Registered number
NC000676
S&C Wholesale LLP
Unaudited Filleted Accounts
31 March 2024
S&C Wholesale LLP
Registered number: NC000676
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 132,022 108,820
Current assets
Stocks 7,686 7,986
Debtors 4 331,189 307,714
Cash at bank and in hand 31,423 31,583
370,298 347,283
Creditors: amounts falling due within one year 5 (74,495) (17,650)
Net current assets 295,803 329,633
Total assets less current liabilities 427,825 438,453
Creditors: amounts falling due after more than one year 6 (5,074) (6,409)
Net assets attributable to members 422,751 432,044
Represented by:
Members' other interests
Members' capital classified as equity 432,677 432,043
Other reserves (9,926) 1
422,751 432,044
422,751 432,044
Total members' interests
Members' other interests 422,751 432,044
422,751 432,044
For the period 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 18 December 2024 and signed on their behalf by:
Sean Magee
Designated member
S&C Wholesale LLP
Notes to the Accounts
for the period from 1 June 2023 to 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government Grants
Capital grants received and receivable are treated as deferred income and amortised to the profit and loss account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the profit and loss account when received.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the LLP 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 36,550 390,205 26,517 453,272
Additions 55,000 2,085 (6,017) 51,068
Disposals - (55,000) - (55,000)
At 31 March 2024 91,550 337,290 20,500 449,340
Depreciation
At 1 June 2023 2,193 332,177 10,082 344,452
Charge for the period 4,825 9,325 (1,753) 12,397
On disposals - (39,531) - (39,531)
At 31 March 2024 7,018 301,971 8,329 317,318
Net book value
At 31 March 2024 84,532 35,319 12,171 132,022
At 31 May 2023 34,357 58,028 16,435 108,820
4 Debtors 2024 2023
£ £
Trade debtors 114,468 183,677
Other debtors 216,721 124,037
331,189 307,714
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 15,033 19,133
Trade creditors 63,821 (4,499)
Other taxes and social security costs (8,762) (3,993)
Other creditors 4,403 7,009
74,495 17,650
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 5,074 6,409
7 Related party transactions
SMS Worldwide Limited
Sean Magee & Claire Magee are directors of SMS Worldwide Limited and members in S&C Wholesale LLP. At 01/06/23 SMS Worldwide owed £118,623 (01/06/22 £148,593) to S&C Wholesale LLP. During the period ended 31/03/24 net transactions between the two entities amounted to £90,817 (2023 £29,970) resulting in a balance of £209,440 (31/05/23 £118,623) owed to S&C Wholesale LLP at 31/05/24, included in Other Debtors.

SMS Ireland Limited
Sean Magee and Claire Magee are directors of SMS Ireland Limited and designated members of S&C Wholesale LLP. At 01/06/23 S&C Wholesale LLP was owed £2,841 (01/06/22 £2,841) from SMS Ireland Limited. During the period transactions between the two entities totalled £1,867 (2023 £NIL) resulting in a closing balance of £4,708 (31/05/23 £2,841) owed by SMS Ireland at 31/03/24, included in Other Debtors.
8 Government Grants
A capital grant was received in prior years of £27,004. At 01/06/23 the balance was £6,409 (01/06/22 £8,545), amortised during the year £1,335 (2023 £2,136), balance at 31/03/24 was £5,074 (31/05/23 £6,409).
9 Other information
S&C Wholesale LLP is a limited liability partnership incorporated in Northern Ireland. Its registered office is:
33 Lisglass Road
Ballyclare
Co. Antrim
BT39 9NW
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