Limited Liability Partnership registration number OC306472 (England and Wales)
The KEJ LLP
Annual report and unaudited financial statements
For the year ended 31 March 2025
The KEJ LLP
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
The KEJ LLP
Statement of financial position
As at 31 March 2025
31 March 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Investment property
4
4,700,000
4,252,500
Current assets
Debtors
5
36,470
460,027
Cash at bank and in hand
136,002
34,814
172,472
494,841
Creditors: amounts falling due within one year
6
(3,363,780)
(3,388,939)
Net current liabilities
(3,191,308)
(2,894,098)
Total assets less current liabilities and net assets attributable to members
1,508,692
1,358,402
Represented by:
Loans and other debts due to members within one year
Members' capital classified as a liability
1,352,514
1,200,000
Other amounts
156,178
158,402
1,508,692
1,358,402
Total members' interests
Amounts due from members
(36,470)
(337,896)
Loans and other debts due to members
1,508,692
1,358,402
1,472,222
1,020,506
The KEJ LLP
Statement of financial position (continued)
As at 31 March 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the limited liability partnership 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 limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

T he members of the limited liability partnership have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the members and authorised for issue on 3 June 2025 and are signed on their behalf by:
03 June 2025
Mr K E Davy
Designated member
Limited Liability Partnership registration number OC306472 (England and Wales)
The KEJ LLP
Notes to the financial statements
For the year ended 31 March 2025
- 3 -
1
Accounting policies
Limited liability partnership information

The KEJ LLP is a limited liability partnership incorporated in England and Wales. The registered office is 1st Floor, Bates Mill, Colne Road, Huddersfield, HD1 3AG.

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The members have considered the current position and budgets of the LLP, and after making appropriate enquiries they have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Rents and other recharges receivable under operating leases are included within turnover on a straight-line basis over the lease term.

During the prior year, one of the investment properties was sold and the remaining properties currently generate no rental income.

1.4
Investment property

Investment property is measured at cost on initial recognition. Thereafter, investment properties are measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss for the reporting period.

1.5
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

The KEJ LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include #tErm6, cash and bank balances and members' loans, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, members' loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6

Members' remuneration

Members' remuneration is shown as an allocation of profits in the Members' interests note and is not treated as an expense in the profit and loss account.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are 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 considered to be 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment property

Investment property is included on the balance she et at fair value. The fair value is arrived at on the basis of professional valuations carried out by Chartered Surveyors.

The KEJ LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
- 5 -
3
Average number of employees

The average number of employees during the year was NIL (2024 - NIL).

4
Investment property
2025
£
Fair value
At 1 April 2024
4,252,500
Additions
8,552
Net gains or losses through fair value adjustments
438,948
At 31 March 2025
4,700,000

Investment properties were valued by Hanson, Chartered Surveyors, on 31 March 2025 on an open market basis.

5
Debtors
as restated
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by members
36,470
337,896
Other debtors
-
118,244
Prepayments and accrued income
-
3,887
36,470
460,027
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
954
1,976
Other creditors
3,355,636
3,355,636
Accruals and deferred income
7,190
31,327
3,363,780
3,388,939
7
Loans and other debts due to members

Loans and other debts due to members rank after debts due to ordinary creditors on winding up. There are no restrictions or limitations on the ability of members to reduce the amount of members' other interests.

The KEJ LLP
Notes to the financial statements (continued)
For the year ended 31 March 2025
- 6 -
8
Related party transactions

Members of the Limited Liability Partnership

Total amounts due to and from members can be seen in the members' interest section at the bottom of the balance sheet. Loans with members are interest free and repayable on demand.

In addition to the above there is a loan of £1,280,093 (2024 - £1,280,093) with a member included in other creditors. The loan is interest free and repayable on demand.

9
Prior period adjustment

Members' capital is repayable in full should a member cease to be a member. As a result, members' capital should be classed as debt, rather than equity. In prior years it was classified as equity and the accounts have now been restated with the correct classification. As one of the members had a negative capital balance at the end of the prior period, this has also meant that amounts due from members, included within debtors, have increased. The total amount of members' capital reclassified is £894,129 which is the net of £1,200,000 capital now classed as liability (previously nil), and £305,871 negative capital now classed as an asset A further £32,025 due from members was also reclassified to be included within debtors, previously netted off within amounts due to members. At the current year end there are no negative capital balances.

There is no impact on the reported loss for the prior year, or on Total members' interests.

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