JAM_PORTFOLIO_LIMITED - Accounts

JAM PORTFOLIO LTD - Company Information

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Company Registration No. 8558354 (England and Wales)

JAM PORTFOLIO LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

JAM PORTFOLIO LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

JAM PORTFOLIO LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

2,136,974

2,299,695

Current assets

Debtors

2,314

3,615

Cash at bank and in hand

29,378

31,692

3,615

Creditors: amounts falling due within one year

(102,052)

(113,001)

Net current liabilities

(70,360)

(109,386)

Total assets less current liabilities

2,066,614

2,190,309

Creditors: amounts falling due after more than one year

(1,027,941)

(1,194,724)

1,038,673

995,585

Capital and reserves

Called up share capital

9,000

Share premium account

951,004

Profit and loss account

78,669

35,581

Shareholders' funds

1,038,673

995,585

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 December 2016

Mr A R Morgan

Director

Company Registration No. 8558354

JAM PORTFOLIO LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts invoiced during the period for rent.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

15%

Investment properties are included at their approximate open market value, based on valuations prepared by the directors at the year end.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.5

Succession Trust

In accordance with UITF abstract 32 "Employee Benefit Trusts and other intermediate payment arrangements" the Company does not include the assets and liabilities of the Trust on its balance sheet to the extent that it considers that it will not retain any economic benefit from the assets of the Trust and will not have control of the rights or other access to those present economic benefits.

JAM PORTFOLIO LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2015

2,304,043

Additions

21,116

Disposals

(181,014)

At 31 March 2016

2,144,145

Depreciation

At 1 April 2015

4,349

Charge for the year

2,822

At 31 March 2016

7,171

Net book value

At 31 March 2016

2,136,974

At 31 March 2015

2,299,695

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £72,115).

Bank loans are secured by a fixed and floating charge over the assets of the company.

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £1,194,724).

JAM PORTFOLIO LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 4 -

Share capital

2016

2015

Allotted, called up and fully paid

3,000 Ordinary shares of £2 each

6,000

1,485 Ordinary redeemable shares of £2 each

2,970

15 Preference shares of £2 each

9,000

During the year the Company established a Succession Trust, The JAM Portfolio Limited Succession Trust.

Subsequently John Michael Robert Anderson gifted 1,500 Ordinary £1 shares and John Alun Richard Morgan gifted 1,500 Ordinary £1 shares in the Company to the Trust.

Under the terms of the trust deed the shareholders of the Company are excluded beneficiaries of the Trust such that the Trustees may not apply the Trust property for their benefit.

Related party relationships and transactions

At the year end, the company was owed £Nil (2015: £1,022) from a business in which the directors Mr A Morgan and Mr M Anderson are partners.

During the year AMA Properties Limited, a company with common directors, provided services amounting to £Nil (2015 £40,832)

During the year management charges amounting to £30,000 (2015: £30,000) paid to Secure Arm Limited, a company in which Mr A Morgan is a director.