Serein Private LLP

(Registration number: OC414596)
Balance Sheet as at 31 March 2025

For the year ending 31 March 2025 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Serein Private LLP (registered number OC414596) were approved by the Board and authorised for issue on 23 December 2025. They were signed on behalf of the limited liability partnership by:

......................................... N Fruchaud Designated member

Serein Private LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Serein Private LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

Members' remuneration and division of profits

Members participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed, or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity,

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within 'Members' remuneration charged as an expense' in arriving at the relevant year's result. Undivided amounts that are classifed as equity are shown within 'Members' other interests'. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members' interests.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as 'Loans and other debts due to members' to the extent they exceed debts due from a specific member.

Serein Private LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible fixed assets are initally measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance
Office equipment	25% straight line
Freestanding Office	10% straight line

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 1 (2024 - 1).

Serein Private LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

3	Tangible fixed assets

	Freestanding Office £	Motor vehicles  £	Office equipment  £	Total £
Cost
At 1 April 2024	25,453	57,208	11,453	94,114
At 31 March 2025	25,453	57,208	11,453	94,114
Depreciation
At 1 April 2024	3,393	43,862	9,853	57,108
Charge for the year	2,545	3,337	899	6,781
At 31 March 2025	5,938	47,199	10,752	63,889
Net book value
At 31 March 2025	19,515	10,009	701	30,225
At 31 March 2024	22,060	13,346	1,600	37,006

4

Debtors

	2025 £	2024 £
Trade debtors	-	15,000
Other debtors	29,806	19,395
Total current trade and other debtors	29,806	34,395

Serein Private LLP

Notes to the Financial Statements for the Year Ended 31 March 2025

5	Creditors: Amounts falling due within one year

	31 March 2025  £	31 March 2024  £
Accruals and deferred income	4,000	2,131
Taxation and social security	-	119
Hire purchase	-	542
	4,000	2,792

6	Related party transactions

N Fruchaud (designated member) had a loan account with the partnership during the period. At the balance sheet date the amount due from N Fruchaud was £29,246(2024: £18,816 due to N Fruchaud).