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No description of principal activity
2022-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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21,295
21,295
xbrli:pure
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1
2022-01-01
2022-12-31
COMPANY REGISTRATION NUMBER:
SC019411
John Dickson & Son Limited |
|
Filleted Unaudited Financial Statements |
|
John Dickson & Son Limited |
|
Year ended 31 December 2022
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 8 |
|
|
John Dickson & Son Limited |
|
Officers and Professional Advisers |
|
The Board of Directors |
A N G Laing (Resigned 1 July 2022) |
|
Z C Bucknell |
|
J P Daeschler |
|
|
Registered Office |
The Steading |
|
Dunkeld House Hotel |
|
Dunkeld |
|
PH8 0HX |
|
|
Accountants |
CT |
|
Chartered Accountants |
|
61 Dublin Street |
|
Edinburgh |
|
EH3 6NL |
|
|
Bankers |
Virgin Money UK Plc |
|
83 George Street |
|
Edinburgh |
|
EH2 3ES |
|
|
John Dickson & Son Limited |
|
Statement of Financial Position |
|
31 December 2022
Fixed assets
Tangible assets |
6 |
49,151 |
– |
|
|
|
|
Current assets
Stocks |
374,218 |
300,287 |
Debtors |
7 |
31,184 |
42,831 |
Cash at bank and in hand |
29,789 |
13,296 |
|
--------- |
--------- |
|
435,191 |
356,414 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
520,519 |
278,152 |
|
--------- |
--------- |
Net current (liabilities)/assets |
(
85,328) |
78,262 |
|
-------- |
-------- |
Total assets less current liabilities |
(
36,177) |
78,262 |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
25,000 |
35,000 |
|
-------- |
-------- |
Net (liabilities)/assets |
(
61,177) |
43,262 |
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
10 |
3,247,300 |
3,247,300 |
Share premium account |
1,252,735 |
1,252,735 |
Profit and loss account |
(
4,561,212) |
(
4,456,773) |
|
------------ |
------------ |
Shareholders (deficit)/funds |
(
61,177) |
43,262 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
John Dickson & Son Limited |
|
Statement of Financial Position (continued) |
|
31 December 2022
These financial statements were approved by the
board of directors
and authorised for issue on
5 February 2024
, and are signed on behalf of the board by:
Company registration number:
SC019411
John Dickson & Son Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office and principal place of business is The Steading, Dunkeld House Hotel, Dunkeld, PH8 0HX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of Preparation
The financial statements have been prepared under the historical cost convention
and in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ("FRS102") issued by the Financial Reporting Council, and applicable legislation as set out in the Companies Act 2006. The financial statements have been presented in Pounds Sterling as this is the functional and presentational currency of the Company. The company and its subsidiaries comprise a small group and therefore the company has taken advantage of the exemption provided by s398 of the Companies Act 2006 not to prepare group accounts. The following wholly owned dormant subsidiaries are all incorporated in the United Kingdom and did not trade during the year. The share capital in respect of each subsidiary consists only of ordinary shares. The net assets of each company are considered to be negligible and accordingly no value in respect of these holdings has been accounted for in the financial statements. Alex Henry & Company Gun and Rifle Makers Limited Alex Martin Gun and Rifle Makers Limited Mortimer & Son Gun and Rifle Makers Limited Daniel Fraser & Co Limited James MacNaughton & Sons Limited
Going Concern
The directors have assessed the company's ability to continue as a going concern and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors will continue to provide financial support to the company as required. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Judgements and Key Sources of Estimation Uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. As the estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant, actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. There are no no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue Recognition
The turnover shown in the profit and loss account represents amounts earned during the year. Retail sales, including sales of guns are recognised at the point of sale. Income from commissions earned, property licensing, and recharge of costs is recognised in the period to which it relates. In respect of long-term contracts, including gun repairs and the manufacture of new guns, turnover represents the costs of work completed during the year and is included within work in progress. Deposits received from customers for new guns not yet completed are accounted for as creditors and released once complete and invoiced.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures, fittings and machinery |
- |
over 3-
10 years
|
|
Motor vehicles |
- |
over
10 years
|
|
|
|
|
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in Progress Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined Contribution Plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2021:
5
).
