REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
JJ PROPERTY LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
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 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 |
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 |
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 |
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 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
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 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
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 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
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. |