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REGISTERED NUMBER: NI004697 (Northern Ireland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

Johnson Brothers (Belfast) Limited

Johnson Brothers (Belfast) Limited (Registered number: NI004697)






Contents of the Consolidated Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Profit and Loss Account 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Johnson Brothers (Belfast) Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: M Y Johnson
D W M Johnson
M A Johnson
R J Johnson
P Mills
N J W Patton
Mrs M Maginnis
A M Johnson


SECRETARY: Mrs M Maginnis


REGISTERED OFFICE: 137 Hillsborough Old Road
Lisburn
Co. Antrim
BT27 5QR


REGISTERED NUMBER: NI004697 (Northern Ireland)


SENIOR STATUTORY AUDITOR: Anthony Bradley FCA


AUDITORS: Cleaver Black
Chartered Accountants
Registered Auditors
Suite 5 Ormeau House
91-97 Ormeau Road
Belfast
Co. Antrim
BT7 1SH


BANKERS: Bank Of Ireland
4 - 8 High Street
Belfast
BT1 2BA

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Group Strategic Report
for the year ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The trading results for the year and the group's financial position at the end of the year are shown in the attached financial statements. The directors consider both the results for the year and the prospects for the future as satisfactory. There was a profit for the year after taxation amounting to £592,467 (2022: £662,251).

PRINCIPAL RISKS AND UNCERTAINTIES
The group uses various financial instruments including bank loans or overdrafts, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.

The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.

The main risks arising from the group's financial instruments are interest risk and liquidity risk.

The directors review and agree policies for managing each of these risks and they are summarised below. These policies remain unchanged from previous years.

Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Short term flexibility is achieved by overdraft facilities.

Currency risk
The group is exposed to translation and transaction foreign exchange risk.

Interest rate risk
The group finances its operations through a mixture of retained profits and bank borrowings. The group exposure to interest rate fluctuations on its borrowings is managed through annual review of its borrowing requirements.

Credit risk
The group's principal financial assets are cash and debtors: the credit risk associated with cash is limited. An assessment is made of prospective commercial customers before goods are supplied on credit. Overdue amounts are reviewed on an ongoing basis and are followed up on a monthly basis.

FINANCIAL KEY PERFORMANCE INDICATORS
The group's key performance indicators are as follows:


2023 2022

Growth/(decline) in sales 12.21% 15.09%
Growth/(decline) in operating profit (3.46%) 20.44%
Net assets (£'000) 14,454 13,861

ON BEHALF OF THE BOARD:





Mrs M Maginnis - Director


23 July 2024

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of selling and distribution, coffee manufacturing and coffee equipment hire.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M Y Johnson
D W M Johnson
M A Johnson
R J Johnson
P Mills
N J W Patton
Mrs M Maginnis

Other changes in directors holding office are as follows:

A M Johnson - appointed 1 September 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Report of the Directors
for the year ended 31 December 2023


AUDITORS
The auditors, Cleaver Black, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs M Maginnis - Director


23 July 2024

Report of the Independent Auditors to the Members of
Johnson Brothers (Belfast) Limited

Opinion
We have audited the financial statements of Johnson Brothers (Belfast) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Johnson Brothers (Belfast) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Johnson Brothers (Belfast) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identify and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

1. The nature of the industry and sector, control environment and business performance including the design of
the group's remuneration policies;
2. Results of our enquiries of management about their own identification and assessment of the risks of
irregularities;
3. Any matters we identified having obtained and reviewed the group's documentation of their policies and
procedures relating to
(i) Identifying, evaluating and complying with laws and regulations and whether they were aware of any cases of non-compliance;
(ii) Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
(iii) The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
4. The matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to risk management override.
We also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.

