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REGISTERED NUMBER: OC364537 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

JERMAN, SAMUELS & PEARSON LLP

JERMAN, SAMUELS & PEARSON LLP (REGISTERED NUMBER: OC364537)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JERMAN, SAMUELS & PEARSON LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DESIGNATED MEMBERS: M C Jerman
S Samuels
I R Clift
Miss B E Brown
C S Denniss





REGISTERED OFFICE: Suite 5, 4A Southchurch Road
Southend on Sea
Essex
SS1 2NE





REGISTERED NUMBER: OC364537 (England and Wales)





ACCOUNTANTS: Segrave & Partners LLP
Chartered Accountants
Turnpike House
1208/1210 London Road
Leigh on Sea
Essex
SS9 2UA

JERMAN, SAMUELS & PEARSON LLP (REGISTERED NUMBER: OC364537)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 117,838 85,462

CURRENT ASSETS
Stocks 596,043 417,556
Debtors 5 133,110 90,281
Cash at bank and in hand 281,268 536,592
1,010,421 1,044,429
CREDITORS
Amounts falling due within one year 6 701,329 828,728
NET CURRENT ASSETS 309,092 215,701
TOTAL ASSETS LESS CURRENT
LIABILITIES

426,930

301,163

CREDITORS
Amounts falling due after more than one
year

7

93,791

60,026
NET ASSETS ATTRIBUTABLE TO
MEMBERS

333,139

241,137

LOANS AND OTHER DEBTS DUE TO
MEMBERS

333,139

241,137

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 333,139 241,137

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 May 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

JERMAN, SAMUELS & PEARSON LLP (REGISTERED NUMBER: OC364537)

BALANCE SHEET - continued
31 MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 6 December 2023 and were signed by:





M C Jerman - Designated member

JERMAN, SAMUELS & PEARSON LLP (REGISTERED NUMBER: OC364537)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

JERMAN, SAMUELS & PEARSON LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 24 (2022 - 24 ) .

JERMAN, SAMUELS & PEARSON LLP (REGISTERED NUMBER: OC364537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2022 75,299 156,944 232,243
Additions 4,908 77,640 82,548
Disposals - (55,689 ) (55,689 )
At 31 May 2023 80,207 178,895 259,102
DEPRECIATION
At 1 June 2022 52,960 93,821 146,781
Charge for year 5,449 44,723 50,172
Eliminated on disposal - (55,689 ) (55,689 )
At 31 May 2023 58,409 82,855 141,264
NET BOOK VALUE
At 31 May 2023 21,798 96,040 117,838
At 31 May 2022 22,339 63,123 85,462

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 127,517 84,450
Other debtors 4,000 4,000
Prepayments 1,593 1,831
133,110 90,281

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 207,219 223,574
Loans 195,000 255,000
Hire purchase contracts (see note 8) 28,748 12,064
Social security and other taxes 15,018 17,734
VAT 87,936 99,797
Other creditors 34,782 127,004
Client indebtedness 76,205 60,465
Accrued expenses 56,421 33,090
701,329 828,728

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 93,791 60,026

JERMAN, SAMUELS & PEARSON LLP (REGISTERED NUMBER: OC364537)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 28,748 12,064
Between one and five years 93,791 60,026
122,539 72,090

Non-cancellable operating leases
2023 2022
£    £   
Within one year 61,400 48,900

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 207,219 223,574
Hire purchase contracts 122,539 72,090
329,758 295,664

The bank overdraft is personally guaranteed by the members, whilst the hire purchase contracts are secured against the items to which they relate.