Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseThe principal activity of the LLP is of a commercial property agent.11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC318738 2022-04-01 2023-03-31 OC318738 2021-04-01 2022-03-31 OC318738 2023-03-31 OC318738 2022-03-31 OC318738 c:FreeholdInvestmentProperty 2022-04-01 2023-03-31 OC318738 c:FreeholdInvestmentProperty 2023-03-31 OC318738 c:FreeholdInvestmentProperty 2022-03-31 OC318738 c:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 OC318738 c:CurrentFinancialInstruments 2023-03-31 OC318738 c:CurrentFinancialInstruments 2022-03-31 OC318738 c:Non-currentFinancialInstruments 2023-03-31 OC318738 c:Non-currentFinancialInstruments 2022-03-31 OC318738 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC318738 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC318738 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC318738 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 OC318738 e:FRS102 2022-04-01 2023-03-31 OC318738 e:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC318738 e:FullAccounts 2022-04-01 2023-03-31 OC318738 e:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC318738 e:PartnerLLP1 2022-04-01 2023-03-31 OC318738 c:OtherCapitalInstrumentsClassifiedAsEquity 2023-03-31 OC318738 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-03-31 OC318738 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC318738 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 OC318738 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC318738 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure
Registered number: OC318738










THE JERSEY PROPERTY PARTNERSHIP LLP

UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2023
 






 



 






 
THE JERSEY PROPERTY PARTNERSHIP LLP
REGISTERED NUMBER:OC318738

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
                                                                          Note
£
£

Fixed assets
  

Investment property
 4 
3,160,000
4,800,000

Current assets
  

Debtors: amounts falling due after more than one year
 5 
515,007
209,500

Debtors: amounts falling due within one year
 5 
105,282
7,572

Bank and cash balances
  
515,430
75,436

  
1,135,719
292,508

Creditors: Amounts Falling Due Within One Year
 6 
(318,293)
(1,638,297)

Net current assets/(liabilities)
  
 
 
817,426
 
 
(1,345,789)

Total assets less current liabilities
  
3,977,426
3,454,211

Creditors: amounts falling due after more than one year
 7 
(2,973,541)
(2,893,541)

  

Net assets
  
1,003,885
560,670


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
(1,032,347)
(940,562)

Members' other interests
  

Members' capital classified as equity
  
135,000
135,000

Other reserves
  
1,901,232
1,366,232

  
 
2,036,232
 
1,501,232

  
1,003,885
560,670


Total members' interests
  

Loans and other debts due to members
 8 
(1,032,347)
(940,562)

Members' other interests
  
2,036,232
1,501,232

  
1,003,885
560,670


Page 1

 
THE JERSEY PROPERTY PARTNERSHIP LLP
REGISTERED NUMBER:OC318738

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
Designated member

Date: 14 November 2023

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
THE JERSEY PROPERTY PARTNERSHIP LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2023







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Members' capital (classified as debt)
Total
Total

£
£
£
£
£
£

Members' interests after profit for the year
135,000
1,366,232
1,501,232
(961,149)
(961,149)
540,083

Other division of profits
-
-
-
31,988
31,988
31,988

Drawings
-
-
-
(11,400)
(11,400)
(11,400)

Amounts due to members
(940,562)
(940,562)

Balance at 31 March 2022
135,000
1,366,232
1,501,232
(940,034)
(940,034)
561,198

Members' interests after loss for the year
135,000
1,366,232
1,501,232
(940,034)
(940,034)
561,198

Other division of losses
-
-
-
(78,507)
(78,507)
(78,507)

Movement in reserves
-
535,000
535,000
-
-
535,000

Drawings
-
-
-
(13,806)
(13,806)
(13,806)

Amounts due to members
(1,032,347)
(1,032,347)

Balance at 31 March 2023 
135,000
1,901,232
2,036,232
(1,032,347)
(1,032,347)
1,003,885

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.

Page 3

 
THE JERSEY PROPERTY PARTNERSHIP LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

  
2.2

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102. There were no material departures from the standard.

 
2.3

Revenue

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.

  
2.4

Investment properties

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.

 
2.5

Debtors

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

 
THE JERSEY PROPERTY PARTNERSHIP LLP
 

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

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

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.

 
2.7

Creditors

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.

 
2.8

Financial instruments

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

 
THE JERSEY PROPERTY PARTNERSHIP LLP
 

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

2.Accounting policies (continued)

  
2.9

Members' remuneration and division of profits

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.


3.


Employees

The LLP has no employees (2022 - NIL).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
4,800,000


Disposals
(1,925,000)


Surplus on revaluation
285,000



At 31 March 2023
3,160,000

The 2023 valuations were made by the members, on an open market value for existing use basis.






5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
515,007
209,500
Page 6

 
THE JERSEY PROPERTY PARTNERSHIP LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.Debtors (continued)



2023
2022
£
£

Due within one year

Trade debtors
38,250
-

Other debtors
67,032
7,572

105,282
7,572



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
48,939
52,235

Bank loans
10,000
1,360,750

Other taxation and social security
12,537
6,923

Other creditors
194,692
182,955

Accruals and deferred income
52,125
35,434

318,293
1,638,297


Refer to note 7 for details on the bank loans.

Page 7

 
THE JERSEY PROPERTY PARTNERSHIP LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,217,700
636,700

Debentures loans
1,755,841
2,256,841

2,973,541
2,893,541


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.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
1,755,841
2,256,841

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.


8.


Loans and other debts due to members


2023
2022
£
£



Members' capital treated as debt
1,032,347
940,562

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
1,032,347
940,562

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 8

 
THE JERSEY PROPERTY PARTNERSHIP LLP
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Related party transactions

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.


Page 9