Limited Liability Partnership registration number OC345088 (England and Wales)
CAGE TOURS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CAGE TOURS LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CAGE TOURS LLP
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
5
424,572
1,357,719
Cash at bank and in hand
2,961,751
26,301
3,386,323
1,384,020
Creditors: amounts falling due within one year
6
(3,245,519)
(1,243,216)
Net current assets and net assets attributable to members
140,804
140,804
Represented by:
Members' other interests
Members' capital classified as equity
140,804
140,804
140,804
140,804
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 March 2023 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 financial statements were approved by the members and authorised for issue on 26 September 2023 and are signed on their behalf by:
26 September 2023
Mr N F Tennant
Mr C S Lowe
Designated member
Designated Member
Limited Liability Partnership Registration No. OC345088
CAGE TOURS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Limited liability partnership information
Cage Tours LLP is a limited liability partnership incorporated in England and Wales. The registered office is 5a Bear Lane, Southwark, London, United Kingdom, SE1 0UH.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, 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.
1.2
Turnover
Turnover represents income receivable for the provision of live worldwide performances, excluding USA and North America during the year and is net of Value Added Tax.
1.3
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:
Computer Equipment
25% straight line
1.4
Financial instruments
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
CAGE TOURS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
2023
2022
Number
Number
Total
CAGE TOURS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
15,215
Depreciation and impairment
At 1 April 2022 and 31 March 2023
15,215
Carrying amount
At 31 March 2023
-
At 31 March 2022
-
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
146,103
522,098
Other debtors
278,469
835,621
424,572
1,357,719
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
54,712
416,646
Other creditors
3,190,807
826,570
3,245,519
1,243,216
7
Deferred income
2023
2022
£
£
Other deferred income
-
513,462
8
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.
CAGE TOURS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
9
Related party transactions
Transactions with related parties
During the year the limited liability partnership entered into the following transactions with related parties:
Related parties are entities in which the beneficial ownership and control is the same as participation in profits of Cage Tours LLP. During the year, there were various transactions with related parties.
The following disclosures are on the aggregated basis (aggregation of similar transactions by type of transaction or balance).
The following related party balances are included in creditors:
Areagraph Inc - £153,774 (2022: £12,231)
During the year, Areagraph Inc made payments to or on behalf of the LLP of £911,400 and the LLP made payments to or on behalf of Areagraph Inc of £1,052,943.
The following related party balances are included in creditors:
The Pet Shop Boys Partnership Limited - £3,087,001 (2022: nil)
During the year, the LLP made payments to or on behalf of The Pet Shop Boys Partnership Limited of £872,773. The Pet Shop Boys Partnership Limited made payments to or on behalf of the LLP of £3,959,774.
Cage Music Limited - £59,999 (2022: £308,108)
During the year, the LLP made payments to or on behalf of Cage Music Limited of £1,356,985. Cage Music Limited made payments to or on behalf of the LLP of £1,108,876.