REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
You're Not Famous LLP |
REGISTERED NUMBER: |
Report of the Members and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
You're Not Famous LLP |
You're Not Famous LLP (Registered number: OC348229) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Reconciliation of Members' Interests | 11 |
Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
You're Not Famous LLP |
General Information |
for the Year Ended 31 December 2023 |
Designated members: |
Registered office: |
Registered number: |
Auditors: |
120 New Cavendish Street, |
London |
W1W 6XX |
You're Not Famous LLP (Registered number: OC348229) |
Report of the Members |
for the Year Ended 31 December 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 December 2023. |
Principal activity |
The principal activity of the limited liability partnership continued to be that of the exploitation of the non-recording activities of the artist Robbie Williams, excluding music publishing. |
Review of business |
The results for the year and the financial position at the year end were considered satisfactory by the members who expect continued growth in the foreseeable future. |
Designated members |
The designated members during the year under review were: |
Results for the year and allocation to members |
The profit for the year before members' remuneration and profit shares was £41,957,611 (2022 - £16,790,920 profit). |
Members' interests |
Political donations and expenditure |
During the year the LLP made the following charitable donations: |
31.12.23 | 31.12.22 |
£ | £ |
Charitable donations | 236,824 | - |
Policy on member's drawings |
The members' are equity members and share in the firm's profits and subscribe the entire capital of the firm. |
The members' policy on drawings is set out in the LLP agreement. Each member is personally responsible for |
calculating and making payment of all tax of whatever nature and howsoever arising for which they become liable. |
The level of members' capital is determined by the LLP agreement. Capital is repaid to members on resignation or retirement from the LLP |
Members' drawings, contributions and repayments |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash |
requirements of the business. |
A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". |
You're Not Famous LLP (Registered number: OC348229) |
Report of the Members |
for the Year Ended 31 December 2023 |
Statement of members' responsibilities |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
Auditors |
The auditors, Benjamin Taylor Diner Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the members: |
Report of the Independent Auditors to the Members of |
You're Not Famous LLP |
Opinion |
We have audited the financial statements of You're Not Famous LLP (the 'LLP') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the LLP's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. |
Emphasis of matter |
The financial statements of the LLP for the year ended 31 December 2022 were unaudited, and as a result we do not express an opinion on the comparative figures. |
Other information |
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
You're Not Famous LLP |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page three, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
You're Not Famous LLP |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We considered the nature of the LLP's business and its control environment, and reviewed the LLP's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. |
We also obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation; and laws which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
We discussed among the audit engagement team the opportunities and incentives that may exist within the company for fraud and how and where fraud might occur in the financial statements. |
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we assessed the appropriateness of journal entries and other adjustments, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. |
In addition to the above, our procedures to respond to the risks identified included the following: |
- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- enquiring of management as to any actual and or potential litigation and claims, and instances of non-compliance with laws and regulations; and |
- reading minutes of meetings of those charged with governance. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
You're Not Famous LLP |
Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
120 New Cavendish Street, |
London |
W1W 6XX |
You're Not Famous LLP (Registered number: OC348229) |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Turnover | 3 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
Operating profit | 5 |
Interest receivable and similar income | 6 |
41,957,611 | 16,792,085 |
Interest payable and similar expenses | 7 | ( |
) |
Profit for the financial year before members' remuneration and profit shares |
41,957,611 |
16,790,920 |
Profit for the financial year before members' remuneration and profit shares |
41,957,611 |
16,790,920 |
Members' remuneration charged as an expense |
8 |
(41,957,611 |
) |
(16,790,920 |
) |
Profit for the financial year available for discretionary division among members |
You're Not Famous LLP (Registered number: OC348229) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Profit for the financial year available for discretionary division among members |
Other comprehensive income | - | - |
Total comprehensive income for the year |
You're Not Famous LLP (Registered number: OC348229) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 9 |
Current assets |
Debtors | 10 |
Cash at bank |
Creditors |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
and |
Net assets attributable to members | 22,005,480 | 7,815,374 |
Loans and other debts due to members |
12 |
22,005,470 |
7,815,364 |
Members' other interests |
Capital accounts | 10 | 10 |
22,005,480 | 7,815,374 |
Total members' interests |
Loans and other debts due to members | 12 | 22,005,470 | 7,815,364 |
Members' other interests | 10 | 10 |
22,005,480 | 7,815,374 |
The financial statements were approved by the members of the LLP and authorised for issue on |
You're Not Famous LLP (Registered number: OC348229) |
Reconciliation of Members' Interests |
for the Year Ended 31 December 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 January 2023 | 10 | - | 10 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
- |
- |
Profit for the financial year available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the year | 10 | - | 10 |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 December 2023 | 10 | - | 10 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 7,815,364 |
Amount due from members | - |
Balance at 1 January 2023 | 7,815,364 | 7,815,374 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
41,957,611 |
41,957,611 |
Profit for the financial year available for discretionary division among members |
- |
- |
Members' interests after profit for the year | 49,772,975 | 49,772,985 |
Drawings on account and distributions of profit | (27,767,505 | ) | (27,767,505 | ) |
Amount due to members | 22,005,470 |
Amount due from members | - |
Balance at 31 December 2023 | 22,005,470 | 22,005,480 |
You're Not Famous LLP (Registered number: OC348229) |
Reconciliation of Members' Interests |
