|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
MPL Tours (UK) LLP is a limited liability partnership incorporated in England and Wales, with its principal place of business and registered office address at 1 Soho Square, London, W1D 3BQ.
The principal activity of the LLP is the management and coordination of concerts and tours of an artist in the entertainment industry.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The following principal accounting policies have been applied:
At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue its operational existence for the foreseeable future. Thus the Members continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover which is stated net of value added tax, represents amounts received and receivable from the company's continuing principal activity.
Revenue from touring services is recognised in the period the relevant services and tours take place.
Short term debtors are measured at the transaction price, less any impairment.
|
|
|
Division and distribution of profits
|
A division of profits is the mechanism by which the profits of the 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 automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in the Statement of Comprehensive Income.
In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.
|