1 August 2022 false No description of principal activity Taxfiler 2023.14 NI619263business:PrivateLimitedCompanyLtd2022-08-012023-07-31 NI6192632022-07-31 NI6192632022-08-012023-07-31 NI619263business:AuditExemptWithAccountantsReport2022-08-012023-07-31 NI619263business:FilletedAccounts2022-08-012023-07-31 NI6192632023-07-31 NI619263business:Director12022-08-012023-07-31 NI619263business:RegisteredOffice2022-08-012023-07-31 NI6192632022-07-31 NI619263core:WithinOneYear2023-07-31 NI619263core:WithinOneYear2022-07-31 NI619263core:AfterOneYear2023-07-31 NI619263core:AfterOneYear2022-07-31 NI619263core:ShareCapitalcore:PreviouslyStatedAmount2023-07-31 NI619263core:ShareCapitalcore:PreviouslyStatedAmount2022-07-31 NI619263core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-07-31 NI619263core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-07-31 NI619263core:PreviouslyStatedAmount2023-07-31 NI619263core:PreviouslyStatedAmount2022-07-31 NI619263business:SmallEntities2022-08-012023-07-31 NI619263countries:NorthernIreland2022-08-012023-07-31 NI619263core:MotorVehicles2022-08-012023-07-31 NI619263core:ComputerEquipment2022-08-012023-07-31 NI619263core:PlantMachinery2022-07-31 NI619263core:MotorVehicles2022-07-31 NI619263core:ComputerEquipment2022-07-31 NI619263core:PlantMachinery2022-08-012023-07-31 NI619263core:PlantMachinery2023-07-31 NI619263core:MotorVehicles2023-07-31 NI619263core:ComputerEquipment2023-07-31 NI6192632021-08-012022-07-31 iso4217:GBP xbrli:pure
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
Page
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Johnston Financial Solutions Limited Company Information for the year ended 31 July 2023
Director
Mark Johnston
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
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Johnston Financial Solutions Limited Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
23,111 
35,123 
Current assets
Inventories
20,000 
- 
Debtors
2,395 
10,198 
Cash at bank and in hand
3,209 
10,329 
25,604 
20,527 
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)
Net assets
20,729 
26,736 
Capital and reserves
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
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Johnston Financial Solutions Limited Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
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).
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Debtors
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.
Creditors
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.
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Johnston Financial Solutions Limited Notes to the Accounts for the year ended 31 July 2023
Taxation
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
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 
Additions
- 
- 
805 
805 
At 31 July 2023
800 
51,090 
2,971 
54,861 
Depreciation
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 
Net book value
At 31 July 2023
- 
22,352 
759 
23,111 
At 31 July 2022
- 
35,124 
(1)
35,123 
5
Inventories
2023 
2022 
£ 
£ 
Work in progress
20,000 
- 
20,000 
- 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
381 
6,740 
Accrued income and prepayments
2,014 
3,458 
2,395 
10,198 
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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 
16,586 
11,296 
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).
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