Company No: SO301177 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Investment property	3	1,100,000		1,050,000
		1,100,000		1,050,000
Current assets
Debtors	4	35,672		34,108
Cash at bank and in hand		9,477		7,087
		45,149		41,195
Creditors: amounts falling due within one year	5	( 19,242)		( 19,809)
Net current assets		25,907		21,386
Total assets less current liabilities		1,125,907		1,071,386
Net assets attributable to members		1,125,907		1,071,386
Represented by
Loans and other debts due to members within one year
Other amounts		713,686		659,165
		713,686		659,165
Members' other interests
Members' capital classified as equity		412,221		412,221
		412,221		412,221
		1,125,907		1,071,386
Total members' interests
Loans and other debts due to members		713,686		659,165
Members' other interests		412,221		412,221
		1,125,907		1,071,386

For the financial year ending 31 March 2026 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Jemres LLP (registered number: SO301177) were approved and authorised for issue by the members on 10 September 2026. They were signed on its behalf by:

I.S.M (Dundee) Limited Designated member

K D Developments (Scotland) Limited Designated member

1. Accounting policies

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.

General information and basis of accounting

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 LLPs subject to the small LLPs regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in May 2024 (SORP 2024).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Turnover

Turnover represents rentals receivable under operating leases net of VAT and other relevant charges.

Impairment of assets

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.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

The fair value is determined annually by the members, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

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 assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Members' participation rights

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 as required 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 Balance Sheet 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 Balance Sheet within 'Members' other interests'.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the LLP during the year	0		0

3. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	1,050,000
Fair value movement	50,000
As at 31 March 2026	1,100,000

The properties, all of which are under operating leases, were valued at 31 March 2026 by the members on an open market basis following the completion of an external valuation being undertaken by Graham & Sibbald dated 17 November 2025. The historic cost of the properties is £977,779.

4. Debtors

	2026		2025
	£		£
Trade debtors	35,672		34,108

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Other taxation and social security	5,945		6,035
Other creditors	13,297		13,774
	19,242		19,809