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REGISTERED NUMBER: 01106314 (England and Wales)















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: Sir Martin Sorrell
M.R.A. Sorrell





SECRETARY: M.R.A. Sorrell





REGISTERED OFFICE: 4 Quex Road
London
NW6 4PJ





REGISTERED NUMBER: 01106314 (England and Wales)





ACCOUNTANTS: Purcells
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 1,574,207 1,634,022
Investments 4 24,262,530 28,283,222
25,836,737 29,917,244

CURRENT ASSETS
Debtors 5 36,649 27,673
Cash at bank 798,010 993,868
834,659 1,021,541
CREDITORS
Amounts falling due within one year 6 340,670 190,135
NET CURRENT ASSETS 493,989 831,406
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,330,726

30,748,650

CREDITORS
Amounts falling due after more than one
year

7

1,667,852

2,599,973
NET ASSETS 24,662,874 28,148,677

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 5,263,642 9,237,421
Retained earnings 8 19,399,132 18,911,156
SHAREHOLDERS' FUNDS 24,662,874 28,148,677

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 28 March 2024 and were signed on its behalf by:





Sir Martin Sorrell - Director


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
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 Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 1 (2022 - 1 ) .

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 445,003 1,250,000 7,939 1,702,942
Revaluation adjustment (57,615 ) - - (57,615 )
At 31 March 2023 387,388 1,250,000 7,939 1,645,327
DEPRECIATION
At 1 April 2022 - 60,983 7,937 68,920
Charge for year - 2,200 - 2,200
At 31 March 2023 - 63,183 7,937 71,120
NET BOOK VALUE
At 31 March 2023 387,388 1,186,817 2 1,574,207
At 31 March 2022 445,003 1,189,017 2 1,634,022

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 154,588 146,731
340,670 190,135

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 202211,837,394(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:
31.3.2331.3.22
£ £
Balance at 1 April 2022/ 1 April 202118,911,1569,054,250
Distribution in specie-9,343,351
Dividend income669,595526,912
Net profit/ (loss) for the year (181,619) (13,312)

Balance at 31 March 2023/31 March 2022 19,399,132 18,911,156