Audit response to risks identified

As a result of performing the above, we identified revenue deferrals as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

1. Enquiring of management and external legal counsel concerning actual and potential litigation and claims;
2. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
3. Reading minutes of meetings of those charged with governance and reviewing regulatory correspondence;
4. Obtaining an understanding of the provisions and held discussions with management to understand the basis of
recognition or non-recognition of tax provisions;
5. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entries; assessing whether the judgements made in making accounting estimates are indicative of potential bias;
and evaluating the business rationale of any significant transactions that are outside the normal course of
business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Johnson Brothers (Belfast) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Anthony Bradley FCA (Senior Statutory Auditor)
for and on behalf of Cleaver Black
Chartered Accountants
Registered Auditors
Suite 5 Ormeau House
91-97 Ormeau Road
Belfast
Co. Antrim
BT7 1SH

23 July 2024

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Consolidated
Profit and Loss Account
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 4 32,969,055 29,382,321

Cost of sales (27,793,143 ) (24,853,060 )
GROSS PROFIT 5,175,912 4,529,261

Distribution costs (2,963,069 ) (2,648,267 )
Administrative expenses (1,872,539 ) (1,596,196 )
340,304 284,798

Other operating income 481,571 566,527
OPERATING PROFIT 6 821,875 851,325

Interest receivable and similar income 871 1
822,746 851,326

Interest payable and similar expenses 7 (14,294 ) (5,557 )
PROFIT BEFORE TAXATION 808,452 845,769

Tax on profit 8 (215,985 ) (183,518 )
PROFIT FOR THE FINANCIAL YEAR 592,467 662,251
Profit attributable to:
Owners of the parent 592,467 662,251

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Consolidated
Other Comprehensive Income
for the year ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 592,467 662,251


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

592,467

662,251

Total comprehensive income attributable to:
Owners of the parent 592,467 662,251

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 3,219,368 2,988,760
Investments 12 - -
Investment property 13 4,178,560 3,710,000
7,397,928 6,698,760

CURRENT ASSETS
Stocks 14 5,584,268 4,598,585
Debtors 15 6,587,382 6,308,813
Cash at bank and in hand 695,230 671,975
12,866,880 11,579,373
CREDITORS
Amounts falling due within one year 16 (5,619,723 ) (4,265,258 )
NET CURRENT ASSETS 7,247,157 7,314,115
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,645,085

14,012,875

PROVISIONS FOR LIABILITIES 19 (191,324 ) (151,581 )
NET ASSETS 14,453,761 13,861,294

CAPITAL AND RESERVES
Called up share capital 20 4,597 4,597
Revaluation reserve 21 1,276,877 1,361,001
Capital redemption reserve 21 5,403 5,403
Retained earnings 21 13,166,884 12,490,293
SHAREHOLDERS' FUNDS 14,453,761 13,861,294

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:




D W M Johnson - Director



P Mills - Director


Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,983,481 2,721,351
Investments 12 4,299 4,299
Investment property 13 4,178,560 3,710,000
7,166,340 6,435,650

CURRENT ASSETS
Stocks 14 4,639,888 3,445,561
Debtors 15 7,283,761 7,433,085
Cash at bank and in hand 252,621 178,344
12,176,270 11,056,990
CREDITORS
Amounts falling due within one year 16 (5,187,685 ) (3,816,124 )
NET CURRENT ASSETS 6,988,585 7,240,866
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,154,925

13,676,516

PROVISIONS FOR LIABILITIES 19 (132,352 ) (84,729 )
NET ASSETS 14,022,573 13,591,787

CAPITAL AND RESERVES
Called up share capital 20 4,597 4,597
Revaluation reserve 21 1,276,877 1,361,001
Capital redemption reserve 21 5,403 5,403
Retained earnings 21 12,735,696 12,220,786
SHAREHOLDERS' FUNDS 14,022,573 13,591,787

Company's profit for the financial year 430,786 649,594

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:




D W M Johnson - Director



P Mills - Director


Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Consolidated Statement of Changes in Equity
for the year ended 31 December 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 4,597 11,743,918 1,445,125 5,403 13,199,043

Changes in equity
Total comprehensive income - 746,375 (84,124 ) - 662,251
Balance at 31 December 2022 4,597 12,490,293 1,361,001 5,403 13,861,294

Changes in equity
Total comprehensive income - 676,591 (84,124 ) - 592,467
Balance at 31 December 2023 4,597 13,166,884 1,276,877 5,403 14,453,761

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Company Statement of Changes in Equity
for the year ended 31 December 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 4,597 11,487,068 1,445,125 5,403 12,942,193

