3 false false false false false false false false false false false false false false false true No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 500,000 375,000 18,750 393,750 106,250 125,000 xbrli:pure xbrli:shares iso4217:GBP OC339246 2023-07-01 2024-03-31 OC339246 2024-03-31 OC339246 2023-06-30 OC339246 2022-07-01 2023-06-30 OC339246 2023-06-30 OC339246 core:NetGoodwill 2023-07-01 2024-03-31 OC339246 bus:Director3 2023-07-01 2024-03-31 OC339246 core:NetGoodwill 2023-06-30 OC339246 core:NetGoodwill 2024-03-31 OC339246 core:FurnitureFittings 2023-06-30 OC339246 core:MotorVehicles 2023-06-30 OC339246 core:FurnitureFittings 2024-03-31 OC339246 core:FurnitureFittings 2023-07-01 2024-03-31 OC339246 core:MotorVehicles 2023-07-01 2024-03-31 OC339246 core:WithinOneYear 2024-03-31 OC339246 core:WithinOneYear 2023-06-30 OC339246 core:AfterOneYear 2024-03-31 OC339246 core:AfterOneYear 2023-06-30 OC339246 core:BetweenOneFiveYears 2024-03-31 OC339246 core:BetweenOneFiveYears 2023-06-30 OC339246 core:NetGoodwill 2023-06-30 OC339246 core:FurnitureFittings 2023-06-30 OC339246 core:MotorVehicles 2023-06-30 OC339246 bus:SmallEntities 2023-07-01 2024-03-31 OC339246 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-03-31 OC339246 bus:FullAccounts 2023-07-01 2024-03-31 OC339246 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-03-31 OC339246 bus:LimitedLiabilityPartnershipLLP 2023-07-01 2024-03-31
REGISTERED NUMBER: OC339246
Acumen Media Partners LLP
Filleted Unaudited Financial Statements
31 March 2024
Acumen Media Partners LLP
Financial Statements
Period from 1 July 2023 to 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Acumen Media Partners LLP
Statement of Financial Position
31 March 2024
31 Mar 24
30 Jun 23
Note
£
£
Fixed assets
Intangible assets
5
106,250
125,000
Tangible assets
6
2,369
14,306
---------
---------
108,619
139,306
Current assets
Debtors
7
892,219
776,564
Cash at bank and in hand
204,805
177,332
------------
---------
1,097,024
953,896
Creditors: amounts falling due within one year
8
1,008,093
947,089
------------
---------
Net current assets
88,931
6,807
---------
---------
Total assets less current liabilities
197,550
146,113
Creditors: amounts falling due after more than one year
9
163,958
112,521
---------
---------
Net assets
33,592
33,592
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
10
33,592
33,592
--------
--------
Members' other interests
Other reserves
--------
--------
33,592
33,592
--------
--------
Total members' interests
Amounts due from members
(725,311)
(640,789)
Loans and other debts due to members
10
33,592
33,592
Members' other interests
---------
---------
(691,719)
(607,197)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the income statement has not been delivered.
Acumen Media Partners LLP
Statement of Financial Position (continued)
31 March 2024
For the period ending 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 31 January 2025 , and are signed on their behalf by:
K Hurdwell
Designated Member
Registered number: OC339246
Acumen Media Partners LLP
Notes to the Financial Statements
Period from 1 July 2023 to 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 2 Hat & Mitre Court, London, EC1M 4EF.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts and of Value Added Tax.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the income statement and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% - 33%
Motor vehicles
-
20%
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the LLP during the period, including the members with contracts of employment, amounted to 3 (2023: 4 ).
5.
Intangible assets
Goodwill
£
Cost
At 1 July 2023 and 31 March 2024
500,000
---------
Amortisation
At 1 July 2023
375,000
Charge for the period
18,750
---------
At 31 March 2024
393,750
---------
Carrying amount
At 31 March 2024
106,250
---------
At 30 June 2023
125,000
---------
6.
Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
16,814
77,650
94,464
Additions
137
137
Disposals
( 437)
( 77,650)
( 78,087)
--------
--------
--------
At 31 March 2024
16,514
16,514
--------
--------
--------
Depreciation
At 1 July 2023
14,154
66,004
80,158
Charge for the period
428
428
Disposals
( 437)
( 66,004)
( 66,441)
--------
--------
--------
At 31 March 2024
14,145
14,145
--------
--------
--------
Carrying amount
At 31 March 2024
2,369
2,369
--------
--------
--------
At 30 June 2023
2,660
11,646
14,306
--------
--------
--------
7.
Debtors
31 Mar 24
30 Jun 23
£
£
Trade debtors
82,322
98,847
Other debtors
809,897
677,717
---------
---------
892,219
776,564
---------
---------
8. Creditors: amounts falling due within one year
31 Mar 24
30 Jun 23
£
£
Bank loans and overdrafts
64,750
64,750
Trade creditors
257,115
247,774
Social security and other taxes
42,199
32,195
Other creditors
644,029
602,370
------------
---------
1,008,093
947,089
------------
---------
9. Creditors: amounts falling due after more than one year
31 Mar 24
30 Jun 23
£
£
Bank loans and overdrafts
63,958
112,521
Other creditors
100,000
---------
---------
163,958
112,521
---------
---------
10.
Loans and other debts due to members
31 Mar 24
30 Jun 23
£
£
Amounts owed to members in respect of profits
33,592
33,592
--------
--------
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 24
30 Jun 23
£
£
Later than 1 year and not later than 5 years
169,167
221,667
---------
---------