Jasper Morrison Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03454208 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 March 2020

for

Jasper Morrison Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J C Morrison

SECRETARY:

Fuller Harvey Ltd

REGISTERED OFFICE:

Mill House

58 Guildford Street

Chertsey

Surrey

KT16 9BE

REGISTERED NUMBER:

03454208 (England and Wales)

ACCOUNTANTS:

Fuller Spurling

Mill House

58 Guildford Street

Chertsey

Surrey

KT16 9BE

FIXED ASSETS

Intangible assets

4

2,340,000

2,730,000

Tangible assets

5

958,691

994,279

3,298,691

3,724,279

CURRENT ASSETS

Stocks

61,419

60,062

Debtors

6

536,083

416,232

Cash at bank and in hand

1,688,932

1,215,175

2,286,434

1,691,469

CREDITORS

Amounts falling due within one year

7

3,049,993

3,476,236

NET CURRENT LIABILITIES

(763,559

)

(1,784,767

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,535,132

1,939,512

CREDITORS

Amounts falling due after more than one year

8

336,152

359,675

NET ASSETS

2,198,980

1,579,837

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,198,880

1,579,737

SHAREHOLDERS' FUNDS

2,198,980

1,579,837

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 October 2020 and were signed by:

J C Morrison - Director

1.	STATUTORY INFORMATION

Jasper Morrison Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Reconciliation with previous Generally Accepted Accounting Practice

In preparing the accounts, the directors have considered whether in applying the accounting policies required by

FRS 102 the restatement of comparative items was required, and have determined that no restatements were

required. In accordance with the requirements of FRS 102 a reconciliation of opening balances is therefore not

needed.

Turnover

Turnover represents net invoiced sales of goods and services, together with royalties received, net of value added

tax.

Turnover of goods is measured at the fair value of the consideration received or receivable.

Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods is recognised when goods are delivered and legal title has passed.

Turnover of services is measured at the fair value of the consideration received or receivable and is recognised as

services are provided.

Where invoices are issued which cover a period which extends beyond the year end, the relevant proportion is

credited to the income statement for the period and the amount in advance is carried forward in creditors.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Royalty licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Short leasehold

-

Straight line over 12 years

Archived designs

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation represents the sum of tax currently payable, and deferred tax if material.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively

enacted by the end of the reporting period.

Deferred tax, where material, is recognised on all timing differences between the carrying amounts of assets and

liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the

extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset

to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which

the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or

substantively enacted by the end of the reporting period.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors

Creditors, provisions and accrued costs are recognised where the company has a present obligation resulting

from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the

obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their

settlement amount after allowing for any trade discounts due.

Cash at bank and in hand

Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less

from the date of acquisition or opening of the deposit or similar account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2019

and 31 March 2020

3,900,000

AMORTISATION

At 1 April 2019

1,170,000

Charge for year

390,000

At 31 March 2020

1,560,000

NET BOOK VALUE

At 31 March 2020

2,340,000

At 31 March 2019

2,730,000

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Archived

property

leasehold

designs

£

£

£

COST

At 1 April 2019

1,293,184

8,875

67,495

Additions

-

-

208

Disposals

-

-

-

At 31 March 2020

1,293,184

8,875

67,703

DEPRECIATION

At 1 April 2019

353,199

8,875

24,689

Charge for year

25,863

-

13,540

Eliminated on disposal

-

-

-

At 31 March 2020

379,062

8,875

38,229

NET BOOK VALUE

At 31 March 2020

914,122

-

29,474

At 31 March 2019

939,985

-

42,806

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

2,895

23,106

1,395,555

Additions

728

11,188

12,124

Disposals

(349

)

(3,680

)

(4,029

)

At 31 March 2020

3,274

30,614

1,403,650

DEPRECIATION

At 1 April 2019

2,070

12,443

401,276

Charge for year

655

7,654

47,712

Eliminated on disposal

(349

)

(3,680

)

(4,029

)

At 31 March 2020

2,376

16,417

444,959

NET BOOK VALUE

At 31 March 2020

898

14,197

958,691

At 31 March 2019

825

10,663

994,279

Freehold property is held under mortgage finance.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

130,435

21,829

Other debtors

5,190

264

VAT

4,110

2,604

Prepayments and accrued income

396,348

391,535

536,083

416,232

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

24,455

24,445

Trade creditors

8,809

4,856

Corporation tax

143,679

133,438

Social security and other taxes

7,554

7,905

Other creditors

1,502

1,195

Directors' current accounts

2,860,744

3,301,147

Accrued expenses

3,250

3,250

3,049,993

3,476,236

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans - 2-5 years

103,453

103,453

Bank loans - over 5 years

232,699

256,222

336,152

359,675

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - over 5 years

232,699

256,222

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank loans

360,607

384,120