James-Morrow LLP - Accounts to registrar (filleted)

REGISTERED NUMBER: SO301416 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

JAMES-MORROW LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

R James

N Morrow

REGISTERED OFFICE:

Q Court

3 Quality Street

Edinburgh

EH4 5BP

REGISTERED NUMBER:

SO301416 (Scotland)

ACCOUNTANTS:

S&W Partners (Scotland) Limited

Q Court

3 Quality Street

Edinburgh

EH4 5BP

FIXED ASSETS

Investment property

4

450,000

CURRENT ASSETS

Debtors

5

21,416

34,584

Cash at bank

19,843

11,471

41,259

46,055

CREDITORS

Amounts falling due within one year

6

(88,588

)

(89,407

)

NET CURRENT LIABILITIES

(47,329

)

(43,352

)

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO
MEMBERS

402,671

406,648

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

402,669

406,646

MEMBERS' OTHER INTERESTS

Capital accounts

2

402,671

406,648

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

402,669

406,646

Members' other interests

2

402,671

406,648

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 2025.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 1 December 2025 and were signed by:

N Morrow - Designated member

1.	STATUTORY INFORMATION

James-Morrow 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.

At 31 March 2025 the partnership had net current liabilities of £47,329 (2024 - £43,352). The partnership relies on the continued support of the members to finance its day to day working capital requirements. The members consider it appropriate to prepare the statements on the going concern basis as they expect that this support will continue in the future.

RENTAL INCOME

Rental income represents rents receivable during the year, excluding value added tax.

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

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

3.

EMPLOYEES

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

450,000

NET BOOK VALUE

At 31 March 2025

450,000

At 31 March 2024

450,000

Investment property with a value of £450,000 (2024 - £450,000) have been pledged to secure the borrowings of the company.

The directors consider that there has been no material movement in valuation from this date.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Other debtors

21,416

34,584

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Taxation and social security

2,724

133

Other creditors

85,864

89,274

88,588

89,407

7.	SECURED DEBTS

The Clydesdale Bank holds a bond and floating charge over all the assets of the LLP. It also holds a standard security over a 75% share of the investment property.

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members are subordinated to other liabilities.