Johnson Elevanja Ltd 02774144 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is that of the manufacture of industrial braking systems. Digita Accounts Production Advanced 6.30.9574.0 true true true 02774144 2022-11-01 2023-10-31 02774144 2023-10-31 02774144 2 2023-10-31 02774144 core:CurrentFinancialInstruments 2023-10-31 02774144 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 02774144 core:FurnitureFittings 2023-10-31 02774144 core:MotorVehicles 2023-10-31 02774144 core:OfficeEquipment 2023-10-31 02774144 core:AllAssociates 2023-10-31 02774144 core:ParentEntities 2023-10-31 02774144 bus:SmallEntities 2022-11-01 2023-10-31 02774144 bus:Audited 2022-11-01 2023-10-31 02774144 bus:FilletedAccounts 2022-11-01 2023-10-31 02774144 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 02774144 bus:RegisteredOffice 2022-11-01 2023-10-31 02774144 bus:Director1 2022-11-01 2023-10-31 02774144 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 02774144 core:FurnitureFittings 2022-11-01 2023-10-31 02774144 core:MotorVehicles 2022-11-01 2023-10-31 02774144 core:OfficeEquipment 2022-11-01 2023-10-31 02774144 core:AllAssociates 2022-11-01 2023-10-31 02774144 core:AllAssociates core:Leases 2022-11-01 2023-10-31 02774144 core:AllAssociates core:RenderingOrReceivingServices 2022-11-01 2023-10-31 02774144 core:AllAssociates core:SaleOrPurchaseGoods 2022-11-01 2023-10-31 02774144 core:AllAssociates core:SettlementLiabilities 2022-11-01 2023-10-31 02774144 core:ParentEntities 2022-11-01 2023-10-31 02774144 core:ParentEntities core:Leases 2022-11-01 2023-10-31 02774144 core:ParentEntities core:RenderingOrReceivingServices 2022-11-01 2023-10-31 02774144 core:ParentEntities core:SaleOrPurchaseGoods 2022-11-01 2023-10-31 02774144 core:ParentEntities core:SettlementLiabilities 2022-11-01 2023-10-31 02774144 1 2022-11-01 2023-10-31 02774144 countries:EnglandWales 2022-11-01 2023-10-31 02774144 2022-10-31 02774144 core:FurnitureFittings 2022-10-31 02774144 core:MotorVehicles 2022-10-31 02774144 core:OfficeEquipment 2022-10-31 02774144 core:ParentEntities 2022-10-31 02774144 2021-11-01 2022-10-31 02774144 2022-10-31 02774144 2 2022-10-31 02774144 core:CurrentFinancialInstruments 2022-10-31 02774144 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 02774144 core:FurnitureFittings 2022-10-31 02774144 core:MotorVehicles 2022-10-31 02774144 core:OfficeEquipment 2022-10-31 02774144 core:AllAssociates 2022-10-31 02774144 core:ParentEntities 2022-10-31 02774144 core:AllAssociates core:Leases 2021-11-01 2022-10-31 02774144 core:AllAssociates core:RenderingOrReceivingServices 2021-11-01 2022-10-31 02774144 core:AllAssociates core:SaleOrPurchaseGoods 2021-11-01 2022-10-31 02774144 core:AllAssociates core:SettlementLiabilities 2021-11-01 2022-10-31 02774144 core:ParentEntities 2021-11-01 2022-10-31 02774144 core:ParentEntities core:Leases 2021-11-01 2022-10-31 02774144 core:ParentEntities core:RenderingOrReceivingServices 2021-11-01 2022-10-31 02774144 core:ParentEntities core:SaleOrPurchaseGoods 2021-11-01 2022-10-31 02774144 core:ParentEntities core:SettlementLiabilities 2021-11-01 2022-10-31 02774144 core:ParentEntities 2021-10-31 iso4217:GBP xbrli:pure

Registration number: 02774144

Johnson Elevanja Ltd

Filleted Financial Statements

for the Year Ended 31 October 2023

 

Johnson Elevanja Ltd

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 10

 

Johnson Elevanja Ltd

(Registration number: 02774144)
Statement of Financial Position as at 31 October 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

194

266

Current assets

 

Stocks

5

68,628

57,127

Debtors

6

276,132

299,732

Cash at bank and in hand

 

422,876

532,808

 

767,636

889,667

Creditors: Amounts falling due within one year

7

(163,030)

(180,560)

Net current assets

 

604,606

709,107

Total assets less current liabilities

 

604,800

709,373

Provisions for liabilities

(29)

(41)

Net assets

 

604,771

709,332

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

604,769

709,330

Shareholders' funds

 

604,771

709,332

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 Statement of Comprehensive Income.

