REGISTERED NUMBER: 15759963 (England and Wales)

JNR PARTNERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 FEBRUARY 2025 TO 31 DECEMBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Chegounchei

Dr S Chegounchei

J Chegounchei

N Chegounchei

REGISTERED OFFICE:

White Lodge

Ty Gwyn Avenue

Penylan

Cardiff

SOUTH GLAMORGAN

CF23 5JJ

REGISTERED NUMBER:

15759963 (England and Wales)

FIXED ASSETS

Investment property

4

20,205,000

-

CURRENT ASSETS

Debtors

5

117,939

-

Cash at bank and in hand

72,316

200

190,255

200

CREDITORS

Amounts falling due within one year

6

125,695

-

NET CURRENT ASSETS

64,560

200

TOTAL ASSETS LESS CURRENT LIABILITIES

20,269,560

200

CREDITORS

Amounts falling due after more than one year

7

10,458,100

-

NET ASSETS

9,811,460

200

CAPITAL AND RESERVES

Called up share capital

10

200

200

Share premium

9,746,900

-

Retained earnings

64,360

-

SHAREHOLDERS' FUNDS

9,811,460

200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2026 and were signed on its behalf by:

M Chegounchei - Director

1.	STATUTORY INFORMATION

JNR Partners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 the 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Investment properties - The company's investment properties are measured at fair value at each reporting date. The fair value of investment properties involves the use of valuation techniques and assumptions, including market conditions, rental yields, comparable transactions and the condition and location of the properties.

The directors review the valuation of the investment property portfolio annually and consider whether any factors have arisen which may indicate that the carrying value should be adjusted. Where changes in fair value are identified, they are recognised in the income statement.

The valuation of investment properties is considered to be a significant accounting estimate, as changes in the assumptions used could result in a material change to the carrying value of investment properties in the financial statements.

Turnover

Turnover is recognised at the fair value of rent received or receivable in the normal course of business. Rental income is recognised in the period which it relates.

Investment property

The fair value of investment properties involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement.

Investment properties are held to generate rental income and capital appreciation. Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Investment properties are subsequently remeasured at fair value. An assessment of investment property fair value is performed annually. Any changes in fair value are recognised in the income statement.

Deferred tax is recognised on any fair value changes at the rate that would apply to the sale of the investment property, unless the property has a limited useful life and is held as part of a business model to consume all of the economic benefits associated with it.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".

Financial instruments are recognised when the company 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.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2025 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

20,205,000

At 31 December 2025

20,205,000

NET BOOK VALUE

At 31 December 2025

20,205,000

The investment properties were transferred to the company on incorporation of the property business and were initially recognised at market value at the date of transfer. The market value was supported by external valuation evidence obtained for bank finance purposes.

At the reporting date, the directors reviewed the carrying value of the investment property portfolio, having regard to the original market value, current market conditions, rental yields, comparable property transactions and the condition and location of the properties. The directors concluded that there had been no material change in fair value since the date of transfer and therefore no fair value movement has been recognised in the income statement.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2025

31.1.25

£

£

Other debtors

44,947

-

Directors' current accounts

24,000

-

Prepayments

48,992

-

117,939

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2025

31.1.25

£

£

Tax

18,695

-

Other creditors

101,000

-

Accrued expenses

6,000

-

125,695

-

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2025

31.1.25

£

£

Bank loans (see note 8)

10,458,100

-

8.

LOANS

An analysis of the maturity of loans is given below:

2025

2025

31.1.25

£

£

Amounts falling due between one and two years:

Bank loan

10,458,100

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2025

31.1.25

£

£

Bank loans

10,458,100

-

The bank loan has been secured against the property portfolio of the company by way of a fixed and floating charge over all property and assets.

The bank loan is secured in favour of United Trust Bank Limited. The security comprises a debenture over the assets and undertaking of the company, a deed of rental assignment over rental income arising from the company's property portfolio, and legal mortgages/charges over the properties held by the company.

In addition, personal guarantees have been provided to United Trust Bank Limited by M Chegounchei and Dr S Chegounchei in respect of the company's bank borrowings.

GUARANTEES AND FINANCIAL COMMITMENTS

The company has provided a cross-company guarantee in respect of bank borrowings of Chelsea Row Residence Ltd, a connected company. At 31 December 2025, the amount outstanding under the related bank facility in Chelsea Row Residence Ltd was £3,871,889. No liability has been recognised in these financial statements in respect of the guarantee, as the guarantee had not been called at the balance sheet date and the directors do not consider that any present obligation had crystallised.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2025

value:

£

£

100

Ordinary A

£1

100

100

(2025 - 50 )

100

Ordinary B

£1

100

100

(2025 - 50 )

200

200

The following shares were issued during the period for cash at par :

50 Ordinary A shares of £1

50 Ordinary B shares of £1

During the period, the company issued 50 Ordinary A shares of £1 each and 50 Ordinary B shares of £1 each in connection with the transfer of a property business to the company.

The shares were issued as consideration for the transfer of the business, which qualified for incorporation relief. The excess of the value of the business transferred over the nominal value of the shares issued has been credited to the share premium account.

At 31 December 2025, the share premium account amounted to £9,746,900.

11.	TRANSACTIONS WITH DIRECTORS

The following advances and credits to a director subsisted during the periods ended 31 December 2025 and 31 January 2025:

2025

2025

31.1.25

£

£

M Chegounchei

Balance outstanding at start of period

-

-

Amounts advanced

24,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

24,000

-

All amounts owed to the company from the director are considered interest free and repayable on demand.

12.	RELATED PARTY DISCLOSURES

During the period, the company acquired a property investment business from its shareholders/directors as part of the incorporation of that business. The consideration for the transfer was satisfied by the issue of shares in the company. The assets and liabilities acquired were recognised at fair value, and the excess of the fair value of the net assets transferred over the nominal value of the shares issued was credited to the share premium account. The transaction was undertaken with the shareholders/directors of the company and therefore represents a related party transaction.

During the period, the company incurred property management and maintenance fees of £129,610 (2025 - £nil) from JNR Property Management Limited. At the period end, £29,650 (2025 - £nil) was owed to the company by JNR Property Management Limited. JNR Property Management Limited is a company under the common control of the directors.

At the period end, £30,000 (2025 - £nil) was owed to the company by Cardiff City Apartments Limited. Cardiff City Apartments Limited is a company under the common control of the directors.

During the period, the company incurred a management charge of £60,000 (2025 - £nil) from JNR Property Development Limited. At the period end, £87,000 (2025 - £nil) was owed by the company to JNR Property Development Limited. JNR Property Development Limited is a company under the common control of the directors.

During the period, the company incurred a management charge of £14,000 (2025 - £nil) from NJ Trading Cardiff Limited and property repair and renewal costs of £1,780 (2025 - £nil). NJ Trading Cardiff Limited is a company under the common control of the directors.. At the period end, £14,000 (2025 - £nil) was owed by the company to NJ Trading Cardiff Limited. NJ Trading Cardiff Limited is a company under the common control of the directors.

During the period, the company incurred property repair and renewal costs of £7,657 (2025 - £nil) from JNR Developers Limited. JNR Developers Limited is a company under the common control of the directors.

The above balances are unsecured, interest-free and repayable on demand, unless otherwise stated.

13.	COMPARATIVE FIGURES

The comparative figures are for the period from incorporation on 4 June 2024 to 31 January 2025. The company did not commence trading until 4 February 2025 and therefore the comparative period represents a non-trading period.