Company registration number 04765845 (England and Wales)
JK INVESTMENT MANAGEMENT SERVICES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
JK INVESTMENT MANAGEMENT SERVICES LTD
COMPANY INFORMATION
Directors
Mr S M H Jones
Mr F H Kirkpatrick
Secretary
Mr F H Kirkpatrick
Company number
04765845
Registered office
Bury House
3 Bury Street
Guildford
Surrey
GU2 4AW
Auditor
MGI Midgley Snelling LLP
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
JK INVESTMENT MANAGEMENT SERVICES LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 19
JK INVESTMENT MANAGEMENT SERVICES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 November 2024.
Review of the business
The results for the year and financial position of JK Investment Management Services Limited ("the Company") are shown in the financial statements.
The Company provides management services to JK Investment Management LLP ("the LLP"). As such, the Company's expenses are matched by a monthly management fee charged to the LLP and the Company is not expected to make either a profit or loss. The Funds managed by JK Investment Management LLP, the JK Global Opportunities Fund and JK Japan Fund ("the Funds"), continue to be authorised by the Central Bank of Ireland as Irish UCITS Fund. In addition to investment management of the Funds, the LLP continues in an investment advisory role in relation to Japan and China equity portfolios.
Principal risks and uncertainties
The principal risks relate to the performance of the Funds that the LLP manage which is the key determinant of the LLP's profitability and hence its ability to pay the management fee. Fees generated are related to the assets under management and performance of the Funds. Assets under management are affected by performance and subscriptions and redemptions.
The Company and the LLP are exposed to a variety of other risks, including IT system failure, fraud and human error. The Company and the LLP consider they have minimised the above risks by way of the following:- a robust disaster recovery and contingency plan; appropriate infrastructure; appointment of quality employees; suitable internal controls and segregation of duties. Compliance with applicable laws and regulations is also vital, and the company and the LLP utilise third party advisers to reduce the risk of non-compliance to an acceptably low level.
The Company has no significant exposure to credit, interest or price risk. Certain costs are incurred in US dollars which generate foreign exchange differences, but these are not material.
Future Developments
The LLP continues to concentrate on marketing and performance of the Funds, as well as developing and marketing other products. It is the Directors' intention to grow the business and increase profitability commensurate with providing services to the LLP.
Going Concern
The Company has adequate financial resources and an ongoing arrangement for the provision of services to the LLP. The LLP has ongoing business and requirement for the Company's services.
The Directors are of the opinion that the Company will have adequate resources to continue its operational activities and to meet its liabilities as they fall due for the foreseeable future. Accordingly, the Directors conclude that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as going concern and the financial statements are prepared on that basis.
Mr F H Kirkpatrick
Director
18 March 2025
JK INVESTMENT MANAGEMENT SERVICES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 November 2024.
Principal activities
The principal activity of the Company continued to be that of the provision of management services to JK Investment Management LLP.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S M H Jones
Mr F H Kirkpatrick
Auditor
The auditor, MGI Midgley Snelling LLP will be proposed for re-appointment by a resolution put to the directors.
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 at the end of the financial year and of its profit or loss for the 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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
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.
JK INVESTMENT MANAGEMENT SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
On behalf of the board
Mr F H Kirkpatrick
Director
18 March 2025
JK INVESTMENT MANAGEMENT SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JK INVESTMENT MANAGEMENT SERVICES LTD
- 4 -
Opinion
We have audited the financial statements of JK Investment Management Services Ltd (the 'company') for the year ended 30 November 2024 which comprise the statement of comprehensive income, the balance sheet, 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:
give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its 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 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.
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.
JK INVESTMENT MANAGEMENT SERVICES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JK INVESTMENT MANAGEMENT SERVICES LTD
- 5 -
Matters on which we are required to report by exception
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.
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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.
As a result of this assessment, we considered the opportunities and incentives that may exist within the company for fraud and identified that the greatest area of risk was in relation to management override.
We have obtained an understanding of the legal and regulatory frameworks that the company operates in from discussions with the directors and our knowledge of the company and its industry sector. We have focused on the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.
We performed the following audit procedures after consideration of the above risks which included the following:
enquiry of management of actual and potential litigation and claims;
enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
reviewing minutes of meetings of those charged with governance;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
JK INVESTMENT MANAGEMENT SERVICES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JK INVESTMENT MANAGEMENT SERVICES LTD
- 6 -
The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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. The 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.
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.
Sarah Squires BEng FCA
Senior Statutory Auditor
For and on behalf of MGI Midgley Snelling LLP
19 March 2025
Chartered Accountants
Statutory Auditor
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
JK INVESTMENT MANAGEMENT SERVICES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
867,813
785,165
Administrative expenses
(867,813)
(785,125)
Operating profit
5
-
40
Interest payable and similar expenses
(40)
Profit before taxation
Tax on profit
8
Profit for the financial year
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
There were no items of comprehensive income for the current or prior year other than those included in the statement of comprehensive income.
