REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
S & B SUPERMARKET LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
S & B SUPERMARKET LLP |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 4 |
Balance Sheet | 5 |
Reconciliation of Members' Interests | 7 |
Notes to the Financial Statements | 9 |
S & B SUPERMARKET LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Buckinghamshire |
MK12 5NN |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
The members present their report with the financial statements of the LLP for the year ended 31 August 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of running of supermarkets. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £91,949 (2023 - £129,273 profit). |
MEMBERS' INTERESTS |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". |
MEMBERS' RESPONSIBILITIES STATEMENT |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ON BEHALF OF THE MEMBERS: |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2024 | 2023 |
£ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
109,373 | 132,558 |
Other operating income |
OPERATING PROFIT |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
275,323 |
227,769 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
11 |
275,323 |
227,769 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 11 | 275,323 | 227,769 |
Amounts due from members | 6 | (167,395 | ) | (159,901 | ) |
107,928 | 67,868 |
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. |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
BALANCE SHEET - continued |
31 AUGUST 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 227,769 |
Amount due from members | (159,901 | ) |
Balance at 1 September 2023 | - | 67,868 | 67,868 |
Profit for the financial year available for discretionary division among members |
91,949 |
- |
91,949 |
Members' interests after profit for the year |
91,949 |
67,868 |
159,817 |
Other divisions of profit | (91,949 | ) | 91,949 | - |
Introduced by members | - | 9,193 | 9,193 |
Drawings on account and distributions of profit |
- |
(61,082 |
) |
(61,082 |
) |
Amount due to members | 275,323 |
Amount due from members | (167,395 | ) |
Balance at 31 August 2024 | - | 107,928 | 107,928 |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
RECONCILIATION OF MEMBERS' INTERESTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
EQUITY | DEBT | TOTAL |
Members' | Loans and other debts due to | MEMBERS' |
other | members less any amounts due | INTERESTS |
interests | from members in debtors |
Other | Other |
reserves | amounts | Total |
£ | £ | £ |
Amount due to members | 182,539 |
Amount due from members | (120,257 | ) |
Balance at 1 September 2022 | - | 62,282 | 62,282 |
Profit for the financial year available for discretionary division among members |
129,273 |
- |
129,273 |
Members' interests after profit for the year |
129,273 |
62,282 |
191,555 |
Other divisions of profit | (129,273 | ) | 129,273 | - |
Drawings on account and distributions of profit |
- |
(123,687 |
) |
(123,687 |
) |
Amount due to members | 227,769 |
Amount due from members | (159,901 | ) |
Balance at 31 August 2023 | - | 67,868 | 67,868 |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
S & B Supermarket 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. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER AND REVENUE RECOGNITION |
Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty. |
The LLP recognises revenue when: |
- the amount of revenue can be reliably measured; |
- it is probable that future economic benefits will flow to the entity |
- and specific criteria have been met for each of the company's activities. |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
INVESTMENT PROPERTY |
Certain of the partnership's properties are held for long-term investment. Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), as follows: |
No depreciation is provided in respect of investment properties and they are revalued annually for impairment. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit nd loss account for the year. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
HIRE PURCHASE AND LEASING COMMITMENTS |
Assets held under finance leases, which are leases where substantially all the risk and reward of ownership of the asset have passed to the LLP, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. |
Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract. |
Operating leases |
Rentals payable under operating leases are charged in the Statement of Profit and Loss on a straight line basis over the lease term. |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 53,767 | 55,698 |
S & B SUPERMARKET LLP (REGISTERED NUMBER: OC355631) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The bank loans are secured by a standard debenture. |
11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of winding up the amounts included in 'Loans and other debts due to members' rank |
equally with unsecured creditors. |