Registered number
OC381718
The Seriously Good Wine Company LLP
Filleted Accounts
31 March 2023
The Seriously Good Wine Company LLP
Registered number: OC381718
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,955 28,157
Current assets
Stocks 106,945 99,474
Debtors 4 7,694 4,592
Cash at bank and in hand 2,780 21,635
117,419 125,701
Creditors: amounts falling due within one year 5 (36,780) (19,717)
Net current assets 80,639 105,984
Total assets less current liabilities 99,594 134,141
Creditors: amounts falling due after more than one year 6 (15,167) (35,670)
Net assets attributable to members 84,427 98,471
Represented by:
Loans and other debts due to members 7 (21,389) 22,546
Members' other interests
Members' capital classified as equity 2 2
Other reserves 105,814 75,923
105,816 75,925
84,427 98,471
Total members' interests
Loans and other debts due to members 7 (21,389) 22,546
Members' other interests 105,816 75,925
84,427 98,471
For the year ended 31 March 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 25 August 2023 and signed on their behalf by:
Mr. D. Lay
Designated member
The Seriously Good Wine Company LLP
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Statement of Recommended Practice (SORP), Accounting by Limited Liability Partnerships.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% p.a. reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 3 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 25,446 14,240 29,201 68,887
Additions - 542 - 542
At 31 March 2023 25,446 14,782 29,201 69,429
Depreciation
At 1 April 2022 15,555 8,293 16,882 40,730
Charge for the year 5,042 1,622 3,080 9,744
At 31 March 2023 20,597 9,915 19,962 50,474
Net book value
At 31 March 2023 4,849 4,867 9,239 18,955
At 31 March 2022 9,891 5,947 12,319 28,157
4 Debtors 2023 2022
£ £
Other debtors 7,694 4,592
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,000 7,000
Obligations under finance lease and hire purchase contracts 13,503 4,247
Trade creditors 10,549 3,056
Other taxes and social security costs 3,393 3,514
Other creditors 2,335 1,900
36,780 19,717
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,167 22,167
Obligations under finance lease and hire purchase contracts - 13,503
15,167 35,670
7 Loans and other debts due to members 2023 2022
£ £
Loans from members (21,389) 22,546
Amounts falling due within one year (21,389) 22,546
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other information
The Seriously Good Wine Company LLP is a limited liability partnership incorporated in England. Its registered office is:
59b Leigh Road
Eastleigh
Hampshire
SO50 9DF
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