The Jamesons Partnership Limited Company Accounts

TC NORTH ESSEX LIMITED - Company Information

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Company Registration Number: 04378368

	The Jamesons Partnership Limited

	Filleted Unaudited Financial Statements

	For the year ended

	31 March 2017

The Jamesons Partnership Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The Jamesons Partnership Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	441,517	490,989
Tangible assets	6	44,437	46,433
		----------	----------
		485,954	537,422

Current assets

Stocks		3,365	3,128
Debtors	7	393,605	356,134
Cash at bank and in hand		141,020	164,065
		----------	----------
		537,990	523,327

Creditors: amounts falling due within one year	8	277,718		241,188
		----------		----------
Net current assets			260,272	282,139
			----------	----------
Total assets less current liabilities			746,226	819,561

Creditors: amounts falling due after more than one year	9		522,300	632,910

Provisions

Taxation including deferred tax	6,564	6,875
	----------	----------
Net assets	217,362	179,776
	----------	----------

The Jamesons Partnership Limited

Statement of Financial Position (continued)

31 March 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	10	900	900
Capital redemption reserve		76,800	–
Profit and loss account		139,662	178,876
		----------	----------
Members funds		217,362	179,776
		----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 March 2017 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 financial statements were approved by the board of directors and authorised for issue on 21 August 2017 , and are signed on behalf of the board by:

Mr R W Kerry	Mr W J Wilson
Director	Director

Company registration number: 04378368

The Jamesons Partnership Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 92 Station Road, Clacton on Sea, Essex, CO15 1SG.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis in accordance with the accounting policies set out below.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

The turnover shown in the income statement represents amounts invoiced plus commissions received during the period in the normal course of business, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computer and IT equipment	-	50% reducing balance
Fixtures and other equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

The stocks of stationery and computer consumables are measured at the lower of cost and net realisable value.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. All finance costs are charged in the income statement.

Pension costs

The company operates a defined contribution pension scheme for certain employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The annual contributions payable are charged to the income statement.

4. Employee numbers

The average number of people employed by the company during the year, including the directors, was 25 (2016: 24 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2016	936,413
Additions	( 3,119)
	----------
At 31 March 2017	933,294
	----------
Amortisation
At 1 April 2016	445,424
Charge for the year	46,353
	----------
At 31 March 2017	491,777
	----------
Carrying amount
At 31 March 2017	441,517
	----------
At 31 March 2016	490,989
	----------

6. Tangible assets

	Computer and IT equipment	Fixtures and other equipment	Total
	£	£	£
Cost
At 1 April 2016	127,995	55,063	183,058
Additions	22,743	780	23,523
Disposals	( 14,615)	( 5,900)	( 20,515)
	----------	--------	----------
At 31 March 2017	136,123	49,943	186,066
	----------	--------	----------
Depreciation
At 1 April 2016	105,613	31,012	136,625
Charge for the year	19,844	4,722	24,566
Disposals	( 14,417)	( 5,145)	( 19,562)
	----------	--------	----------
At 31 March 2017	111,040	30,589	141,629
	----------	--------	----------
Carrying amount
At 31 March 2017	25,083	19,354	44,437
	----------	--------	----------
At 31 March 2016	22,382	24,051	46,433
	----------	--------	----------

7. Debtors

	2017	2016
	£	£
Trade debtors	359,447	310,138
Other debtors	34,158	45,996
	----------	----------
	393,605	356,134
	----------	----------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	15,825	15,251
Accruals and deferred income	21,608	13,573
Social security and other taxes	163,025	159,940
Director loan accounts	31,625	5,227
Other creditors	45,635	47,197
	----------	----------
	277,718	241,188
	----------	----------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Shares classed as financial liabilities	522,300	599,100
Other creditors	–	33,810
	----------	----------
	522,300	632,910
	----------	----------

10. Called up share capital

Issued, called up and fully paid

2017		2016
No.	£	No.	£

Amounts presented in equity:

Ordinary shares shares of £ 1 each	900	900	900	900
	----	----	----	----

Amounts presented in liabilities:

Preference shares shares of £ 1 each	522,300	522,300	599,100	599,100
	----------	----------	----------	----------

The number of shares outstanding at the year end date for all other classes of shares is consistent with the prior year.

Preference shares represent non-equity interests stated at par value. Dividends are payable at a fixed annual rate of 7% and are cumulative. The preference shares have a priority over ordinary shares in the event of a winding up (to the extent of their par value and the arrears of dividends, if any) and have no vote on the ordinary business of the company provided dividends are not in arrears. The company purchased 38,400 of own preference shares at par on 4 April 2016 wholly out of profits available for distribution. A further 38,400 of own preference shares were purchased at par on 3 October 2016 wholly out of profits available for distribution.

11. Operating leases

The total future commitments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	51,999	48,749
Later than 1 year and not later than 5 years	108,334	154,555
	----------	----------
	160,333	203,304
	----------	----------

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.