Company registration number SC616058 (Scotland)
THE JUNIPER COMPANIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
THE JUNIPER COMPANIES LIMITED
COMPANY INFORMATION
Directors
I A J Buchan
M B Duffy
S Frame
A J Paul
S W Paul
Company number
SC616058
Registered office
43 Melville Street
Edinburgh
EH3 7JF
Auditor
MHA
Chartered Accountants
6 St Colme Street
Edinburgh
EH3 6AD
THE JUNIPER COMPANIES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 23
THE JUNIPER COMPANIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Fair review of the business
The Group continued to provide company secretarial 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 Group has exposure:
Failing to comply with Financial Conduct Authority (“FCA”) rules and regulations in respect of Juniper Partners Limited’s Alternative Investment Fund Manager Directive (“AIFMD”) authorisation - Juniper Partners Limited’s compliance with regulatory requirements is closely monitored its Compliance Officer. A compliance monitoring plan is in place and this is presented to the Juniper Partners Limited’s Audit and Risk Committee on a quarterly basis.
Loss of a major client leading to a reduction in fee income - client service delivery is continually monitored and client relationships are managed by designated Client Directors. Juniper Partners Limited's financial position is reviewed at least monthly.
Loss of key staff and systems – staffing requirements are regularly reviewed. A Head of People was appointed during the year to focus on attracting, retaining and developing talent within the business. The Group’s processes, systems and control environment are kept under regular review.
The Board is satisfied with the performance of the Group and aims to ensure that it continues to provide a high level of service to its clients.
Key performance indicators
Juniper Partners Limited receives 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 fee income rose by 46%. Administrative expenses rose by 48%.
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 Group 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, taking into account the likely long-term consequences of decisions taken, the need to foster relationships with all stakeholders in the Group and the impact of the Group’s operations on the environment. The report includes the following specific matters which were considered by the Board during the year.
Staff Equity Participation
Juniper Partners Limited 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
Juniper Partners Limited 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.
Juniper Partners Limited 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 Juniper Partners Limited has lost a further client, Capital Gearing Trust plc following a review of its service providers.
THE JUNIPER COMPANIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Staff
Over the year Juniper Partner's staff numbers have increased from 26 to 35. Juniper Partners is focused on developing its 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 Group and engagement is maintained with service providers and key suppliers throughout the year.
A J Paul
Director
27 January 2025
THE JUNIPER COMPANIES 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.
Principal activities
The principal activity of the company continued to be that of a holding company.
The principal activity of the company's subsidiary, Juniper Partners Limited, is to provide company secretarial services and administration services to investment trust companies.
Details of Juniper Partners Limited's MIFIDPRU disclosure can be found at www.juniperpartners.com/mifidpru-disclosure
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
I A J Buchan
M B Duffy
S Frame
A J Paul
S W Paul
Future developments
The Directors expect the principal activities of the Company to continue for the foreseeable future.
Auditor
Geoghegans resigned as auditors following their merger with MHA on 1 February 2024, MHA were subsequently appointed as auditors. In accordance with the company's articles, a resolution proposing that MHA be reappointed as auditor of the company will be put at a General Meeting.
THE JUNIPER COMPANIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 auditor of the company 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 auditor of the company is aware of that information.
On behalf of the board
A J Paul
Director
27 January 2025
THE JUNIPER COMPANIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE JUNIPER COMPANIES LIMITED
- 5 -
Opinion
We have audited the financial statements of The Juniper Companies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 group and parent 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 group's and parent 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THE JUNIPER COMPANIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE JUNIPER COMPANIES LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 parent 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 parent 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:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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.
