Registered number
OC448740
Supreme Choice Trading LLP
Accounts
31 March 2024
Supreme Choice Trading LLP
Registered number: OC448740
Balance Sheet
as at 31 March 2024
Notes 2024
£
Fixed assets
Tangible assets 5 2,375
Current assets
Stocks 1,750
Debtors 7 88,870
Cash at bank and in hand 291
90,911
Creditors: amounts falling due within one year 9 (117,878)
Net current liabilities (24,592)
Provisions for liabilities -
Net liabilities attributable to members (24,592)
Represented by:
Loans and other debts due to members 12 (12,556)
Members' other interests
Members' capital classified as equity 750
Loss for the period (12,786)
(12,036)
Total members' interests (24,592)
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 27 January 2025 and signed on their behalf by:
Renata Smith
Designated member
Supreme Choice Trading LLP
Notes to the Accounts
for the period from 18 August 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.
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:
Fixtures, fittings, tools and equipment over 5 years
Motor vehicle over 4 years
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.
3 Employees 2024
Number
Average number of persons employed by the LLP 0
5 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 18 August 2023 - - -
Additions 750 2,000 2,750
Revaluation -
Disposals - - -
At 31 March 2024 750 2,000 2,750
Depreciation
At 18 August 2023 - - -
Charge for the period 75 300 375
Revaluation -
On disposals - - -
At 31 March 2024 75 300 375
Net book value
At 31 March 2024 675 1,700 2,375
At 17 August 2023 - - -
7 Debtors 2024
£
Trade debtors 85,220
Other debtors 3,650
88,870
9 Creditors: amounts falling due within one year 2024
£
Trade creditors 115,378
Other creditors 2,500
117,878
12 Loans and other debts due to members 2024
£
Loans from members 2,000
Amount drawn by the members (14,556)
Balance carried forward (12,556)
21 Controlling party
Mr and Mrs Smith by virtue of their membership fully control the LLP.
22 Other information
Supreme Choice Trading LLP is a limited liability partnership incorporated in England. Its registered office is:
- Outer Ground Floor Office, 8 Paxton Terrace, Grosvenor Road, London SW1V 3DA
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