ACCOUNTS - Final Accounts preparation

Registered number: OC368515

STEPS MUSIC LLP

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2026

STEPS MUSIC LLP

REGISTERED NUMBER: OC368515

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Tangible assets	4		544		724
			544		724
Current assets
Debtors: amounts falling due within one year	5	67,658		2,961
Cash at bank and in hand	6	121,619		123,549
		189,277		126,510
Creditors: Amounts Falling Due Within One Year	7	(27,621)		(17,852)
Net current assets			161,656		108,659
Total assets less current liabilities			162,200		109,383

Net assets			162,200		109,383

Represented by:
Loans and other debts due to members within one year
Members' other interests
Members' capital classified as equity		162,200		109,383
			162,200		109,383
			162,200		109,383

Total members' interests
Members' other interests			162,200		109,383
			162,200		109,383

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STEPS MUSIC LLP

REGISTERED NUMBER: OC368515

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2026

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 statement of comprehensive income 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:

................................................

Ms C Hill

Designated member

Date: 14 October 2026

The notes on pages 5 to 8 form part of these financial statements.

Steps Music 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.

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		STEPS MUSIC LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE YEAR ENDED 31 MARCH 2026


	EQUITY Members' other interests
	Members' capital (classified as equity)	Other reserves	Total
	£	£	£
Amounts due to members
Amounts due from members
Balance at 1 April 2024	63,832	-	63,832
Profit for the year available for discretionary division among members	-	89,753	89,753
Members' interests after profit for the year	63,832	89,753	153,585
Other division of profits	89,753	(89,753)	-
Repayment of capital	(44,202)	-	(44,202)
Amounts due to members
Amounts due from members
Balance at 31 March 2025	109,383	-	109,383
Profit for the year available for discretionary division among members	-	102,817	102,817
Members' interests after profit for the year	109,383	102,817	212,200
Other division of profits	102,817	(102,817)	-
Repayment of capital	(50,000)	-	(50,000)
Amounts due to members
Amounts due from members
Balance at 31 March 2026	162,200	-	162,200

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		STEPS MUSIC LLP

RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

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STEPS MUSIC LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

Steps Music LLP is a Limited Liability Partnership incorporated in England and Wales (Registered number: OC368515). The registered Office address of the LLP is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH

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 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 Liabilities Partnerships'. 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 following principal accounting policies have been applied:

2.2

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the LLP will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

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

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STEPS MUSIC LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.4

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 automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

2.5

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, on a reducing balance basis.

Depreciation is provided on the following basis:

				Plant and machinery	-	25%	Reducing balance basis
				Office equipment	-	25%	Reducing balance basis

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.

2.6

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 and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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STEPS MUSIC LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.8

Creditors

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

3.

Employees

The average monthly number of employees, including directors, during the year was 5 (2025 - 5).

4.	Tangible fixed assets

		Plant and machinery	Computer equipment	Total
		£	£	£
	Cost or valuation
	At 1 April 2025	2,425	4,813	7,238
	At 31 March 2026	2,425	4,813	7,238
	Depreciation
	At 1 April 2025	2,182	4,331	6,513
	Charge for the year on owned assets	61	120	181
	At 31 March 2026	2,243	4,451	6,694
	Net book value
	At 31 March 2026	182	362	544
	At 31 March 2025	242	482	724

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STEPS MUSIC LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

5.

Debtors

					2026	2025
					£	£


	Trade debtors	1,677	1,213
	Prepayments and accrued income	65,981	1,749
		67,658	2,962

6.	Cash and cash equivalents
					2026	2025
					£	£

	Cash at bank and in hand	121,619	123,549
		121,619	123,549

7.	Creditors: Amounts falling due within one year
					2026	2025
					£	£

	Trade creditors	910	1,689
	Other taxation and social security	3,720	6,086
	Accruals and deferred income	22,991	10,077
		27,621	17,852

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