Silverfin false false 30/06/2023 01/07/2022 30/06/2023 James William Spence 24/08/1978 Steven Henry Paplay Spence 01/10/2002 16 November 2023 The principal activity of the Company during the financial year continued to be that of stevedoring and shipping. SC065701 2023-06-30 SC065701 bus:Director1 2023-06-30 SC065701 bus:Director2 2023-06-30 SC065701 2022-06-30 SC065701 core:CurrentFinancialInstruments 2023-06-30 SC065701 core:CurrentFinancialInstruments 2022-06-30 SC065701 core:ShareCapital 2023-06-30 SC065701 core:ShareCapital 2022-06-30 SC065701 core:SharePremium 2023-06-30 SC065701 core:SharePremium 2022-06-30 SC065701 core:RevaluationReserve 2023-06-30 SC065701 core:RevaluationReserve 2022-06-30 SC065701 core:OtherCapitalReserve 2023-06-30 SC065701 core:OtherCapitalReserve 2022-06-30 SC065701 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC065701 core:RetainedEarningsAccumulatedLosses 2022-06-30 SC065701 core:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 SC065701 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 SC065701 core:LandBuildings 2022-06-30 SC065701 core:LeaseholdImprovements 2022-06-30 SC065701 core:PlantMachinery 2022-06-30 SC065701 core:Vehicles 2022-06-30 SC065701 core:LandBuildings 2023-06-30 SC065701 core:LeaseholdImprovements 2023-06-30 SC065701 core:PlantMachinery 2023-06-30 SC065701 core:Vehicles 2023-06-30 SC065701 bus:OrdinaryShareClass1 2023-06-30 SC065701 core:WithinOneYear 2023-06-30 SC065701 core:WithinOneYear 2022-06-30 SC065701 core:BetweenOneFiveYears 2023-06-30 SC065701 core:BetweenOneFiveYears 2022-06-30 SC065701 2022-07-01 2023-06-30 SC065701 bus:FilletedAccounts 2022-07-01 2023-06-30 SC065701 bus:SmallEntities 2022-07-01 2023-06-30 SC065701 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 SC065701 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 SC065701 bus:Director1 2022-07-01 2023-06-30 SC065701 bus:Director2 2022-07-01 2023-06-30 SC065701 core:LandBuildings core:TopRangeValue 2022-07-01 2023-06-30 SC065701 core:LeaseholdImprovements core:TopRangeValue 2022-07-01 2023-06-30 SC065701 core:PlantMachinery core:TopRangeValue 2022-07-01 2023-06-30 SC065701 core:Vehicles 2022-07-01 2023-06-30 SC065701 2021-07-01 2022-06-30 SC065701 core:LandBuildings 2022-07-01 2023-06-30 SC065701 core:LeaseholdImprovements 2022-07-01 2023-06-30 SC065701 core:PlantMachinery 2022-07-01 2023-06-30 SC065701 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 SC065701 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC065701 (Scotland)

JOHN JOLLY (1978) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH THE REGISTRAR

JOHN JOLLY (1978) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023

Contents

JOHN JOLLY (1978) LIMITED

BALANCE SHEET

AS AT 30 JUNE 2023
JOHN JOLLY (1978) LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 145,000 145,000
Tangible assets 4 140,871 141,436
Investment property 5 488,005 488,005
773,876 774,441
Current assets
Stocks 100 100
Debtors 6 332,302 177,336
Cash at bank and in hand 399,344 350,952
731,746 528,388
Creditors: amounts falling due within one year 7 ( 173,061) ( 116,600)
Net current assets 558,685 411,788
Total assets less current liabilities 1,332,561 1,186,229
Provision for liabilities ( 7,335) ( 4,059)
Net assets 1,325,226 1,182,170
Capital and reserves
Called-up share capital 8 10,002 10,002
Share premium account 80 80
Revaluation reserve 32,918 33,965
Other reserves 99,744 99,744
Profit and loss account 1,182,482 1,038,379
Total shareholders' funds 1,325,226 1,182,170

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 financial statements of John Jolly (1978) Limited (registered number: SC065701) were approved and authorised for issue by the Director on 16 November 2023. They were signed on its behalf by:

Steven Henry Paplay Spence
Director
JOHN JOLLY (1978) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
JOHN JOLLY (1978) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

John Jolly (1978) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit 1 Kiln Corner, Ayre Road, Kirkwall, KW15 1QX, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Agency fees and commissions are recognised when the company has earned the right to the income. Other income is recognised when the company has performed the relevant services in line with its contracted terms.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Vehicle registration number are valued at cost. There is no amortisation as the residual value of the registrations is considered to be in excess of cost.

Trademarks, patents and licences not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 50 years straight line
Plant and machinery 10 years straight line
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 41 36

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 July 2022 145,000 145,000
At 30 June 2023 145,000 145,000
Accumulated amortisation
At 01 July 2022 0 0
At 30 June 2023 0 0
Net book value
At 30 June 2023 145,000 145,000
At 30 June 2022 145,000 145,000

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £ £
Cost
At 01 July 2022 51,819 35,097 184,802 129,440 401,158
Additions 0 0 5,614 20,900 26,514
Disposals 0 0 0 ( 15,016) ( 15,016)
At 30 June 2023 51,819 35,097 190,416 135,324 412,656
Accumulated depreciation
At 01 July 2022 15,518 12,017 167,300 64,887 259,722
Charge for the financial year 1,036 702 3,362 19,577 24,677
Disposals 0 0 0 ( 12,614) ( 12,614)
At 30 June 2023 16,554 12,719 170,662 71,850 271,785
Net book value
At 30 June 2023 35,265 22,378 19,754 63,474 140,871
At 30 June 2022 36,301 23,080 17,502 64,553 141,436

5. Investment property

Investment property
£
Valuation
As at 01 July 2022 488,005
As at 30 June 2023 488,005

Valuation

The investment properties were valued at £488,005 at 30 June 2021 on an open market basis. The directors consider this value to continue to represent the fair value of investment properties at 30 June 2023. The historical cost of investment properties is £416,560.

6. Debtors

2023 2022
£ £
Trade debtors 230,118 127,603
Other debtors 102,184 49,733
332,302 177,336

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 13,462 12,746
Corporation tax 54,646 30,217
Other taxation and social security 37,341 25,120
Other creditors 67,612 48,517
173,061 116,600

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,002 Ordinary shares of £ 1.00 each 10,002 10,002

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 7,500 14,000
between one and five years 0 7,500
7,500 21,500

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed to key management personnel (47,055) (31,023)

The above loans are unsecured, interest free and have no fixed terms of repayment.