Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-05-31falsefalseThe principal activity of the LLP is that of a music touring entity.truefalse OC447565 2023-05-30 OC447565 2023-05-31 2024-03-31 OC447565 2022-04-01 2023-05-30 OC447565 2024-03-31 OC447565 c:CurrentFinancialInstruments 2024-03-31 OC447565 c:CurrentFinancialInstruments 2 2024-03-31 OC447565 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC447565 e:FRS102 2023-05-31 2024-03-31 OC447565 e:AuditExempt-NoAccountantsReport 2023-05-31 2024-03-31 OC447565 e:FullAccounts 2023-05-31 2024-03-31 OC447565 e:LimitedLiabilityPartnershipLLP 2023-05-31 2024-03-31 OC447565 e:PartnerLLP1 2023-05-31 2024-03-31 OC447565 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC447565 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC447565 f:PoundSterling 2023-05-31 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC447565














FLYING PIIGS LLP

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
FLYING PIIGS LLP
REGISTERED NUMBER:OC447565

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
16,214

Cash at bank
 5 
785

  
16,999

Creditors: amounts falling due within one year
 6 
(4,798)

Net current assets
  
 
 
12,201

Total assets less current liabilities
  
12,201

  

Net assets
  
12,201


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
32,001

  
32,001

Members' other interests
  

Other reserves classified as equity
  
(19,800)

  
 
(19,800)

  
12,201


Total members' interests
  

Amounts due from members (included in debtors)
 4 
(7,976)

Loans and other debts due to members
 7 
32,001

Members' other interests
  
(19,800)

  
4,225


Page 1

 
FLYING PIIGS LLP
REGISTERED NUMBER:OC447565
    
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: 




J N Smyth
Designated member

Date: 16 January 2025

The notes on pages 3 to 5 form part of these financial statements.

Flying Piigs 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 2

 
FLYING PIIGS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Flying Piigs LLP is a limited liability partnership, registered in England and Wales, registration number OC447565. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The LLP was incorporated on 31 May 2023 and commenced trade on the same date.
The principal activity of the LLP is that of a music touring entity.
A written resolution was passed on 31 May 2023 to shorten the accounting reference date of the LLP from 31 May 2024 to 31 March 2024.

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.

 
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 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 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 music touring activities is recognised when it is probable the LLP will receive the rights to the consideration due under the contract.
Recharged income is recognised when the corresponding expenses have been incurred on behalf of other entities.

Page 3

 
FLYING PIIGS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.

In the event of the LLP making losses, the loss is recognised as a debit within equity under 'Other reserves'.

 
2.5

Debtors

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

 
2.6

Cash

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

Creditors

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

 
2.8

Financial instruments

The LLP enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors, trade and other creditors and loans with related parties.


3.


Employees

The average monthly number of employees, including members, during the period was 2.


4.


Debtors

2024
£


Other debtors
1,788

Prepayments and accrued income
6,450

Amounts due from members
7,976

16,214


Page 4

 
FLYING PIIGS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

5.


Cash

2024
£

Cash at bank
785

Less: bank overdrafts
(68)

717



6.


Creditors: amounts falling due within one year

2024
£

Bank overdrafts
68

Trade creditors
4,730

4,798



7.


Loans and other debts due to members


2024
£



Other amounts due to members
32,001

32,001

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

2024
£



Falling due within one year
32,001

32,001

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

 
Page 5