Changes in equity
Total comprehensive income - 733,718 (84,124 ) - 649,594
Balance at 31 December 2022 4,597 12,220,786 1,361,001 5,403 13,591,787

Changes in equity
Total comprehensive income - 514,910 (84,124 ) - 430,786
Balance at 31 December 2023 4,597 12,735,696 1,276,877 5,403 14,022,573

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Consolidated Cash Flow Statement
for the year ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,077,698 474,143
Interest paid (14,294 ) (5,557 )
Government grants 16,498 34,464
Tax paid (156,978 ) (119,376 )
Net cash from operating activities 922,924 383,674

Cash flows from investing activities
Purchase of tangible fixed assets (561,717 ) (598,022 )
Purchase of investment property (708,560 ) -
Sale of tangible fixed assets 55,495 48,771
Interest received 871 1
Net cash from investing activities (1,213,911 ) (549,250 )

Decrease in cash and cash equivalents (290,987 ) (165,576 )
Cash and cash equivalents at beginning of
year

2

188,405

353,981

Cash and cash equivalents at end of year 2 (102,582 ) 188,405

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 808,452 845,769
Depreciation charges 519,906 530,999
Profit on disposal of fixed assets (4,291 ) (12,544 )
Government grants (16,499 ) (34,464 )
Finance costs 14,294 5,557
Finance income (871 ) (1 )
1,320,991 1,335,316
Increase in stocks (985,683 ) (267,926 )
Increase in trade and other debtors (278,569 ) (470,102 )
Increase/(decrease) in trade and other creditors 1,020,959 (123,145 )
Cash generated from operations 1,077,698 474,143

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 695,230 671,975
Bank overdrafts (797,812 ) (483,570 )
(102,582 ) 188,405
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 671,975 375,924
Bank overdrafts (483,570 ) (21,943 )
188,405 353,981


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 671,975 23,255 695,230
Bank overdrafts (483,570 ) (314,242 ) (797,812 )
188,405 (290,987 ) (102,582 )
Total 188,405 (290,987 ) (102,582 )

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023

1. GOING CONCERN

The directors have assessed based on the anticipated activities of the company, that there are adequate resources in place to meet the on-going costs of the business for a minimum of 12 months from the date of signing of the financial statements. In coming to this conclusion, the directors have assessed the entity's current financing arrangements and liquid resources. For this reason, the financial statements have been prepared on a going concern basis which presumes the utilisation of assets and liabilities in the normal course of business.

2. STATUTORY INFORMATION

Johnson Brothers (Belfast) Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in Sterling (£).

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and its subsidiary. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the financial statements by virtue of section 408 of the Companies Act 2006.

Significant judgements and estimates
In applying the company's accounting policies the director is required to make significant judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherence subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The items in the financial statements where these judgements and estimates have been made include:

Recoverability of Debtors:
Estimates are made in respect to the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of the debtors are considered.

Assessing indicators of impairment:
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit or loss. If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the asset that would have been determined had no impairment loss been recognised for the asset in previous years. A reversal of an impairment loss is recognised immediately in the profit or loss.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of five years.

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost and Straight line over the life of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on reducing balance

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fair value is determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is based on the cost of purchase on a first in, first out basis.

Financial instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt beyond the normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured , initially, at present value of the future cash flow discounted at a market rate of interest similar for a debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.


Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Leases of coffee equipment
Coffee equipment is leased to customers under operating and finance leases as follows:

Operating leases
Income from operating leases is recognised in the profit and loss account on a straight line basis over the lease term.

Finance leases
Sales revenue is recognised at fair value at the commencement of the lease term and the asset held is presented as a receivable at an amount equivalent to the net investment in the lease.

Finance income is recognised on a pattern reflecting a constant periodic return on the net investment in the finance lease. Lease payments relating to the period are applied against the gross investment to reduce both the principal and the unearned finance income.

