0 false false false false false false false false false false false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 690,000 690,000 690,000 xbrli:pure xbrli:shares iso4217:GBP OC448918 2023-09-01 2024-04-05 OC448918 2024-04-05 OC448918 2023-08-31 OC448918 bus:Director2 2023-09-01 2024-04-05 OC448918 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-01 2024-04-05 OC448918 core:WithinOneYear 2024-04-05 OC448918 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-05 OC448918 bus:SmallEntities 2023-09-01 2024-04-05 OC448918 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-04-05 OC448918 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-04-05 OC448918 bus:LimitedLiabilityPartnershipLLP 2023-09-01 2024-04-05 OC448918 bus:FullAccounts 2023-09-01 2024-04-05
REGISTERED NUMBER: OC448918
The Jackson Family Partnership LLP
Filleted Unaudited Financial Statements
5 April 2024
The Jackson Family Partnership LLP
Statement of Financial Position
5 April 2024
5 Apr 24
Note
£
£
Fixed assets
Tangible assets
4
690,000
Current assets
Debtors
5
63
Cash at bank and in hand
1,708
-------
1,771
Creditors: amounts falling due within one year
6
692,954
---------
Net current liabilities
691,183
---------
Total assets less current liabilities
( 1,183)
-------
Net liabilities
( 1,183)
-------
Represented by:
Loans and other debts due to members
Other amounts
Members' other interests
Other reserves
(1,183)
-------
(1,183)
-------
Total members' interests
Loans and other debts due to members
Members' other interests
(1,183)
-------
(1,183)
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of income and retained earnings has not been delivered.
For the period ending 5 April 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
The Jackson Family Partnership LLP
Statement of Financial Position (continued)
5 April 2024
These financial statements were approved by the members and authorised for issue on 2 October 2024 , and are signed on their behalf by:
Mr N D Jackson
Designated Member
Registered number: OC448918
The Jackson Family Partnership LLP
Notes to the Financial Statements
Period from 1 September 2023 to 5 April 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 4 Repton Avenue, Romford, Essex, RM2 5LX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Material estimates including valuation of assets held are undertaken by independent valuers.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent receivable, stated net of discounts and of Value Added Tax.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of income and retained earnings in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of income and retained earnings and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of income and retained earnings within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. The LLP only has basic financial instruments which are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Tangible assets
Freehold property
£
Cost
At 1 September 2023
Additions
690,000
---------
At 5 April 2024
690,000
---------
Depreciation
At 1 September 2023 and 5 April 2024
---------
Carrying amount
At 5 April 2024
690,000
---------
Included within the above is investment property as follows:
£
At 1 September 2023
Additions
690,000
---------
At 5 April 2024
690,000
---------
Freehold property includes the LLP's beneficial interest in property that was independently valued in 2023 and introduced into the LLP at market value.
5.
Debtors
5 Apr 24
£
Other debtors
63
----
6. Creditors: amounts falling due within one year
5 Apr 24
£
Trade creditors
442
Deferred consideration
690,000
Other creditors
2,512
---------
692,954
---------
7.
Related party transactions
During the year,the LLP acquired beneficial interests in its investment properties from two designated members at market value of £690,000. Included in liabilities is the corresponding deferred consideration of £690,000.