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REGISTERED NUMBER: OC303071 (England and Wales)


















JAMES & NICHOLAS LIMITED
LIABILITY PARTNERSHIP

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






JAMES & NICHOLAS LIMITED
LIABILITY PARTNERSHIP (REGISTERED NUMBER: OC303071)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JAMES & NICHOLAS LIMITED
LIABILITY PARTNERSHIP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: K J Tobin
J E Houlker





REGISTERED OFFICE: Grove House
Grove Place
Port Talbot
West Glamorgan
SA13 1XA





REGISTERED NUMBER: OC303071 (England and Wales)





ACCOUNTANTS: MHA
Chartered Accountants
MHA House
Charter Court
Swansea Enterprise Park
Swansea
SA7 9FS

JAMES & NICHOLAS LIMITED
LIABILITY PARTNERSHIP (REGISTERED NUMBER: OC303071)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 48,700 51,790

CURRENT ASSETS
Debtors 5 362,456 428,812
Cash at bank and in hand 437,639 360,849
800,095 789,661
CREDITORS
Amounts falling due within one year 6 137,181 181,936
NET CURRENT ASSETS 662,914 607,725
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

711,614

659,515

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

711,614

659,515

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 711,614 659,515

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 March 2024.

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.

JAMES & NICHOLAS LIMITED
LIABILITY PARTNERSHIP (REGISTERED NUMBER: OC303071)

BALANCE SHEET - continued
31 MARCH 2024


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 7 January 2025 and were signed by:





K J Tobin - Designated member

JAMES & NICHOLAS LIMITED
LIABILITY PARTNERSHIP (REGISTERED NUMBER: OC303071)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

James & Nicholas Limited Liability Partnership is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to nearest £.

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.

After making enquiries, the members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting.

Significant judgements and estimates
In the application of the company's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the members have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Turnover
Turnover represents the fair value of services provided during the year on client assignments. Turnover is recognised as contract activity progress and the right to consideration earned. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, skills and expertise provided and expenses incurred.

Turnover excludes VAT.

JAMES & NICHOLAS LIMITED
LIABILITY PARTNERSHIP (REGISTERED NUMBER: OC303071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost and 20% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation.

Financial instruments
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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.

Taxation
The taxation payable in respect of the LLP's profits is a liability of the individual members.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 8 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 80,000 70,938 150,938
DEPRECIATION
At 1 April 2023 32,800 66,348 99,148
Charge for year 1,600 1,490 3,090
At 31 March 2024 34,400 67,838 102,238
NET BOOK VALUE
At 31 March 2024 45,600 3,100 48,700
At 31 March 2023 47,200 4,590 51,790

JAMES & NICHOLAS LIMITED
LIABILITY PARTNERSHIP (REGISTERED NUMBER: OC303071)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 222,434 358,189
Other debtors 140,022 70,623
362,456 428,812

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 32,992 8,468
Taxation and social security 68,706 85,834
Other creditors 35,483 87,634
137,181 181,936

7. LOANS AND OTHER DEBTS DUE TO MEMBERS

The loans and other debts due to members rank pari passu with other creditors.