Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3116The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-04-01falseNo description of principal activity19truetrue SC241777 2022-04-01 2023-03-31 SC241777 2021-04-01 2022-03-31 SC241777 2023-03-31 SC241777 2022-03-31 SC241777 c:CompanySecretary1 2022-04-01 2023-03-31 SC241777 c:Director1 2022-04-01 2023-03-31 SC241777 c:Director2 2022-04-01 2023-03-31 SC241777 c:RegisteredOffice 2022-04-01 2023-03-31 SC241777 d:PlantMachinery 2022-04-01 2023-03-31 SC241777 d:PlantMachinery 2023-03-31 SC241777 d:PlantMachinery 2022-03-31 SC241777 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC241777 d:MotorVehicles 2022-04-01 2023-03-31 SC241777 d:MotorVehicles 2023-03-31 SC241777 d:MotorVehicles 2022-03-31 SC241777 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC241777 d:ComputerEquipment 2022-04-01 2023-03-31 SC241777 d:ComputerEquipment 2023-03-31 SC241777 d:ComputerEquipment 2022-03-31 SC241777 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC241777 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC241777 d:CurrentFinancialInstruments 2023-03-31 SC241777 d:CurrentFinancialInstruments 2022-03-31 SC241777 d:Non-currentFinancialInstruments 2023-03-31 SC241777 d:Non-currentFinancialInstruments 2022-03-31 SC241777 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC241777 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 SC241777 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC241777 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 SC241777 d:ShareCapital 2023-03-31 SC241777 d:ShareCapital 2022-03-31 SC241777 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC241777 d:RetainedEarningsAccumulatedLosses 2022-03-31 SC241777 c:OrdinaryShareClass1 2022-04-01 2023-03-31 SC241777 c:OrdinaryShareClass1 2023-03-31 SC241777 c:OrdinaryShareClass1 2022-03-31 SC241777 c:FRS102 2022-04-01 2023-03-31 SC241777 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 SC241777 c:FullAccounts 2022-04-01 2023-03-31 SC241777 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC241777










JOHNSTON RIGGING (FIFE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
JOHNSTON RIGGING (FIFE) LIMITED
 

COMPANY INFORMATION


Directors
Mr K Johnston 
Mr G Johnston 




Company secretary
Mrs A A Johnston



Registered number
SC241777



Registered office
The Old Cluny Warehouse

Cluny

Kirkcaldy

KY2 6QS




Accountants
EQ Accountants LLP
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
JOHNSTON RIGGING (FIFE) LIMITED
REGISTERED NUMBER: SC241777

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
1,417,648
1,279,531

  
1,417,648
1,279,531

Current assets
  

Stocks
  
15,000
1,550

Debtors: amounts falling due within one year
 5 
628,427
384,945

Cash at bank and in hand
  
221,257
527,869

  
864,684
914,364

Creditors: amounts falling due within one year
 6 
(885,112)
(766,616)

Net current (liabilities)/assets
  
 
 
(20,428)
 
 
147,748

Total assets less current liabilities
  
1,397,220
1,427,279

Creditors: amounts falling due after more than one year
 7 
(489,141)
(528,503)

Provisions for liabilities
  

Deferred tax
  
(307,246)
(298,075)

  
 
 
(307,246)
 
 
(298,075)

Net assets
  
600,833
600,701


Capital and reserves
  

Called up share capital 
 8 
1,002
1,002

Profit and loss account
  
599,831
599,699

  
600,833
600,701

Page 1

 
JOHNSTON RIGGING (FIFE) LIMITED
REGISTERED NUMBER: SC241777

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2023.




Mr G Johnston
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
JOHNSTON RIGGING (FIFE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Johnston Rigging (Fife) Limited is a private company, limited by shares, incorporated in Scotland with registration number SC241777. The address of the registered office is The Old Cluny Warehouse, Cluny, Kirkcaldy, Scotland, KY2 6QS. 
The financial statements are presented in Sterling which is the functional currency of the Company rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
JOHNSTON RIGGING (FIFE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

During the current and prior year the business was in receipt of the following revenue grants in relation to the COVID-19 pandemic:
Coronavirus Job Retention Scheme (CJRS)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

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

The current 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Page 4

 
JOHNSTON RIGGING (FIFE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Computer equipment
-
25%
Reducing balance

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.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 16).

Page 5

 
JOHNSTON RIGGING (FIFE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
2,126,149
305,766
6,426
2,438,341


Additions
518,617
137,002
-
655,619


Disposals
(584,147)
(62,154)
-
(646,301)



At 31 March 2023

2,060,619
380,614
6,426
2,447,659



Depreciation


At 1 April 2022
1,041,798
111,424
5,588
1,158,810


Charge for the year on owned assets
236,336
67,324
209
303,869


Disposals
(406,319)
(26,349)
-
(432,668)



At 31 March 2023

871,815
152,399
5,797
1,030,011



Net book value



At 31 March 2023
1,188,804
228,215
629
1,417,648



At 31 March 2022
1,084,351
194,342
838
1,279,531


5.


Debtors

2023
2022
£
£


Trade debtors
504,342
307,287

Other debtors
107,746
57,274

Prepayments and accrued income
16,339
20,384

628,427
384,945


Page 6

 
JOHNSTON RIGGING (FIFE) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
62,500
52,084

Trade creditors
33,096
67,993

Amounts owed to group undertakings
126,000
370,498

Other taxation and social security
22,332
71,610

Obligations under finance lease and hire purchase contracts
617,448
178,605

Other creditors
2,520
2,378

Accruals and deferred income
21,216
23,448

885,112
766,616


Secured loans
Hire purchase liabilities are secured over the assets to which they relate.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
72,917
145,833

Net obligations under finance leases and hire purchase contracts
416,224
382,670

489,141
528,503


Secured loans
Hire purchase liabilities are secured over the assets to which they relate.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,002 (2022 - 1,002) Ordinary shares of £1.00 each
1,002
1,002



Page 7