Company Registration No. NI619263 (Northern Ireland)
Johnston Financial Solutions Limited
Unaudited accounts
for the year ended 31 July 2023
Johnston Financial Solutions Limited
Unaudited accounts
Contents
Johnston Financial Solutions Limited
Company Information
for the year ended 31 July 2023
Company Number
NI619263 (Northern Ireland)
Registered Office
36 BIGWOOD ROAD
ARDMORE
LONDONDERRY
BT47 3RP
Accountants
Satori Accounting
11 Orchard Business Park
Pennyburn Industrial Estate
Derry
Northern Ireland
BT48 0LU
Johnston Financial Solutions Limited
Statement of financial position
as at 31 July 2023
Tangible assets
23,111
35,123
Cash at bank and in hand
3,209
10,329
Creditors: amounts falling due within one year
(16,586)
(11,296)
Net current assets
9,018
9,231
Total assets less current liabilities
32,129
44,354
Creditors: amounts falling due after more than one year
(11,400)
(17,618)
Called up share capital
1
1
Profit and loss account
20,728
26,735
Shareholders' funds
20,729
26,736
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 March 2024 and were signed on its behalf by
Mark Johnston
Director
Company Registration No. NI619263
Johnston Financial Solutions Limited
Notes to the Accounts
for the year ended 31 July 2023
Johnston Financial Solutions Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI619263. The registered office is 36 BIGWOOD ROAD, ARDMORE, LONDONDERRY, BT47 3RP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic f Ireland (as applied to small entities by section 1A of the standard).
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles
over 4 years
Computer equipment
over 5 years
Short term debtrs are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term credits are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Johnston Financial Solutions Limited
Notes to the Accounts
for the year ended 31 July 2023
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2022
800
51,090
2,166
54,056
At 31 July 2023
800
51,090
2,971
54,861
At 1 August 2022
800
15,966
2,167
18,933
Charge for the year
-
12,772
45
12,817
At 31 July 2023
800
28,738
2,212
31,750
At 31 July 2023
-
22,352
759
23,111
At 31 July 2022
-
35,124
(1)
35,123
Amounts falling due within one year
Accrued income and prepayments
2,014
3,458
Johnston Financial Solutions Limited
Notes to the Accounts
for the year ended 31 July 2023
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
6,218
6,218
Trade creditors
2,820
1,123
Taxes and social security
2,325
941
Other creditors
5,223
3,014
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
11,400
17,618
9
Transactions with related parties
Mr Mark Johnston was the director and 100% shareholder during the year ended 31 July 2023.
The following transactions occurred between the company and the director:
Personal expenses paid for by the company £ 4,677
Payments to the director £17,621
Company expenses due to the director ( £782)
Funds introduced by the director ( £24,205)
The amount owed to the director at the year-end date was £3,485. This is included within creditors at note 6.
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).