Wentworth Trading LLP - LLP accounts 16.3

REGISTERED NUMBER: OC324373 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2016

for

Wentworth Trading LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Other Comprehensive Income

4

Balance Sheet

5

Reconciliation of Members' Interests

7

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

12

Reconciliation of Equity

15

Reconciliation of Loss

17

DESIGNATED MEMBERS:

A G Fernback

P Fernback

Barclay Estates Limited

REGISTERED OFFICE:

34 St George Street

Mayfair

London

W1S 2ND

REGISTERED NUMBER:

OC324373 (England and Wales)

The members represent their report with the financial statements of the LLP for the year ended 31 March 2015.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of trading and managing investments.

DESIGNATED MEMBERS

The designated members during the year under review were:

A G Fernback

P Fernback

Barclay Estates Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £21,788 (2015 - £23,633 loss).

MEMBERS' INTERESTS

MEMBERS CAPITAL AND INTERESTS

The capital of the LLP is determined and agreed by the designated members on a periodic basis linked to the financing

and business needs of the LLP. The capital belongs to the members in the proportions in which it has been contributed.

The members share of the capital is repayable at its original value on retirement or ceasing to be a member of the LLP.

Profits are allocated to the members during the year in accordance with the members agreement.

ON BEHALF OF THE MEMBERS:

P Fernback - Designated member

23 December 2016

TURNOVER

-

-

Cost of sales

(2,000

)

-

GROSS PROFIT

2,000

-

Administrative expenses

303

302

OPERATING PROFIT/(LOSS)

2

1,697

(302

)

Interest receivable and similar income

1

4

1,698

(298

)

Interest payable and similar charges

23,486

23,335

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

(21,788

)

(23,633

)

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

(21,788

)

(23,633

)

Members' remuneration charged as an expense

3

21,788

23,633

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

-

-

PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

-

-

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

-

-

FIXED ASSETS

Investments

4

812,500

812,500

CURRENT ASSETS

Debtors

5

703,423

704,645

Cash at bank

15

273

703,438

704,918

CREDITORS

Amounts falling due within one year

6

1,092,145

1,093,625

NET CURRENT LIABILITIES

(388,707

)

(388,707

)

TOTAL ASSETS LESS CURRENT LIABILITIES

423,793

423,793

CREDITORS

Amounts falling due after more than one year

7

850,000

850,000

NET LIABILITIES ATTRIBUTABLE TO MEMBERS

(426,207

)

(426,207

)

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

(426,207

)

(426,207

)

(426,207

)

(426,207

)

TOTAL MEMBERS' INTERESTS

Members' other interests

(426,207

)

(426,207

)

Amounts due from members

5

(250,928

)

(229,140

)

(677,135

)

(655,347

)

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 March 2016.

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 of Part 15 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 small LLPs.

The financial statements were approved by the members of the LLP on 23 December 2016 and were signed by:

P Fernback - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 April 2015

(426,207

)

-

(426,207

)

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

-

-

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

(426,207

)

-

(426,207

)

Balance at 31 March 2016

(426,207

)

-

(426,207

)

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

£

Amount due to members

-

Amount due from members

(229,140

)

Balance at 1 April 2015

(229,140

)

(655,347

)

Members' remuneration charged as an expense, including employment and retirement benefit costs

(21,788

)

(21,788

)

Profit for the financial year available for discretionary division among members

-

-

Members' interests after profit for the year

(250,928

)

(677,135

)

Amount due to members

-

Amount due from members

(250,928

)

Balance at 31 March 2016

(250,928

)

(677,135

)

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 April 2014

(421,404

)

-

(421,404

)

Members' remuneration charged as an expense, including employment and retirement benefit costs

-

-

-

Profit for the financial year available for discretionary division among members

-

-

-

Members' interests after profit for the year

(421,404

)

-

(421,404

)

Introduced by members

(4,803

)

-

(4,803

)

Balance at 31 March 2015

(426,207

)