THE JUNIPER COMPANIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE JUNIPER COMPANIES LIMITED
- 7 -
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
27 January 2025
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)
THE JUNIPER COMPANIES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
4,788,533
3,270,476
Administrative expenses
(4,635,345)
(3,140,542)
Operating profit
4
153,188
129,934
Interest receivable and similar income
7
20,606
27
Profit before taxation
173,794
129,961
Tax on profit
8
(91,695)
(60,318)
Profit for the financial year
82,099
69,643
Profit for the financial year is attributable to:
- Owners of the parent company
37,413
48,246
- Non-controlling interests
44,686
21,397
82,099
69,643
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THE JUNIPER COMPANIES LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
1,192,349
1,378,169
Tangible assets
10
35,928
37,794
1,228,277
1,415,963
Current assets
Debtors
13
809,888
704,103
Cash at bank and in hand
2,268,483
2,077,883
3,078,371
2,781,986
Creditors: amounts falling due within one year
14
(516,808)
(478,512)
Net current assets
2,561,563
2,303,474
Net assets
3,789,840
3,719,437
Capital and reserves
Called up share capital
16
3,000,000
3,000,000
Profit and loss reserves
(6,857)
(44,270)
Equity attributable to owners of the parent company
2,993,143
2,955,730
Non-controlling interests
796,697
763,707
3,789,840
3,719,437
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
A J Paul
Director
THE JUNIPER COMPANIES LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
3,021,539
3,021,539
Current assets
Debtors
13
24,000
24,000
Cash at bank and in hand
736,389
536,656
760,389
560,656
Creditors: amounts falling due within one year
14
(79,656)
(76,142)
Net current assets
680,733
484,514
Net assets
3,702,272
3,506,053
Capital and reserves
Called up share capital
16
3,000,000
3,000,000
Profit and loss reserves
702,272
506,053
Total equity
3,702,272
3,506,053
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £196,219 (2023 - £529,677 ).
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
27 January 2025
A J Paul
Director
Company Registration No. SC616058
THE JUNIPER COMPANIES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
3,000,000
(92,516)
2,907,484
-
2,907,484
Year ended 30 April 2023:
Profit and total comprehensive income
-
48,246
48,246
21,397
69,643
Dividends
-
-
-
(51,015)
(51,015)
Issue of share capital in subsidiary to non-controlling interests
-
-
-
793,325
793,325
Balance at 30 April 2023
3,000,000
(44,270)
2,955,730
763,707
3,719,437
Year ended 30 April 2024:
Profit and total comprehensive income
-
37,413
37,413
44,686
82,099
Dividends
-
-
-
(27,481)
(27,481)
Issue of share capital in subsidiary to non-controlling interests
-
-
-
15,785
15,785
Balance at 30 April 2024
3,000,000
(6,857)
2,993,143
796,697
3,789,840
THE JUNIPER COMPANIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
3,000,000
(23,624)
2,976,376
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
529,677
529,677
Balance at 30 April 2023
3,000,000
506,053
3,506,053
Year ended 30 April 2024:
Profit and total comprehensive income
-
196,219
196,219
Balance at 30 April 2024
3,000,000
702,272
3,702,272
THE JUNIPER COMPANIES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
217,624
(274,588)
Income taxes paid
(57,917)
(11,169)
Net cash inflow/(outflow) from operating activities
159,707
(285,757)
Investing activities
Purchase of tangible fixed assets
(17,417)
(28,383)
Interest received
20,606
27
Net cash generated from/(used in) investing activities
3,189
(28,356)
Financing activities
Proceeds from issue of minority shares in subsidiary
55,185
545,339
Dividends paid to non-controlling interests
(27,481)
(51,015)
Net cash generated from financing activities
27,704
494,324
Net increase in cash and cash equivalents
190,600
180,211
Cash and cash equivalents at beginning of year
2,077,883
1,897,672
Cash and cash equivalents at end of year
2,268,483
2,077,883
THE JUNIPER COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information
The Juniper Companies Limited (“the company”) is a private limited company limited by shares incorporated in Scotland. The registered office is 43 Melville Street, Edinburgh, EH3 7JF.
The group consists of The Juniper Companies Limited and all of its subsidiaries.
