The Champagne And Gift Company LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC349195 (England and Wales)

Financial Statements for the Year Ended 31 October 2020

for

The Champagne And Gift Company LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Tangible assets

4

15,888

16,259

CURRENT ASSETS

Stocks

52,500

34,350

Debtors

5

61,441

69,395

Cash at bank

12,583

3,346

126,524

107,091

CREDITORS

Amounts falling due within one year

6

141,446

123,350

NET CURRENT LIABILITIES

(14,922

)

(16,259

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

966

-

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

966

-

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

966

-

Amounts due from members

5

(44,460

)

(61,144

)

(43,494

)

(61,144

)

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 2020.

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 and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 30 July 2021 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

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 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 November 2019

12,787

30,833

2,140

45,760

Additions

-

-

4,481

4,481

At 31 October 2020

12,787

30,833

6,621

50,241

DEPRECIATION

At 1 November 2019

9,444

19,083

974

29,501

Charge for year

502

2,938

1,412

4,852

At 31 October 2020

9,946

22,021

2,386

34,353

NET BOOK VALUE

At 31 October 2020

2,841

8,812

4,235

15,888

At 31 October 2019

3,343

11,750

1,166

16,259

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

13,031

4,301

Other debtors

48,410

65,094

61,441

69,395

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts

1,337

1,226

Trade creditors

22,201

16,234

Taxation and social security

9,426

5,235

Other creditors

108,482

100,655

141,446

123,350

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The loan due to member will be distributed as follow 10% to Mr. C H Wilce, 65% Mrs. S Wilce and 25% Mr. J Wilce.