Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.22023-04-01falseThe principal activity of the LLP continued to be that of music production.2false OC415612 2023-04-01 2024-03-31 OC415612 2022-04-01 2023-03-31 OC415612 2024-03-31 OC415612 2023-03-31 OC415612 c:CurrentFinancialInstruments 2024-03-31 OC415612 c:CurrentFinancialInstruments 2023-03-31 OC415612 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC415612 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC415612 d:FRS102 2023-04-01 2024-03-31 OC415612 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC415612 d:FullAccounts 2023-04-01 2024-03-31 OC415612 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC415612 d:PartnerLLP1 2023-04-01 2024-03-31 OC415612 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC415612 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC415612 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC415612 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC415612 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC415612














JEM RECORDS LLP

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
JEM RECORDS LLP
REGISTERED NUMBER:OC415612

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
7,822
7,603

Cash at bank
 5 
5,759
9,016

  
13,581
16,619

Creditors: amounts falling due within one year
 6 
(2,228)
(1,619)

Net current assets
  
 
 
11,353
 
 
15,000

Total assets less current liabilities
  
11,353
15,000

  

Net assets
  
11,353
15,000


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 7 
36,560
36,529

  
36,560
36,529

Members' other interests
  

Other reserves classified as equity

  

(25,207)
(21,529)

  
 
(25,207)
 
(21,529)

  
11,353
15,000


Total members' interests
  

Loans and other debts due to members
 7 
36,560
36,529

Members' other interests
  
(25,207)
(21,529)

  
11,353
15,000


Page 1

 
JEM RECORDS LLP
REGISTERED NUMBER:OC415612
    
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: 




C L Balsam
Designated member

Date: 30 January 2025

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

Jem Records 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

 
JEM RECORDS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Jem Records LLP is a limited liability partnership, registered in England and Wales, registration number OC415612. 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 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 requirements of the Companies Act 2006.

  
2.2

Functional and presentation currency

The LLP's functional and presentational currency is pound sterling.

 
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. 
 
Royalties receivable are recognised at the year end date by the LLP.
Turnover from music production of services is recognised when it is probable the LLP will receive the right to the consideration due under the contract.

 
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, which are recognised as loan assets repayable.

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.

Page 3

 
JEM RECORDS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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 year was 2 (2023 - 2).


4.


Debtors

2024
2023
£
£


Other debtors
7,822
7,603



5.


Cash

2024
2023
£
£

Cash at bank
5,759
9,016



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
1,228
619

Accruals
1,000
1,000

2,228
1,619


Page 4

 
JEM RECORDS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
36,560
36,529

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

2024
2023
£
£



Falling due within one year
36,560
36,529

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

 
Page 5