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COMPANY REGISTRATION NUMBER: 04292973
The J W T Partnership Ltd
Filleted Unaudited Financial Statements
31 December 2023
The J W T Partnership Ltd
Financial Statements
Year ended 31 December 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
The J W T Partnership Ltd
Officers and Professional Advisers
The board of directors
Mr R W P Jones
Mr G Harries
Mr G Davies (Appointed 15 September 2023)
Mrs L J Williams (Appointed 12 March 2024)
Company secretary
Ms D D'Alesio
Registered office
4 Europa Way
Fforestfach
Swansea
Wales
SA5 4AJ
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
The J W T Partnership Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
6
67
818
CURRENT ASSETS
Debtors
7
169,717
108,534
Cash at bank and in hand
37,042
90,056
---------
---------
206,759
198,590
CREDITORS: amounts falling due within one year
8
180,664
148,010
---------
---------
NET CURRENT ASSETS
26,095
50,580
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
26,162
51,398
CREDITORS: amounts falling due after more than one year
9
15,043
25,474
--------
--------
NET ASSETS
11,119
25,924
--------
--------
CAPITAL AND RESERVES
Called up share capital
10
12
12
Profit and loss account
11,107
25,912
--------
--------
SHAREHOLDERS FUNDS
11,119
25,924
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The J W T Partnership Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr G Davies
Director
Company registration number: 04292973
The J W T Partnership Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. GENERAL INFORMATION
The J W T Partnership Ltd is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities is that of chartered surveyors.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Accrued income
Accrued income has been valued at selling price in line with FRS102 and is disclosed in turnover accordingly.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements. The company has received support from a fellow subsidiary company, Facility Services Group Limited.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services When the outcome of a transaction can be estimated reliably, turnover from chartered surveying services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to raising a sales invoice for the work performed. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest receivable Interest income is recognised using the effective interest method. Rental income Income from rentals is recognised in accordance with the terms of the relevant lease.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% straight line
Fixtures & Fittings
-
15% straight line
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 13 (2022: 15 ).
5. CLIENT FUNDS
2023
2022
£
£
Client's Bank Account
4,064,375
2,888,981
Client's Ledger Balances
(4,064,375)
(2,888,981)
------------
------------
------------
------------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
53,968
27,044
81,012
--------
--------
--------
Depreciation
At 1 January 2023
53,379
26,815
80,194
Charge for the year
589
162
751
--------
--------
--------
At 31 December 2023
53,968
26,977
80,945
--------
--------
--------
Carrying amount
At 31 December 2023
67
67
--------
--------
--------
At 31 December 2022
589
229
818
--------
--------
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
111,698
65,173
Other debtors
58,019
43,361
---------
---------
169,717
108,534
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,890
9,350
Trade creditors
9,590
8,708
Amounts owed to group undertakings and undertakings in which the company has a participating interest
25,000
Corporation tax
8,573
16,583
Social security and other taxes
55,310
50,363
Accruals
68,889
61,267
Other Creditors
3,412
1,739
---------
---------
180,664
148,010
---------
---------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,043
25,474
--------
--------
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
6
6
6
6
Ordinary B shares of £ 1 each
5
5
5
5
Ordinary C shares of £ 1 each
1
1
1
1
----
----
----
----
12
12
12
12
----
----
----
----
11. RELATED PARTY TRANSACTIONS
As at the year end, the following balances with related parties were in existence: Other Related Parties
2023 2022
£ £
Balance due (to)/from other related parties (3,412) (1,739)
------ ------
No interest was charged in relation to this balance. Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
12. PARENT COMPANY
The ultimate parent company is Future Realm Holdings Limited, a company registered in England & Wales. Its registered office is the same as that shown on page 1 of these financial statements.