-

(426,207

)

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

£

Amount due to members

-

Amount due from members

(205,507

)

Balance at 1 April 2014

(205,507

)

(626,911

)

Members' remuneration charged as an expense, including employment and retirement benefit costs

(23,633

)

(23,633

)

Profit for the financial year available for discretionary division among members

-

-

Members' interests after profit for the year

(229,140

)

(650,544

)

Introduced by members

-

(4,803

)

Amount due to members

-

Amount due from members

(229,140

)

Balance at 31 March 2015

(229,140

)

(655,347

)

Cash flows from operating activities

Cash generated from operations

1

(292,949

)

(302

)

Interest paid

(23,486

)

(23,335

)

Net cash from operating activities

(316,435

)

(23,637

)

Cash flows from investing activities

Interest received

1

4

Net cash from investing activities

1

4

Cash flows from financing activities

Transactions with members and former

members

Contributions by members

-

(4,803

)

Net cash from financing activities

-

(4,803

)

Decrease in cash and cash equivalents

(316,434

)

(28,436

)

Cash and cash equivalents at beginning of year

2

273

-

Cash and cash equivalents at end of year

2

15

273

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

31.3.16

31.3.15

£

£

Profit for the financial year available for discretionary division among members

-

-

Members' remuneration charged as an expense

(21,788

)

(23,633

)

Finance costs

23,486

23,335

Finance income

(1

)

(4

)

1,697

(302

)

Increase in trade and other debtors

(452,495

)

-

Increase in trade and other creditors

157,849

-

Cash generated from operations

(292,949

)

(302

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these

Balance Sheet amounts:

Year ended 31 March 2016

31.3.16

1.4.15

£

£

Cash and cash equivalents

15

273

Year ended 31 March 2015

31.3.15

1.4.14

£

£

Cash and cash equivalents

273

-

**	CURRENT YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS

AS CALCULATED IN CASH FLOW STATEMENT

DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET

COMPARE MOVEMENT ON CASH FLOW STATEMENT

=

(316,434

)

TO

MOVEMENT PER BALANCE SHEET

CASH AND CASH EQUIVALENTS

=

(258

)

**	LAST YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS

AS CALCULATED IN CASH FLOW STATEMENT

DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET

COMPARE MOVEMENT ON CASH FLOW STATEMENT

=

(28,436

)

TO

MOVEMENT PER BALANCE SHEET

CASH AND CASH EQUIVALENTS

=

273

FIRST YEAR ADOPTION

**	CURRENT YEAR

PLEASE ENSURE THAT THE AMOUNTS ON THE CLIENT SCREENS FIRST YEAR ADOPTION -

RECONCILIATION OF EQUITY AND FIRST YEAR ADOPTION - CASH FLOW STATEMENT SHOWN

BELOW ARE CORRECT.

CASH AND CASH EQUIVALENTS

0

BANK OVERDRAFTS

0

THESE AMOUNTS ARE USED IN THE CASH FLOW STATEMENT FOR THE OPENING CASH POSITION

OF LAST YEAR FRS 102 ENTRY. THIS MESSAGE MAY BE IGNORED IF CORRECT AMOUNTS ARE

SHOWN.

**

LAST YEAR

THERE IS NO AUTOMATIC RECOGNITION IN THE CASH FLOW STATEMENT OF THE OPENING

POSITION OF LAST YEAR FRS 102 ENTRY BASED ON POSTINGS. "ADJUSTMENT" FIELDS ON CLIENT

SCREENS WITHIN THE CASH FLOW STATEMENT FOLDER WILL NEED TO BE USED TO ENTER

RELEVANT AMOUNTS FOR ALL ITEMS EXCEPT THE OPENING CASH POSITION - SEE DETAILS

ABOVE.

THESE MAY INCLUDE:

STOCKS, DEBTORS, CREDITORS AND TRANSACTIONS WITH MEMBERS

1.	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", the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 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.

