Jamail Limited - Period Ending 2018-04-05

Registration number: SC035028

Jamail Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2018

Brown, Scott & Main
91 West Savile Terrace
Edinburgh
EH9 3DP

Jamail Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 6

Jamail Limited

Company Information

Director

Mr James Alexander Calder

Company secretary

Mr James Alexander Calder

Registered office Registered number

79/6 Braid Avenue Edinburgh Lothian EH10 6ED SC035028 (Scotland)

Bankers

Bank of Scotland 426 Morningside Road Edinburgh Lothian EH10 5QF

Accountants

Brown, Scott & Main 91 West Savile Terrace Edinburgh EH9 3DP

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of Jamail Limited
For the Year Ended 5 April 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jamail Limited for the year ended 5 April 2018 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Jamail Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.

It is your duty to ensure that Jamail Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Jamail Limited. You consider that Jamail Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Jamail Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brown, Scott & Main
91 West Savile Terrace
Edinburgh
EH9 3DP

26 November 2018

Page 2

Jamail Limited

(Registration number: SC035028)
Balance Sheet as at 5 April 2018

	Note	2018 £	2017 £
Fixed assets
Other financial assets	4	147,693	144,246
Current assets
Cash at bank and in hand		73,314	69,124
Creditors: Amounts falling due within one year	5	(1,350)	(1,320)
Net current assets		71,964	67,804
Total assets less current liabilities		219,657	212,050
Provisions for liabilities		(11,211)	(10,525)
Net assets		208,446	201,525
Capital and reserves
Called up share capital	7	500	500
Capital redemption reserve		20,665	20,665
Fair value reserve		82,804	80,043
Profit and loss account		104,477	100,317
Total equity		208,446	201,525

For the financial year ending 5 April 2018 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 his 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 24 November 2018
 

.........................................

Mr James Alexander Calder
Company secretary and director

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

Jamail Limited

Notes to the Financial Statements for the Year Ended 5 April 2018

1	General information

The company is a private company limited by share capital, incorporated in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The address of its registered office is:
79/6 Braid Avenue
Edinburgh
Lothian
EH10 6ED
Scotland

2	Accounting policies

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.

Turnover

Turnover is comprised of dividends and of interest from fixed asset investments. Dividend income, interest from fixed interest securities and from bank deposits are stated on a gross basis with tax deducted at source, where applicable, forming part of the tax charge.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date and reflects tax payable on unrealised gains on listed investments.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Page 4

Jamail Limited

Notes to the Financial Statements for the Year Ended 5 April 2018

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is charged so as to write off the cost of the asset less its residual value over its useful life at the following rate:

Asset class	Depreciation method and rate
	20% per annum on the straight line basis

Investments

Fixed asset investments comprise listed equities and are stated at fair valuation based on market value at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value during the year is recognised in profit or loss. This is transferred, for easy of identification, to a fair revaluation reserve which displays the cumulative unrealised surplus on revaluation. A statement of changes in equity is shown on page 7..

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 6 April 2017	1,200	1,200
At 5 April 2018	1,200	1,200
Depreciation
At 6 April 2017	1,200	1,200
At 5 April 2018	1,200	1,200
Carrying amount
At 5 April 2018	-	-

4	Other financial assets (current and non-current)

	Fixed asset investments £	Total £
Non-current financial assets
Cost or valuation
At 6 April 2017	144,246	144,246
Fair value adjustments	3,447	3,447
At 5 April 2018	147,693	147,693
Impairment
Carrying amount
At 5 April 2018	147,693	147,693

Page 5

Jamail Limited

Notes to the Financial Statements for the Year Ended 5 April 2018

5

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Other creditors	1,350	1,320

6	Provision for liabilities

	2018		2017
	£		£
Deferred tax	11,211		10,525
	11,211		10,525

		Deferred
		tax
		£
Balance at 6th April	2018	10,525
Provided during year		686
Balance at 6th April	2017	11,211

The deferred tax provision arises from deferred tax on fair value gains on fixed asset investments.

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary Shares of £1 each	500	500	500	500

8	Ultimate controlling party

The ultimate controlling party is J A Calder.

Page 6