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Registration number: SC271266

Johnston Greer Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Johnston Greer Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

Accountants' Report

7

 

Johnston Greer Ltd.

Company Information

Directors

Mr Christopher David Johnston

Mrs Michelle Andrea Johnston

Company secretary

Mrs Michelle Andrea Johnston

Registered office

29 Marshall Drive
California
Falkirk
FK1 2AB

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Johnston Greer Ltd.

(Registration number: SC271266)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

886

2,340

Current assets

 

Debtors

5

4,680

64

Cash at bank and in hand

 

20,204

43,232

 

24,884

43,296

Creditors: Amounts falling due within one year

6

(22,469)

(45,077)

Net current assets/(liabilities)

 

2,415

(1,781)

Total assets less current liabilities

 

3,301

559

Provisions for liabilities

(169)

(445)

Net assets

 

3,132

114

Capital and reserves

 

Called up share capital

2

2

Retained earnings

3,130

112

Shareholders' funds

 

3,132

114

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 October 2023 and signed on its behalf by:
 

.........................................
Mr Christopher David Johnston
Director

 

Johnston Greer Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland .

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Johnston Greer Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

20% on reducing balance

Computer equipment

33% on cost

Plant and machinery

25% on reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Johnston Greer Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

916

174

13,211

14,301

Disposals

-

-

(3,154)

(3,154)

At 30 June 2023

916

174

10,057

11,147

Depreciation

At 1 July 2022

229

44

11,689

11,962

Charge for the year

138

32

590

760

Eliminated on disposal

-

-

(2,461)

(2,461)

At 30 June 2023

367

76

9,818

10,261

Carrying amount

At 30 June 2023

549

98

239

886

At 30 June 2022

688

130

1,522

2,340

5

Debtors

Current

2023
£

2022
£

Trade debtors

4,680

-

Other debtors

-

64

 

4,680

64

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

749

1,283

Taxation and social security

6,876

829

Other creditors

14,844

42,965

22,469

45,077

 

Johnston Greer Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2023
 £

2022
 £

Mr C D Johnston

6,356

3,101

Mrs M A Johnston

6,358

37,970

 

12,714

41,071

The maximum balance outstanding during the year amounted to £41,071.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Johnston Greer Ltd.
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Johnston Greer Ltd. for the year ended 30 June 2023 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Johnston Greer Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Johnston Greer Ltd. and state those matters that we have agreed to state to the Board of Directors of Johnston Greer Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Johnston Greer Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Johnston Greer Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Johnston Greer Ltd.. You consider that Johnston Greer Ltd. 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 accounts of Johnston Greer Ltd.. 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 accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

5 October 2023