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Registration number: OC414596

Serein Private LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

Serein Private LLP

Contents

Limited liability partnership information

1

Financial Statements

2 to 9

Balance Sheet

2

Statement of Changes in Members’ Interests

4

Notes to the Financial Statements

6

 

Serein Private LLP

Limited liability partnership information

Designated members

Serein Ltd

N Fruchaud
 

Registered office

2 Old Bath Road
Newbury
Berkshire
RG14 1QL

Accountants

RB (PWT) LLP
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

 

Serein Private LLP

(Registration number: OC414596)
Balance Sheet as at 30 November 2021

Note

2021
 £

2020
 £

Fixed assets

 

Tangible assets

3

29,275

36,059

Current assets

 

Debtors

8,953

1,276

Cash and short-term deposits

 

35,844

15,647

 

44,797

16,923

Creditors: Amounts falling due within one year

5

(104,545)

(75,161)

Net current liabilities

 

(59,748)

(58,238)

Total assets less current liabilities

 

(30,473)

(22,179)

Creditors: Amounts falling due after more than one year

6

(29,876)

(34,778)

Net liabilities attributable to members

 

(60,349)

(56,957)

Represented by:

 

Members’ other interests

 

Members' capital classified as equity

 

40,000

40,000

Other reserves

 

(100,349)

(96,957)

 

(60,349)

(56,957)

   

(60,349)

(56,957)

Total members' interests

 

Loans and other debts due to members

 

90,082

65,576

Equity

 

(60,349)

(56,957)

   

29,733

8,619

 

Serein Private LLP

(Registration number: OC414596)
Balance Sheet as at 30 November 2021 (continued)

For the year ending 30 November 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’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, 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 Serein Private LLP (registered number OC414596) were approved by the Board and authorised for issue on 16 August 2022. They were signed on behalf of the limited liability partnership by:

.........................................
N Fruchaud
Designated member

 

Serein Private LLP

Statement of Changes in Members’ Interests
At 30 November 2021

 

Equity

 

Loans and other debts due to/(from) members

   

Members' capital
£

Other reserves
£

Total equity
£

Members' capital classified as a liability
£

Total debt
£

Total
2021
 £

Members' interest at 1 December 2020

40,000

(96,957)

(56,957)

65,576

65,576

8,619

Loss for the financial year available for discretionary division among members

-

(3,392)

(3,392)

-

-

(3,392)

Members' interests after total comprehensive income

40,000

(100,349)

(60,349)

65,576

65,576

5,227

Members’ capital introduced

-

-

-

24,506

24,506

24,506

At 30 November 2021

40,000

(100,349)

(60,349)

90,082

90,082

29,733

 

Serein Private LLP

Statement of Changes in Members’ Interests
At 30 November 2021 (continued)

 

Equity

 

Loans and other debts due to/(from) members

   

Members' capital
£

Other reserves
£

Total equity
£

Members' capital classified as a liability
£

Total debt
£

Total
2020
 £

Members' interest at 1 December 2019

40,000

(55,462)

(15,462)

51,001

51,001

35,539

Loss for the financial year available for discretionary division among members

-

(41,495)

(41,495)

-

-

(41,495)

Members' interests after total comprehensive income

40,000

(96,957)

(56,957)

51,001

51,001

(5,956)

Members’ capital introduced

-

-

-

14,575

14,575

14,575

At 30 November 2020

40,000

(96,957)

(56,957)

65,576

65,576

8,619

 

Serein Private LLP

Notes to the Financial Statements for the Year Ended 30 November 2021

1

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 and Wales 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 Serein Private 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 represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

Members' remuneration and division of profits

Members participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed, or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity,

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classifed as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loans and other debts due to members' to the extent they exceed debts due from a specific member.

 

Serein Private LLP

Notes to the Financial Statements for the Year Ended 30 November 2021 (continued)

1

Accounting policies (continued)

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible fixed assets are initally measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation

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:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Office equipment

25% straight line

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 1 (2020 - 1).

 

Serein Private LLP

Notes to the Financial Statements for the Year Ended 30 November 2021 (continued)

3

Tangible fixed assets

Motor vehicles
£

Office equipment
£

Total
£

Cost

At 1 December 2020

57,208

8,303

65,511

Additions

-

1,704

1,704

At 30 November 2021

57,208

10,007

67,215

Depreciation

At 1 December 2020

22,887

6,565

29,452

Charge for the year

7,629

859

8,488

At 30 November 2021

30,516

7,424

37,940

Net book value

At 30 November 2021

26,692

2,583

29,275

At 30 November 2020

34,321

1,738

36,059

4

Debtors

2021
 £

2020
 £

Trade debtors

7,800

-

Other debtors

1,153

1,276

Total current trade and other debtors

8,953

1,276

 

Serein Private LLP

Notes to the Financial Statements for the Year Ended 30 November 2021 (continued)

5

Creditors: Amounts falling due within one year

2021
 £

2020
 £

Other creditors

90,082

65,576

Accruals and deferred income

8,392

3,960

Taxation and social security

1,207

799

Hire purchase

4,864

4,826

104,545

75,161

6

Creditors: Amounts falling due after more than one year

2021
 £

2020
 £

Hire purchase

29,876

34,778

7

Related party transactions

N Fruchaud (designated member) had a loan account with the partnership during the period. At the balance sheet date the amount due to N Fruchaud was £90,082 (2020: £65,576).