TCCH Property LLP - Accounts to registrar

REGISTERED NUMBER: OC335171 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

TCCH Property LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DESIGNATED MEMBERS:

M A Turner

D Hopkins

REGISTERED OFFICE:

Magdalene House

Compass Point Business Park

Stocks Bridge Way

St Ives

Cambridgeshire

PE27 5JL

REGISTERED NUMBER:

OC335171 (England and Wales)

ACCOUNTANTS:

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

FIXED ASSETS

Investment property

3

870,000

CURRENT ASSETS

Debtors

4

-

16,198

Cash at bank

37,619

17,572

37,619

33,770

CREDITORS

Amounts falling due within one year

5

32,381

27,460

NET CURRENT ASSETS

5,238

6,310

TOTAL ASSETS LESS CURRENT
LIABILITIES

875,238

876,310

CREDITORS

Amounts falling due after more than one
year

6

564,654

590,690

NET ASSETS ATTRIBUTABLE TO
MEMBERS

310,584

285,620

LOANS AND OTHER DEBTS DUE TO
MEMBERS

224,170

199,206

MEMBERS' OTHER INTERESTS

Capital accounts

285,150

Fair value reserve

8

(198,736

)

(198,736

)

310,584

285,620

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

224,170

199,206

Members' other interests

86,414

310,584

285,620

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 2017.

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 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.

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 on 3 July 2017 and were signed by:

D Hopkins - Designated member

1.	STATUTORY INFORMATION

TCCH Property 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 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue from operating leases is recognised on a straight-line basis over the lease term. The aggregate cost of

any lease incentives provided is recognised as a reduction to the revenue recognised on a straight-line basis.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at

fair value at each reporting date and changes in fair value are recognised in profit or loss.

In order to ascertain the fair value at each reporting date, investment properties have been valued using an open

market valuation on a freehold basis subject to the existing tenancies. Revaluations are conducted annually by

the directors.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours. Cash equivalents are 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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measure at present value.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

870,000

NET BOOK VALUE

At 31 March 2017

870,000

At 31 March 2016

870,000

The last independent valuation was dated 4 July 2014 and was made by Savills, Chartered Surveyors. The

Members do not consider that the fair value at 31 March 2017 had changed significantly from this valuation.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

Trade debtors

-

16,198

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

Bank loans and overdrafts

25,800

23,900

VAT

2,900

-

Accruals and deferred income

3,681

3,560

32,381

27,460

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.17

31.3.16

£

Bank loans

564,654

590,690

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

Bank loans

590,454

614,590

The bank loans are secured as follows:

A legal mortgage dated 14 April 2008 over the freehold property known as Units 1a & 1b Venture Court, Burrel

Road, St Ives, Cambridgeshire; and

A legal mortgage dated 3 March 2009 over the freehold property known as Unit 1c Venture Court, Burrel Road,

St Ives, Cambridgeshire; and

Fixed and floating charges over all the assets of the LLP contained in a debenture dated 14 April 2008.

8.

RESERVES

Fair

value

reserve

£

At 1 April 2016

and 31 March 2017

(198,736

)

9.	RELATED PARTY DISCLOSURES

Turnover for the year includes rent receivable of £58,000 (2016: £58,000) from a company under the control of

the members.

The LLP has also provided security for a debt owed by this company by way of a charge dated 18 August 2014

over the LLP's freehold investment property.

10.	FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under Financial Reporting Standard

102 1A (FRS 102 1A). The following disclosures are required in the year of transition. The last financial

statements under previous UK GAAP were for the year ended 31 March 2016 and the date of transition to FRS

102 1A was therefore 1 April 2015. As a consequence of adopting FRS 102 1A the following accounting policy

has changed to comply with that standard.

Under UK GAAP movements in the fair value of investment properties were not accounted for through the profit

and loss account and were taken directly to a revaluation reserve. Under FRS 102 1A these movements are now

accounted for through the profit and loss and held in a fair value reserve as part of members' other interest.

The following reproduces the text of the report prepared for the members in respect of the LLP's annual

unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a

Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability

Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your

approval the financial statements of TCCH Property LLP for the year ended 31 March 2017 which comprise the Income

Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of TCCH Property LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of TCCH Property LLP and state those matters that we have agreed to state to the members of TCCH Property LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TCCH Property LLP members, as a body, for our work or for this report.

It is your duty to ensure that TCCH Property LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of TCCH Property LLP. You consider that TCCH Property LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of TCCH Property LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

7 July 2017

TCCH Property LLP - Accounts to registrar - small 17.2

TCCH Property LLP - Accounts to registrar - small 17.2