REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Awin Barratt Siegel Wine Agencies LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Awin Barratt Siegel Wine Agencies LLP |
Awin Barratt Siegel Wine Agencies LLP (Registered number: OC307303) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
General Information | 1 |
Report of the Accountants | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Awin Barratt Siegel Wine Agencies LLP |
General Information |
for the Year Ended 30 April 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bourne House |
Queen Street |
Gomshall |
Surrey |
GU5 9LY |
Awin Barratt Siegel Wine Agencies LLP |
Report of the Accountants to the Members of |
Awin Barratt Siegel Wine Agencies 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. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 April 2024 set out on pages one to seventeen and you consider that the LLP is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
Bourne House |
Queen Street |
Gomshall |
Surrey |
GU5 9LY |
Awin Barratt Siegel Wine Agencies LLP (Registered number: OC307303) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 292,459 | 493,275 |
LOANS AND OTHER DEBTS DUE TO MEMBERS | 12 | 292,459 | 493,275 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 12 | 292,459 | 493,275 |
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. |
Awin Barratt Siegel Wine Agencies LLP (Registered number: OC307303) |
Balance Sheet - continued |
30 April 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Awin Barratt Siegel Wine Agencies LLP (Registered number: OC307303) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Awin Barratt Siegel Wine Agencies LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships and the requirements of the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below. |
Going concern |
At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting when preparing the financial statements. |
Government support |
Government support continued to be received in the year in the form of a bank loan under repayment, a lending facility supported by the Coronavirus Business Interruption Loan Scheme, which has a Partial Guarantee by the Secretary of State. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for delivery of the goods. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are measured at cost less accumulated depreciation and impairment charges. |
Awin Barratt Siegel Wine Agencies LLP (Registered number: OC307303) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss. |
Financial instruments |
Except for non-basic financial instruments as detailed below, the Limited Liability Partnership only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
The business is exposed to currency exchange rate risk due to a significant proportion of supplier invoices being denominated in non-Sterling currencies. The net exposure of Euros is managed using forward foreign exchange contracts. |
Pension costs and other post-retirement benefits |
Employee pension contributions are made under an Auto-Enrolment scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate. |
Non-basic financial instruments |
Derivative financial instruments; foreign exchange forward contracts are recognised at fair value using a valuation technique comparing the spot rate with the exchange rate ruling at the balance sheet date, with any gains or losses being reported in profit or loss. Fair value measurement of derivatives at the year end reporting date are included within trade creditors. |
Awin Barratt Siegel Wine Agencies LLP (Registered number: OC307303) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
3. | ACCOUNTING POLICIES - continued |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Members' Remuneration |
Members' share of profits are allocated on an automatic basis under the Management Board annual review and recognised as 'Members' remuneration charged as an expense' in the Income Statement and reported in 'Loans and Other Debts due to Members within one year'. |
Members' monthly drawings are set by the Management Board, after considering the working capital needs of the business. Should drawings exceed the allocated profits the excess is included in debtors. The same treatment is adopted in respect of members who retire during the period. However, to the extent that the profit allocations exceed drawings for a member that has retired, the excess profit is included in the balance sheet under creditors. |
Taxation |
Tax to be paid on the profits arising in the LLP are a personal tax liability of the members of the LLP and therefore are not included as a tax charge or provision within these financial statements. Associated deferred tax is therefore also not included within these financial statements. |
4. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
Awin Barratt Siegel Wine Agencies LLP (Registered number: OC307303) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Hire purchase agreements |
Included within the net book value of £99,924 (2023 - £Nil) is £71,707 (2023 - £Nil) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £13,003 (2023 - £Nil). |
6. | STOCKS |
30.4.24 | 30.4.23 |
£ | £ |
Finished goods |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Taxation and social security |
Other creditors |
Awin Barratt Siegel Wine Agencies LLP (Registered number: OC307303) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
Other creditors |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.4.24 | 30.4.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
30.4.24 | 30.4.23 |
£ | £ |
Within one year |
Between one and five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
Factoring agreements | 921,783 | 599,651 |
The factoring agreements and business loan are secured by a fixed and floating charge over the assets and property of the business. The bank loan, a lending facility supported by the Coronavirus Business Interruption Loan Scheme(CBILS), has a Partial Guarantee by the Secretary of State. The loan is repayable over 60 equal monthly installments of £4,150 commencing June 2022. Under the terms of the loan interest, fees and charges for the first 12 months are covered by the Secretary of State. After this interest is payable at 3.89% above base rate. |
The business has provided a £262,895 guarantee and debenture to National Westminster Bank plc with regard to the member, M Awin's, personal purchase of a commercial property in Horsham. This property is one of two property sites which Awin Barratt Siegel Agencies LLp trades from. |
Awin Barratt Siegel Wine Agencies LLP (Registered number: OC307303) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
30.4.24 | 30.4.23 |
£ | £ |
Amounts owed to members in respect of profits | 292,459 | 493,275 |
Falling due within one year | 292,459 | 493,275 |
In the event of a winding up, the amounts included in "Loans and other debts due to to members" will rank equally with unsecured creditors. |
13. | RELATED PARTY DISCLOSURES |
During the year the business made sales of £392,302 to a company in which members M Awin and E Awin have a controlling interest. At 30 April 2024 £412,500 was owed by this company, a provision has been made against this of £265,000. |