Company Registration No. 10227405 (England and Wales)
JUNO PROPERTY LAWYERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
JUNO PROPERTY LAWYERS LIMITED
COMPANY INFORMATION
Directors
Mr Etienne Pollard
Mr Henry Hadlow
Mr Charles Jacobs
Mrs Rebecca Thomas
(Appointed 21 November 2019)
Company number
10227405
Registered office
43-51 New North Road
London
N1 6JB
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
JUNO PROPERTY LAWYERS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
JUNO PROPERTY LAWYERS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JUNO PROPERTY LAWYERS LIMITED FOR THE PERIOD ENDED 31 MARCH 2020
- 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 Juno Property Lawyers Limited for the period ended 31 March 2020 which comprise, the balance sheet 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Juno Property Lawyers Limited, as a body, in accordance with the terms of our engagement letter dated
11 July 2017
. Our work has been undertaken solely to prepare for your approval the financial statements of Juno Property Lawyers Limited
and state those matters that we have agreed to state to the Board of Directors of Juno Property Lawyers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Juno Property Lawyers Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Juno Property Lawyers 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 Juno Property Lawyers Limited. You consider that Juno Property Lawyers Limited is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Juno Property Lawyers 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.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
22 April 2020
JUNO PROPERTY LAWYERS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 2 -
31 March 2020
30 June 2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
41,195
43,116
Current assets
Debtors
4
85,196
232,162
Cash at bank and in hand
356,740
616,653
441,936
848,815
Creditors: amounts falling due within one year
5
(109,978)
(71,325)
Net current assets
331,958
777,490
Total assets less current liabilities
373,153
820,606
Creditors: amounts falling due after more than one year
6
(2,399,926)
(1,354,426)
Net liabilities
(2,026,773)
(533,820)
Capital and reserves
Called up share capital
7
3
3
Share premium account
891,574
891,574
Profit and loss reserves
(2,918,350)
(1,425,397)
Total equity
(2,026,773)
(533,820)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006
relating to small companies.
The directors acknowledge their 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 period 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.
JUNO PROPERTY LAWYERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 April 2020 and are signed on its behalf by:
Mr Etienne Pollard
Mr Charles Jacobs
Director
Director
Company Registration No. 10227405
JUNO PROPERTY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 4 -
1
Accounting policies
Company information
Juno Property Lawyers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
given on the company information page.
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.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Going concern
A
true
t the time of approving the financial statements
, due to the continuing support of the parent company,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The financial statements cover the 9 month period from 1 July 2019 to 31 March 2020. The reporting period was shortened for commercial reasons. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as a result.
1.4
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
Straight line basis over 3 years
Computers
Straight line basis over 3 years
1.5
Cash at bank and in hand
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. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
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.
JUNO PROPERTY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company 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 company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
JUNO PROPERTY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 6 -
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 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 44
(2019: 22).
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2019
7,766
54,090
61,856
Additions
208
17,159
17,367
Disposals
(1,448)
(1,448)
At 31 March 2020
7,974
69,801
77,775
Depreciation and impairment
At 1 July 2019
3,093
15,647
18,740
Depreciation charged in the period
1,746
16,147
17,893
Eliminated in respect of disposals
(53)
(53)
At 31 March 2020
4,839
31,741
36,580
Carrying amount
At 31 March 2020
3,135
38,060
41,195
At 30 June 2019
4,673
38,443
43,116
JUNO PROPERTY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 7 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
42,847
Corporation tax recoverable
178,239
Other debtors
28,543
39,079
Prepayments and accrued income
13,806
14,844
85,196
232,162
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
22,296
23,340
Taxation and social security
71,193
35,684
Other creditors
11,914
6,301
Accruals and deferred income
4,575
6,000
109,978
71,325
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
2,399,926
1,354,426
7
Called up share capital
2020
2019
£
£
Issued and fully paid
740,708 Ordinary Shares of 0.000004p each
3
3
124,549 Growth Shares of 0.000004p each
-
-
3
3
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £36,000 (2019: £64,500).
9
Parent company
The parent company of Juno Property Lawyers Limited is Juno Legal Holdings Limited by virtue of its 100% holding of the Ordinary Shares and Growth Shares. The registered office address of Juno Legal Holdings Limited is 43-51 New North Road, London, N1 6JB.