Company registration number SC366565 (Scotland)
JUNIPER PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
JUNIPER PARTNERS LIMITED
COMPANY INFORMATION
Directors
S W Paul (Chairman)
S A Budge
S K Davidson
C M Dobson
P J Neville
L Brown
Secretary
H R P Williamson
Company number
SC366565
Registered office
28 Walker Street
Edinburgh
EH3 7HR
Auditor
MHA
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
JUNIPER PARTNERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19
JUNIPER PARTNERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

 

Principal Activities and Status

Juniper Partners Limited (“the Company”) is a private Company limited by shares. The Company was incorporated on 8 October 2009, is domiciled and registered in Scotland and is a general commercial Company.

 

The principal activity of the Company is to provide company secretarial and administration services to investment trust companies.

 

Details of the Company’s MIFIDPRU disclosures can be found at www.junipartners.com/mifidpru-disclosure.

 

At 30 April 2024 the Company’s net assets were £1,916,758 (2023: £1,856,754).

Review of the business

The Company continued to provide company secretarial, accounting and administration services to investment trust companies during the year.

Principal risks and uncertainties

There are a small number of specific risks to which the Company has exposure:

 

 

The Board is satisfied with the performance of the Company and aims to ensure that it continues to provide a high level of service to its clients.

Key performance indicators

The largest source of revenue for the Company is fee income for the company secretarial, accounting and administration services which it provides. This can be used to assess its performance and profitability. Over the year revenue rose by 46% to £4,788,533. Revenue increased owing to the addition of four new clients during the year, as well as a full year's income from a large client taken on in the previous year, which was reflective of the Company’s reputation for its client service. Administrative expenses rose by 50% to £4,450,545, driven by increased staff numbers, office costs, and systems costs to enable the Company to service the new clients. As a result, the Company made a profit of £251,700 compared to a profit of £243,286 in the previous year.

Promoting the success of the company

How the Board meets its obligations under section 172 of the Companies Act

The Directors have a duty to promote the success of the Company for the benefit of its shareholders as a whole. The Directors are required to include a report explaining how they have considered all the requirements and discharged their duties under Section 172(1) of the Companies Act 2006. In doing so the Directors take into account the likely long-term consequences of decisions taken, the need to foster relationships with all stakeholders in the Company and the impact of the Company’s operations on the environment. The report includes the following specific matters which were considered by the Board during the year.

JUNIPER PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

Staff Equity Participation

The Company operates an equity participation scheme whereby qualifying employees may purchase an equity shareholding in the Company. On 31 August 2023 the Board approved the issue of 2,219 new shares to six members. Staff shareholdings represented 17.8% (2023: 17.6%) of the total new shares in issue. The Company reports to its shareholders at biannual business updates and the Company provides an open forum for staff to engage with the Executive Team throughout the year on any matters of interest.

Client Update

The Company took on four new clients during the year providing company secretarial, accounting and administration services to Montanaro European Smaller Companies Trust plc, Montanaro UK Smaller Companies Investment Trust plc, Mid Wynd International Investment Trust plc and Majedie Investments plc.

 

The Company also lost two clients during the year, Momentum Multi-Asset Value Trust plc after it was placed into liquidation in August 2023, and Troy Income & Growth Trust plc after it merged with STS Global Income and Growth Trust in March 2024.

 

Since the year end the Company has lost a further client, Capital Gearing Trust plc following a review of its service providers.

Staff

Over the year staff numbers have increased from 31 to 25. The company remains focused on developing employees and providing opportunities for them to develop their skills, experience and careers within the business. the team has a comfortable balance of youth and experience.

 

Suppliers

An annual review of service providers and suppliers is undertaken by the Company and engagement is maintained with service providers and key suppliers throughout the year.

 

Shareholders

As outlined above the company communicates regularly with staff shareholders. A close relationship is maintained with Juniper Companies Limited, the parent company, and engagement between the two businesses is facilitated through group meetings of Directors, the Executive Team and Key Management Personnel.

 

On behalf of the board

S K Davidson
Director
18 July 2024
JUNIPER PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends of £207,481 were paid during the year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S W Paul (Chairman)
S A Budge
S K Davidson
C M Dobson
P J Neville
L Brown

Directors' and officers' liability insurance cover was in place throughout the year under review.

