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REGISTERED NUMBER: OC431029 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

JLP PROPERTY HOLDINGS LLP

JLP PROPERTY HOLDINGS LLP (REGISTERED NUMBER: OC431029)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


JLP PROPERTY HOLDINGS LLP (REGISTERED NUMBER: OC431029)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 5,074 1,747
Investment property 5 1,770,000 1,770,000
1,775,074 1,771,747

CURRENT ASSETS
Debtors 6 1,125 6,178
Cash at bank 11,835 17,249
12,960 23,427
CREDITORS
Amounts falling due within one year 7 27,550 12,787
NET CURRENT (LIABILITIES)/ASSETS (14,590 ) 10,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,760,484

1,782,387

CREDITORS
Amounts falling due after more than one
year

8

1,099,528

1,098,641
NET ASSETS ATTRIBUTABLE TO
MEMBERS

660,956

683,746

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

676,866

690,195

MEMBERS' OTHER INTERESTS
Other reserves (15,910 ) (6,449 )
660,956 683,746

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 676,866 690,195
Members' other interests (15,910 ) (6,449 )
660,956 683,746

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

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.

JLP PROPERTY HOLDINGS LLP (REGISTERED NUMBER: OC431029)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


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

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 31 January 2024 and were signed by:





Mr P A Malone - Designated member

JLP PROPERTY HOLDINGS LLP (REGISTERED NUMBER: OC431029)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 MARCH 2023

1. STATUTORY INFORMATION

JLP Property Holdings LLP is registered in England and Wales. The LLP's registered number and registered office address are as below:

Registered number: OC431029

Registered office: 1 Kings Avenue
London
N21 3NA

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the members are satisfied that the LLP will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates
In the application of the LLP's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue
Revenue represents rental income receivable in respect of LLP's investment property.

Revenue is recognised evenly over the period of rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Computer equipment - 20% provided in the year of disposal.

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

JLP PROPERTY HOLDINGS LLP (REGISTERED NUMBER: OC431029)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Financial instruments are recognised in the LLP's statement of financial position when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEE INFORMATION

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

4. PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
£   
COST
At 1 April 2022 1,747
Additions 3,676
At 31 March 2023 5,423
DEPRECIATION
Charge for year 349
At 31 March 2023 349
NET BOOK VALUE
At 31 March 2023 5,074
At 31 March 2022 1,747

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,770,000
NET BOOK VALUE
At 31 March 2023 1,770,000
At 31 March 2022 1,770,000

The members consider that the fair value of investment property was £1,770,000, on the basis of market value as at 31 March 2023 which is not different from the cost.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 494 440
Other debtors 631 5,738
1,125 6,178

JLP PROPERTY HOLDINGS LLP (REGISTERED NUMBER: OC431029)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,680 3,620
Other creditors 23,870 9,167
27,550 12,787

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 1,099,528 1,098,641

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,099,528 1,098,641

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2023 2022
£    £   
Loans from members 672,626 685,955
Amounts owed to members in respect of profits 4,240 4,240
676,866 690,195

Falling due within one year 676,866 690,195

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