no impact on brought forward members’ interests.

Page 4

 

SONG CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Song Capital  LLP is a limited liability partnership registered in England and Wales. The LLP's registered office is 35 Grosvenor Street, London, United Kingdom, W1K 4QX.
The financial statements are presented in Sterling (£).
The prior period figures represent the results from 12 August 2022 to 31 March 2023. For this reason the current year and prior period are not entirely comparable

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 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:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the LLP has a deficiency on total equity at the end of the year. The designated memebers consider this basis to be appropriate as the LLP has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these fianncial statements were approved.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Valuation of investments

Investments in unlisted LLP, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 5

 

SONG CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the LLP becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities. 
 
The LLP’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, and amounts owed by group undertakings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, and amounts owed to group undertakings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the LLP would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Page 6

 

SONG CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)




Financial instruments (continued)


Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.6

Cash and cash equivalents

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

 
2.7

Foreign currency translation

Functional and presentation currency

The LLP's functional and presentational currency is GBP.

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 period 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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.8

Interest income

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

 
2.9

Borrowing costs

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

Page 7

 

SONG CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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

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.


3.


Fixed asset investments





Unlisted investments

£



Cost


Additions
1



At 31 March 2024
1





4.


Debtors

2024
2023
£
£


Trade debtors
90,000
1,037,861

Other debtors
2,540,939
79,200

2,630,939
1,117,061




Page 8

 

SONG CAPITAL LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
122

Trade creditors
2,691,518
400,976

Other taxation and social security
15,000
587,758

Other creditors
125,000
1,763,628

Accruals and deferred income
1,727,623
-

4,559,141
2,752,484



6.


Loans and other debts due (from)/to members


2024
2023
£
£



Other amounts due (from)/to members
(1,770,985)
956,938



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


7.


Related party transactions

At the year end, the LLP was owed £115,000 (2023 - £79,000) by a company of which the designated members are directors. The amount is interest free and repayable on demand.

 
Page 9