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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
THE JUNIPER COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company, The Juniper Companies Limited, together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.
1.5
Turnover
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.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Tangible fixed assets
Tangible fixed assets 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 recognised in the profit and loss account.
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.
THE JUNIPER COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
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.
1.10
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
Debtors
Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
Creditors with no stated interest rate payable within more than one year are recognised at transaction price and subsequently measured at amortised cost.
1.11
Equity instruments
Equity instruments issued by the group 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 group.
1.12
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 profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THE JUNIPER COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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 profit and loss account, 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 if, and only if, there is 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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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 leased asset are consumed.
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
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Fees in respect of secretarial and administrative services provided
4,788,533
3,270,476
2024
2023
£
£
Other revenue
Interest income
20,606
27
THE JUNIPER COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
19,283
15,350
Amortisation of intangible assets
185,820
185,820
Operating lease charges
165,125
50,000
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 group and company
3,630
3,061
Audit of the financial statements of the company's subsidiaries
8,700
8,195
12,330
11,256
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Company secretarial and accounting services
35
26
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,634,874
1,802,410
Social security costs
292,834
240,005
-
-
Pension costs
278,750
179,494
3,206,458
2,221,909
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
20,606
27
THE JUNIPER COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
94,105
60,318
Adjustments in respect of prior periods
(2,410)
Total current tax
91,695
60,318
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
173,794
129,961
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
43,449
25,329
Tax effect of expenses that are not deductible in determining taxable profit
49,501
34,989
Change in unrecognised deferred tax assets
1,155
Adjustments in respect of prior years
(2,410)
Taxation charge
91,695
60,318
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
1,858,204
Amortisation and impairment
At 1 May 2023
480,035
Amortisation charged for the year
185,820
At 30 April 2024
665,855
Carrying amount
At 30 April 2024
1,192,349
At 30 April 2023
1,378,169
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
THE JUNIPER COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
10
Tangible fixed assets
Group
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
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
3,021,539
3,021,539
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
3,021,539
Carrying amount
At 30 April 2024
3,021,539
At 30 April 2023
3,021,539
THE JUNIPER COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
12
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Juniper Partners Limited
28 Walker Street, Edinburgh, Scotland, EH3 7HR
Company secretarial and administrative services
Ordinary
82.16
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
429,269
Unpaid minority interest share capital in subsidiary
33,664
40,024
Unpaid share premium in subsidiary
174,922
207,962
Prepayments and accrued income
172,033
456,117
24,000
24,000
809,888
704,103
24,000
24,000
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
36,432
Corporation tax payable
94,105
60,327
5,407
2,949
Other taxation and social security
89,279
74,948
-
-
Other creditors
219,086
215,028
69,893
69,893
Accruals and deferred income
77,906
128,209
4,356
3,300
516,808
478,512
79,656
76,142
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
278,750
179,494
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
THE JUNIPER COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
16
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,700,000
2,700,000
2,700,000
2,700,000
C Ordinary shares of £1 each
300,000
300,000
300,000
300,000
3,000,000
3,000,000
3,000,000
3,000,000
All shares are Ordinary shares ranking pari passu in respect of management involvement and participating in winding up.
17
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
54,932
50,888
-
-
Between two and five years
102,574
153,108
-
-
157,506
203,996
-
-
18
Related party transactions
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Directors
69,893
69,893
THE JUNIPER COMPANIES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
19
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
82,099
69,643
Adjustments for:
Taxation charged
91,695
60,318
Investment income
(20,606)
(27)
Amortisation and impairment of intangible assets
185,820
185,820
Depreciation and impairment of tangible fixed assets
19,283
15,350
Movements in working capital:
Increase in debtors
(145,185)
(149,822)
Increase/(decrease) in creditors
4,518
(455,870)
Cash generated from/(absorbed by) operations
217,624
(274,588)
20
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,077,883
190,600
2,268,483
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