JPL Associates LLP Filleted Accounts Cover
JPL Associates LLP
Registered No. OC423183
Information for Filing with the Registrar
30 June 2024
JPL Associates LLP Balance Sheet Registrar
at
30 June 2024
Registered No.
OC423183
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
11,127
20,277
11,127
20,277
Current assets
Debtors
5
203,102
9,300
Cash at bank and in hand
4
4
203,106
9,304
Creditors: Amounts falling due within one year
6
(19,678)
(20,059)
Net current assets/(liabilities)
183,428
(10,755)
Total assets less current liabilities
194,555
9,522
Creditors: Amounts falling due after more than one year
7
(65,745)
(65,745)
Net assets/(liabilities) attributable to members
128,810
(56,223)
Represented by:
Loans and other debts due to members
(64,724)
(81,752)
Members' other interests
Other reserves
193,534
25,529
193,534
25,529
128,810
(56,223)
These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
For the year ended 30 June 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 Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the members on 27 May 2025 and signed on its behalf by:
P.D. Lee
Designated member
27 May 2025
JPL Associates LLP Notes to the Accounts Registrar
for the year ended 30 June 2024
1
General information
JPL Associates LLP is a limited liability partnership and incorporated in England and Wales.
Its registered number is: OC423183
Its registered office is:
Born & Co. 1st Floor
Devonshire House
1 Mayfair Place
London
W1J 8AJ
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Members' remuneration and division of profits
Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.
Work in progress
Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Members' Interests
Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
3
Employees
2024
2023
Number
Number
The average number of persons employed during the year was:
2
2
4
Tangible fixed assets
Motor vehicles
Total
£
£
Cost
At 1 July 2023
30,50030,500
At 30 June 2024
30,50030,500
Depreciation
At 1 July 2023
10,22310,223
Charge for the year
9,1509,150
At 30 June 2024
19,37319,373
Net book values
At 30 June 2024
11,12711,127
At 30 June 2023
20,277
20,277
5
Debtors
2024
2023
£
£
Amounts owed by members
94,544-
Other debtors
108,5589,300
203,1029,300
6
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,7325,753
Obligations under finance lease and hire purchase contracts
4,1134,113
Other creditors
6,5336,893
Accruals and deferred income
3,3003,300
19,67820,059
7
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
41,66141,661
Obligations under finance lease and hire purchase contracts
24,08424,084
65,74565,745
8
Loans and other debts due to members
2024
2023
£
£
Members' capital classified as a liability
(64,724)
(81,752)
(64,724)
(81,752)
Amounts falling due within one year
(64,724)
-
(64,724)
(81,752)
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