Future developments

The directors expect the principal activities of the Company to continue for the foreseeable future.

Auditor

Geoghegans resigned as auditors on 1 February 2024 following their merger with MHA and MHA were appointed from that date. In accordance with section 485 of the Companies Act 2006, a resolution proposing that MHA be reappointed as auditors to the Company will be put to a general meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JUNIPER PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

On behalf of the board
S K Davidson
Director
18 July 2024
JUNIPER PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JUNIPER PARTNERS LIMITED
- 5 -
Opinion

We have audited the financial statements of Juniper Partners Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

JUNIPER PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JUNIPER PARTNERS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

JUNIPER PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JUNIPER PARTNERS LIMITED (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Iain Binnie
Senior Statutory Auditor
For and on behalf of MHA
18 July 2024
Chartered Accountants
Statutory Auditor
6 St Colme Street
Edinburgh
EH3 6AD
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
JUNIPER PARTNERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Revenue
3
4,788,533
3,270,476
Administrative expenses
(4,450,545)
(2,969,821)
Profit before taxation
337,988
300,655
Tax on profit
8
(86,288)
(57,369)
Profit for the financial year
251,700
243,286

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

JUNIPER PARTNERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
10
35,928
37,794
Current assets
Trade and other receivables
11
810,493
704,103
Cash and cash equivalents
1,532,094
1,541,227
2,342,587
2,245,330
Current liabilities
12
(461,757)
(426,370)
Net current assets
1,880,830
1,818,960
Net assets
1,916,758
1,856,754
Equity
Called up share capital
14
730,256
728,037
Share premium account
678,854
665,288
Retained earnings
507,648
463,429
Total equity
1,916,758
1,856,754
Net Asset Value per Equity Share
262.48p
255.04p
The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
S K Davidson
Director
Company Registration No. SC366565
JUNIPER PARTNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 May 2022
600,000
-
0
788,658
1,388,658
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
243,286
243,286
Issue of share capital
14
128,037
665,288
-
793,325
Dividends
9
-
-
(568,515)
(568,515)
Balance at 30 April 2023
728,037
665,288
463,429
1,856,754
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
251,700
251,700
Issue of share capital
14
2,219
13,566
-
15,785
Dividends
9
-
-
(207,481)
(207,481)
Balance at 30 April 2024
730,256
678,854
507,648
1,916,758
JUNIPER PARTNERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
215,548
(286,646)
Income taxes paid
(54,968)
(7,514)
Net cash inflow/(outflow) from operating activities
160,580
(294,160)
Investing activities
Purchase of property, plant and equipment
(17,417)
(28,383)
Net cash used in investing activities
(17,417)
(28,383)
Financing activities
Proceeds from issue of shares
55,185
545,338
Dividends paid
(207,481)
(568,515)
Net cash used in financing activities
(152,296)
(23,177)
Net decrease in cash and cash equivalents
(9,133)
(345,720)
Cash and cash equivalents at beginning of year
1,541,227
1,886,947
Cash and cash equivalents at end of year
1,532,094
1,541,227
JUNIPER PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information

Juniper Partners Limited is a private company limited by shares incorporated in Scotland. The registered office is 28 Walker Street, Edinburgh, EH3 7HR.

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.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue includes fee income and interest income earned in the year and is recorded on an accruals basis. Income in relation to staff costs recharged to group companies is measured at cost and recorded in the period in which the work was undertaken.

 

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% 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.

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

1.5
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.

JUNIPER PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.6
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 statement of financial position 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.

Amounts receivable

Amounts receivable do not carry any interest and are short-term in nature.

Amounts payable

Amounts falling due within one year are unsecured, do not carry any interest and are short-term in nature.

 

Amounts falling due after one year are also unsecured, do not carry any interest and are short-term in nature.

1.7
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.

1.8
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 income statement 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

JUNIPER PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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.

1.12

Retained earnings

The net profit/(loss) arising in the Statement of Comprehensive Income is added to or deducted from this reserve.

