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 2017

for

Wentworth Trading LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

A G Fernback

P Fernback

Barclay Estates Limited

REGISTERED OFFICE:

20 Park Avenue

Farnborough Park

Orpington

London

BR6 8LL

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 £29,983 (2016 - £21,789 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

31 December 2017

TURNOVER

-

Cost of sales

-

(2,000

)

GROSS PROFIT

-

2,000

Administrative expenses

2,346

304

OPERATING (LOSS)/PROFIT

(2,346

)

1,696

Interest receivable and similar income

1

(2,345

)

1,697

Interest payable and similar expenses

27,638

23,486

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

(29,983

)

(21,789

)

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

(29,983

)

(21,789

)

Members' remuneration charged as an
expense

3

29,983

21,789

PROFIT FOR THE FINANCIAL YEAR
AVAILABLE FOR DISCRETIONARY
DIVISION AMONG MEMBERS

-

FIXED ASSETS

Investments

4

812,500

CURRENT ASSETS

Debtors

5

737,801

703,424

Cash at bank

951

15

738,752

703,439

CREDITORS

Amounts falling due within one year

6

1,127,459

1,092,146

NET CURRENT LIABILITIES

(388,707

)

(388,707

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

423,793

CREDITORS

Amounts falling due after more than one
year

7

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

(278,836

)

(250,929

)

(705,043

)

(677,136

)

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 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 31 December 2017 and were signed by:

P Fernback - Designated member

1.	STATUTORY INFORMATION

Wentworth Trading 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

3.	INFORMATION IN RELATION TO MEMBERS

31.3.17

31.3.16

£

Members' remuneration charged as an expense

Automatic division of loss

(29,983

)

(21,789

)

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2016

and 31 March 2017

812,500

NET BOOK VALUE

At 31 March 2017

812,500

At 31 March 2016

812,500

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

Amounts due from members

278,836

250,929

Amount owed by related parties

458,965

452,495

737,801

703,424

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

Trade creditors

1,128

-

Amounts owed to participating interests

939,006

934,296

Amount owed to related parties

183,846

155,336

Accruals and deferred income

3,479

2,514

1,127,459

1,092,146

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.17

31.3.16

£

Bank loans - 2-5 years

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.	RELATED PARTY DISCLOSURES

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

in the LLP:

Company

2017

2016

Barclay Estates Ltd

939,006

934,926

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

interest in:

Company

2017

2016

Champion Properties LLP

16,676

Barclay Home Investments Ltd

122,050

Barclay Commercial Investments Ltd

23,110

16,610

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

has an interest in:

Company

2017

2016

Barclay Property Trading LLP

422,495

Blue Marlin Ltd

700

14,000

Paul Fernback Developments

13,400

16,000

Barclay Commercial Estates

360

-

9.	ULTIMATE CONTROLLING PARTY

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