ACCOUNTS - Final Accounts preparation

Loans and other debts due to members

Registered number: OC415612

JEM RECORDS LLP

UNAUDITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2026

JEM RECORDS LLP

REGISTERED NUMBER: OC415612

BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	8		34
Cash at bank	5	633		3,014
		641		3,048
Creditors: amounts falling due within one year	6	(1,800)		(2,401)
Net current (liabilities)/assets			(1,159)		647
Total assets less current liabilities			(1,159)		647

Net (liabilities)/assets			(1,159)		647

Represented by:
Loans and other debts due to members within one year
Other amounts	7		37,560		37,560
			37,560		37,560
Members' other interests
Other reserves classified as equity		(38,719)		(36,913)
			(38,719)		(36,913)
			(1,159)		647

Total members' interests
Loans and other debts due to members	7	37,560	37,560
Members' other interests		(38,719)	(36,913)
		(1,159)	647

JEM RECORDS LLP

REGISTERED NUMBER: OC415612

BALANCE SHEET (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 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:

C L Balsam

Designated member

Date: 14 October 2026

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

JEM RECORDS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

Jem Records LLP is a limited liability partnership, registered in England and Wales, registration number OC415612. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.

The principal activity of the LLP during the year continued to be that of music production.

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 requirements of 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.

2.2

Functional and presentation currency

The LLP's functional and presentational currency is pound sterling.

2.3

Going concern

The financial statements have been prepared on a going concern basis as the members have confirmed they will continue to provide necessary funding in order for the LLP to maintain its operations and meet its liabilities in full for a period of at least 12 months. On this basis, the members are satisfied that the financial statements should be prepared on a going concern basis.

2.4

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.

Royalties receivable are recognised by the LLP per the royalty statements date.

Turnover from music production services is recognised as the related performance obligations are satisfied, and only to the extent that it is probable that the LLP will be entitled to the consideration due under the contract.

JEM RECORDS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

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.

In the event of the LLP making losses, the loss is recognised as a debit within equity under 'Other reserves'.

2.6

Debtors

Short-term debtors are measured at transaction price, 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 liabilities 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 and creditors, and loans with related parties.

Employees

The average monthly number of employees, including members, during the year was 2 (2025 - 2).

Debtors

					2026	2025
					£	£


Other debtors	9	34

JEM RECORDS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

5.	Cash
		2026	2025
		£	£

	Cash at bank	633	3,014

6.	Creditors: amounts falling due within one year
		2026	2025
		£	£

	Accruals	1,800	2,401


	Other amounts due to members	37,560	37,560

Loans and other debts due to members may be further analysed as follows:

					2026	2025
					£	£


	Falling due within one year	37,560	37,560

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.