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 27,495,177 25,052,416
Republic of Ireland 5,473,878 4,329,905
32,969,055 29,382,321

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,693,387 2,519,607
Social security costs 276,785 261,514
Other pension costs 344,088 212,707
3,314,260 2,993,828

The average number of employees during the year was as follows:
2023 2022

Number of production staff 10 11
Number of selling and distribution staff 46 47
Number of administrative staff 38 36
94 94

The average number of employees by undertakings that were proportionately consolidated during the year was 13 (2022 - 13 ) .

2023 2022
£    £   
Directors' remuneration 574,655 605,937
Directors' pension contributions to money purchase schemes 189,622 60,492

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 150,521 199,603
Pension contributions to money purchase schemes 60,000 -

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 519,905 530,999
Profit on disposal of fixed assets (4,291 ) (12,544 )
Auditors' remuneration 21,522 21,524

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 14,294 5,557

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 176,201 155,458
CT adjustment re prior year 41 1,560
Total current tax 176,242 157,018

Deferred tax 39,743 26,500
Tax on profit 215,985 183,518

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 808,452 845,769
Profit multiplied by the standard rate of corporation tax in the UK of
23.521 % (2022 - 19 %)

190,156

160,696

Effects of:
Expenses not deductible for tax purposes - 620
Depreciation in excess of capital allowances 25,829 15,796
Utilisation of tax losses - (1,518 )
property

Change in corporation tax rate - 6,360
CT Adjustment re PY - 1,564
Total tax charge 215,985 183,518

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

9. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 471,602
AMORTISATION
At 1 January 2023
and 31 December 2023 471,602
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Company
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 10,000
AMORTISATION
At 1 January 2023
and 31 December 2023 10,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 2,600,000 1,172,543 616,727
Additions 19,424 14,490 128,989
Disposals - - -
Reclassification/transfer 240,000 - -
At 31 December 2023 2,859,424 1,187,033 745,716
DEPRECIATION
At 1 January 2023 911,662 749,096 481,328
Charge for year 106,160 52,746 66,839
Eliminated on disposal - - -
At 31 December 2023 1,017,822 801,842 548,167
NET BOOK VALUE
At 31 December 2023 1,841,602 385,191 197,549
At 31 December 2022 1,688,338 423,447 135,399

Motor Coffee
vehicles Machines Totals
£    £    £   
COST
At 1 January 2023 1,138,304 1,695,228 7,222,802
Additions 176,940 221,874 561,717
Disposals (126,050 ) - (126,050 )
Reclassification/transfer - - 240,000
At 31 December 2023 1,189,194 1,917,102 7,898,469
DEPRECIATION
At 1 January 2023 607,520 1,484,436 4,234,042
Charge for year 132,765 161,395 519,905
Eliminated on disposal (74,846 ) - (74,846 )
At 31 December 2023 665,439 1,645,831 4,679,101
NET BOOK VALUE
At 31 December 2023 523,755 271,271 3,219,368
At 31 December 2022 530,784 210,792 2,988,760

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 2,600,000 1,172,543 616,728
Additions 19,424 14,490 128,989
Disposals - - -
Reclassification/transfer 240,000 - -
At 31 December 2023 2,859,424 1,187,033 745,717
DEPRECIATION
At 1 January 2023 911,662 749,096 481,328
Charge for year 106,160 52,746 66,839
Eliminated on disposal - - -
At 31 December 2023 1,017,822 801,842 548,167
NET BOOK VALUE
At 31 December 2023 1,841,602 385,191 197,550
At 31 December 2022 1,688,338 423,447 135,400

Motor Coffee
vehicles Machines Totals
£    £    £   
COST
At 1 January 2023 489,553 1,695,228 6,574,052
Additions 153,440 221,874 538,217
Disposals (126,050 ) - (126,050 )
Reclassification/transfer - - 240,000
At 31 December 2023 516,943 1,917,102 7,226,219
DEPRECIATION
At 1 January 2023 226,179 1,484,436 3,852,701
Charge for year 77,743 161,395 464,883
Eliminated on disposal (74,846 ) - (74,846 )
At 31 December 2023 229,076 1,645,831 4,242,738
NET BOOK VALUE
At 31 December 2023 287,867 271,271 2,983,481
At 31 December 2022 263,374 210,792 2,721,351

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 4,299
NET BOOK VALUE
At 31 December 2023 4,299
At 31 December 2022 4,299


The subsidiary company is Johnson Brothers (Distributing) Ltd which has the same registered office as the holding company.

