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REGISTERED NUMBER: OC431029 (England and Wales)










Financial Statements

for the Year Ended 31 March 2024

for

JLP PROPERTY HOLDINGS LLP

JLP PROPERTY HOLDINGS LLP (REGISTERED NUMBER: OC431029)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024




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 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 4,059 5,074
Investment property 5 1,650,000 1,770,000
1,654,059 1,775,074

CURRENT ASSETS
Debtors 6 382 1,125
Cash at bank 101,852 11,835
102,234 12,960
CREDITORS
Amounts falling due within one year 7 21,750 27,550
NET CURRENT ASSETS/(LIABILITIES) 80,484 (14,590 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,734,543

1,760,484

CREDITORS
Amounts falling due after more than one
year

8

974,358

1,099,528
NET ASSETS ATTRIBUTABLE TO
MEMBERS

760,185

660,956

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

701,095

676,866

MEMBERS' OTHER INTERESTS
Revaluation reserve 10 75,000 -
Other reserves (15,910 ) (15,910 )
760,185 660,956

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 701,095 676,866
Members' other interests 59,090 (15,910 )
760,185 660,956

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 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.

JLP PROPERTY HOLDINGS LLP (REGISTERED NUMBER: OC431029)

Statement of Financial Position - continued
31 MARCH 2024


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 2025 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 2024

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 as modified by the revaluation of certain assets.

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 2024

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 (2023 - NIL).

4. PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 5,423
DEPRECIATION
At 1 April 2023 349
Charge for year 1,015
At 31 March 2024 1,364
NET BOOK VALUE
At 31 March 2024 4,059
At 31 March 2023 5,074

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,770,000
Additions 48,455
Disposals (243,455 )
Revaluations 75,000
At 31 March 2024 1,650,000
NET BOOK VALUE
At 31 March 2024 1,650,000
At 31 March 2023 1,770,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 75,000
Cost 1,575,000
1,650,000

JLP PROPERTY HOLDINGS LLP (REGISTERED NUMBER: OC431029)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Cost 1,575,000 1,770,000

Investment property was valued on an open market basis on 31 March 2024 by the designated members.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 270 494
Other debtors 112 631
382 1,125

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 120 3,680
Other creditors 21,630 23,870
21,750 27,550

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 974,358 1,099,528

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 974,358 1,099,528

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Loans from members 672,625 672,626
Amounts owed to members in respect of profits 28,470 4,240
701,095 676,866

Falling due within one year 701,095 676,866

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

10. RESERVES
Revaluation
reserve
£   
Movement in the year 75,000
At 31 March 2024 75,000