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REGISTERED NUMBER: OC313466 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

JJ PROPERTY LLP

JJ PROPERTY LLP (REGISTERED NUMBER: OC313466)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JJ PROPERTY LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DESIGNATED MEMBERS: J E Ratcliff
Mrs M R Ratcliff
Mrs C L Fulton
J A Ratcliff





REGISTERED OFFICE: 38 The Maltings
Stanstead Abbotts
Hertfordshire
SG12 8HG





REGISTERED NUMBER: OC313466 (England and Wales)





ACCOUNTANTS: Cook & Partners Limited
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

JJ PROPERTY LLP (REGISTERED NUMBER: OC313466)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 4,219,896 4,219,896
Investment property 5 812,033 812,033
5,031,929 5,031,929

CURRENT ASSETS
Debtors 6 23,400 25,200
Cash at bank 21,407 8,549
44,807 33,749
CREDITORS
Amounts falling due within one year 7 9,788 17,124
NET CURRENT ASSETS 35,019 16,625
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

5,066,948

5,048,554

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

5,066,948

5,048,554

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 5,066,948 5,048,554

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 31st March 2023.

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.

JJ PROPERTY LLP (REGISTERED NUMBER: OC313466)

BALANCE SHEET - continued
31ST MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

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 and authorised for issue on 23rd October 2023 and were signed by:





J E Ratcliff - Designated member

JJ PROPERTY LLP (REGISTERED NUMBER: OC313466)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

JJ 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Since 2011 external funding in the form of bank loans was replaced by funding from The Ratcliff Group Limited (RGL) (see note 12). During the year to 31st March 2015, £1.5 million of the loan from RGL was repaid and subsequently RGL became a member of the LLP and invested £1.5m as capital. During the year to 31st March 2016 a further £1.5 million of the loan was repaid and RGL later invested an additional £1.5 million as capital. During the year to 31st March 2017 the remaining balance of £0.90 million was repaid and RGL later invested an additional £0.75 million as capital. During the year to 31st March 2019 part of the capital investment of RGL was repaid in cash.
In the year to 31st March 2020 the capital investment of £3.25m by RGL was repaid in full.

Given the profit and loss and cash flow forecasts, the members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the members continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover represents net rents receivable during the year under review.

Investment property
In accordance with the Financial Reporting Standard 102 (FRS102), Investment properties are not subject to periodic depreciation charges (unless held on lease), and are shown at fair value value.

The members determine fair value on a rental yield basis adopting current market rates thereof.

Movements in fair value are recognised through the profit and loss account each year.

Rents receivable from investment properties are credited to the profit and loss account on a straight line basis over the lease term.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st April 2022
and 31st March 2023 4,219,896
NET BOOK VALUE
At 31st March 2023 4,219,896
At 31st March 2022 4,219,896

JJ PROPERTY LLP (REGISTERED NUMBER: OC313466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022
and 31st March 2023 812,033
NET BOOK VALUE
At 31st March 2023 812,033
At 31st March 2022 812,033

The members consider that the yield basis of their valuations of the properties produces values, which are not materially different from original costs.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 23,400 25,200

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 2,827 1,100
Other creditors 6,961 16,024
9,788 17,124

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with unsecured creditors.

9. RELATED PARTY DISCLOSURES

There were no loans outstanding at the end of this year or 2022 from The Ratcliff Group Limited, but there were loan balances outstanding at various stages during the year. Mr J Ratcliff, who, is a member of JJ Property LLP, is a director of that company.The loans are on commercial terms.

Transactions with The Ratcliff Group Limited and its subsidiary company, Stone Hardy Limited, during the year were as follows:
Rent receivable from Stone Hardy Limited £66,000 (2022: £54,000 )
Interest charged by and due to The Ratcliff Group Limited £Nil (2022: £Nil )
Management fees paid to The Ratcliff Group Limited £6,000 (2022: £6,000 )


10. ULTIMATE CONTROLLING PARTY

The LLP is controlled by its members as delegated to the management team; no one individual has control.