Limited Liability Partnership Registration No. OC400709 (England and Wales)
BFMV LIVE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
BFMV LIVE LLP
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BFMV LIVE LLP
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,118
5,947
Current assets
Debtors
4
201,617
95,294
Cash at bank and in hand
53,603
68,098
255,220
163,392
Creditors: amounts falling due within one year
5
(305,872)
(107,609)
Net current (liabilities)/assets
(50,652)
55,783
Total assets less current liabilities
(42,534)
61,730
Represented by:
Loans and other debts due to members within one year
6
Amounts due in respect of profits
(42,534)
61,730
Total members' interests
6
Loans and other debts due to members
(42,534)
61,730
T
he 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 Period ended 31 March 2018 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 3 April 2019 and are signed on their behalf by:
03 April 2019
Mr M Tuck
Designated member
Limited Liability Partnership Registration No. OC400709
BFMV LIVE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Limited liability partnership information
BFMV Live LLP is a limited liability partnership incorporated in England and Wales. The registered office is 180 Great Portland Street, London, W1W 5QZ.
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.
1.2
Reporting period
The members of BFMV Live LLP have decided to shorten the year end to 31st March 2018 in order to coincide with their other partnership. As a consequence of this the financial statements cover a period of seven months, and the comparative amounts are not entirely comparative.
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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
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, fittings & equipment
wdv @ 25%
1.6
Cash at bank and in hand
Cash at bank and in hand 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 basic
financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method
.
BFMV LIVE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors,
and
bank loans
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
1.8
Equity instruments
Equity instruments issued by the limited liability partnership
are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the limited liability partnership.
1.9
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 are included in the profit and loss account for the period.
2
Employees
The average number of persons (excluding members) employed by the partnership during the Period was 0 (2017 - 0).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2017
9,711
Additions
3,794
At 31 March 2018
13,505
Depreciation and impairment
At 1 August 2017
3,764
Depreciation charged in the Period
1,623
At 31 March 2018
5,387
Carrying amount
At 31 March 2018
8,118
At 31 July 2017
5,947
BFMV LIVE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2018
- 4 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
72,355
64,212
Other debtors
129,262
31,082
201,617
95,294
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
30,281
6,795
Taxation and social security
22,263
-
Other creditors
253,328
100,814
305,872
107,609
6
Reconciliation of Members' Interests
LIABILITY
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other amounts
Total
Total
2018
£
£
£
Amounts due to members
61,730
Members' interests at 1 August 2017
61,730
61,730
61,730
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
51,161
51,161
51,161
Profit for the Period available for discretionary division among members
-
-
-
Members' interests after loss and remuneration for the Period
112,891
112,891
112,891
Drawings
(155,425)
(155,425)
(155,425)
Members' interests at 31 March 2018
(42,534)
(42,534)
(42,534)
Amounts due to members
(42,534)
(42,534)
BFMV LIVE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2018
- 5 -
7
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.