For details of the prior year restatement see Note 7.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 


Mr D Johnson
Director

 

Johnson Elevanja Ltd

Notes to the Financial Statements for the Year Ended 31 October 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:
Bath Road
Bridgwater
Somerset
TA6 4YQ

Principal activity

The principal activity of the company is that of the manufacture of industrial braking systems.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The Directors have therefore concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the accounts.

 

Johnson Elevanja Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 31 July 2024 was Peter Lomax, who signed for and on behalf of Westcotts.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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 Elevanja Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

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 statement of financial position 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

25% reducing balance

Motor vehicles

25% reducing balance

Equipment

25% reducing balance

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Johnson Elevanja Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 12).

 

Johnson Elevanja Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

4,696

16,363

10,675

31,734

At 31 October 2023

4,696

16,363

10,675

31,734

Depreciation

At 1 November 2022

4,689

16,199

10,580

31,468

Charge for the year

2

46

24

72

At 31 October 2023

4,691

16,245

10,604

31,540

Carrying amount

At 31 October 2023

5

118

71

194

At 31 October 2022

7

164

95

266

5

Stocks

2023
£

2022
£

Raw materials and consumables

68,628

57,127

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

185,361

221,025

Amounts owed by group undertakings and undertakings in which the company has a participating interest

 

29,997

52,242

Other debtors

 

51,915

26,465

Taxation and social security

8,859

-

 

276,132

299,732

 

Johnson Elevanja Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

(As restated)

2022
£

Due within one year

Trade creditors

40,365

33,803

Taxation and social security

32,592

93,241

Accruals and deferred income

50,387

39,635

Amounts owed to group undertakings and undertakings in which the company has a participating interest

39,686

13,881

163,030

180,560

Last year the corporation tax creditor was included in ‘Other creditors’ which has now been amended to ‘Taxation and social security’. Last year accruals were classified under ‘other creditors’ but this has been restated to ‘accruals and deferred income’. Management have adopted these changes as they feel this improves the clarity of presentation.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Johnson Elevanja Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

9

Related party transactions

Summary of transactions with parent

Manufax Limited
 During the year the company incurred fees from Manufax Limited for machinery rental and building rental of £74,160 (2022: £74,160) and £41,040 (2022: £41,040) respectively. The company also incurred from Manufax Limited a management fee for the year of £50,000 (2022: £50,000).

The company paid dividends of £195,285 (2022: £250,000) to Manufax Ltd.

 

Summary of transactions with associates

Johnson Industries Limited
 All transactions between the company and Johnson Industries Ltd, a company incorporated in Canada, are carried out on the company's normal trading terms.
 

Income and receivables from related parties

2023

Johnson Industries Ltd
£

Sale of goods

199,951

Settlement of liabilities

(174,929)

Amounts receivable from related party

25,022

2022

Johnson Industries Ltd
£

Sale of goods

187,967

Settlement of liabilities

(140,701)

Amounts receivable from related party

47,266

 

Johnson Elevanja Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

9

Related party transactions (continued)

Expenditure with and payables to related parties

2023

Manufax Limited
£

Johnson Industries Ltd
£

Purchase of goods

-

66,598

Management charges

50,000

-

Rent of buildings and machinery

115,200

-

Settlement of liabilities

(165,200)

(63,312)

Amounts payable to related party

-

3,286

2022

Manufax Limited
£

Johnson Industries Ltd
£

Purchase of goods

-

86,287

Management charges

50,000

-

Rent of buildings and machinery

115,200

-

Settlement of liabilities

(151,433)

(86,173)

Amounts payable to related party

13,737

114

Loans to related parties

2023

Manufax Limited
£

At start of period

4,976

At end of period

4,976

2022

Manufax Limited
£

At start of period

1,980

Advanced

2,996

At end of period

4,976

Loans from related parties

2023

Manufax Limited
£

Advanced

36,400

At end of period

36,400

 

Johnson Elevanja Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

9

Related party transactions (continued)

Terms of loans from related parties

The Company and Manufax Ltd are in a VAT group. During the year Manufax Ltd purchased machinery which had VAT attributed of £36,400, this £36,400 has been claimed by Johnson Elevanja on it's VAT returns, and this amount is thus repayable to Manufax Ltd.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Manufax Limited, incorporated in England and Wales.

 The ultimate parent is Manufax Holdings Inc, incorporated in Canada.

 The ultimate controlling party is Manufax Holdings Inc.