Company registration number 10227405 (England and Wales)
JUNO PROPERTY LAWYERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
JUNO PROPERTY LAWYERS LIMITED
COMPANY INFORMATION
Directors
Mr Etienne Pollard
Mr Henry Hadlow
Mr Charles Jacobs
Mrs Shabbana Jamil
Mr William Wride
(Appointed 7 April 2022)
Ms R Jones
(Appointed 9 September 2022)
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
Notes to the financial statements
3 - 6
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 YEAR ENDED 31 MARCH 2023
- 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 year ended 31 March 2023 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. 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 year.
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:
20 December 2023
JUNO PROPERTY LAWYERS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 2 -
31 March 2023
30 September 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,183
14,318
Current assets
Debtors
4
251,433
184,821
Cash at bank and in hand
81,470
197,274
332,903
382,095
Creditors: amounts falling due within one year
5
(428,121)
(144,238)
Net current (liabilities)/assets
(95,218)
237,857
Total assets less current liabilities
(81,035)
252,175
Capital and reserves
Called up share capital
6
5
5
Share premium account
4,942,832
4,802,831
Profit and loss reserves
(5,023,872)
(4,550,661)
Total equity
(81,035)
252,175
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 year ended 31 March 2023 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.
The 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.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2023 and are signed on its behalf by:
Mr Etienne Pollard
Mr Henry Hadlow
Director
Director
Company Registration No. 10227405
JUNO PROPERTY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
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 amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
1.2
Going concern
In determining whether or not the company is a going concern, the directors have had due regard to the trading results post year end together with future profitability and cash flow projections, all of which appear positive. Atruet the time of approving the financial statements, due to the results of trading post year end together with the continuing support of the parent company, the directors have a reasonable expectation that the company 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.
1.3
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
Straight line basis over 3 years
Computers
Straight line basis over 3 years
1.4
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.
1.5
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 YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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 payments 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. Amounts 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.
1.6
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.
1.7
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 end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average number of persons (including directors) employed by the company during the period was 62 (2022: 47).
JUNO PROPERTY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022
6,309
84,098
90,407
Additions
9,487
9,487
Disposals
(5,077)
(23,589)
(28,666)
At 31 March 2023
1,232
69,996
71,228
Depreciation and impairment
At 1 April 2022
6,275
69,813
76,088
Depreciation charged in the year
34
9,566
9,600
Eliminated in respect of disposals
(5,077)
(23,566)
(28,643)
At 31 March 2023
1,232
55,813
57,045
Carrying amount
At 31 March 2023
14,183
14,183
At 31 March 2022
34
14,284
14,318
4
Debtors
31 March 2023
30 September 2022
Amounts falling due within one year:
£
£
Trade debtors
85,284
122,959
Other debtors
119,440
35,230
Prepayments and accrued income
46,709
26,632
251,433
184,821
5
Creditors: amounts falling due within one year
31 March 2023
30 September 2022
£
£
Trade creditors
134,175
26,491
Taxation and social security
201,579
101,119
Other creditors
87,092
11,828
Accruals and deferred income
5,275
4,800
428,121
144,238
JUNO PROPERTY LAWYERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.0004p each
1,138,829
1,125,071
5
5
Growth Shares of 0.0004p each
124,549
124,549
-
-
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £10,625 (2022: £22,500).
8
Related party transactions
As at the 31 March 2023 the parent company was owed £56,397.
As at the 31 March a fellow subsidiary owed the company £107,000.
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.