Howzat Media LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC323706 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

HOWZAT MEDIA LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

H Burge

D Soskin

REGISTERED OFFICE:

Magma House

16 Davy Court

Caslte Mound Way

Rugby

Warwickshire

CV23 0UZ

REGISTERED NUMBER:

OC323706 (England and Wales)

AUDITORS:

Magma Audit LLP

Chartered Accountants

Statutory Auditor

Magma House, 16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Investments

3

284,501

284,501

CURRENT ASSETS

Debtors

4

36,128

43,358

CREDITORS

Amounts falling due within one year

5

(4,528

)

(4,528

)

NET CURRENT ASSETS

31,600

38,830

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

316,101

323,331

LOANS AND OTHER DEBTS DUE TO MEMBERS

148,514

148,514

MEMBERS' OTHER INTERESTS

Capital accounts

104,680

104,680

Other reserves

62,907

70,137

316,101

323,331

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

148,514

148,514

Members' other interests

167,587

174,817

316,101

323,331

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP on 11 September 2019 and were signed by:

D Soskin - Designated member

1.	STATUTORY INFORMATION

Howzat Media LLP (OC323706) is a Limited Liability Partnership registered in England and Wales. Its registered

office is Magma House, 16 Davy Court, Castle Mound Way, Rugby, Warwickshire, CV23 0UZ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated. The LLP has

adopted FRS 102 Section 1A Small Entities in these financial statements.

The financial statements are presented in sterling.

Turnover

Turnover represents dividends receivable. Where the partnership holds cumulative preference shares, dividends

are accrued for as they accumulate; ordinary dividends are recognised when they are declared by the investee

company. Dividends are shown inclusive of withholding tax.

Financial instruments

The LLP has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including other debtors and cash and bank balances are initially recognised at transaction

price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade creditors and other creditors are initially recognised at transaction price,

unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the

present value of the future receipts discounted at a market rate of interest.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Fixed asset purchases in foreign currencies are translated into sterling at the rates of

exchange at acquisition. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments

Fixed asset investments are shown at cost less provision for impairment. Consideration in respect of disposals is

determined at the date of disposal, any subsequent amendments are processed through administrative

expenses.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the member's

agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity

if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an

unconditional right, such amounts are classified as liabilities.

Profits derived from dividend and interest income less any expense of the LLP are divided automatically in

accordance to the members agreement and therefore such profits are classed as an expense through the profit

and loss rather than an appropriation of equity.

Profits derived from capital profits are divided only after a decision by the LLP or its representative, so that the

LLP has an unconditional right to refuse payment, and therefore such profits are classed as an appropriation of

equity rather than as an expense. They are therefore shown as a residual amount available for discretionary

division among members in the profit and loss account and are equity appropriations in the balance sheet.

The losses of the LLP shall, with effect from commencement date, be borne by the LLP and not allocated to the

members and the members shall procure that all losses of the LLP are debited to a retained loss account.

All amounts due to the members that are classified as liabilities are presented in the balance sheet within 'Loans

and other debt due to members' and are charged to profit and loss account within 'Members' remuneration

charged as an expense. Amounts due to members that are classified as equity are shown in the balance sheet

within 'Members' other interests'.

Taxation

The taxation payable on the partnership's profits is the personal liability of the partners during the year.

Consequently, neither partnership nor related deferred taxation are accounted for in the financial statements.

Sums set aside in respect of partners' tax obligations are included in the balance sheet within loans and other

debt due to partners or set against amounts due from partners as appropriate. Withholding tax is shown as an

expense of the LLP.

3.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2018

497,207

Disposals

(212,706

)

At 31 December 2018

284,501

PROVISIONS

At 1 January 2018

212,706

Provision written back

(212,706

)

At 31 December 2018

-

NET BOOK VALUE

At 31 December 2018

284,501

At 31 December 2017

284,501

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

36,128

43,358

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

28

28

Other creditors

4,500

4,500

4,528

4,528

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Lodder (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

7.	CONTINGENT ASSET

The partnership previously sold an investment with the right to receive additional cash, shares or securities

should the current owners sell the shares or receive substantial dividends from them. The designated members

have assessed and believe it is unlikely they will receive additional cash, shares or securities and therefore has

not been recognised as an asset in the financial statements.

8.	ULTIMATE CONTROLLING PARTY

There is no one controlling party, as no one member has overall control, during the current or prior year.