Tax provisions

The tax payable based on the profits of the LLP is the personal liability of the individual members. Any

provision retained is therefore, included within loans and other debts due to members.

Investment properties

Investment properties are included in the balance sheet at their open market value. Depreciation is only provided

on the investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities

(effective January 2005), it is a departure from the general requirements of the Companies Act 1985 for all

tangible assets to be depreciated. In the opinion of the directors compliance with this standard is necessary for

the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors

reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be

separately identified or quantified.

2.	OPERATING PROFIT/(LOSS)

The operating profit (2015 - operating loss) is stated after charging:

31.3.16

31.3.15

£

£

3.	INFORMATION IN RELATION TO MEMBERS

31.3.16

31.3.15

£

£

Members' remuneration charged as an expense

Automatic division of loss

(21,788

)

(23,633

)

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2015

and 31 March 2016

812,500

NET BOOK VALUE

At 31 March 2016

812,500

At 31 March 2015

812,500

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

£

£

Amounts due from members

250,928

229,140

Amount owed by related parties

452,495

459,505

Directors Loan

-

16,000

703,423

704,645

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

£

£

Trade creditors

(1

)

-

Amounts owed to participating interests

934,296

922,800

Other creditors

-

2,000

Amount owed to related parties

155,336

166,593

Accruals and deferred income

2,514

2,232

1,092,145

1,093,625

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.16

31.3.15

£

£

Bank loans (see note 8)

850,000

850,000

The bank loan is secured by a first legal mortgage over the LLPs properties.

The loan was refinanced during the year with a new term of 5 years from March 2016. It bears interest at a rate

of 2.5% over LIBOR.

8.

LOANS

An analysis of the maturity of loans is given below:

31.3.16

31.3.15

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

850,000

850,000

9.	RELATED PARTY DISCLOSURES

At the year end, Wentworth Trading LLP owed the following amounts to companies with a participating interest

in the LLP:

Company

2016

2015

Barclay Estates Ltd

934,926

922,801

At the year end, Wentworth Trading LLP owed the following amounts to companies that Mr P Fernback has an

interest in:

Company

2016

2015

Champion Properties LLP

16,676

16,676

Barclay Home Investments Ltd

122,050

122,000

Barclay Commercial Investments Ltd

16,610

10,917

At the year end, Wentworth Trading LLP was owed the following amounts from companies that Mr P Fernback

has an interest in:

Company

2016

2015

Barclay Property Trading LLP

422,495

428,505

Blue Marlin Ltd

14,000

14,000

Paul Fernback Developments

16,000

16,000

10.	ULTIMATE CONTROLLING PARTY

The members do not consider there to be an ultimate controlling party.

TOTAL ASSETS LESS CURRENT LIABILITIES

-

-

-

NET LIABILITIES ATTRIBUTABLE TO MEMBERS

-

-

-

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

-

TOTAL MEMBERS' INTERESTS

**ERROR - DATA SCREEN - RECONCILIATION OF EQUITY - MUST BE COMPLETED

FIXED ASSETS

Investments

812,500

-

812,500

CURRENT ASSETS

Debtors

704,645

-

704,645

Cash at bank

273

-

273

704,918

-

704,918

CREDITORS

Amounts falling due within one year

(1,093,625

)

-

(1,093,625

)

NET CURRENT LIABILITIES

(388,707

)

-

(388,707

)

TOTAL ASSETS LESS CURRENT LIABILITIES

423,793

-

423,793

CREDITORS

Amounts falling due after more than one year

(850,000

)

-

(850,000

)

NET LIABILITIES ATTRIBUTABLE TO MEMBERS

(426,207

)

-

(426,207

)

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

(426,207

)

-

(426,207

)

(426,207

)

-

(426,207

)

TOTAL MEMBERS' INTERESTS

Members' other interests

(426,207

)

-

(426,207

)

Amounts due from members

(229,140

)

-

(229,140

)

(655,347

)

-

(655,347

)