Jones FM LLP Small abridged accounts

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Jones FM LLP have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

REGISTERED NUMBER: OC374869

Jones FM LLP

Filleted Unaudited Abridged Financial Statements

31 May 2017

Jones FM LLP

Abridged Financial Statements

Year ended 31 May 2017

Contents	Pages

Abridged statement of financial position	1 to 2

Notes to the abridged financial statements	3 to 6

Jones FM LLP

Abridged Statement of Financial Position

31 May 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		351,982	85,336

Current assets

Debtors	613,240	723,883
Cash at bank and in hand	406,119	115,217
	------------	---------
	1,019,359	839,100

Creditors: amounts falling due within one year	932,465		783,491
	------------		---------
Net current assets		86,894	55,609
		---------	---------
Total assets less current liabilities		438,876	140,945

Creditors: amounts falling due after more than one year	300,908	51,720
	---------	---------
Net assets	137,968	89,225
	---------	---------

Represented by:

Loans and other debts due to members

Other amounts	6		135,968	87,225

Members' other interests

Members' capital classified as equity	2,000	2,000
Other reserves	–	–
	---------	--------
	137,968	89,225
	---------	--------

Total members' interests

Loans and other debts due to members	6	135,968	87,225
Members' other interests		2,000	2,000
		---------	--------
		137,968	89,225
		---------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' 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 (as applied to LLPs), the abridged income statement has not been delivered.

For the year ending 31 May 2017 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) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of abridged financial statements .

Jones FM LLP

Abridged Statement of Financial Position (continued)

31 May 2017

These abridged financial statements were approved by the members and authorised for issue on 21 February 2018 , and are signed on their behalf by:

Christopher James Jones

Designated Member

Registered number: OC374869

Jones FM LLP

Notes to the Abridged Financial Statements

Year ended 31 May 2017

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Corinthian House, Cotton Lake, Galleon Boulevard, Crossways Business Park, Kent, DA2 6QE.

2.	Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).

3.	Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged 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 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the abridged income statement in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the abridged statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the abridged income statement and are equity appropriations in the abridged statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the abridged statement of financial position within 'Loans and other debts due to members' and are charged to the abridged income statement within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.

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:

Plant & Machinery	-	20% reducing balance
Fixtures & Fittings	-	20% reducing balance
Motor Vehicles	-	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 LLP are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 56 (2016: 47 ).

5.	Tangible assets

	£
Cost
At 1 June 2016	122,428
Additions	304,868
	---------
At 31 May 2017	427,296
	---------
Depreciation
At 1 June 2016	37,092
Charge for the year	38,222
	---------
At 31 May 2017	75,314
	---------
Carrying amount
At 31 May 2017	351,982
	---------
At 31 May 2016	85,336
	---------

6.	Loans and other debts due to members

	2017	2016
	£	£
Loans from members	39,005	39,005
Amounts owed to members in respect of profits	96,963	48,220
	---------	--------
	135,968	87,225
	---------	--------

7.	Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The LLP transitioned to FRS 102 on 1 June 2015.

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