Limited Liability Partnership registration number OC447329 (England and Wales)
NO GUIDNCE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NO GUIDNCE LLP
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
NO GUIDNCE LLP
CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NO GUIDNCE LLP FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NO GUIDNCE LLP for the period ended 31 March 2024 which comprise, the balance sheet and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation

This report is made solely to the limited liability partnership's members of NO GUIDNCE LLP, as a body, in accordance with the terms of our engagement letter dated 14 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of NO GUIDNCE LLP and state those matters that we have agreed to state to the limited liability partnership's members of NO GUIDNCE LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NO GUIDNCE LLP and its members as a body, for our work or for this report.

It is your duty to ensure that NO GUIDNCE LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of NO GUIDNCE LLP. You consider that NO GUIDNCE LLP is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of NO GUIDNCE LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

CC Young & Co Limited
Chartered Accountants
3rd Floor
The Bloomsbury Building
10 Bloomsbury Way
Holborn
WC1A 2SL
12 September 2024
NO GUIDNCE LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
Notes
£
£
Current assets
Debtors
3
26,619
Cash at bank and in hand
6,451
33,070
Creditors: amounts falling due within one year
4
(33,070)
Net current assets and net assets attributable to members
-
Represented by:
Amounts due from members
(4,558)

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 period ended 31 March 2024 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.

The financial statements were approved by the members and authorised for issue on 12 September 2024 and are signed on their behalf by:
J Lomat
Designated member
Limited Liability Partnership Registration No. OC447329
NO GUIDNCE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

NO GUIDNCE LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3rd Floor, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The LLP was incorporated on 16 May 2023. The accounting reference date has been shortened to 31 March 2024 for commercial reasons. The financial statements are presented for a period of less than one year.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents amounts receivable for live performances, merchandising and recharged expenses.

Revenue from contracts for the provision of live performances is recognised based on performance date.

 

Merchandising income is accounted for on a receivable basis.

 

Revenue from contracts for reimbursed income is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
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.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

NO GUIDNCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The limited liability partnership has only has assets which are classified as basic financial instruments.

 

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
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 period was:

2024
Number
Total
-
0
3
Debtors
2024
Amounts falling due within one year:
£
Amounts owed by members
4,558
Other debtors
22,061
26,619
NO GUIDNCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
4
Creditors: amounts falling due within one year
2024
£
Trade creditors
647
Other creditors
32,423
33,070
5
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.

6
Related party transactions

During the year, No Guidnce LLP loaned funds of £18,598 to No Guidnce partnership, a related party by virtue of the same major participators. No Guidnce partnership incurred expenses on behalf of the LLP totalling £3,470. At the balance sheet date No Guidnce partnership owed the LLP £15,128.

 

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