The Champagne And Gift Company LLP

REGISTERED NUMBER: OC349195 (England and Wales)

Report of the Members and

Financial Statements for the Year Ended 31 October 2021

for

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

Mr C H Wilce

Mrs S Wilce

Mr J Wilce

REGISTERED OFFICE:

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

REGISTERED NUMBER:

OC349195 (England and Wales)

ACCOUNTANTS:

Nordens

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

The members present their report with the financial statements of the LLP for the year ended 31 October 2021.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of buying and selling of wine and gifts.

DESIGNATED MEMBERS

The designated members during the year under review were:

Mr C H Wilce

Mrs S Wilce

Mr J Wilce

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £45,207 (2020 - £20,079 profit).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP. New members are required to subscribe to a minimum level of capital and in subsequent years, members are invited to subscribe for further capital, the amounts of which are determined by the performance and seniority of those members. On retirement, capital is repaid to members.

ON BEHALF OF THE MEMBERS:

Mrs S Wilce - Designated member

27 July 2022

TURNOVER

575,225

303,328

Cost of sales

367,449

181,690

GROSS PROFIT

207,776

121,638

Administrative expenses

163,532

116,785

44,244

4,853

Other operating income

963

15,226

PROFIT FOR THE FINANCIAL YEAR BEFORE
MEMBERS' REMUNERATION AND PROFIT
SHARES

4

45,207

20,079

FIXED ASSETS

Tangible assets

5

13,866

15,888

CURRENT ASSETS

Stocks

75,940

52,500

Debtors

6

31,912

61,441

Cash at bank

4,620

12,583

112,472

126,524

CREDITORS

Amounts falling due within one year

7

108,306

141,446

NET CURRENT ASSETS/(LIABILITIES)

4,166

(14,922

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

18,032

966

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

18,032

966

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

18,032

966

Amounts due from members

6

(5,482

)

(44,460

)

12,550

(43,494

)

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 October 2021.

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.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 27 July 2022 and were signed by:

Mrs S Wilce - Designated member

1.	STATUTORY INFORMATION

The Champagne And Gift Company LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern without material uncertainties

COVID-19 is not expected to have a significant impact on the entity. Management has determined that there is no material uncertainty that casts doubt on the entity's ability to continue as a going concern. It expects that COVID-19 might have some impact, though not significant, for example, in relation to expected future performance, or the effects on some future asset valuations.

Government grants

Government grants represents the grant received in relation to job retention scheme and small business grant from local council.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 3 (2020 - 3 ) .

4.	PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES

The profit for the financial year before members' remuneration and profit shares is stated after charging:

31.10.21

31.10.20

£

Depreciation - owned assets

4,058

4,852

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST

At 1 November 2020

12,787

30,833

6,621

50,241

Additions

1,380

-

656

2,036

At 31 October 2021

14,167

30,833

7,277

52,277

DEPRECIATION

At 1 November 2020

9,946

22,021

2,386

34,353

Charge for year

633

2,203

1,222

4,058

At 31 October 2021

10,579

24,224

3,608

38,411

NET BOOK VALUE

At 31 October 2021

3,588

6,609

3,669

13,866

At 31 October 2020

2,841

8,812

4,235

15,888

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

Trade debtors

22,480

13,031

Other debtors

9,432

48,410

31,912

61,441

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

Bank loans and overdrafts

1,379

1,337

Trade creditors

5,942

22,201

Taxation and social security

13,013

9,426

Other creditors

87,972

108,482

108,306

141,446

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The loan due to member will be distributed as follow 1% to Mr. C H Wilce, 74% Mrs. S Wilce and 25% Mr. J Wilce.

The Champagne And Gift Company LLP - LLP accounts 20.1

The Champagne And Gift Company LLP - LLP accounts 20.1