REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Zoom Asset Management LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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: |
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: |
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 | ) |
Other operating income |
OPERATING PROFIT |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Zoom Asset Management LLP (Registered number: SO301280) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
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 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 were approved by the members of the LLP and authorised for issue on |
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 |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
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. |