1.13

Capital management

The capital of the Company, which is cash at bank, is managed to ensure that the capital resource requirement, as set by the Financial Conduct Authority, is met on an ongoing basis. This is achieved through regular review of relevant financial information.

2
Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the view of the directors there are no significant judgements and key sources of estimation uncertainty in the preparation of the financial statements.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Fees in respect of secretarial and administrative services provided
4,788,533
3,270,476
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned property, plant and equipment
19,283
15,350
Operating lease charges
165,125
50,000
JUNIPER PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,700
8,195
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Office and administration
35
26

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,658,874
1,826,410
Social security costs
292,834
240,005
Pension costs
278,750
179,494
3,230,458
2,245,909
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
689,123
702,572
Company pension contributions to defined contribution schemes
74,749
54,751
Sums paid to third parties for directors' services
42,000
41,551
805,872
798,874

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
183,483
181,806
Company pension contributions to defined contribution schemes
18,849
14,990
JUNIPER PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
88,698
57,369
Adjustments in respect of prior periods
(2,410)
-
0
Total current tax
86,288
57,369

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
337,988
300,655
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
84,497
58,598
Tax effect of expenses that are not deductible in determining taxable profit
3,046
(1,229)
Change in unrecognised deferred tax assets
1,155
-
0
Adjustments in respect of prior years
(2,410)
-
0
Taxation charge for the year
86,288
57,369
9
Dividends
2024
2023
£
£
Interim paid in relation to year ended 30 April 2022
-
0
157,500
Interims paid in relation to year ended 30 April 2023
207,481
411,015
207,481
568,515
JUNIPER PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
10
Property, plant and equipment
Computers
£
Cost
At 1 May 2023
61,398
Additions
17,417
At 30 April 2024
78,815
Depreciation and impairment
At 1 May 2023
23,604
Depreciation charged in the year
19,283
At 30 April 2024
42,887
Carrying amount
At 30 April 2024
35,928
At 30 April 2023
37,794
11
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
429,874
-
0
Unpaid share capital
33,664
40,024
Unpaid share premium
174,922
207,962
Prepayments and accrued income
172,033
456,117
810,493
704,103
12
Current liabilities
2024
2023
£
£
Trade payables
36,432
-
0
Corporation tax
88,698
57,378
Other taxation and social security
89,279
74,948
Other creditors
149,193
145,135
Accruals and deferred income
98,155
148,909
461,757
426,370
JUNIPER PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
278,750
179,494

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
730,256
728,037
730,256
728,037

During the year 2,219 Ordinary shares of £1 each were issued at £7.11 per share.

 

As at 30 April 2024 696,592 Ordinary shares were issued and fully paid, and 33,664 Ordinary shares were issued but not fully paid.

15
Operating lease commitments
Lessee

At the reporting end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
54,932
50,888
Between two and five years
102,574
153,108
157,506
203,996
16
Related party transactions

The Company has taken advantage of the exemption not to disclose transactions with wholly owned members of the group.

17
Ultimate controlling party

The Company is the only subsidiary of The Juniper Companies Limited, a private company registered in Scotland. The Company’s results are consolidated in the Group financial statements of The Juniper Companies Limited, copies of which are available at 43 Melville Street, Edinburgh EH3 7JF, the registered office of the Company.

JUNIPER PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
18
Financial instruments

The Company does not have any direct exposure to market risk or currency risk. The Company does not have any debt and as such interest rate risk only relates to amounts on deposit. The Company holds capital in the form of cash at hand in order to meet its day to day costs. The Company maintains sufficient cash at hand to manage liquidity risk. The Company also manages credit risk, which is the risk that a counterpart may not fulfil its obligations. Credit risk is limited because the counterparties are banks with high credit ratings, rated A or higher, assigned by the international credit ratings agencies.

19
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
251,700
243,286
Adjustments for:
Taxation charged
86,288
57,369
Depreciation and impairment of property, plant and equipment
19,283
15,350
Movements in working capital:
Increase in trade and other receivables
(145,790)
(149,821)
Increase/(decrease) in trade and other payables
4,067
(452,830)
Cash generated from/(absorbed by) operations
215,548
(286,646)
20
Analysis of changes in net funds
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
1,541,227
(9,133)
1,532,094
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