Limited Liability Partnership registration number OC327048 (England and Wales)
SLEEPER SOUNDS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SLEEPER SOUNDS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SLEEPER SOUNDS LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,031,587
2,066,523
Current assets
Debtors
5
134,779
1,210,413
Cash at bank and in hand
200,559
297,362
335,338
1,507,775
Creditors: amounts falling due within one year
6
(198,069)
(146,728)
Net current assets
137,269
1,361,047
Total assets less current liabilities and net assets attributable to members
2,168,856
3,427,570
Represented by:
Members' other interests
Members' capital classified as equity
2,106,653
(14,586,631)
Other reserves classified as equity
62,203
18,014,201
2,168,856
3,427,570

For the financial year 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 members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 29 January 2025 and are signed on their behalf by:
29 January 2025
Mr G Chambers
Designated member
Limited Liability Partnership registration number OC327048 (England and Wales)
SLEEPER SOUNDS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Limited liability partnership information

Sleeper Sounds LLP is a limited liability partnership incorporated in England and Wales. The registered office is Ground Floor, 31 Kentish Town Road, London, NW1 8NL.

 

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

1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.3
Intangible fixed assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

When intellectual property related intangible assets cannot be measured reliably or its probable economic benefits cannot be estimated the asset is not recognized for purpose of revaluation, and fair value until such event arise that would allow for asset recognition.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Catalogue         Not amortised

 

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
not depreciated
Plant and equipment
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

SLEEPER SOUNDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for at the initially recognized costs.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

1.8
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 year was:

2024
2023
Number
Number
Total
1
1
SLEEPER SOUNDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,477,135
469,951
307,486
50,906
2,305,479
Additions
-
14,052
-
-
14,052
Disposals
-
-
(75,635)
(50,906)
(126,541)
At 31 March 2024
1,477,135
484,003
231,852
-
2,192,990
Depreciation and impairment
At 1 April 2023
-
-
200,128
38,827
238,955
Depreciation charged in the year
-
-
23,486
-
23,486
Eliminated in respect of disposals
-
-
(62,211)
(38,827)
(101,038)
At 31 March 2024
-
-
161,403
-
161,403
Carrying amount
At 31 March 2024
1,477,135
484,003
70,449
-
2,031,587
At 31 March 2023
1,477,135
469,951
107,358
12,079
2,066,523
4
Partnership Cessation/ Incorporation

Partnership business activity have been transferred as going concern to SLEEPER SOUNDS MUSIC LIMITED incorporated on 17 Feb 2024, Partnership trading cessation date being 31st March 2024.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,939
13,824
Other debtors
123,840
1,196,589
134,779
1,210,413
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
67,058
48,855
Taxation and social security
8,967
7
Other creditors
122,044
97,866
198,069
146,728
SLEEPER SOUNDS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
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.

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