The notes on pages 11 to 19 form part of these financial statements.
JK INVESTMENT MANAGEMENT SERVICES LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
21,659
30,018
Investments
10
1,000
1,000
22,659
31,018
Current assets
Debtors
11
172,399
56,914
Cash at bank and in hand
63,775
126,705
236,174
183,619
Creditors: amounts falling due within one year
12
(112,451)
(80,175)
Net current assets
123,723
103,444
Total assets less current liabilities
146,382
134,462
Creditors: amounts falling due after more than one year
13
(51,750)
(39,830)
Net assets
94,632
94,632
Capital and reserves
Called up share capital
15
2
2
Profit and loss reserves
94,630
94,630
Total equity
94,632
94,632
The notes on pages 11 to 19 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
Mr F H Kirkpatrick
Director
Company registration number 04765845 (England and Wales)
JK INVESTMENT MANAGEMENT SERVICES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2022
2
94,630
94,632
Year ended 30 November 2023:
Profit and total comprehensive income
-
Balance at 30 November 2023
2
94,630
94,632
Year ended 30 November 2024:
Profit and total comprehensive income
-
Balance at 30 November 2024
2
94,630
94,632
The notes on pages 11 to 19 form part of these financial statements.
JK INVESTMENT MANAGEMENT SERVICES LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
20
(58,466)
36,248
Interest paid
(40)
Net cash (outflow)/inflow from operating activities
(58,466)
36,208
Investing activities
Purchase of tangible fixed assets
(4,464)
(29,011)
Net cash used in investing activities
(4,464)
(29,011)
Net (decrease)/increase in cash and cash equivalents
(62,930)
7,197
Cash and cash equivalents at beginning of year
126,705
119,508
Cash and cash equivalents at end of year
63,775
126,705
The notes on pages 11 to 19 form part of these financial statements.
JK INVESTMENT MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
1
Accounting policies
Company information
JK Investment Management Services Ltd is a private Company limited by shares incorporated in England and Wales. The registered office is Bury House, 3 Bury Street, Guildford, Surrey, GU2 4AW.
The Company's principal activities are disclosed in the Directors' report.
1.1
Accounting convention
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” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in pounds, 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
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate financial resources and an ongoing arrangement for the provision of services to the LLP. The LLP has ongoing business and requirement for the Company's services.
The directors are of the opinion that the Company will have adequate resources to continue its operational activities and to meet its liabilities as they fall due for the foreseeable future. Accordingly, the directors conclude that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as going concern and the financial statements are prepared on that basis.
1.3
Turnover
Turnover is recognised on an accrual basis when the Company obtains the right to consideration in exchange for its performance of services and is measured at the fair value of the consideration receivable, excluding rebates and VAT.
1.4
All expenses are accounted for on an accrual basis.
1.5
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 estimated useful lives on the following bases:
Fixtures and fittings
5 years
Computer equipment
3 years
At each balance sheet date, the Company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss and that loss is recognised in the statement of comprehensive income.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
JK INVESTMENT MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
Financial instruments
Basic financial assets
The Company's financial assets comprise basic financial instruments, being trade and other receivables, including a rent deposit, cash and an investment in JK Investment Management LLP.
Cash is represented by cash on deposit with financial institutions repayable without penalty on notice of no more than 24 hours, and by petty cash held at the Company's office.
Trade and other receivables are measured initially at transaction price and thereafter at the amount of cash or other consideration expected to be received. Any impairment loss is recognised in the statement of comprehensive income. The investment is measured at cost less impairment.
Financial assets are derecognised when contractual rights to the cash flows from the financial asset expire or are settled, or when substantially all the risks and rewards of ownership have been transferred.
Impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial liabilities
The Company's financial liabilities comprise basic financial liabilities, being trade and other payables. These are recognised initially at transaction price and thereafter at the amount of cash or other consideration to be paid.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the balance sheet when there is an 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.
1.8
Taxation
The tax expense represents the sum of current 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 statement of comprehensive income 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.
JK INVESTMENT MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.8
Taxation (continued)
Deferred tax
Deferred tax liabilities are recognised on all timing differences that will reverse 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.
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 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. Movement in deferred tax is charged or credited in the statement of comprehensive income. 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.
1.9
Retirement benefits
The Company makes defined contributions to employees’ personal pension schemes. The assets of such schemes are held separately from the Company in independently administered funds. Contributions payable are charged to the statement of comprehensive income in the period to which they relate.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting period, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting period. Gains and losses arising on translation are included in the statement of comprehensive income for the period.
2
Judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 that are considered to be relevant. Actual results may differ from these estimates.
No significant judgements were required in the process of applying the accounting policies.
There are no sources of estimation uncertainty that may have a significant effect on the amounts recognised in the financial statements.
