Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01false22truetruefalse OC443306 2023-04-01 2024-03-31 OC443306 2022-04-01 2023-03-31 OC443306 2024-03-31 OC443306 2023-03-31 OC443306 c:OfficeEquipment 2023-04-01 2024-03-31 OC443306 c:OfficeEquipment 2024-03-31 OC443306 c:OfficeEquipment 2023-03-31 OC443306 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 OC443306 c:CurrentFinancialInstruments 2024-03-31 OC443306 c:CurrentFinancialInstruments 2023-03-31 OC443306 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC443306 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC443306 d:FRS102 2023-04-01 2024-03-31 OC443306 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC443306 d:FullAccounts 2023-04-01 2024-03-31 OC443306 d:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC443306 2 2023-04-01 2024-03-31 OC443306 d:PartnerLLP1 2023-04-01 2024-03-31 OC443306 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC443306 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC443306 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC443306














FIREFLY MUSIC STUDIOS LLP

 
UNAUDITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
FIREFLY MUSIC STUDIOS LLP
REGISTERED NUMBER:OC443306

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
35,241
13,588

  
35,241
13,588

Current assets
  

Debtors: amounts falling due within one year
 5 
229,293
395,089

Cash at bank
 6 
70,200
245,409

  
299,493
640,498

Creditors: amounts falling due within one year
 7 
(34,875)
(66,262)

Net current assets
  
 
 
264,618
 
 
574,236

Total assets less current liabilities
  
299,859
587,824

  

Net assets
  
299,859
587,824


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 8 
299,859
587,824

  
299,859
587,824

  

  
299,859
587,824


Total members' interests
  

Loans and other debts due to members
 8 
299,859
587,824

  
299,859
587,824


Page 1

 
FIREFLY MUSIC STUDIOS LLP
REGISTERED NUMBER:OC443306
    
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: 




J S D Buckley
Designated member

Date: 13 February 2025

The notes on pages 3 to 6 form part of these financial statements.

Firefly Music Studios 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

 
FIREFLY MUSIC STUDIOS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Firefly Music Studios LLP is a limited liability partnership, registered in England and Wales, registration number OC443306. 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 generating composer fees and royalty income.

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 Standards 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006 and the requirement of the statement of recommended practice "Accounting by Limited Liability Partnerships".

 
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 period 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 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 revenue 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 composing is recognised when it is probable the LLP will receive the rights to the consideration due under the contract.

Royalties receivable are recognised in the accounting year in which it was received.

 
2.4

Interest income

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

Page 3

 
FIREFLY MUSIC STUDIOS 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, which are recognised as loan assets repayable.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash

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

 
2.9

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.

  
2.10

 Financial instruments

The LLP enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, and loans with related parties.

Page 4

 
FIREFLY MUSIC STUDIOS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including members, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Office equipment

£



Cost


At 1 April 2023
14,874


Additions
31,143


Disposals
(4,465)



At 31 March 2024

41,552



Depreciation


At 1 April 2023
1,286


Charge for the year
5,392


Disposals
(367)



At 31 March 2024

6,311



Net book value



At 31 March 2024
35,241



At 31 March 2023
13,588


5.


Debtors

2024
2023
£
£


Trade debtors
20,525
29,867

Other debtors
1,158
835

Prepayments and accrued income
207,610
364,387

229,293
395,089



6.


Cash

2024
2023
£
£

Cash at bank
70,200
245,409


Page 5

 
FIREFLY MUSIC STUDIOS LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
7,940
5,375

Other taxation and social security
7,076
51,050

Accruals
19,859
9,837

34,875
66,262



8.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
299,859
587,824

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

2024
2023
£
£



Falling due within one year
299,859
587,824

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

 
Page 6