5.
Intangible assets
Cost |
|
At 1 January 2022 and 31 December 2022 |
21,295 |
|
-------- |
Amortisation |
|
At 1 January 2022 and 31 December 2022 |
21,295 |
|
-------- |
Carrying amount |
|
At 31 December 2022 |
– |
|
-------- |
At 31 December 2021 |
– |
|
-------- |
|
|
6.
Tangible assets
|
Leasehold improv'ts |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
At 1 January 2022 |
33,264 |
19,600 |
– |
52,864 |
Additions |
– |
– |
51,738 |
51,738 |
|
-------- |
-------- |
-------- |
--------- |
At 31 December 2022 |
33,264 |
19,600 |
51,738 |
104,602 |
|
-------- |
-------- |
-------- |
--------- |
Depreciation |
|
|
|
|
At 1 January 2022 |
33,264 |
19,600 |
– |
52,864 |
Charge for the year |
– |
– |
2,587 |
2,587 |
|
-------- |
-------- |
-------- |
--------- |
At 31 December 2022 |
33,264 |
19,600 |
2,587 |
55,451 |
|
-------- |
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
At 31 December 2022 |
– |
– |
49,151 |
49,151 |
|
-------- |
-------- |
-------- |
--------- |
At 31 December 2021 |
– |
– |
– |
– |
|
-------- |
-------- |
-------- |
--------- |
|
|
|
|
|
7.
Debtors
Trade debtors |
28,864 |
40,511 |
Other debtors |
2,320 |
2,320 |
|
-------- |
-------- |
|
31,184 |
42,831 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
Bank loans and overdrafts |
10,000 |
10,000 |
Trade creditors |
25,250 |
30,489 |
Social security and other taxes |
20,523 |
16,311 |
Other creditors |
464,746 |
221,352 |
|
--------- |
--------- |
|
520,519 |
278,152 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
Bank loans and overdrafts |
25,000 |
35,000 |
|
-------- |
-------- |
|
|
|
The loan bears interest at
2.5
% per annum and is repayable over 5 years. Repayments commenced in July 2021.
10.
Called up share capital
Issued, called up and fully paid
Ordinary "A" shares of £ 1 each |
2,737,300 |
2,737,300 |
2,737,300 |
2,737,300 |
Ordinary "B" shares of £ 1 each |
300,000 |
300,000 |
300,000 |
300,000 |
Ordinary "C" shares of £ 0.30 each |
500,000 |
150,000 |
500,000 |
150,000 |
Ordinary "D" shares of £ 0.075 each |
800,000 |
60,000 |
800,000 |
60,000 |
|
------------ |
------------ |
------------ |
------------ |
|
4,337,300 |
3,247,300 |
4,337,300 |
3,247,300 |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
11.
Related party transactions
A Laing (director until 1 July 2022) had made loans to the company totalling £210,638. As at 31 December 2022, £Nil (2021: £Nil) of these loans were still outstanding, £171,810 having been repaid by the company in prior years and £38,828 waived in the 2021 financial statements. To date, Z Bucknell (director) has made loans to the company totalling £168,320. As at 31 December 2021, £142,320 (2021: £126,000) of these loans were still outstanding, £42,320 having been advanced and £26,000 repaid in 2022. These loans are included within other creditors, are repayable on demand and no interest terms apply.
12.
Controlling party
The company is ultimately controlled by
The Albion Gunmakers Group Ltd
, a company registered in England and Wales, who is the majority shareholder of the company. The registered address of The Albion Gunmakers Group Limited is Holywell Farmhouse, Hodsoll Street, Kent, Sevenoaks, England, TN15 7LE.