Moss Bank Properties LLP - LLP accounts 18.2

REGISTERED NUMBER: OC342995 (England and Wales)

MOSS BANK PROPERTIES LLP

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

R G Webb

Mrs I M C Webb

REGISTERED OFFICE:

Optimise Capital

Hesketh House

49 Water Lane

Wilmslow

Cheshire

SK9 5BQ

REGISTERED NUMBER:

OC342995 (England and Wales)

ACCOUNTANTS:

Clarke Nicklin LLP

Chartered Accountants

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

The members present their report with the financial statements of the LLP for the year ended 31 January 2018.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of property investment.

DESIGNATED MEMBERS

The designated members during the year under review were:

R G Webb

Mrs I M C Webb

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was £17,822 (2017 - £18,748 loss).

MEMBERS' INTERESTS

The capital requirements of the LLP are determined by the designated members. The terms of repayment of

a member's capital is subject to agreement between the LLP and the individual member.

ON BEHALF OF THE MEMBERS:

R G Webb - Designated member

22 October 2018

TURNOVER

74,614

92,990

Administrative expenses

76,259

91,318

OPERATING (LOSS)/PROFIT

(1,645

)

1,672

Interest payable and similar expenses

16,177

20,420

LOSS FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS

(17,822

)

(18,748

)

FIXED ASSETS

Investment property

4

1,235,781

CURRENT ASSETS

Debtors

5

2,475

2,325

Cash at bank

13,595

5,739

16,070

8,064

CREDITORS

Amounts falling due within one year

6

233,736

235,107

NET CURRENT LIABILITIES

(217,666

)

(227,043

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,018,115

1,008,738

CREDITORS

Amounts falling due after more than one
year

7

328,846

351,647

NET ASSETS ATTRIBUTABLE TO
MEMBERS

689,269

657,091

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

689,269

657,091

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

689,269

657,091

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 January 2018.

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 22 October 2018 and were signed by:

R G Webb - Designated member

1.	STATUTORY INFORMATION

Moss Bank Properties 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.

These financial statements for the year ended 31 January 2017 are the first financial statements that

comply with FRS 102. The date of transition is 1 February 2015.

The transition to FRS 102 has resulted in no changes to the company's accounting policies and its

figures are as previously reported.

The financial statements are presented in Sterling (£).

Turnover

Turnover represents net rental income receivable. Turnover is matched to the period to which the

rental period relates with amounts invoiced in advance being recognised as deferred income where

appropriate.

Investment property

Investment properties are revalued annually at their open market value. Any aggregate surplus or

deficit arising from changes in market value are transferred to a revaluation reserve except where the

deficit reduces the property below its historic cost, in which case it is recognised in the profit and loss

account.

No depreciation is provided on investment properties which is a departure from the requirements of the

Companies Act 2006. In the opinion of the members the properties are held primarily for their

investment potential, as represented by market value, and to depreciate them would not give a true

and fair view.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 2 (2017 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2017

and 31 January 2018

1,235,781

NET BOOK VALUE

At 31 January 2018

1,235,781

At 31 January 2017

1,235,781

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Trade debtors

-

550

Other debtors

2,475

1,775

2,475

2,325

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Bank loans and overdrafts

226,247

Trade creditors

4,220

5,591

Other creditors

1,469

Accruals and deferred income

1,800

233,736

235,107

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2018

2017

£

Mortgages - 2-5 years

328,846

351,647

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

Bank loans

555,093

577,894

The bank loans are secured against the property asset to which they relate.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2018

2017

£

Amounts owed to members in respect of profits

689,269

657,091

Falling due within one year

689,269

657,091

Members only take drawings where cash is available and other creditors are not adversely affected.