Bollywood Brass Band LLP - Period Ending 2021-03-31
Bollywood Brass Band LLP - Period Ending 2021-03-31
Registration number:
Bollywood Brass Band LLP
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2021
Bollywood Brass Band LLP
Contents
Limited liability partnership information |
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Financial Statements |
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Balance Sheet |
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Statement of Changes in Members’ Interests |
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Notes to the Financial Statements |
Bollywood Brass Band LLP
Limited liability partnership information
Designated members |
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Members |
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Registered office |
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Principal place of business |
Rothbury Hall |
Accountants |
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Bollywood Brass Band LLP
(Registration number: OC366022)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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Current assets |
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Stocks |
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Debtors |
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Cash and short-term deposits |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets attributable to members |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
21,079 |
23,760 |
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Members’ other interests |
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Members' capital classified as equity |
1,212 |
1,212 |
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22,291 |
24,972 |
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Total members' interests |
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Loans and other debts due to members |
21,079 |
23,760 |
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Equity |
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22,291 |
24,972 |
For the year ending 31 March 2021 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Bollywood Brass Band LLP
(Registration number: OC366022)
Balance Sheet as at 31 March 2021 (continued)
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Bollywood Brass Band LLP (registered number OC366022) were approved by the
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Bollywood Brass Band LLP
Statement of Changes in Members’ Interests
At 31 March 2021
Equity |
Loans and other debts due to/(from) members |
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Members' capital |
Other reserves |
Total |
Members' capital classified as a liability |
Total |
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Members' interest at 1 April 2020 |
1,212 |
- |
1,212 |
23,760 |
24,972 |
Profit for the financial year available for discretionary division among members |
- |
13,494 |
13,494 |
- |
13,494 |
Members' interests after total comprehensive income |
1,212 |
13,494 |
14,706 |
23,760 |
38,466 |
Allocated (losses)/profits in respect of the prior year |
- |
(13,494) |
(13,494) |
13,494 |
- |
Drawings (including tax payments) |
- |
- |
- |
(16,175) |
(16,175) |
At 31 March 2021 |
1,212 |
- |
1,212 |
21,079 |
22,291 |
Bollywood Brass Band LLP
Statement of Changes in Members’ Interests
At 31 March 2021 (continued)
Members' capital |
Other reserves |
Total equity |
Members' capital classified as a liability |
Total debt |
Total |
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Members' interest at 1 April 2019 |
1,363 |
- |
1,363 |
22,005 |
22,005 |
23,368 |
Profit for the financial year available for discretionary division among members |
- |
33,770 |
33,770 |
- |
- |
33,770 |
Members' interests after total comprehensive income |
1,363 |
33,770 |
35,133 |
22,005 |
22,005 |
57,138 |
Allocated (losses)/profits in respect of the prior year |
- |
(33,770) |
(33,770) |
33,770 |
33,770 |
- |
Drawings (including tax payments) |
- |
- |
- |
(32,015) |
(32,015) |
(32,015) |
Transfer of capital to former members’ balances |
(151) |
- |
(151) |
- |
- |
(151) |
At 31 March 2020 |
1,212 |
- |
1,212 |
23,760 |
23,760 |
24,972 |
Bollywood Brass Band LLP
Notes to the Financial Statements for the Year Ended 31 March 2021
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Bollywood Brass Band LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.
Revenue recognition
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Other grants
Members' remuneration and division of profits
A member's share of the profit or loss for the year is accounted for as an allocation of profits.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation or related deferred taxation are accounted for in these financial statements.
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Members' interests
Members' capital is classified as equity. The balance of members' interests is treated a loans due to members.
Bollywood Brass Band LLP
Notes to the Financial Statements for the Year Ended 31 March 2021 (continued)
Particulars of employees |
The average number of persons employed by the limited liability partnership (including members) during the year, analysed by category was as follows:
2021 |
2020 |
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Sales, marketing and distribution |
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Stocks |
2021 |
2020 |
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Stocks |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments and accrued income |
- |
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Creditors: Amounts falling due within one year |
2021 |
2020 |
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Trade creditors |
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Accruals and deferred income |
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Control |
The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.