10 Ant Trust LLP - LLP accounts 16.3

10 Ant Trust LLP - LLP accounts 16.3


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REGISTERED NUMBER: OC314414(England and Wales)











Report of the Members and

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

10 Ant Trust LLP

10 Ant Trust LLP (Registered number: OC314414)






Contents of the Financial Statements
for the Year Ended 31 March 2017




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


10 Ant Trust LLP

General Information
for the Year Ended 31 March 2017







DESIGNATED MEMBERS: P I H Pressland
J E Pressland





REGISTERED OFFICE: 14 Church Street
Whitchurch
Hampshire
RG28 7AB





REGISTERED NUMBER: OC314414(England and Wales)





ACCOUNTANTS: Wheeler & Co Ltd
Chartered Accountants
The Shrubbery
14 Church Street
Whitchurch
Hampshire
RG28 7AB

10 Ant Trust LLP (Registered number: OC314414)

Report of the Members
for the Year Ended 31 March 2017

The members present their report with the financial statements of the LLP for the year ended 31 March 2017.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property developing and letting

DESIGNATED MEMBERS
The designated members during the year under review were:

P I H Pressland
J E Pressland

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £362,283 (2016 - £5,652 loss).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





J E Pressland- Designated member


19 December 2017

10 Ant Trust LLP (Registered number: OC314414)

Income Statement
for the Year Ended 31 March 2017

2017 2016
Notes £    £   

TURNOVER 274,942 231,803

Administrative expenses (213,245 ) 87,206
488,187 144,597

Other operating income 5,131 13,478
OPERATING PROFIT 493,318 158,075


Interest payable and similar expenses 131,035 163,727
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS





362,283





(5,652





)

10 Ant Trust LLP (Registered number: OC314414)

Balance Sheet
31 March 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 5,502,000 4,115,414

CURRENT ASSETS
Debtors 4 45,909 318,474
Cash at bank 67,223 25,788
113,132 344,262
CREDITORS
Amounts falling due within one year 5 996,982 1,010,673
NET CURRENT LIABILITIES (883,850 ) (666,411 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,618,150

3,449,003

CREDITORS
Amounts falling due after more than one
year

6

2,867,914

3,412,279
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,750,236

36,724

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

87,489

-

MEMBERS' OTHER INTERESTS
Capital accounts 36,724 36,724
Revaluation reserve 8 1,626,023 -
1,750,236 36,724

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 87,489 -
Members' other interests 1,662,747 36,724
Amounts due from members 4 (27,539 ) (302,333 )
1,722,697 (265,609 )

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.

10 Ant Trust LLP (Registered number: OC314414)

Balance Sheet - continued
31 March 2017


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 19 December 2017and were signed by:





J E Pressland- Designated member

10 Ant Trust LLP (Registered number: OC314414)

Notes to the Financial Statements
for the Year Ended 31 March 2017

1. STATUTORY INFORMATION

10 Ant Trust 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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.

3. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2016 4,115,414 1,326 4,116,740
Disposals (239,437 ) - (239,437 )
Revaluations 1,626,023 - 1,626,023
At 31 March 2017 5,502,000 1,326 5,503,326
DEPRECIATION
At 1 April 2016
and 31 March 2017 - 1,326 1,326
NET BOOK VALUE
At 31 March 2017 5,502,000 - 5,502,000
At 31 March 2016 4,115,414 - 4,115,414

Cost or valuation at 31 March 2017 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2017 1,626,023 - 1,626,023
Cost 3,875,977 1,326 3,877,303
5,502,000 1,326 5,503,326

10 Ant Trust LLP (Registered number: OC314414)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2017

3. TANGIBLE FIXED ASSETS - continued

If freehold property had not been revalued they would have been included at the following historical cost:

2017 2016
£    £   
Cost 3,875,977 -

Freehold property were valued on an open market basis on 30 November 2017 by the partners .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Amounts due from members 27,539 302,333
Other debtors 18,370 16,141
45,909 318,474

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Bank loans and overdrafts 943,013 970,240
VAT 3,101 3,065
Other creditors 41,743 36,743
Accruals and deferred income 9,125 625
996,982 1,010,673

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2017 2016
£    £   
Bank loans - 2-5 years 2,867,914 3,412,279

7. LOANS AND OTHER DEBTS DUE TO MEMBERS

other creditors take priority over any loans and other debts due to members.

8. RESERVES
Revaluation
reserve
£   
Freehold property 1,626,023
At 31 March 2017 1,626,023