REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
JIN PROPERTIES LLP |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
JIN PROPERTIES LLP |
JIN PROPERTIES LLP (REGISTERED NUMBER: OC322855) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
JIN PROPERTIES LLP |
GENERAL INFORMATION |
for the Year Ended 31 March 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 London Mews |
Paddington |
LONDON |
W2 1HY |
JIN PROPERTIES LLP (REGISTERED NUMBER: OC322855) |
BALANCE SHEET |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
967,147 |
1,263,490 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
967,147 |
1,263,490 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 967,147 | 1,263,490 |
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. |
JIN PROPERTIES LLP (REGISTERED NUMBER: OC322855) |
BALANCE SHEET - continued |
31 March 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
JIN PROPERTIES LLP (REGISTERED NUMBER: OC322855) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
JIN Properties 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 |
After reviewing the LLPs forecasts and projections, the partners have reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements. |
Turnover |
Turnover represents rents receivable on investment properties. |
Investment property |
In accordance with FRS 102 Section 1A, the LLP's properties are held for long-term investment and are included in the Balance Sheet at their open market values. The surplus or deficit on annual revaluation of such properties are transferred to the profit and loss account. |
Financial instruments |
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties. |
The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Revaluations | (295,000 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
JIN PROPERTIES LLP (REGISTERED NUMBER: OC322855) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2010 | 437,108 |
Valuation in 2011 | 125,000 |
Valuation in 2012 | (40,000 | ) |
Valuation in 2013 | 87,871 |
Valuation in 2014 | (7,293 | ) |
Valuation in 2015 | 425,000 |
Valuation in 2016 | 394,000 |
Valuation in 2019 | (169,000 | ) |
Valuation in 2024 | (295,000 | ) |
Cost | 1,102,314 |
2,060,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Barclays Bank holds a fixed charges over the properties. |
. |
JIN PROPERTIES LLP (REGISTERED NUMBER: OC322855) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Monies owed to the partners included in loans and other debts due to members are payable after all creditors have been paid. |
10. | RELATED PARTY DISCLOSURES |
At the balance sheet date the Partnership was owed £3,638 (2023 - £5,000) by Sands Realty Limited, £30,343 (2023 - £22,019) by Thameway Limited, £468 (2023 - £141) by Metamorph Management Ltd, £319 (2023 - £181) by James LJ Ltd, £279 (2023 - £141) by The Cabin Project Ltd and £468 (2023 - £141) by The Landing Place Ltd. These amounts are included in other debtors. |
At the balance sheet date the Partnership owes £5,150 (2023 - £(1,829)) to James Laurence Ltd. This amount is included in other creditors. |
N Laurence and J Fawcett are directors and have an interest in the above companies. |