Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The principal activity of the LLP continued to be that of touring performance by musicians.The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-04-0122truetruefalse OC403360 2023-04-01 2024-03-31 OC403360 2022-04-01 2023-03-31 OC403360 2024-03-31 OC403360 2023-03-31 OC403360 c:CurrentFinancialInstruments 2024-03-31 OC403360 c:CurrentFinancialInstruments 2023-03-31 OC403360 c:CurrentFinancialInstruments 2 2024-03-31 OC403360 c:CurrentFinancialInstruments 2 2023-03-31 OC403360 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC403360 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC403360 e:FRS102 2023-04-01 2024-03-31 OC403360 e:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC403360 e:FullAccounts 2023-04-01 2024-03-31 OC403360 e:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC403360 2 2023-04-01 2024-03-31 OC403360 e:PartnerLLP1 2023-04-01 2024-03-31 OC403360 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: OC403360














KARMA TOURING LLP

 
UNAUDITED 

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
KARMA TOURING LLP
REGISTERED NUMBER:OC403360

BALANCE SHEET
AS AT 31 MARCH 2024

2024
As restated
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
501,719
841,183

Cash at bank and in hand
 5 
1,500
7,869

  
503,219
849,052

Creditors: amounts falling due within one year
 6 
(503,219)
(849,052)

Net current assets
  
 
 
-
 
 
-

Total assets less current liabilities
  
-
-

  

Net assets
  
-
-


Represented by:
  

  


Total members' interests
  

Amounts due from members (included in debtors)
 4 
(61,946)
(270,597)

  
(61,946)
(270,597)


Page 1

 
KARMA TOURING LLP
REGISTERED NUMBER:OC403360
    
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: 




G A O'Dowd
Designated member

Date: 26 March 2025

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

Karma Touring 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

 
KARMA TOURING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Karma Touring LLP is a limited liability partnership, registered in England and Wales, registration number OC403360. 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 touring performance by musicians.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
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 year 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 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.
 
Turnover from touring performance by musicians is recognised when it is probable the LLP will receive the rights to the consideration due under the contract.
Income from performances are recognised once the performances have taken place.

 
2.4

Interest income

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

Page 3

 
KARMA TOURING 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

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash

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

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilitie are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

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.


Information in relation to members

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


4.


Debtors

2024
As restated
2023
£
£


Other debtors
423,718
473,844

Prepayments
16,055
96,742

Amounts due from members
61,946
270,597

501,719
841,183


Page 4

 
KARMA TOURING LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Cash

2024
2023
£
£

Cash at bank
1,500
7,869



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
32,877
95,761

Amounts owed to group undertakings
253,686
266,622

Other taxation and social security
69,739
99,919

Other creditors
95,447
-

Accruals and deferred income
51,470
386,750

503,219
849,052



7.


Prior year adjustment

The balances due from members of £270,597 have been misclassified as "Loans and other debts due to members". These balances have now been reclassified to debtors as "Amounts due from members".
The effect of this adjustment is to increase debtors from £570,586 to £841,183 and decrease the amounts due to members from £270,597 to £NIL. 
This adjustment does not impact the profit for the year.

 
Page 5