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 3,710,000
Additions 708,560
Reclassification/transfer (240,000 )
At 31 December 2023 4,178,560
NET BOOK VALUE
At 31 December 2023 4,178,560
At 31 December 2022 3,710,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 4,178,560

If Investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 3,314,082 2,818,793

Investment property was valued on open market value basis on 18 March 2021 by McConnell Chartered Surveyors .

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

13. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 January 2023 3,710,000
Additions 708,560
Reclassification/transfer (240,000 )
At 31 December 2023 4,178,560
NET BOOK VALUE
At 31 December 2023 4,178,560
At 31 December 2022 3,710,000

The Directors have valued the investment properties at 31 December 2023 at £4,178,560 (2022: 3,710,000)

14. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Raw materials 331,305 382,165 331,305 382,165
Finished goods 5,252,963 4,216,420 4,308,583 3,063,396
5,584,268 4,598,585 4,639,888 3,445,561

15. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 6,279,107 6,059,661 5,348,845 5,326,714
Amounts owed by group undertakings - - 1,638,577 1,876,710
Other debtors 55,846 35,123 55,289 35,123
Prepayments and accrued income 121,851 95,050 110,472 75,559
6,456,804 6,189,834 7,153,183 7,314,106

Amounts falling due after more than one year:
Other debtors 130,578 118,979 130,578 118,979

Aggregate amounts 6,587,382 6,308,813 7,283,761 7,433,085

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 797,812 483,570 797,812 483,570
Trade creditors 4,316,832 2,983,393 3,931,279 2,625,109
Tax 176,201 156,937 119,208 156,937
Social security and other taxes 98,070 103,836 97,948 103,756
VAT 61,083 55,215 84,288 82,610
Other creditors 15,058 25,854 15,058 10,058
Accrued expenses 154,667 439,954 142,092 337,585
Deferred government grants - 16,499 - 16,499
5,619,723 4,265,258 5,187,685 3,816,124

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 797,812 483,570 797,812 483,570

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank overdrafts 797,812 483,570 797,812 483,570

The overdraft are secured by an equitable assignment over book debts, an intercompany cross guarantee, a legal charge over the company's land and buildings at 137/139 Hillsborough Old Road, Lisburn and units 9 and 13 Blaris Industrial Estate, Lisburn and a debenture over the company's assets.

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 191,324 151,581 132,352 84,729

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 151,581
Provided during year 39,743
Balance at 31 December 2023 191,324

Company
Deferred
tax
£   
Balance at 1 January 2023 84,729
Provided during year 47,623
Balance at 31 December 2023 132,352

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250 Ordinary 'A' Shares £1 250 250
4,347 Ordinary 'B' Shares £1 4,347 4,347
4,597 4,597

21. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 12,490,293 1,361,001 5,403 13,856,697
Profit for the year 592,467 592,467
Transfer revaluation to
revenue reserves 84,124 (84,124 ) - -
At 31 December 2023 13,166,884 1,276,877 5,403 14,449,164

Johnson Brothers (Belfast) Limited (Registered number: NI004697)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

21. RESERVES - continued

Company
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 12,220,786 1,361,001 5,403 13,587,190
Profit for the year 430,786 430,786
Transfer revaluation to
revenue reserves 84,124 (84,124 ) - -
At 31 December 2023 12,735,696 1,276,877 5,403 14,017,976

Revaluation reserve
Includes all current and prior year amounts recognised on the revaluation of property.

Profit and loss account
Includes all current and prior year retained profits and losses.

Capital redemption reserve
Includes the nominal value of shares redeemed.

22. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 675,000

23. RELATED PARTY DISCLOSURES

John Yeats Estates Limited, a company in which Mr R J Johnson and Mr M Y Johnson are directors.

During the year Johnson Brothers (Belfast) Ltd provided management service to the value of £7,000 to John Yeats Estates Limited. There were no amounts owed at the balance sheet date.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of the company are the shareholders Mr D W M Johnson and Mr M A Johnson.