Registered number
OC381718
The Seriously Good Wine Company LLP
Unaudited Filleted Accounts
31 March 2024
The Seriously Good Wine Company LLP
Registered number: OC381718
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 31,095 18,955
Current assets
Stocks 90,369 106,945
Debtors 4 16,720 7,694
Cash at bank and in hand 628 2,780
107,717 117,419
Creditors: amounts falling due within one year 5 (40,420) (36,780)
Net current assets 67,297 80,639
Total assets less current liabilities 98,392 99,594
Creditors: amounts falling due after more than one year 6 (29,509) (15,167)
Net assets attributable to members 68,883 84,427
Represented by:
Loans and other debts due to members 7 (43,847) (21,389)
Members' other interests
Members' capital classified as equity 2 2
Other reserves 112,728 105,814
112,730 105,816
68,883 84,427
Total members' interests
Loans and other debts due to members 7 (43,847) (21,389)
Members' other interests 112,730 105,816
68,883 84,427
For the year ended 31 March 2024 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 16 September 2024 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 2024
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 2024 2023
Number Number
Average number of persons employed by the LLP 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 25,446 14,782 29,201 69,429
Additions - - 36,714 36,714
Disposals - (379) (29,201) (29,580)
At 31 March 2024 25,446 14,403 36,714 76,563
Depreciation
At 1 April 2023 20,597 9,915 19,962 50,474
Charge for the year 4,849 1,187 9,179 15,215
On disposals - (259) (19,962) (20,221)
At 31 March 2024 25,446 10,843 9,179 45,468
Net book value
At 31 March 2024 - 3,560 27,535 31,095
At 31 March 2023 4,849 4,867 9,239 18,955
4 Debtors 2024 2023
£ £
Trade debtors 6,183 -
Other debtors 10,537 7,694
16,720 7,694
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,000 7,000
Obligations under finance lease and hire purchase contracts 9,146 13,503
Trade creditors 14,778 10,549
Other taxes and social security costs 5,559 3,393
Other creditors 3,937 2,335
40,420 36,780
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,167 15,167
Obligations under finance lease and hire purchase contracts 21,342 -
29,509 15,167
7 Loans and other debts due to members 2024 2023
£ £
Loans from members (43,847) (21,389)
Amounts falling due within one year (43,847) (21,389)
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 20,000 -
9 Other information
The Seriously Good Wine Company LLP is a limited liability partnership incorporated in England. Its registered office is:
14 Stinchar Drive
Eastleigh
Hampshire
SO53 4QH
The Seriously Good Wine Company LLP OC381718 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 Mr. D. Lay No description of principal activity OC381718 2022-04-01 2023-03-31 OC381718 core:WithinOneYear 2023-03-31 OC381718 core:AfterOneYear 2023-03-31 OC381718 1 2023-03-31 OC381718 core:ShareCapital 2023-03-31 OC381718 core:RetainedEarningsAccumulatedLosses 2023-03-31 OC381718 core:AllPeriods 2023-03-31 OC381718 2023-04-01 2024-03-31 OC381718 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC381718 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 OC381718 bus:PartnerLLP20 2023-04-01 2024-03-31 OC381718 3 2023-04-01 2024-03-31 OC381718 2 2023-04-01 2024-03-31 OC381718 4 2023-04-01 2024-03-31 OC381718 core:LandBuildings 2023-04-01 2024-03-31 OC381718 core:PlantMachinery 2023-04-01 2024-03-31 OC381718 core:Vehicles 2023-04-01 2024-03-31 OC381718 countries:England 2023-04-01 2024-03-31 OC381718 bus:FRS102 2023-04-01 2024-03-31 OC381718 bus:FilletedAccounts 2023-04-01 2024-03-31 OC381718 2024-03-31 OC381718 core:WithinOneYear 2024-03-31 OC381718 core:AfterOneYear 2024-03-31 OC381718 1 2024-03-31 OC381718 core:ShareCapital 2024-03-31 OC381718 core:RetainedEarningsAccumulatedLosses 2024-03-31 OC381718 core:LandBuildings 2024-03-31 OC381718 core:PlantMachinery 2024-03-31 OC381718 core:Vehicles 2024-03-31 OC381718 core:AllPeriods 2024-03-31 OC381718 2023-03-31 OC381718 core:LandBuildings 2023-03-31 OC381718 core:PlantMachinery 2023-03-31 OC381718 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure