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Registration number: OC316938

FJG Property LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

FJG Property LLP

Contents

Limited liability partnership information

1

Members' Report

2

Accountants' Report

3

Financial Statements

4 to 12

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Members’ Interests

7

Notes to the Financial Statements

8

Non-statutory pages

13 to 14

 

FJG Property LLP

Limited liability partnership information

Members

FJG Managment Limited

TES Property Services Ltd
 

Registered office

Hillhead
Northfield Road
Messingham
Scunthorpe
DN17 3SQ

Principal place of business

Hillhead
Northfield Road
Messingham
Scunthorpe
DN17 3SQ

Accountants

Mike Smith Accountants Ltd T/A AIMS
5 Melton Court
Aston
Sheffield
South Yorkshire
S26 2EX

 

FJG Property LLP

Members' Report for the Year Ended 31 January 2023

The members present their report and the unaudited financial statements for the year ended 31 January 2023.

Going concern

After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Members' drawings and the subscription and repayment of members' capital

Members drawings are agreed by all members and currently are limited to the impact of Taxation on share of profits. Contributions are made by members as and when the business requires supplermantary financing.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, as applied to limited liability partnerships.

Approved by the Board on 31 October 2023 and signed on its behalf by:

.........................................
FJG Managment Limited
Member

.........................................
TES Property Services Ltd
Member

 

Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Accounts of
FJG Property LLP
for the Year Ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, as applied to limited liability partnerships, we have prepared for your approval the accounts of FJG Property LLP for the year ended 31 January 2023 set out on pages 4 to 12 from the limited liability partnership's accounting records and from information and explanations you have given us.

As a practising member firm of The Chartered Institute of Management Accountants we are subject to its ethical and other professional requirements which are detailed at
cimaglobal.com/Professional-ethics/.

This report is made solely to the members of FJG Property LLP, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of FJG Property LLP and state those matters that we have agreed to state to the members of FJG Property LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FJG Property LLP and its members as a body for our work or for this report.

It is your duty to ensure that FJG Property LLP has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of FJG Property LLP. You consider that FJG Property LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of FJG Property LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Mike Smith Accountants Ltd T/A AIMS
5 Melton Court
Aston
Sheffield
South Yorkshire
S26 2EX

31 October 2023

 

FJG Property LLP

Profit and Loss Account for the Year Ended 31 January 2023

Note

2023
 £

Turnover

358,471

Administrative expenses

 

(137,814)

Operating profit

2

220,657

Interest payable and similar expenses

(41,542)

Profit for the year before members' remuneration and profit shares

 

179,115

Members' remuneration charged as an expense

 

(179,115)

Profit/(loss) for the year available for discretionary division among members

 

-

Turnover and operating profit derive wholly from continuing operations.

The limited liability partnership has no recognised gains or losses for the year other than the results above.

 

FJG Property LLP

(Registration number: OC316938)
Balance Sheet as at 31 January 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

3,178,296

3,260,439

Current assets

 

Debtors

5

49,689

321,160

Cash and short-term deposits

 

44,688

53,079

 

94,377

374,239

Creditors: Amounts falling due within one year

6

(453,717)

(726,336)

Net current liabilities

 

(359,340)

(352,097)

Total assets less current liabilities

 

2,818,956

2,908,342

Creditors: Amounts falling due after more than one year

7

(1,101,280)

(1,341,778)

Net assets attributable to members

 

1,717,676

1,566,564

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

1,117,676

966,561

Members’ other interests

 

Members' capital classified as equity

 

600,000

600,003

   

1,717,676

1,566,564

Total members' interests

 

Amounts due from members

 

-

(290,974)

Loans and other debts due to members

 

1,117,676

966,561

Equity

 

600,000

600,003

   

1,717,676

1,275,590

For the year ending 31 January 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

 

FJG Property LLP

(Registration number: OC316938)
Balance Sheet as at 31 January 2023 (continued)

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of FJG Property LLP (registered number OC316938) were approved by the Board and authorised for issue on 31 October 2023. They were signed on behalf of the limited liability partnership by:

.........................................
FJG Managment Limited
Member

.........................................
TES Property Services Ltd
Member

 

FJG Property LLP

Statement of Changes in Members’ Interests
At 31 January 2023

 

Equity

 

Loans and other debts due to/(from) members

   

Members' capital
£

Total equity
£

Members' capital classified as a liability
£

Members' other amounts
£

Total debt
£

Total
2023
 £

Members' interest at 1 February 2022

600,003

600,003

966,561

-

966,561

1,566,564

Members' remuneration charged as an expense

-

-

-

179,115

179,115

179,115

Members' interests after total comprehensive income

600,003

600,003

966,561

179,115

1,145,676

1,745,679

Members’ capital introduced

(3)

(3)

-

-

-

(3)

Drawings (including tax payments)

-

-

-

(28,000)

(28,000)

(28,000)

At 31 January 2023

600,000

600,000

966,561

151,115

1,117,676

1,717,676

 

At 31 January 2022

 

FJG Property LLP

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

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of FJG Property LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

 

FJG Property LLP

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

1

Accounting policies (continued)

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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Freehold Property

2% fixed rate

Plant and machinery

15% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

 

FJG Property LLP

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

1

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

2023
 £

Depreciation

82,143

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2022 - 0).

 

FJG Property LLP

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

4

Tangible fixed assets

Freehold land and buildings
£

Plant and machinery
£

Total
£

Cost

At 1 February 2022

4,038,248

759,586

4,797,834

At 31 January 2023

4,038,248

759,586

4,797,834

Depreciation

At 1 February 2022

852,060

685,335

1,537,395

Charge for the year

71,005

11,138

82,143

At 31 January 2023

923,065

696,473

1,619,538

Net book value

At 31 January 2023

3,115,183

63,113

3,178,296

At 31 January 2022

3,186,188

74,251

3,260,439

5

Debtors

2023
 £

2022
 £

Other debtors

12,003

290,980

Prepayments and accrued income

37,686

30,180

Total current trade and other debtors

49,689

321,160

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Bank loans and overdrafts

235,352

235,352

Trade creditors

64,812

138,450

Other creditors

37,001

29,632

Accruals and deferred income

102,022

307,383

Taxation and social security

14,530

15,519

453,717

726,336

 

FJG Property LLP

Notes to the Financial Statements for the Year Ended 31 January 2023 (continued)

7

Creditors: Amounts falling due after more than one year

2023
 £

2022
 £

Bank loans and overdrafts

1,101,280

1,341,778

8

Control

The ultimate controlling party is the same as the controlling party.

 

FJG Property LLP

Schedule of Members' Interests for the Year Ended 31 January 2023

Loans and other debts due to members as at 31 January 2023

Profits
£

Total
£

FJG Managment Limited

966,593

966,593

TES Property Services Ltd

151,083

151,083

 

1,117,676

1,117,676

Loans due to members

As at 1 February 2022
£

As at 31 January 2023
£

 

-

-

Amounts due to members in respect of profits

As at 1 February 2022
£

Profit for the year
£

Drawings
£

As at 31 January 2023
£

FJG Managment Limited

854,883

139,710

(28,000)

966,593

TES Property Services Ltd

111,678

39,405

-

151,083

 

966,561

179,115

(28,000)

1,117,676

Drawings analysis

Income tax
£

Total
£

FJG Managment Limited

28,000

28,000

 

28,000

28,000

Provisions for annuities due to current members

As at 1 February 2022
£

As at 31 January 2023
£

 

-

-

 

FJG Property LLP

Schedule of Members' Interests for the Year Ended 31 January 2023 (continued)

Other amounts due to members

As at 1 February 2022
£

As at 31 January 2023
£

 

-

-

Members' capital

As at 1 February 2022
£

Repayment of capital
£

As at 31 January 2023
£

FJG Managment Limited

468,000

-

468,000

TES Property Services Ltd

132,000

-

132,000

David Watson

1

(1)

-

Mr Mark Gallen

1

(1)

-

Angela Gallen

1

(1)

-

 

600,003

(3)

600,000

Total amounts introduced by members during the year analysed above amounts to £0, the value per the Reconciliation of Members Interests is £3.00 please resolve the difference.