James Property Investments LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC335547 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

JAMES PROPERTY INVESTMENTS LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DESIGNATED MEMBERS:

J H James

R J James

REGISTERED OFFICE:

Chells Manor House

Chells Lane

Stevenage

Hertfordshire

SG2 7AA

REGISTERED NUMBER:

OC335547 (England and Wales)

ACCOUNTANTS:

Trevor Jones & Partners Ltd

Springfield House

99/101 Crossbrook Street

Cheshunt

Waltham Cross

Hertfordshire

EN8 8JR

FIXED ASSETS

Tangible assets

4

144,188

7,065

Investment property

5

2,505,906

2,415,172

2,650,094

2,422,237

CURRENT ASSETS

Debtors

6

51,288

30,065

Cash at bank

58,357

20,450

109,645

50,515

CREDITORS

Amounts falling due within one year

7

274,951

252,305

NET CURRENT LIABILITIES

(165,306

)

(201,790

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,484,788

2,220,447

CREDITORS

Amounts falling due after more than one year

8

858,256

911,399

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,626,532

1,309,048

LOANS AND OTHER DEBTS DUE TO MEMBERS

1,626,532

1,309,048

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

1,626,532

1,309,048

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 2020.

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.

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 7 September 2020 and were signed by:

J H James - Designated member

R J James - Designated member

1.	STATUTORY INFORMATION

James Property Investments 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

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.

Turnover

Turnover represents rental income, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost

Investment properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

197,727

Additions

149,500

Disposals

(197,727

)

At 31 March 2020

149,500

DEPRECIATION

At 1 April 2019

190,662

Charge for year

12,377

Eliminated on disposal

(197,727

)

At 31 March 2020

5,312

NET BOOK VALUE

At 31 March 2020

144,188

At 31 March 2019

7,065

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2019

91,942

Additions

64,500

Disposals

(91,942

)

At 31 March 2020

64,500

DEPRECIATION

At 1 April 2019

84,877

Charge for year

5,312

Eliminated on disposal

(84,877

)

At 31 March 2020

5,312

NET BOOK VALUE

At 31 March 2020

59,188

At 31 March 2019

7,065

5.	INVESTMENT PROPERTY

Total

£

COST

At 1 April 2019

2,415,172

Additions

90,734

At 31 March 2020

2,505,906

NET BOOK VALUE

At 31 March 2020

2,505,906

At 31 March 2019

2,415,172

The partners opinion is that the recent market valuation is the same as cost.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

46,580

30,000

Other debtors

4,708

65

51,288

30,065

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

97,870

97,870

Hire purchase contracts

9,773

6,819

Trade creditors

24,210

10,917

Taxation and social security

17,265

13,390

Other creditors

125,833

123,309

274,951

252,305

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

813,529

911,399

Hire purchase contracts

44,727

-

858,256

911,399

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

911,399

1,009,269

The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the financial statements of James Property Investments LLP for the year ended 31 March 2020 which comprise the Income Statement, Balance Sheet and the related notes from the LLP's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the members of James Property Investments LLP, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of James Property Investments LLP and state those matters that we have agreed to state to the members of James Property Investments LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than James Property Investments LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that James Property Investments LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of James Property Investments LLP. You consider that James Property Investments LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of James Property Investments LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Trevor Jones & Partners Ltd

Springfield House

99/101 Crossbrook Street

Cheshunt

Waltham Cross

Hertfordshire

EN8 8JR

7 September 2020