Registered number: OC318738
THE JERSEY PROPERTY PARTNERSHIP LLP
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
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THE JERSEY PROPERTY PARTNERSHIP LLP
REGISTERED NUMBER:OC318738
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BALANCE SHEET
AS AT 31 MARCH 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Loans and other debts due to members within one year
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Members' capital classified as a liability
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Members' capital classified as equity
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Loans and other debts due to members
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Page 1
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THE JERSEY PROPERTY PARTNERSHIP LLP
REGISTERED NUMBER:OC318738
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BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
Jersey Property Management Limited
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The notes on pages 4 to 9 form part of these financial statements.
Page 2
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THE JERSEY PROPERTY PARTNERSHIP LLP
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RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023
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EQUITY
Members' other interests
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DEBT
Loans and other debts due to members less any amounts due from members in debtors
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Members' capital (classified as equity)
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Members' capital (classified as debt)
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Members' interests after profit for the year
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Other division of profits
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Members' interests after loss for the year
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There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
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Page 3
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THE JERSEY PROPERTY PARTNERSHIP LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Jersey Property Partnership LLP is a Limited Liability Partnership incorporated in England and Wales, registration number OC318738. The registered office address is 60 High Street, Wimbledon, London, SW19 5EE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
These financial statements are prepared in pound sterling, which is the functional currency of the LLP, and rounded to the nearest £.
The following principal accounting policies have been applied:
These financial statements have been prepared in accordance with Financial Reporting Standard 102. There were no material departures from the standard.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the LLP will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Investment property is carried at fair value determined annually by either the members or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 4
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THE JERSEY PROPERTY PARTNERSHIP LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the balance sheet date.
Page 5
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THE JERSEY PROPERTY PARTNERSHIP LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Members' remuneration and division of profits
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The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.
Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.
Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.
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The LLP has no employees (2022 - NIL).
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Freehold investment property
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The 2023 valuations were made by the members, on an open market value for existing use basis.
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Due after more than one year
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Page 6
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THE JERSEY PROPERTY PARTNERSHIP LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
5.Debtors (continued)
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Refer to note 7 for details on the bank loans.
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Page 7
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THE JERSEY PROPERTY PARTNERSHIP LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Creditors: Amounts falling due after more than one year
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During the year the Partnership refinanced bank borrowings with a carrying value at the balance sheet date of £594,200 (2022 - £1,350,750) to amend the interest rate from 3.00% above the Bank of England base rate to 2.75% per annum over SONIA. The loan is repayable in January 2028.
An existing loan with a carrying value at the balance sheet date of £633,500 (2021 - £646,700) is attracting an interest rate of 2.9% per annum over the Coutts base rate. The loan is repayable by December 2026.
The loan facility is secured by a fixed and floating charge over all assets of the Partnership.
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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Debentures payable are due to a company under common ownership. Interest ceased to be charged in the current year (2022 - Interest was charged at a rate of 5% per annum) and the debenture is repayable when agreed upon by both parties. This is expected to be more than 5 years from the balance sheet date.
The debentures are secured by a fixed and floating charge over all assets of the Partnership.
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Loans and other debts due to members
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Members' capital treated as debt
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Loans and other debts due to members may be further analysed as follows:
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Falling due within one year
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Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
Page 8
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THE JERSEY PROPERTY PARTNERSHIP LLP
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Related party transactions
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At the balance sheet date £515,007 (2022 - £209,500) was due from an entity under common control. This amount is included within other debtors greater than one year, is interest free and is repayable more than one year from the balance sheet date.
At the balance sheet date £243,251 (2022 - £231,511) was owed to a designated member, included within trade creditors and other creditors, is interest free and repayable on demand.
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Page 9
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