Awin Barratt Siegel Wine Agencies LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC307303 (England and Wales)

Audited Financial Statements for the Year Ended 30 April 2021

for

Awin Barratt Siegel Wine Agencies LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DESIGNATED MEMBERS:

M Awin

T Awin

E J M Awin

REGISTERED OFFICE:

28 Recreation Ground Road

Stamford

Lincolnshire

PE9 1EW

REGISTERED NUMBER:

OC307303 (England and Wales)

SENIOR STATUTORY AUDITOR:

Andrew Skilton, ACA

AUDITORS:

Brewers Chartered Accountants (Statutory Auditors)

Bourne House

Queen Street

Gomshall

Surrey

GU5 9LY

FIXED ASSETS

Tangible assets

4

8,983

16,866

CURRENT ASSETS

Stocks

1,071,288

1,699,594

Debtors

5

1,553,401

1,300,301

Cash at bank and in hand

60,891

43,633

2,685,580

3,043,528

CREDITORS

Amounts falling due within one year

6

1,855,405

2,480,159

NET CURRENT ASSETS

830,175

563,369

TOTAL ASSETS LESS CURRENT LIABILITIES

839,158

580,235

CREDITORS

Amounts falling due after more than one year

7

392,597

257,435

NET ASSETS ATTRIBUTABLE TO MEMBERS

446,561

322,800

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

446,561

322,800

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

446,561

322,800

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 25 January 2022 and were signed by:

M Awin - Designated member

E J M Awin - Designated member

1.	STATUTORY INFORMATION

Awin Barratt Siegel Wine Agencies 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

Going concern

The financial statements have been prepared on a going concern basis; the members have considered the basis of accounting in light of the significant impact of the global Coronavirus pandemic on worldwide trade in the following year. After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Government support

Government support was received during the year in the form of a bank loan, a lending facility supported by the Coronavirus Business Interruption Loan Scheme, which has a Partial Guarantee by the Secretary of State. Other income includes furlough receipts from the Coronavirus Job Retention Scheme which are recognised on a receivable basis.

Turnover

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

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for delivery if the goods.

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

-

25% on cost

Motor vehicles

-

25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation.

Stocks

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

Financial instruments

Except for non-basic financial instruments as detailed below, the Limited Liability Partnership only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

The business is exposed to currency exchange rate risk due to a significant proportion of supplier invoices being denominated in non-Sterling currencies. The net exposure of Euros and Australian dollars is managed using forward foreign exchange contracts.

Pension costs and other post-retirement benefits

Employee pension contributions are made under an Auto-Enrolment scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate.

Non-basic financial instruments

Derivative financial instruments; foreign exchange forward contracts are recognised at fair value using a valuation technique comparing the spot rate with the exchange rate ruling at the balance sheet date, with any gains or losses being reported in profit or loss. Fair value measurement of derivatives at the year end reporting date are included within trade creditors.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Members' Remuneration

Members' share of profits are allocated on a discretionary basis under the Management Board annual review and reported as 'Loans and Other Debts due to Members within one year'.

Members' monthly drawings are set by the Management Board, after considering the working capital needs of the business. Should drawings exceed the allocated profits the excess is included in debtors. The same treatment is adopted in respect of members who retire during the period. However, to the extent that the profit allocations exceed drawings for a member that has retired, the excess profit is included in the balance sheet under creditors.

Taxation

Tax to be paid on the profits arising in the LLP are a personal tax liability of the members of the LLP and therefore are not included as a tax charge or provision within these financial statements. Associated deferred tax is therefore also not included within these financial statements.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 18 (2020 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 May 2020

15,113

43,900

56,954

115,967

Additions

2,980

-

1,818

4,798

Disposals

-

(29,870

)

-

(29,870

)

At 30 April 2021

18,093

14,030

58,772

90,895

DEPRECIATION

At 1 May 2020

13,704

35,478

49,919

99,101

Charge for year

1,036

1,276

3,223

5,535

Eliminated on disposal

-

(22,724

)

-

(22,724

)

At 30 April 2021

14,740

14,030

53,142

81,912

NET BOOK VALUE

At 30 April 2021

3,353

-

5,630

8,983

At 30 April 2020

1,409

8,422

7,035

16,866

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Trade debtors

1,447,849

1,199,361

Other debtors

105,552

100,940

1,553,401

1,300,301

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans and overdrafts

45,650

-

Trade creditors

1,087,275

1,594,959

Taxation and social security

99,748

50,087

Other creditors

622,732

835,113

1,855,405

2,480,159

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.21

30.4.20

£

£

Bank loans

203,350

-

Other creditors

189,247

257,435

392,597

257,435

30.4.21

30.4.20

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Ex-member capital loan balance

-

89,435

Repayable by instalments

Bank loans more 5 yr by instal

4,150

-

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.4.21

30.4.20

£

£

Within one year

13,884

15,021

Between one and five years

8,464

11,763

22,348

26,784

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.21

30.4.20

£

£

Bank loans

249,000

-

Factoring agreements

347,971

490,592

596,971

490,592

The factoring agreements and business loan are secured by a fixed and floating charge over the assets and property of the business. The bank loan, a lending facility supported by the Coronavirus Business Interruption Loan Scheme(CBILS), has a Partial Guarantee by the Secretary of State.The loan is repayable over 60 equal monthly installments of £4,150 commencing June 2022. Under the terms of the loan interest, fees and charges for the first 12 months are covered by the Secretary of State. After this interest is payable at 3.89% above base rate.

10.	DERIVATIVES HELD AT FAIR VALUE

Foreign exchange forward contracts have been recognised against trade creditors at the year end where the underlying transaction is in Euros, resulting in a fair value adjustment recognised of £92. The Euro forward contract expires on 17 December 2021 with a strike rate of 1.08.

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

30.4.21

30.4.20

£

£

Amounts owed to members in respect of profits

446,561

322,800

Falling due within one year

446,561

322,800

Loans and other debts due to to members (other than members' capital classified as debt) rank below other creditors.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Skilton, ACA (Senior Statutory Auditor)

for and on behalf of Brewers Chartered Accountants (Statutory Auditors)