Company Registration No. SC132273 (Scotland)
J.M. Consultancy Services Limited
Unaudited financial statements
for the year ended 31 May 2019
Pages for filing with registrar
J.M. Consultancy Services Limited
Chartered Accountants' Report to the director on the preparation of the
unaudited statutory financial statements of J.M. Consultancy Services Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J.M. Consultancy Services Limited for the year ended 31 May 2019 which comprise, the Statement Of Financial Position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.
This report is made solely to the Director of J.M. Consultancy Services Limited in accordance with the terms of our engagement letter dated 21 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of J.M. Consultancy Services Limited and state those matters that we have agreed to state to the Director of J.M. Consultancy Services Limited in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J.M. Consultancy Services Limited and its Director for our work or for this report.
It is your duty to ensure that J.M. Consultancy Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss of J.M. Consultancy Services Limited. You consider that J.M. Consultancy Services Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of J.M. Consultancy Services Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
30 October 2019
J.M. Consultancy Services Limited
Statement of financial position
at 31 May 2019
2
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
134
267
Current assets
Debtors
1,300
681
Cash at bank and in hand
547
6,823
1,847
7,504
Creditors: amounts falling due within one year
(3,425)
(4,381)
Net current (liabilities)/assets
(1,578)
3,123
Net (liabilities)/assets
(1,444)
3,390
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,544)
3,290
Total equity
(1,444)
3,390
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
J.M. Consultancy Services Limited
Statement of financial position (continued)
at 31 May 2019
3
The financial statements were approved and signed by the director and authorised for issue on 19 October 2019
James Mann
Director
Company Registration No. SC132273
J.M. Consultancy Services Limited
Notes to the financial statements
for the year ended 31 May 2019
4
1
Accounting policies
Company information
J.M. Consultancy Services Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
37 Bredero Drive, Banchory, Aberdeenshire, AB31 5ZB.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Fixtures and fittings
33.3% 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 credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
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 income statement 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.
J.M. Consultancy Services Limited
Notes to the financial statements (continued)
for the year ended 31 May 2019
5
2
Tangible fixed assets
Total
£
Cost
At 1 June 2018 and 31 May 2019
400
Depreciation and impairment
At 1 June 2018
133
Depreciation charged in the year
133
At 31 May 2019
266
Carrying amount
At 31 May 2019
134
At 31 May 2018
267
3
Directors' transactions
During the year the director entered into the following advances and credits with the company:
Description
Opening credit balance
Amounts advanced
Amounts credited
Closing credit balance
£
£
£
£
James Mann - director's loan
192
(708)
2,981
2,465
192
(708)
2,981
2,465
4
Controlling party
James Mann, director, together with his wife, controls the company by virtue of a controlling interest of 100% of the issued ordinary share capital.
5
Going concern
The statement of financial position shows that liabilities exceed assets by £1,444, including a liability of £2,465 due to the director. The director has confirmed that he will maintain his financial support for the foreseeable future to enable the company to continue normal trading operations. The financial statements are therefore drawn up on a going concern basis.