Silverfin false 31/03/2024 01/04/2023 31/03/2024 I.S.M (Dundee) Limited 07/02/2014 K D Developments (Scotland) Limited 29/03/2016 07 November 2024 SO301177 2024-03-31 SO301177 bus:Director1 2024-03-31 SO301177 bus:Director2 2024-03-31 SO301177 2023-03-31 SO301177 core:CurrentFinancialInstruments 2024-03-31 SO301177 core:CurrentFinancialInstruments 2023-03-31 SO301177 2023-04-01 2024-03-31 SO301177 bus:FullAccounts 2023-04-01 2024-03-31 SO301177 bus:SmallEntities 2023-04-01 2024-03-31 SO301177 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SO301177 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 SO301177 bus:Director1 2023-04-01 2024-03-31 SO301177 bus:Director2 2023-04-01 2024-03-31 SO301177 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: SO301177 (Scotland)

JEMRES LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

JEMRES LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

JEMRES LLP

BALANCE SHEET

AS AT 31 MARCH 2024
JEMRES LLP

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Investment property 4 1,050,000 1,050,000
1,050,000 1,050,000
Current assets
Debtors 5 35,227 37,891
Cash at bank and in hand 9,959 448
45,186 38,339
Creditors: amounts falling due within one year 6 ( 18,798) ( 22,474)
Net current assets 26,388 15,865
Total assets less current liabilities 1,076,388 1,065,865
Net assets attributable to members 1,076,388 1,065,865
Represented by
Loans and other debts due to members within one year
Other amounts 664,167 653,644
664,167 653,644
Members' other interests
Members' capital classified as equity 412,221 412,221
412,221 412,221
1,076,388 1,065,865
Total members' interests
Loans and other debts due to members 664,167 653,644
Members' other interests 412,221 412,221
1,076,388 1,065,865

For the financial year ending 31 March 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.

Members' responsibilities:

The financial statements of Jemres LLP (registered number: SO301177) were approved and authorised for issue by the Board of Directors on 07 November 2024. They were signed on its behalf by:

I.S.M (Dundee) Limited
Designated member
K D Developments (Scotland) Limited
Designated member
JEMRES LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
JEMRES LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity) Other amounts Total
£ £ £
Amounts due to members 654,607
Balance at 01 April 2022 412,221 654,607 1,066,828
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 113,069 113,069
Members' interest after result for the financial year 412,221 767,676 1,179,897
Drawings 0 (114,032) (114,032)
Amounts due to members 653,644
Balance at 31 March 2023 (restated - note 2) 412,221 653,644 1,065,865
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 113,560 113,560
Members' interest after result for the financial year 412,221 767,204 1,179,425
Drawings 0 (103,037) (103,037)
Amounts due to members 664,167
Balance at 31 March 2024 412,221 664,167 1,076,388

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

The reconciliation reflects a prior year adjustment in the reserves brought forward at 31 March 2022 - see note 2 for details.

JEMRES LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
JEMRES LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Jemres LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 10 The Green, Pencaitland, Tranent, EH34 5HE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

Prior period adjustments have been recognised in the comparative period ended 31 March 2023. Information in relation to the correction and restatement of opening balances of Members' other interests are included at note 2.

Turnover

Turnover represents rentals receivable under operating leases net of VAT and other relevant charges.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, 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 end date. Changes in fair value are recognised in profit or loss.

The fair value is determined annually by the members, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

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 LLP after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity

Members are remunerated from the profits of the LLP with profits allocated and divided between members on finalisation of the financial statements. Profits are therefore deemed to be automatically divided. Members draw a proportion of their profit shares monthly during the financial year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Prior year adjustment

A prior period adjustment has been recognised in the comparative period ended 31 March 2023. During the preparation of the period ended 31 March 2024 accounts, it was noted that the accounts understated equity capital and incorrectly had a revaluation reserve which in accordance with the SORP should be treated as part of the divided profits and part of the other balances due to members disclosed within debt.

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Members' capital classified as equity (340,000) (72,221) (412,221)
Revaluation reserve (72,221) 72,221 0

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,050,000
As at 31 March 2024 1,050,000

The properties, all of which are under operating leases, were valued at 31 March 2024 by the members on an open market basis. The historic cost of the properties is £977,779.

5. Debtors

2024 2023
£ £
Trade debtors 35,227 37,891

6. Creditors: amounts falling due within one year

2024 2023
£ £
Other taxation and social security 6,802 7,335
Other creditors 11,996 15,139
18,798 22,474

7. Loans and other debts due to members

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