Company registration number 06783589 (England and Wales)
BENNETT JONES LIMITED (FORMERLY ADAMS PICKARD LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BENNETT JONES LIMITED (FORMERLY ADAMS PICKARD LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BENNETT JONES LIMITED (FORMERLY ADAMS PICKARD LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,333
23,281
Investments
4
100
100
19,433
23,381
Current assets
Debtors falling due after more than one year
5
191,509
Debtors falling due within one year
5
3,514,185
1,985,159
Cash at bank and in hand
163,006
408,835
3,868,700
2,393,994
Creditors: amounts falling due within one year
6
(3,526,328)
(2,112,092)
Net current assets
342,372
281,902
Total assets less current liabilities
361,805
305,283
Creditors: amounts falling due after more than one year
7
(138,000)
Provisions for liabilities
(4,833)
(4,391)
Net assets
218,972
300,892
Capital and reserves
Called up share capital
533,333
533,333
Profit and loss reserves
(314,361)
(232,441)
Total equity
218,972
300,892
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 June 2022 and are signed on its behalf by:
Mr G J Mullarkey
Mr M P Smith
Director
Director
Company Registration No. 06783589
BENNETT JONES LIMITED (FORMERLY ADAMS PICKARD LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Bennett Jones Limited (Formerly Adams Pickard Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 18-22 Lloyd Street, Manchester, M2 5WA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
These financial statements are prepared on the going concern basis. The Directors acknowledge that the company is reliant on the continuing support of its funding providers, and are confident that all existing facilities will be renewed. Although the accounts show that the company has negative profit and loss reserves, detailed forecasts have been prepared that show this positive by the end of the next financial year. The directors are also confident that the company is able to continue as a going concern due to the company's ability to realise future income from supervisor fees in relation to existing cases.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown gross.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion of the voluntary arrangement. Amounts are billed on a fixed fee basis. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and are subsequently measured at cost less depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
Computer equipment
4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
BENNETT JONES LIMITED (FORMERLY ADAMS PICKARD LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Investments are measured at transaction price excluding transaction costs. Transaction costs are expensed to profit or loss as incurred. Any changes in fair value would be recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic 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 balance sheet when the company becomes party to the contractual provisions of the instrument.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and 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. Financial assets classified as receivable within one year are not amortised.
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.
BENNETT JONES LIMITED (FORMERLY ADAMS PICKARD LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and other borrowings 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BENNETT JONES LIMITED (FORMERLY ADAMS PICKARD LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
38
24
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2021
32,191
Additions
5,017
At 31 December 2021
37,208
Depreciation and impairment
At 1 January 2021
8,910
Depreciation charged in the year
8,965
At 31 December 2021
17,875
Carrying amount
At 31 December 2021
19,333
At 31 December 2020
23,281
BENNETT JONES LIMITED (FORMERLY ADAMS PICKARD LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 January 2021 & 31 December 2021
100
Carrying amount
At 31 December 2021
100
At 31 December 2020
100
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
7,152
6,293
Other debtors
3,507,033
1,978,866
3,514,185
1,985,159
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
170,752
Deferred tax asset
20,757
191,509
Total debtors
3,705,694
1,985,159
BENNETT JONES LIMITED (FORMERLY ADAMS PICKARD LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
69,624
71,113
Amounts owed to group undertakings
2,963,420
1,592,046
Taxation and social security
39,571
40,320
Other creditors
453,713
408,613
3,526,328
2,112,092
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
138,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Jonathan Pinder and the auditor was MHA Moore and Smalley.
9
Financial commitments, guarantees and contingent liabilities
The company has in place a guarantee for a loan in the name of its subsidiary which is secured by fixed and floating charges over the assets of the company and its subsidiary company.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
544,792
353,107
11
Related party transactions
The company has taken advantage of the exemption permitted under Section 1A paragraph 35C from disclosing transactions with its subsidiary.
2021-12-312021-01-01false22 June 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityThis audit opinion is unqualifiedMr G J MullarkeyMr M P SmithMr A M Hayes067835892021-01-012021-12-31067835892021-12-31067835892020-12-3106783589core:OtherPropertyPlantEquipment2021-12-3106783589core:OtherPropertyPlantEquipment2020-12-3106783589core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3106783589core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3106783589core:WithinOneYear2021-12-3106783589core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3106783589core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3106783589core:CurrentFinancialInstruments2021-12-3106783589core:CurrentFinancialInstruments2020-12-3106783589core:ShareCapital2021-12-3106783589core:ShareCapital2020-12-3106783589core:RetainedEarningsAccumulatedLosses2021-12-3106783589core:RetainedEarningsAccumulatedLosses2020-12-3106783589bus:Director12021-01-012021-12-3106783589bus:Director22021-01-012021-12-3106783589core:FurnitureFittings2021-01-012021-12-3106783589core:ComputerEquipment2021-01-012021-12-31067835892020-01-012020-12-3106783589core:OtherPropertyPlantEquipment2020-12-3106783589core:OtherPropertyPlantEquipment2021-01-012021-12-3106783589core:WithinOneYear2020-12-3106783589core:AfterOneYear2021-12-3106783589core:AfterOneYear2020-12-3106783589core:Non-currentFinancialInstruments2021-12-3106783589core:Non-currentFinancialInstruments2020-12-3106783589bus:PrivateLimitedCompanyLtd2021-01-012021-12-3106783589bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3106783589bus:FRS1022021-01-012021-12-3106783589bus:Audited2021-01-012021-12-3106783589bus:Director32021-01-012021-12-3106783589bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP