REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
J.M.S. Financial Services Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
J.M.S. Financial Services Limited |
J.M.S. Financial Services Limited (Registered number: 01106314) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
J.M.S. Financial Services Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 Quex Road |
London |
NW6 4PJ |
J.M.S. Financial Services Limited (Registered number: 01106314) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company. |
J.M.S. Financial Services Limited (Registered number: 01106314) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
J.M.S. Financial Services Limited (Registered number: 01106314) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets and depreciation |
The freehold investment property is stated at market value and any surplus on revaluation is credited to the profit and loss account as a non distributable reserve. |
Other tangible fixed assets are stated at cost or valuation, less depreciation. Depreciation is provided at rates calculated to write off the assets concerned over their expected useful lives, as follows: |
Leasehold investment property - Over the period of the lease |
Fixtures, fittings and equipment - 20% on a straight line basis |
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. |
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. |
Investments |
Fixed asset investments are stated at cost less provision for any permanent diminution in value. |
Pensions |
The company operates a defined contribution pensions scheme, the assets of which are held separately from the company and administered by trustees. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
J.M.S. Financial Services Limited (Registered number: 01106314) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | TANGIBLE FIXED ASSETS |
Long | Fixtures, |
Freehold | leasehold | fittings |
investment | investment | and |
property | property | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Revaluation adjustment | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The investment properties were revalued at 31 March 2023 by the company's directors on an open market value basis for existing use. If these properties were not included at valuation, they would be included under the historical cost convention at their original cost of £38,713 and £247,525 for the freehold and leasehold property, respectively. |
4. | FIXED ASSET INVESTMENTS |
31.3.23 | 31.3.22 |
£ | £ |
Share in subsidiary company | 1 | 1 |
Shares in related company | 2,275 | 2,275 |
Listed investments at Market Value | 23,432,661 | 28,280,946 |
Unquoted investments | 827,593 | - |
24,262,530 | 28,283,228 |
The historical cost of the listed shares is £17,852,317 (2022: £17,852,317) |
The share in subsidiary company comprises the holding of 100% of the issued share capital of JMS Financial Services (No. 2) Limited, a company incorporated in Great Britain, whose principal activity is listed share investment. On March 2022 subsidiary made a distribution in specie of its entire holding of quoted shares which has a market value on 31st March 2023 of £19,,034,249 (2022:£19,915,869). |
The shares in related company comprise the holding of 19.9% of the issued share capital of Marobjon SCI, a French registered company. |
JMS Financial Services made a commitment of $3,500,000 to S4S Venture Fund. This will be drawn down as required by the fund and the amount of £827,593 has been recognised at year end 31st March 2023. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other debtors | 36,649 | 27,673 |
J.M.S. Financial Services Limited (Registered number: 01106314) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Directors' current account | 186,082 | 43,404 |
Other creditors and accruals |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 1,667,852 | 2,599,973 |
8. | RESERVES |
Fair value reserve: investments | Deferred tax | Total fair value reserve |
£ | £ | £ |
Balance at 1 April 2022 | 11,837,394 | (2,599,973 | ) | 9,237,421 |
Increase/(decrease) in fair value reserve/ deferred tax provision | (4,905,900 | ) | 932,121 | (3,973,779 | ) |
Balance at 31 March 2023 | 6,931,494 | (1,667,852 | ) | 5,263,642 |
Retained earnings: |
31.3.23 | 31.3.22 |
£ | £ |
Balance at 1 April 2022/ 1 April 2021 | 18,911,156 | 9,054,250 |
Distribution in specie | - | 9,343,351 |
Dividend income | 669,595 | 526,912 |
Net profit/ (loss) for the year | (181,619 | ) | (13,312 | ) |
Balance at 31 March 2023/31 March 2022 | 19,399,132 | 18,911,156 |