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Registration number: 6837560

Johnson Geddes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023












 

 

Johnson Geddes Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Johnson Geddes Limited

Company Information

Directors

Paul Keeley

Paul Johnson

Company secretary

Paul Johnson

Registered office

Metropolitan House
Station Road
Cheadle Hulme
Cheadle
SK8 7AZ

Accountants

Hutton Pike Limited
Chartered Certified Accountants
Office 2, 1st Floor
41 - 43 Liverpool Road
Cadishead
Manchester
M44 5BQ

 

Johnson Geddes Limited

(Registration number: 6837560)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,312

4,910

Current assets

 

Debtors

6

921,939

823,790

Cash at bank and in hand

 

44,453

94,140

 

966,392

917,930

Creditors: Amounts falling due within one year

7

(272,815)

(33,997)

Net current assets

 

693,577

883,933

Total assets less current liabilities

 

698,889

888,843

Provisions for liabilities

(933)

(933)

Net assets

 

697,956

887,910

Capital and reserves

 

Called up share capital

8

64

64

Capital redemption reserve

36

36

Retained earnings

697,856

887,810

Shareholders' funds

 

697,956

887,910

For the financial year ending 31 March 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 8 November 2023 and signed on its behalf by:
 

.........................................
Paul Johnson
Company secretary and director

 

Johnson Geddes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Metropolitan House
Station Road
Cheadle Hulme
Cheadle
SK8 7AZ

These financial statements were authorised for issue by the Board on 8 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Johnson Geddes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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

Fixtures and fittings

20% on reducing balance

Computer equipment

20% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill, having been amortised over its expected useful life of 2 years, has now been fully amortised.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 2 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Johnson Geddes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Client funds

Client funds are monies held in client trustee accounts on behalf of individuals who have entered into Individual Voluntary arrangements. All client funds are maintained in client trustee accounts and there is no right of set off between the client accounts and the company office account. These accounts do not form part of the assets of the company but are disclosed by way of note (note 12).

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 17).

 

Johnson Geddes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

60,000

60,000

At 31 March 2023

60,000

60,000

Amortisation

At 1 April 2022

60,000

60,000

At 31 March 2023

60,000

60,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

28,450

32,553

61,003

Additions

-

1,730

1,730

At 31 March 2023

28,450

34,283

62,733

Depreciation

At 1 April 2022

25,012

31,081

56,093

Charge for the year

688

640

1,328

At 31 March 2023

25,700

31,721

57,421

Carrying amount

At 31 March 2023

2,750

2,562

5,312

At 31 March 2022

3,438

1,472

4,910

 

Johnson Geddes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

911,736

768,041

Prepayments

9,003

8,710

Other debtors

1,200

47,039

921,939

823,790

Details of non-current trade and other debtors

£60,852 (2022 -£111,416) of trade debtors is classified as non current.

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

225,000

-

Trade creditors

 

15,808

14,748

Taxation and social security

 

14,032

14,569

Accruals and deferred income

 

12,951

4,680

Other creditors

 

5,024

-

 

272,815

33,997

Included in creditors are loans of £225,000 (2021 : £nil) which are secured by fixed and floating charges against the assets of the company.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

64

64

64

64

         
 

Johnson Geddes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

225,000

-

Other borrowings

The carrying amount of other loans at year end is £225,000 (2022 - £Nil).

The loans are secured with fixed and floating charges over the assets of the company.

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

163,308

163,308

Contributions paid to money purchase schemes

61,000

61,000

224,308

224,308

Other transactions with directors

Included in creditors is a loan of £125,000 (2022 : £nil) from P & C Johnson which is secured by a fixed and floating charge against the assets of the company.

11

Client Funds Held

At the period end the company held £516,059 (2022 - £651,607) in client trustee accounts on behalf of individuals who have entered into Individual Voluntary Arrangements. These amounts are not included within the assets or liabilities of the company.