Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Investment property | 4 |
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1,050,000 | 1,050,000 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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45,186 | 38,339 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 26,388 | 15,865 | ||
Total assets less current liabilities | 1,076,388 | 1,065,865 | ||
Net assets attributable to members |
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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 |
Members' responsibilities:
The financial statements of Jemres LLP (registered number:
I.S.M (Dundee) Limited
Designated member |
K D Developments (Scotland) Limited
Designated member |
EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
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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.
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.
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 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.
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.
The fair value is determined annually by the members, on an open market value for existing use basis.
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 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'.
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 |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2023 |
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As at 31 March 2024 |
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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.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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2024 | 2023 | ||
£ | £ | ||
Other taxation and social security |
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Other creditors |
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In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.