Limited Liability Partnership registration number OC445827 (England and Wales)
RIFF RAFF MUSIC LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
RIFF RAFF MUSIC LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RIFF RAFF MUSIC LLP
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,615
25,196
Current assets
Debtors
4
838
102,485
Cash at bank and in hand
321,077
246,838
321,915
349,323
Creditors: amounts falling due within one year
5
(25,781)
(105,466)
Net current assets
296,134
243,857
Total assets less current liabilities and net assets attributable to members
310,749
269,053
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
310,749
269,053

For the financial year ended 31 December 2024 the limited liability partnership 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 relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the members and authorised for issue on 01 May 2025 and are signed on their behalf by:
Mr S Garrigan
Mr M Prendergast
Designated member
Designated Member
Mr V May
Mr J Boland
Designated Member
Designated Member
Limited Liability Partnership registration number OC445827 (England and Wales)
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RIFF RAFF MUSIC LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
Limited liability partnership information

Riff Raff Music LLP is a limited liability partnership incorporated in England and Wales. The registered office is 3rd Floor, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The company was incorporated on 14 February 2023. The reporting date was changed to 31 December 2023 for commercial reasons. Financial statements for the prior year were therefore shorter than one year and not entirely comparable to the current period.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

Live performance income is recognised based on performance date.

 

Merchandise income is accounted for on a receivable basis.

 

Lighting Hire is recognised on a receivable basis.

1.4
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.

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RIFF RAFF MUSIC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
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.

1.7
Financial instruments

The limited liability partnership has only has assets which are classified as basic financial instruments.

 

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

 

Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
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RIFF RAFF MUSIC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
31,495
Depreciation and impairment
At 1 January 2024
6,299
Depreciation charged in the year
10,581
At 31 December 2024
16,880
Carrying amount
At 31 December 2024
14,615
At 31 December 2023
25,196
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
9,951
Amounts owed by group undertakings
-
0
67,052
Other debtors
838
25,482
838
102,485
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
25,781
105,466
6
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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RIFF RAFF MUSIC LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Related party transactions

During the period, the LLP made payments on behalf of Kodaline Partnership, an entity in which all designated members are partners of, amounting to £8,155 and was repaid £75,207. At the balance sheet date, Kodaline Partnership owed the LLP £Nil (2023 £67,052).

 

During the period, Riff Raff Music Limited, a company in which all designated members are directors and shareholders of, made payments on behalf of the LLP amounting to £5,814 and repayments were made amounting to £19,987. At the balance sheet date, the LLP owed the company £Nil (2023 £14,173).

 

 

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