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REGISTERED NUMBER: SO301280 (Scotland)















Report of the Members and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

Zoom Asset Management LLP

Zoom Asset Management LLP (Registered number: SO301280)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

General Information 1

Report of the Members 2

Income Statement 3

Other Comprehensive Income 4

Balance Sheet 5

Reconciliation of Members' Interests 7

Notes to the Financial Statements 9


Zoom Asset Management LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: J O'Donnell
Mrs E O'Donnell
Miss K M O'Dennell
N O'Donnell





REGISTERED OFFICE: 95 West Regent Street
Glasgow
G2 2BA





REGISTERED NUMBER: SO301280 (Scotland)





ACCOUNTANTS: Key Professional Partnership Ltd
Unit 3
Morris Park
37 Rosyth Road
Glasgow
G5 0YE

Zoom Asset Management LLP (Registered number: SO301280)

Report of the Members
for the Year Ended 31 March 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of asset management.

DESIGNATED MEMBERS
The designated members during the year under review were:

J O'Donnell
Mrs E O'Donnell
Miss K M O'Dennell
N O'Donnell

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £46,237 (2023 - £38,971 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





J O'Donnell - Designated member


13 January 2025

Zoom Asset Management LLP (Registered number: SO301280)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
£    £   

TURNOVER - -

Administrative expenses 16,070 13,829
(16,070 ) (13,829 )

Other operating income 62,820 53,480
OPERATING PROFIT 46,750 39,651


Interest payable and similar expenses 513 680
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




46,237




38,971

Zoom Asset Management LLP (Registered number: SO301280)

Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




46,237




38,971


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

46,237

38,971

Zoom Asset Management LLP (Registered number: SO301280)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 149,082 149,082

CURRENT ASSETS
Debtors 5 13,759 3,175
Cash at bank 5,200 13,799
18,959 16,974
CREDITORS
Amounts falling due within one year 6 16,728 23,964
NET CURRENT ASSETS/(LIABILITIES) 2,231 (6,990 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

151,313

142,092

CREDITORS
Amounts falling due after more than one year 7 7,258 12,274
NET ASSETS ATTRIBUTABLE TO
MEMBERS

144,055

129,818

Zoom Asset Management LLP (Registered number: SO301280)

Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

264,261

218,024

MEMBERS' OTHER INTERESTS
Capital accounts (120,206 ) (88,206 )
144,055 129,818

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 264,261 218,024
Members' other interests (120,206 ) (88,206 )
144,055 129,818

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 2024.

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 in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 13 January 2025 and were signed by:





J O'Donnell - Designated member

Zoom Asset Management LLP (Registered number: SO301280)

Reconciliation of Members' Interests
for the Year Ended 31 March 2024


EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 April 2023 (88,206 ) - (88,206 )
Profit for the financial year available for discretionary
division among members

-

46,237

46,237
Members' interests after profit for the year (88,206 ) 46,237 (41,969 )
Other divisions of profit - (46,237 ) (46,237 )
Repayments of capital (32,000 ) - (32,000 )
Balance at 31 March 2024 (120,206 ) - (120,206 )

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 218,024
Amount due from members -
Balance at 1 April 2023 218,024 129,818
Profit for the financial year available for discretionary
division among members

-

46,237

Members' interests after profit for the year 218,024 176,055
Other divisions of profit 46,237 -
Repayments of capital - (32,000 )
Amount due to members 264,261
Amount due from members -
Balance at 31 March 2024 264,261 144,055

Zoom Asset Management LLP (Registered number: SO301280)

Reconciliation of Members' Interests
for the Year Ended 31 March 2024

EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 April 2022 (44,503 ) - (44,503 )
Profit for the financial year available for discretionary
division among members

-

38,971

38,971
Members' interests after profit for the year (44,503 ) 38,971 (5,532 )
Other divisions of profit - (38,971 ) (38,971 )
Repayments of capital (43,703 ) - (43,703 )
Balance at 31 March 2023 (88,206 ) - (88,206 )

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 179,053
Amount due from members -
Balance at 1 April 2022 179,053 134,550
Profit for the financial year available for discretionary
division among members

-

38,971

Members' interests after profit for the year 179,053 173,521
Other divisions of profit 38,971 -
Repayments of capital - (43,703 )
Amount due to members 218,024
Amount due from members -
Balance at 31 March 2023 218,024 129,818

Zoom Asset Management LLP (Registered number: SO301280)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Zoom Asset Management LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General 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 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.

Investment property
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.

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.

Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

Zoom Asset Management LLP (Registered number: SO301280)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 149,082
NET BOOK VALUE
At 31 March 2024 149,082
At 31 March 2023 149,082

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 13,759 3,175

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 5,137 4,969
Trade creditors 3,549 1,395
Other creditors 8,042 17,600
16,728 23,964

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 7,258 12,274

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP
to repay the capital to members, even if that obligation is conditional.

Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.