Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01false22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false OC376359 2023-04-01 2024-03-31 OC376359 2022-04-01 2023-03-31 OC376359 2024-03-31 OC376359 2023-03-31 OC376359 c:CurrentFinancialInstruments 2024-03-31 OC376359 c:CurrentFinancialInstruments 2023-03-31 OC376359 c:CurrentFinancialInstruments 2 2024-03-31 OC376359 c:CurrentFinancialInstruments 2 2023-03-31 OC376359 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC376359 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC376359 e:FRS102 2023-04-01 2024-03-31 OC376359 e:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC376359 e:FullAccounts 2023-04-01 2024-03-31 OC376359 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC376359 2 2023-04-01 2024-03-31 OC376359 e:PartnerLLP2 2023-04-01 2024-03-31 OC376359 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC376359 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC376359 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC376359 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC376359 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC376359














SAFETY NET MUSIC (OVERSEAS) LLP

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SAFETY NET MUSIC (OVERSEAS) LLP
REGISTERED NUMBER:OC376359

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
933,645
855,476

Cash at bank
 5 
292,447
381,683

  
1,226,092
1,237,159

Creditors: amounts falling due within one year
 6 
(47,658)
(67,235)

Total assets less current liabilities
  
 
 
1,178,434
 
 
1,169,924

  

Net assets
  
1,178,434
1,169,924


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
1,022,426
940,615

  
1,022,426
940,615

Members' other interests
  

Other reserves classified as equity

  

156,008
229,309

  
 
156,008
 
229,309

  
1,178,434
1,169,924


Total members' interests
  

Amounts due from members (included in debtors)
 4 
(924,197)
(854,590)

Loans and other debts due to members
 7 
1,022,426
940,615

Members' other interests
  
156,008
229,309

  
254,237
315,334


Page 1

 
SAFETY NET MUSIC (OVERSEAS) LLP
REGISTERED NUMBER:OC376359
    
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: 




R Swire-Thompson
Designated member

Date: 20 January 2025

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

Page 2

 
SAFETY NET MUSIC (OVERSEAS) LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Safety Net Music (Overseas) LLP is a limited liability partnership, registered in England and Wales, registration number OC376359. 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 music concerts and production.

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 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 and cash equivalents 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 concerts and production is recognised when it is probable the LLP will receive the rights to the consideration due under the contract.

 
2.4

Interest income

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

Page 3

 
SAFETY NET MUSIC (OVERSEAS) LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash

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

 
2.8

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.

 
2.9

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 year was 2 (2023 - 2).


4.


Debtors

2024
2023
£
£


Other debtors
6,505
187

Prepayments
2,943
699

Amounts due from members
924,197
854,590

933,645
855,476


Page 4

 
SAFETY NET MUSIC (OVERSEAS) LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Cash

2024
2023
£
£

Cash at bank
292,447
381,683

Less: bank overdrafts
(238)
(238)

292,209
381,445



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank overdrafts
238
238

Trade creditors
3,958
7,562

Other creditors
6,777
24,660

Accruals
36,685
34,775

47,658
67,235



7.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
1,022,426
940,615

1,022,426
940,615

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

2024
2023
£
£



Falling due within one year
1,022,426
940,615

1,022,426
940,615

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

 
Page 5