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Registration number: SC289146

JLS Associates Independent Financial Advisers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

JLS Associates Independent Financial Advisers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

JLS Associates Independent Financial Advisers Limited

Company Information

Directors

Mr Gordon Smith

Mrs Jacqueline Smith

Company secretary

Mr Gordon Smith

Registered office

Mansfield Stables
Strathmiglo
Cupar
KY13 7QE

Accountants

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

 

JLS Associates Independent Financial Advisers Limited

(Registration number: SC289146)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

5

1,595

2,295

Current assets

 

Debtors

6

140,100

140,980

Cash at bank and in hand

 

556,896

493,126

 

696,996

634,106

Creditors: Amounts falling due within one year

7

(69,923)

(58,803)

Net current assets

 

627,073

575,303

Net assets

 

628,668

577,598

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

628,568

577,498

Shareholders' funds

 

628,668

577,598

 

JLS Associates Independent Financial Advisers Limited

(Registration number: SC289146)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 Board on 8 March 2024 and signed on its behalf by:
 

.........................................
Mr Gordon Smith
Company secretary and director

.........................................
Mrs Jacqueline Smith
Director

 

JLS Associates Independent Financial Advisers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Mansfield Stables
Strathmiglo
Cupar
KY13 7QE

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

The turnover shown in the profit and loss account represents commissions and fee income received in the year.

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 balance sheet 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.

 

JLS Associates Independent Financial Advisers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Office furniture

15% reducing balance

Computer equipment

33% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

JLS Associates Independent Financial Advisers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

JLS Associates Independent Financial Advisers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023 and 31 December 2023

160,000

160,000

Amortisation

At 1 January 2023 and 31 December 2023

160,000

160,000

Carrying amount

At 31 December 2022 and 31 December 2023

-

-

5

Tangible Assets

Equipment
 £

Total
£

Cost or valuation

At 1 January 2023 and at 31 December 2023

15,162

15,162

Depreciation

At 1 January 2023

12,867

12,867

Charge for the year

700

700

At 31 December 2023

13,567

13,567

Carrying amount

At 31 December 2023

1,595

1,595

At 31 December 2022

2,295

2,295

6

Debtors

Current

2023
£

2022
£

Other debtors

140,100

140,980

 

JLS Associates Independent Financial Advisers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Directors current accounts

24,319

10,735

Taxation and social security

1,017

1,069

Corporation tax

43,294

45,706

Accruals and deferred income

1,293

1,293

69,923

58,803

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100