TESCO JADE (GP) LIMITED

Company Registration Number:
06753188 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

TESCO JADE (GP) LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

TESCO JADE (GP) LIMITED

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

The Company was incorporated on 19 November 2008 and is registered as a private company in England and Walesunder the Companies Act 1985 with company number 6753188 and whose Registered Office is C/o TMF Group, 8thFloor, 20 Farringdon Street, London EC4A 4AB. Formerly, the Registered Office of the Partnership was 20 ChurchillPlace, Canary Wharf, London, E14 5HJ up to 30 June 2022. The principal activity of the Company is to act as theGeneral Partner of The Tesco Jade Limited Partnership (the "Limited Partnership") and as a holding company for bothTesco Jade (Nominee) Limited (the "Nominee") and the Limited Partnership. There has been no significant change inthe nature or level of this activity during the year and the Directors do not expect this to change significantly throughout the next financial year. Consolidated financial statements have not been prepared as the Company does not have control of the Nominee and theLimited Partnership under the definition of control within FRS 102 9.4 as the Company does not derive significanteconomic benefits from the Nominee and the Limited Partnership.



Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

Lee McDowell
Peter Manners - Smith
Jennifer Buck


The director shown below has held office during the period of
1 January 2022 to 21 October 2022

Meng Jiang


The director shown below has held office during the period of
1 January 2022 to 30 June 2022

Jason Cameron Boyce


The directors shown below have held office during the period of
21 October 2022 to 31 December 2022

Linlin Liu
Tian Xie


Secretary TMF Group Secretaries (Jersey) Limited

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
20 June 2023

And signed on behalf of the board by:
Name: Peter Manners - Smith
Status: Director

TESCO JADE (GP) LIMITED

Profit And Loss Account

for the Period Ended 31 December 2022

2022 2021


£

£
Turnover: (22,251) 47,499
Cost of sales: ( 217 ) ( 213 )
Gross profit(or loss): (22,468) 47,286
Distribution costs: 0 0
Administrative expenses: 0 0
Other operating income: 0 0
Operating profit(or loss): (22,468) 47,286
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (22,468) 47,286
Tax: 6,512 ( 13,329 )
Profit(or loss) for the financial year: (15,956) 33,957

TESCO JADE (GP) LIMITED

Balance sheet

As at 31 December 2022

Notes 2022 2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments: 3 100,530 137,903
Total fixed assets: 100,530 137,903
Current assets
Stocks:   0 0
Debtors: 4 3,890 208
Cash at bank and in hand: 108,545 100,016
Investments:   0 0
Total current assets: 112,435 100,224
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 2,843 ) ( 2,705 )
Net current assets (liabilities): 109,592 97,519
Total assets less current liabilities: 210,122 235,422
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: ( 8,806 ) ( 18,150 )
Accruals and deferred income: 0 0
Total net assets (liabilities): 201,316 217,272
Capital and reserves
Called up share capital: 52,000 52,000
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: 149,316 165,272
Total Shareholders' funds: 201,316 217,272

The notes form part of these financial statements

TESCO JADE (GP) LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 20 June 2023
and signed on behalf of the board by:

Name: Peter Manners - Smith
Status: Director

The notes form part of these financial statements

TESCO JADE (GP) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Valuation information and policy

    FRS 102 establishes a fair value hierarchy that categorises into three levels the inputs to valuation techniques usedto measure fair value. Market price observability is impacted by a number of factors, including the type ofinvestment and the characteristics specific to the investment. Investments with readily available active quotedprices, either for the identical instrument or similar instruments, generally will have a higher degree of marketprice observability and a lesser degree of judgement used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed utilising inputs from one ormore of the following categories: Level I - quoted (bid) price for an identical asset in an active market; Level II - price of a recent transaction for an identical asset. If necessary, the price is adjusted to reflect updatedeconomic conditions or if evidence suggests that a recent transaction was not at fair value; Level III - if there is no active market and no suitable recent transactions then a valuation technique is used todetermine the arm's length price for the asset. If a reliable, commonly used valuation method exists in that market,then that technique is used. The best evidence of the fair value of a financial instrument at initial recognition is the transaction price (i.e. thefair value of the consideration given or received). Subsequent changes in the fair value of any financial instrumentare recognised immediately in profit or loss. The carrying value of the current assets and liabilities of the Company approximates the fair value given theirshort term and low or non interest bearing nature.

TESCO JADE (GP) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 0 0

TESCO JADE (GP) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Fixed assets investments note

The investment represents a 0.10% (2021: 0.10%) share of the partners' capital and reserves in a limitedpartnership registered in England and Wales with the Limited Partnership Acts 1907, whose audited net assetvalue as at 31 December 2022 was £253,571,552 (2021: £290,946,914). The Limited Partnership invests ininvestment properties. The Limited Partnership registered office is C/o TMF Group, 8th Floor, 20 FarringdonStreet, London, EC4A 4AB. Copies of the financial statements are available in the registered office upon request.During the year ended 31 December 2022 the Limited Partnership generated net rental income of £15,150,620(2021: £14,452,786). Loss before taxation amounted to £22,254,400 (2021: gain of £47,499,852), after chargingadministration expenses of £208,444 (2021: £204,425).The investment represents 100% of the share capital of Tesco Jade (Nominee) Limited, a Company incorporatedin England and Wales, whose registered office is C/o TMF Group, 8th Floor, 20 Farringdon Street, London,EC4A 4AB. Formerly, the Registered Office of the Partnership was 20 Churchill Place, Canary Wharf, London,E14 5HJ up to 30 June 2022. Copies of the financial statements are available in the registered office upon request. Net loss on revaluation on investment properties of £37,198,508 (2021: gain of £33,251,491) was recognised.As at 31 December 2022 the investment properties held by the Limited Partnership at fair value were carried at£256,076,137 (2021: £293,274,645) in the audited financial statements. The properties were valued at£256,900,000 at 31 December 2022 (2021: £294,150,000) by Colliers International UK LLP, CharteredSurveyors, a member of the Royal Institution of Chartered Surveyors. The valuation was carried out in accordancewith the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors (''RICS''). The differencebetween the Colliers valuation and the carrying value in the Limited Partnership financial statements is due tounamortised lease incentives as at 31 December 2022 and 31 December 2021.

TESCO JADE (GP) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Debtors

2022 2021
£ £
Trade debtors 0 0
Prepayments and accrued income 0 0
Other debtors 3,890 208
Total 3,890 208
Debtors due after more than one year: 0 0

TESCO JADE (GP) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Creditors: amounts falling due within one year note

2022 2021
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 0
Taxation and social security 2,843 2,705
Accruals and deferred income 0 0
Other creditors 0 0
Total 2,843 2,705