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REGISTERED NUMBER: OC433845 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SPARKS GIFTS WHOLESALERS LLP

SPARKS GIFTS WHOLESALERS LLP (REGISTERED NUMBER: OC433845)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

SPARKS GIFTS WHOLESALERS LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: K A Greves
Mrs T J Greves





REGISTERED OFFICE: 42A High Street
Broadstairs
Kent
CT10 1JT





REGISTERED NUMBER: OC433845 (England and Wales)





ACCOUNTANTS: Kemps Accounting Solutions Limited
Chartered Accountants
42A High Street
Broadstairs
Kent
CT10 1JT

SPARKS GIFTS WHOLESALERS LLP (REGISTERED NUMBER: OC433845)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,299 12,703

CURRENT ASSETS
Stocks 232,678 331,497
Debtors 5 83,973 56,600
Cash at bank and in hand 11,644 83,386
328,295 471,483
CREDITORS
Amounts falling due within one year 6 359,315 626,587
NET CURRENT LIABILITIES (31,020 ) (155,104 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(10,721

)

(142,401

)

CREDITORS
Amounts falling due after more than one
year

7

11,613

22,864
NET LIABILITIES ATTRIBUTABLE TO
MEMBERS

(22,334

)

(165,265

)

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts (22,334 ) (165,265 )
(22,334 ) (165,265 )

TOTAL MEMBERS' INTERESTS
Members' other interests (22,334 ) (165,265 )

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

SPARKS GIFTS WHOLESALERS LLP (REGISTERED NUMBER: OC433845)

BALANCE SHEET - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 31 July 2024 and were signed by:





K A Greves - Designated member

SPARKS GIFTS WHOLESALERS LLP (REGISTERED NUMBER: OC433845)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Sparks Gifts Wholesalers LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

The useful economic lives of the Fixtures & Fittings and Plant & Machinery have been reassessed during the year and as a result, the desertification rates have been reduced from 25% to 15% reducing balance. The current year depreciation figures reflect this and have resulted in an overall credit this year to the Profit and Loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 14 (2023 - 27 ) .

SPARKS GIFTS WHOLESALERS LLP (REGISTERED NUMBER: OC433845)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 49,282
Additions 1,325
At 31 March 2024 50,607
DEPRECIATION
At 1 April 2023 36,579
Charge for year (6,271 )
At 31 March 2024 30,308
NET BOOK VALUE
At 31 March 2024 20,299
At 31 March 2023 12,703

The useful economic lives of the Fixtures & Fittings and Plant & Machinery have been reassessed during the year and as a result, the desertification rates have been reduced from 25% to 15% reducing balance. The current year depreciation figures reflect this and have resulted in an overall credit this year to the Profit and Loss account.

5. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 40,035 14,485
Other debtors 33,445 31,622
73,480 46,107

Amounts falling due after more than one year:
Other debtors 10,493 10,493

Aggregate amounts 83,973 56,600

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 26,442 3,160
Trade creditors 287,439 428,482
Taxation and social security 32,048 25,491
Other creditors 13,386 169,454
359,315 626,587

SPARKS GIFTS WHOLESALERS LLP (REGISTERED NUMBER: OC433845)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other creditors 11,613 22,864

CHARTERED ACCOUNTANTS' REPORT TO THE MEMBERS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SPARKS GIFTS WHOLESALERS LLP

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of Sparks Gifts Wholesalers LLP for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of Sparks Gifts Wholesalers LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sparks Gifts Wholesalers LLP and state those matters that we have agreed to state to the members of Sparks Gifts Wholesalers LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sparks Gifts Wholesalers LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Sparks Gifts Wholesalers LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sparks Gifts Wholesalers LLP. You consider that Sparks Gifts Wholesalers LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sparks Gifts Wholesalers LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Kemps Accounting Solutions Limited
Chartered Accountants
42A High Street
Broadstairs
Kent
CT10 1JT


31 July 2024