IRIS Accounts Production v24.3.2.46 OC366988 designated member 1.9.23 31.3.24 31.3.24 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhOC3669882023-08-31OC3669882024-03-31OC3669882023-09-012024-03-31OC3669882022-08-31OC3669882022-09-012023-08-31OC3669882023-08-31OC366988ns15:EnglandWales2023-09-012024-03-31OC366988ns14:PoundSterling2023-09-012024-03-31OC366988ns10:PartnerLLP12023-09-012024-03-31OC366988ns10:LimitedLiabilityPartnershipLLP2023-09-012024-03-31OC366988ns10:SmallEntities2023-09-012024-03-31OC366988ns10:AuditExempt-NoAccountantsReport2023-09-012024-03-31OC366988ns10:SmallCompaniesRegimeForAccounts2023-09-012024-03-31OC366988ns10:LimitedLiabilityPartnershipsSORP2023-09-012024-03-31OC366988ns10:FullAccounts2023-09-012024-03-31OC366988ns10:PartnerLLP22023-09-012024-03-31OC366988ns10:RegisteredOffice2023-09-012024-03-31OC366988ns5:CurrentFinancialInstruments2024-03-31OC366988ns5:CurrentFinancialInstruments2023-08-31OC366988ns5:Non-currentFinancialInstruments2024-03-31OC366988ns5:Non-currentFinancialInstruments2023-08-31OC366988ns5:FurnitureFittings2023-09-012024-03-31OC366988ns5:ComputerEquipment2023-09-012024-03-31OC366988ns5:FurnitureFittings2023-08-31OC366988ns5:ComputerEquipment2023-08-31OC366988ns5:FurnitureFittings2024-03-31OC366988ns5:ComputerEquipment2024-03-31OC366988ns5:FurnitureFittings2023-08-31OC366988ns5:ComputerEquipment2023-08-31OC366988ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-31OC366988ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-31OC366988ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-03-31OC366988ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-08-31OC366988ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-31OC366988ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-08-31
REGISTERED NUMBER: OC366988 (England and Wales)















FINANCIAL STATEMENTS FOR THE PERIOD 1 SEPTEMBER 2023 TO 31 MARCH 2024

FOR

LEVEL FILMS LLP

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1 SEPTEMBER 2023 TO 31 MARCH 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LEVEL FILMS LLP

GENERAL INFORMATION
for the Period 1 SEPTEMBER 2023 TO 31 MARCH 2024







DESIGNATED MEMBERS: M Crocker
J R Dean





REGISTERED OFFICE: 61 Queen Square
Bristol
BS1 4JZ





REGISTERED NUMBER: OC366988 (England and Wales)





ACCOUNTANTS: Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,147 3,919

CURRENT ASSETS
Debtors 5 29,997 20,323

CREDITORS
Amounts falling due within one year 6 21,921 12,542
NET CURRENT ASSETS 8,076 7,781
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,223

11,700

CREDITORS
Amounts falling due after more than
one year

7

8,550

11,700
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,673

-

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

2,673

-

TOTAL MEMBERS' INTERESTS
Loans and other debts due to
members

9

2,673

-
Amounts due from members 5 (5,803 ) (8,839 )
(3,130 ) (8,839 )

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply 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 relating to financial statements, so far as applicable to the LLP.

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 29 January 2025 and were signed by:





J R Dean - Designated member

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 1 SEPTEMBER 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

Level Films LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for goods and services provided during the year, excluding value added tax.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including adjustments for estimates of amounts not invoiced and amounts invoiced in advance. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings & equipment - 20% to 33% on cost
Computer equipment - 33% on reducing balance

Financial instruments
Financial assets and liabilities are recognised in the balance sheet when the LLP becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the LLP's cash management.

Financial liabilities are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 SEPTEMBER 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Going concern
The LLP has been profitable for each of the last five years ended 31 August 2023, and has remained profitable in this period and the period up to the signing of these financial statements.

The members have assessed the next twelve months as best they can. The LLP has met all of its existing liabilities and its remaining supplier liabilities fall within its existing working capital facilities. The members have a reasonable expectation that the LLP will remain a going concern and the members will endeavour to ensure that the LLP continues to have sufficient working capital to meet its requirements for the foreseeable future. The members will continue to carefully monitor the situation and have alternative plans in place should the need arise.

In light of the above, the members have reviewed the going concern status of the business for the foreseeable future to the best of their abilities and have concluded that they have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The members therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

3. EMPLOYEE INFORMATION

The average number of employees during the period was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings Computer
& equipment equipment Totals
£    £    £   
COST
At 1 September 2023
and 31 March 2024 268 24,629 24,897
DEPRECIATION
At 1 September 2023 255 20,723 20,978
Charge for period 13 759 772
At 31 March 2024 268 21,482 21,750
NET BOOK VALUE
At 31 March 2024 - 3,147 3,147
At 31 August 2023 13 3,906 3,919

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 24,194 11,484
Amounts due from members 5,803 8,839
29,997 20,323

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 SEPTEMBER 2023 TO 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loan (see note 8) 6,507 5,716
Trade creditors 1,650 -
VAT 6,766 2,178
Accruals and deferred income 6,998 4,648
21,921 12,542

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 8) 8,550 11,700

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,107 316
Bank loans - less than 1 yr 5,400 5,400
6,507 5,716

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,400 5,400

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,150 6,300

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 2,673 -

Falling due within one year 2,673 -

Loans and other debts due to members' rank pari passu as liabilities alongside all other unsecured liabilities of the firm in the event of a winding up. There are no restrictions or limitations on the ability of members to reduce the amounts of members' other interests.

LEVEL FILMS LLP (REGISTERED NUMBER: OC366988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 SEPTEMBER 2023 TO 31 MARCH 2024

10. ULTIMATE CONTROLLING PARTY

The partnership is under the joint control of the members.