JMB Research Limited - Period Ending 2017-03-31

Registration number: 08955861

JMB Research Limited

Unaudited Financial Statements

for the Year Ended 31 March 2017

mca business
Suite 16D The Mclaren Building
46 The Priory Queensway
Birmingham
B4 7LR

JMB Research Limited

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 8

JMB Research Limited

Company Information

Director

Ms Jaquie Eames

Registration number

08955861

Registered office

Beauchamp House 1 Kenilworth Road Leamington Spa CV32 5TG

Accountants

mca business Suite 16D The Mclaren Building 46 The Priory Queensway Birmingham B4 7LR

Page 1

JMB Research Limited

(Registration number: 08955861)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	464	916
Current assets
Debtors	4	16,976	2,395
Cash at bank and in hand		25,810	14,454
		42,786	16,849
Creditors: Amounts falling due within one year	5	(29,001)	(10,541)
Net current assets		13,785	6,308
Net assets		14,249	7,224
Capital and reserves
Called up share capital		100	100
Profit and loss account		14,149	7,124
Total equity		14,249	7,224

For the financial 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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 October 2017
 

Ms Jaquie Eames

Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

JMB Research Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	100	7,124	7,224
Profit for the year	-	46,525	46,525
Total comprehensive income	-	46,525	46,525
Dividends	-	(39,500)	(39,500)
At 31 March 2017	100	14,149	14,249

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	100	6,271	6,371
Profit for the year	-	31,353	31,353
Total comprehensive income	-	31,353	31,353
Dividends	-	(30,500)	(30,500)
At 31 March 2016	100	7,124	7,224

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

JMB Research Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture & fittings	25% on Cost
Computer Equipment	33% on cost

Page 4

JMB Research Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basis Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other Financial Assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
 

Classification of Financial Liabilities
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 company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt Instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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JMB Research Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Impairment of Financial Assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of Financial Assets
Financial asserts are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
 

Other Financial Liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of Financial Liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
 

2	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

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JMB Research Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	1,533	1,533
At 31 March 2017	1,533	1,533
Depreciation
At 1 April 2016	616	616
Charge for the year	453	453
At 31 March 2017	1,069	1,069
Carrying amount
At 31 March 2017	464	464
At 31 March 2016	916	916

4

Debtors

	2017 £	2016 £
Trade debtors	16,976	2,376
Other debtors	-	19
Total current trade and other debtors	16,976	2,395

5

Creditors

	Note	2017 £	2016 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7	8,116	104
Taxation and social security		4,139	2,475
Other creditors		16,746	7,962
		29,001	10,541

Page 7

JMB Research Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

6	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary A of £1 each	50	50	100	100
Ordinary B of £1 (2016 - £0) each	50	50	-	-
	100	100	100	100

7	Related party transactions

Transactions with directors

Other transactions with directors

At the year end, amount due to director is £8,116 (2016 : £104).

8	Transition to FRS 102

This is the first year that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102), the financial reporting standard applicable in the UK and Republic of Ireland.

The date of transition was 01/04/2016, and there were minimal changes required to the company’s accounting policies.

There is no difference between the financial position or financial performance as a result of the transition.

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