REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
JJ PROPERTY LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
JJ PROPERTY LLP |
JJ PROPERTY LLP (REGISTERED NUMBER: OC313466) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
JJ PROPERTY LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Manufactory House |
Bell Lane |
Hertford |
Hertfordshire |
SG14 1BP |
JJ PROPERTY LLP (REGISTERED NUMBER: OC313466) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The members present their report with the financial statements of the LLP for the year ended 31st March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of property investment. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £6,321 (2023 - £18,394 profit). |
MEMBERS' INTERESTS |
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business. |
A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". |
ON BEHALF OF THE MEMBERS: |
JJ PROPERTY LLP (REGISTERED NUMBER: OC313466) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING PROFIT and |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
6,321 |
18,394 |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
6,321 |
18,394 |
Members' remuneration charged as an expense |
4 |
(6,321 |
) |
(18,394 |
) |
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
JJ PROPERTY LLP (REGISTERED NUMBER: OC313466) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
5,073,269 |
5,066,948 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
5,073,269 |
5,066,948 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 5,073,269 | 5,066,948 |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
JJ PROPERTY LLP (REGISTERED NUMBER: OC313466) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
JJ Property LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Given the profit and loss and cash flow forecasts, the members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the members continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Turnover |
Turnover represents net rents receivable during the year under review. |
Investment property |
In accordance with the Financial Reporting Standard 102 (FRS102), Investment properties are not subject to periodic depreciation charges (unless held on lease), and are shown at fair value value. |
The members determine fair value on a rental yield basis adopting current market rates thereof. |
Movements in fair value are recognised through the profit and loss account each year. |
Rents receivable from investment properties are credited to the profit and loss account on a straight line basis over the lease term. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INFORMATION IN RELATION TO MEMBERS |
Members' remuneration charged as an expense: |
Member | 2023 | 2022 |
£ | £ |
J E Ratcliff | 8,277 | 5,256 |
M R Ratcliff | 5,518 | 3,504 |
J A Ratcliff | 2,299 | 1,460 |
C L Fulton | 2,299 | 1,460 |
JJ PROPERTY LLP (REGISTERED NUMBER: OC313466) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The members consider that the yield basis of their valuations of the properties produces values, which are not materially different from original costs. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with unsecured creditors. |
10. | RELATED PARTY DISCLOSURES |
There were no loans outstanding at the end of this year or 2023 from The Ratcliff Group Limited, but there were loan balances outstanding at various stages during the year. Mr J Ratcliff, who, is a member of JJ Property LLP, is a director of that company.The loans are on commercial terms. |
Transactions with The Ratcliff Group Limited and its subsidiary company, Stone Hardy Limited, during the year were as follows: |
Rent receivable from Stone Hardy Limited | £66,000 | (2023: £66,000 | ) |
Management fees paid to The Ratcliff Group Limited | £6,000 | (2023: £6,000 | ) |
JJ PROPERTY LLP (REGISTERED NUMBER: OC313466) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
11. | ULTIMATE CONTROLLING PARTY |
The LLP is controlled by its members as delegated to the management team; no one individual has control. |