| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Jest Lodges LLP |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Jest Lodges LLP |
| Jest Lodges LLP (Registered number: SO306779) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| General Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Jest Lodges LLP |
| General Information |
| for the Year Ended 31 December 2024 |
| DESIGNATED MEMBERS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Westburn Business Centre |
| McNee Road |
| Prestwick |
| KA9 2PB |
| Jest Lodges LLP (Registered number: SO306779) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| and |
| NET ASSETS ATTRIBUTABLE TO MEMBERS |
73,917 |
149,138 |
| LOANS AND OTHER DEBTS DUE TO MEMBERS |
7 |
73,817 |
149,038 |
| MEMBERS' OTHER INTERESTS |
| Capital accounts | 100 | 100 |
| 73,917 | 149,138 |
| TOTAL MEMBERS' INTERESTS |
| Loans and other debts due to members | 7 | 73,817 | 149,038 |
| Members' other interests | 100 | 100 |
| 73,917 | 149,138 |
| 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. |
| Jest Lodges LLP (Registered number: SO306779) |
| Balance Sheet - continued |
| 31 December 2024 |
| The financial statements were approved by the members of the LLP and authorised for issue on |
| Jest Lodges LLP (Registered number: SO306779) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Jest Lodges 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 |
| Going concern |
| The members review the requirements of the business on a regular basis to ensure that commitments can be met as they fall due. This includes a review of current resources, projected income and expenditure levels and the ongoing support from them in the form of loan monies. Having carried out this exercise the members are satisfied that commitments can be met as falling due and as such the accounts have been prepared on a going concern basis. |
| Turnover |
| Turnover is derived from the rental of holiday lodges. This is measured at the fair value of rental income, net of discounts and excluding value added tax, and is recognised at the point that the limited liability partnership obtains the right to consideration. |
| Tangible fixed assets |
| Freehold property | - |
| Storage facility | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost less depreciaiton. |
| Impairment of fixed assets |
| At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Jest Lodges LLP (Registered number: SO306779) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
| The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities: |
| Loans and other receivables |
| Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses. |
| Other financial liabilities |
| Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive |
| periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value. |
| Impairment of financial instruments |
| A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. |
| Taxation |
| The taxation payable on the partnership profits is the personal liability of the members and consequently neither taxation nor deferred taxation is accounted for in the financial statements. |
| 3. | EMPLOYEE INFORMATION |
| The average number of employees during the year was |
| Jest Lodges LLP (Registered number: SO306779) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Storage | and | Computer |
| property | facility | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other creditors |
| 7. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to members in respect of profits | 73,817 | 149,038 |
| Falling due within one year | 73,817 | 149,038 |
| Members' interests are subordinated to bank borrowings. Loans and other debts due to members rank equally with unsecured creditors in the event of a winding up. Members' other interests, represented by members' capital (classified as equity), rank after unsecured creditors |
| 8. | RELATED PARTY DISCLOSURES |
| The members are also directors and shareholders in Macfein Limited, making it a related party. During the year, a lodge was transferred to Macfein Limited. As the year end, the balance due from Macfein Limited was £35,936 (2023: £5,448). This loan is unsecured, interest free and has no fixed repayment terms. |