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REGISTERED NUMBER: 08054682 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2023

for

JM Property 1 Limited

JM Property 1 Limited (Registered number: 08054682)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


JM Property 1 Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: S O T Hookway
S Garner
R Lea





REGISTERED OFFICE: 10 Foster Lane
London
EC2V 6HR





REGISTERED NUMBER: 08054682 (England and Wales)





ACCOUNTANTS: Bourne & Co.
Chartered Accountants
3 Charnwood Street
Derby
Derbyshire
DE1 2GY

JM Property 1 Limited (Registered number: 08054682)

Abridged Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 7,357,920 4,716,243

CURRENT ASSETS
Debtors 68,638 22,228
Cash at bank 19,039 17,048
87,677 39,276
CREDITORS
Amounts falling due within one year 3,771,273 3,721,717
NET CURRENT LIABILITIES (3,683,596 ) (3,682,441 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,674,324

1,033,802

PROVISIONS FOR LIABILITIES 919,799 197,129
NET ASSETS 2,754,525 836,673

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 5 2,759,398 840,392
Retained earnings (4,973 ) (3,819 )
SHAREHOLDERS' FUNDS 2,754,525 836,673

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2023 and were signed on its behalf by:





S O T Hookway - Director


JM Property 1 Limited (Registered number: 08054682)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

JM Property 1 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis, the applicability of which dependent upon the continued support from group companies to pay any debts.

Turnover
Turnover is measured at the fair value of the rents received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
In accordance with Financial Reporting Standard 102 (FRS 102), investment properties are revalued and the surplus or deficit is transferred to the profit and loss account, and no depreciation is provided in respect of freehold investment properties. The requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally accepted accounting principle set out in FRS 102. The director considers that to depreciate such properties would not give a true and fair view, but that a true and fair view is given by following FRS 102 as described above. The effect of this departure from the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the director, would be misleading.

Financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including loans from group companies are measured initially at fair value, net of transaction cost and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Financial assets
Short term debtors are measured at transaction price. Other financial liabilities, including loans to group companies are measured initially at fair value, net of transaction cost and are measured subsequently at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 4,716,243
Revaluations 2,641,677
At 31 March 2023 7,357,920
NET BOOK VALUE
At 31 March 2023 7,357,920
At 31 March 2022 4,716,243

Investment property is treated as a long-term investment and is carried at fair value. The fair value methodology used to value the investment properties is based on the RIC's income approach guidelines where the value is determined by reference to the value of income, cash flow or cost savings generated utilising conservative projections of the amount and timing of future income. The properties were valued on 31st March 2023 by the directors.

JM Property 1 Limited (Registered number: 08054682)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INVESTMENT PROPERTY - continued

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 1,037,521
Valuation in 2023 2,641,676
Cost 3,678,723
7,357,920

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 3,678,722 3,678,722

5. RESERVES
Fair
value
reserve
£   
At 1 April 2022 840,392
Deferred tax transfer (722,671 )
Property revaluation transfer 2,641,677

At 31 March 2023 2,759,398

6. CONTINGENT LIABILITIES

There are fixed and floating charges over the company's assets. The debt in relation to this security is held in another group company.

7. CONTROLLING PARTY

The immediate parent company of JM Property 1 Limited is MSS G Limited. The company's accounts are consolidated in the accounts of JMP Finance A Limited, a company incorporated in Malta with its registered office address at 93, Mill Street, Qormi, QRM 3102, Malta.

The ultimate parent company of JMP Finance A Limited is MSS Millennial Property Rental Fund Limited, a company registered in the Cayman Islands, with its registered office address at Cayman Corporate Centre, 27 Hospital Road, George Town, KY1- 9008, Grand Cayman, Cayman Islands.

There is no ultimate controlling party.