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Registered number: OC303071
JAMES & NICHOLAS LIMITED LIABILITY PARTNERSHIP
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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JAMES & NICHOLAS LIMITED LIABILITY PARTNERSHIP
INFORMATION
Designated Members
K J Tobin (resigned 31 March 2025)
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LLP registered number
OC303071
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Registered office
Grove House, Grove Place, Port Talbot, SA13 1XA
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Accountants
MHA, Chartered Accountants, MHA House, Charter Court, Swansea Enterprise Park, Swansea, SA7 9FS
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JAMES & NICHOLAS LIMITED LIABILITY PARTNERSHIP
CONTENTS
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Notes to the financial statements
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JAMES & NICHOLAS LIMITED LIABILITY PARTNERSHIP
REGISTERED NUMBER: OC303071
BALANCE SHEET
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: Amounts Falling Due Within One Year
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Total assets less current liabilities
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Loans and other debts due to members within one year
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Members' capital classified as equity
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Revaluation reserve classified as equity
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JAMES & NICHOLAS LIMITED LIABILITY PARTNERSHIP
REGISTERED NUMBER: OC303071
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.
The financial statements have been delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 23 December 2025.
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JAMES & NICHOLAS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
James & Nicholas Limited Liability Partnership is registered in England and Wales. The LLP's registered number is OC303071 and the registered office address is Grove House, Grove Place, Port Talbot, SA13 1XA.
The presentation currency of the financial statements is the the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies.
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 affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are critical judgements that members have made in applying the company’s accounting policies with significant effect on amounts recognised in 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 with a reliable estimate made for a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is considered remote. Contingent assets are disclosed only if the inflow of economic benefits is probable.
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JAMES & NICHOLAS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
Accrued income
Services provided to clients during the period which have not been invoiced to clients at the balance sheet date, have been recognised in turnover and other debtors and accrued income, less provision for amounts which are not expected to be recoverable.
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.
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Hire purchase and leasing commitments
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Rentals paid under operating leases are charged to proft or loss on a straight line basis over the period of the lease.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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25% on cost and 20% on reducing balance
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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JAMES & NICHOLAS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Defined contribution pension plan
The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the LLP in independently administered funds.
The taxation payable in respect of the LLP's profits is a liability of the individual members.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:
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JAMES & NICHOLAS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charge for the year on owned assets
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Land and buildings are carried at fair value. The land and buildings were valued by the members on 31 March 2025 at fair value on an existing use open market basis.
If land and buildings had not been revalued and were stated on a historical cost basis, they would have been included at a cost of £80,000 (2024 - £80,000).
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JAMES & NICHOLAS LIMITED LIABILITY PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Creditors: Amounts falling due within one year
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Taxation and social security
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Loans and other debts due to members
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The loans and other debts due to members rank pari passu with other creditors.
At the balance sheet date the LLP had a liability to a former member in respect of monies due on their exit.
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