for the Year Ended 31 December 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
£ | £ | £ |
Balance at 1 January 2022 | 10 | - | 10 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
- |
- |
- |
Profit for the financial year available for discretionary division among members |
- |
- |
- |
Members' interests after profit for the year | 10 | - | 10 |
Drawings on account and distributions of profit | - | - | - |
Balance at 31 December 2022 | 10 | - | 10 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
£ | £ |
Amount due to members | 351,353 |
Amount due from members | - |
Balance at 1 January 2022 | 351,353 | 351,363 |
Members' remuneration charged as an expense, including employment and retirement benefit costs |
16,790,920 |
16,790,920 |
Profit for the financial year available for discretionary division among members |
- |
- |
Members' interests after profit for the year | 17,142,273 | 17,142,283 |
Drawings on account and distributions of profit | (9,326,909 | ) | (9,326,909 | ) |
Amount due to members | 7,815,364 |
Amount due from members | - |
Balance at 31 December 2022 | 7,815,364 | 7,815,374 |
You're Not Famous LLP (Registered number: OC348229) |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 15 |
Interest paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Transactions with members and | former members |
Payments to members | (27,767,505 | ) | (9,326,909 | ) |
Net cash from financing activities | (27,767,505 | ) | (9,326,909 | ) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
16 |
497,232 |
Cash and cash equivalents at end of year |
16 |
17,995,980 |
6,782,967 |
You're Not Famous LLP (Registered number: OC348229) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
1. | Statutory information |
You're Not Famous LLP is a limited liability partnership incorporated in England and Wales. The registered office is 180 Great Portland Street, London, W1W 5QZ. |
The limited liability partnership's principal activities are disclosed in the Members' Report. |
2. | Accounting policies |
Basis of preparing the financial statements |
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 £. |
Judgements and key sources of estimation uncertainty |
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experienceand other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Revenue |
Turnover represents amounts receivable for goods and services net of VAT in relation to the live |
performances of the artist known as Robbie Williams. |
If, at the statement of financial position date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the statement of financial position date are carried forward as work in progress. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
You're Not Famous LLP (Registered number: OC348229) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
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. |
Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net. |
Going concern |
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements. |
You're Not Famous LLP (Registered number: OC348229) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
Offsetting |
Deferred income has been offset against aged debtors in respect of income that is not contractually due until after the year end. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank |
overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Basic financial assets |
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was |
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not |
exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Basic financial liabilities, including trade and other payables, 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. |
You're Not Famous LLP (Registered number: OC348229) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
3. | Turnover |
The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP. |
An analysis of turnover by geographical market is given below: |
31.12.23 | 31.12.22 |
£ | £ |
United Kingdom |
Europe |
Rest of world | 16,358,256 | 6,362,284 |
4. | Employee information |
The partnership did not have employees during the year (2022: Nil). |
31.12.23 | 31.12.22 |
Number | Number |
Total | - | - |
5. | Operating profit |
The operating profit is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
You're Not Famous LLP (Registered number: OC348229) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | Interest receivable and similar income |
31.12.23 | 31.12.22 |
£ | £ |
Deposit account interest |
7. | Interest payable and similar expenses |
31.12.23 | 31.12.22 |
£ | £ |
Bank interest |
8. | Information in relation to members |
31.12.23 | 31.12.22 |
£ | £ |
Average number of members during the year | 2 | 2 |
31.12.23 | 31.12.22 |
£ | £ |
Profit attributable to the member with the highest entitlement | 41,974,864 | 16,790,920 |
9. | Tangible fixed assets |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
You're Not Famous LLP (Registered number: OC348229) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | Debtors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
11. | Creditors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
VAT | - | 219,333 |
Other creditors |
Accruals and deferred income |
12. | Loans and other debts due to members |
31.12.23 | 31.12.22 |
£ | £ |
Loans from members | 268,585 | 268,585 |
Amounts owed to members in respect of profits | 21,736,885 | 7,546,779 |
22,005,470 | 7,815,364 |
Falling due within one year | 22,005,470 | 7,815,364 |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank |
subordinate to other unsecured creditors. |
13. | Related party disclosures |
During the year the limited liability partnership had the following loans with entities which were under common control: |
Included in other debtors at the balance sheet date is a total of £1,149,703 (2022: £761,309) owed to the limited liability partnership from related parties. |
Included in other creditors at the balance sheet date is a total of £13,956 (2022: £3,896) owed by the limited liability partnership to related parties. |
The above loans are unsecured, interest free and repayable on demand. |
14. | Ultimate controlling party |
You're Not Famous LLP (Registered number: OC348229) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | Reconciliation of profit for the financial year available for discretionary division among members to cash generated from operations |
31.12.23 | 31.12.22 |
£ | £ |
Profit for the financial year available for discretionary division among members |
- |
- |
Members' remuneration charged as an expense | 41,957,611 | 16,790,920 |
Depreciation charges |
Finance costs | - | 1,165 |
Finance income | (82,050 | ) | (7,543 | ) |
41,898,150 | 16,807,762 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
16. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 17,995,980 | 6,782,967 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 6,782,967 | 497,232 |
17. | Analysis of changes in net debt |
Other |
non-cash |
At 1.1.23 | Cash flow | changes | At 31.12.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 6,782,967 | 11,213,013 | 17,995,980 |
6,782,967 | 17,995,980 |
Net funds (before |
members' debt) | 6,782,967 | 11,213,013 | - | 17,995,980 |
Loans and other debts |
due to members |
Other amounts |
due to members | (7,815,364 | ) | 27,767,505 | (41,957,611 | ) | (22,005,470 | ) |
Net debt | (1,032,397 | ) | 38,980,518 | (41,957,611 | ) | (4,009,490 | ) |