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REGISTERED NUMBER: OC313466 (England and Wales)












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: J E Ratcliff
Mrs M R Ratcliff
Mrs C L Fulton
J A Ratcliff





REGISTERED OFFICE: 38 The Maltings
Stanstead Abbotts
Hertfordshire
SG12 8HG





REGISTERED NUMBER: OC313466 (England and Wales)





ACCOUNTANTS: Cook & Partners Limited
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:

J E Ratcliff
Mrs M R Ratcliff
Mrs C L Fulton
J A Ratcliff

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:





J E Ratcliff - Designated member


30th September 2024

JJ PROPERTY LLP (REGISTERED NUMBER: OC313466)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £   

TURNOVER 84,000 87,300

Administrative expenses 77,679 68,906
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 4,219,896 4,219,896
Investment property 6 812,033 812,033
5,031,929 5,031,929

CURRENT ASSETS
Debtors 7 21,600 23,400
Cash at bank 34,702 21,407
56,302 44,807
CREDITORS
Amounts falling due within one year 8 14,962 9,788
NET CURRENT ASSETS 41,340 35,019
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 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 31st March 2024.

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 have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 30th September 2024 and were signed by:



J E Ratcliff - Designated member

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
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.

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 4,219,896
NET BOOK VALUE
At 31st March 2024 4,219,896
At 31st March 2023 4,219,896

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023
and 31st March 2024 812,033
NET BOOK VALUE
At 31st March 2024 812,033
At 31st March 2023 812,033

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 21,600 23,400

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 1,876 2,827
Other creditors 13,086 6,961
14,962 9,788

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.