JK INVESTMENT MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
3
Turnover
Turnover represents the amount receivable from the supply of support services to JK Investment Management LLP in the UK.
4
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
6,000
5,500
The auditor received remuneration in respect of non-audit services during the period of £6,600 (2023: £6,600).
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(1,127)
(108)
Depreciation of owned tangible fixed assets
12,823
8,592
(Profit)/loss on disposal of tangible fixed assets
-
685
Operating lease charges
37,500
37,500
6
Employees
The average monthly number of persons (including directors) employed by the Company during the year was:
2024
2023
Number
Number
Fund management
3
3
Operations
2
2
Total
5
5
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
328,542
325,487
Social security costs
37,894
36,055
Pension costs
8,063
8,406
374,499
369,948
JK INVESTMENT MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 15 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,940
1,980
8
Taxation
No liability to UK corporation tax arose on ordinary activities for the year ended 30 November 2024 nor for the year ended 30 November 2023. The Company recharges all expenses to JK Investment Management LLP, and any taxation adjustments are made in the LLP's tax computation.
9
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 December 2023
13,832
56,967
70,799
Additions
4,464
4,464
At 30 November 2024
13,832
61,431
75,263
Depreciation and impairment
At 1 December 2023
13,821
26,960
40,781
Depreciation charged in the year
12,823
12,823
At 30 November 2024
13,821
39,783
53,604
Carrying amount
At 30 November 2024
11
21,648
21,659
At 30 November 2023
11
30,007
30,018
10
Fixed asset investments
2024
2023
£
£
Unlisted investments
1,000
1,000
The investment represents a minority holding in JK Investment Management LLP ('the LLP') of which the Company is a member. The investment is not impaired. The LLP is controlled by the founder members of the LLP, which do not include the Company, and it is therefore not a subsidiary undertaking.
JK INVESTMENT MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
10
Fixed asset investments
(Continued)
- 16 -
Movements in fixed asset investments
Unlisted
Investments
£
Cost or valuation
At 1 December 2023 & 30 November 2024
1,000
Carrying amount
At 30 November 2024
1,000
At 30 November 2023
1,000
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts due from JK Investment Management LLP
139,968
25,721
Other debtors
2,473
2,076
Prepayments and accrued income
20,958
20,117
163,399
47,914
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
9,000
9,000
Total debtors
172,399
56,914
The amounts due from JK Investment Management LLP are repayable on demand.
The Company's rent deposit of £9,000 is subject to a charge dated 18 February 2011 securing all monies due or to become due to Bury House Properties Limited.
This deposit is shown as amounts due in more than one year as although the lease expires within one year, there is reasonable certainty at the year end that the lease will be renewed beyond one year.
JK INVESTMENT MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,879
2,106
Taxation and social security
9,540
9,608
Other creditors
21,209
4,455
Accruals and deferred income
73,823
64,006
112,451
80,175
13
Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
51,750
39,830
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,063
8,406
The Company makes defined contributions to employees’ personal pension schemes. The assets of such schemes are held separately from the Company in independently administered funds. Contributions payable are charged to the statement of comprehensive income in the period to which they relate.
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
JK INVESTMENT MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
16
Operating lease commitments
Lessee
At the reporting period end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases and financial commitment under equipment usage licenses and introducer fees which fall due as follows:
2024
2023
Land and buildings
£
£
Within one year
10,685
37,500
Between two and five years
10,788
10,685
48,288
Other financial commitments
2024
2023
Equipment usage licenses and introducer fees
£
£
Within one year
174,293
172,264
Between two and five years
28,115
98,483
202,407
270,747
17
Related party transactions
JK Investment Management LLP
The Company is a member of JK Investment Management LLP, ('the LLP') to which it provides management services. Amounts payable by the LLP are as disclosed in the statement of comprehensive income as turnover. Amounts payable by the LLP at 30 November 2024 are disclosed in note 11.
The Company's key management personnel are its directors. The remuneration is disclosed in note 7.
18
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr S M H Jones -
-
(296)
6,049
(14,424)
(8,671)
Mr F H Kirkpatrick -
-
-
5,835
(13,793)
(7,958)
(296)
11,884
(28,217)
(16,629)
Maximum balance outstanding during the year
£
Mr S M H Jones
5,782
Mr F H Kirkpatrick
5,423
JK INVESTMENT MANAGEMENT SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
19
Ultimate controlling party
F H Kirkpatrick and S M H Jones, the directors of the Company, hold 50% each of the issued share capital of the Company. The directors are therefore considered to be the ultimate controlling parties of the Company.
20
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
Adjustments for:
Finance costs
40
(Gain)/loss on disposal of tangible fixed assets
-
685
Depreciation and impairment of tangible fixed assets
12,823
8,592
Movements in working capital:
(Increase)/decrease in debtors
(115,485)
19,527
Increase in creditors
44,196
7,404
Cash (absorbed by)/generated from operations
(58,466)
36,248
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