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REGISTERED NUMBER: SC245050 (Scotland)











Financial Statements for the Year Ended 31st March 2024

for

Michael Johnstone Transport Limited

Michael Johnstone Transport Limited (Registered number: SC245050)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6

Report of the Accountants 7

Michael Johnstone Transport Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: M J G Johnstone
W J Johnstone





REGISTERED OFFICE: Craigwood
Glencaple
Dumfries
DUMFRIESSHIRE
DG1 4QT





REGISTERED NUMBER: SC245050 (Scotland)





ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

Michael Johnstone Transport Limited (Registered number: SC245050)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 840,235 594,575

CURRENT ASSETS
Debtors 5 1,002,464 816,974
Cash at bank 651,548 427,028
1,654,012 1,244,002
CREDITORS
Amounts falling due within one year 6 1,485,318 1,288,898
NET CURRENT ASSETS/(LIABILITIES) 168,694 (44,896 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,008,929

549,679

CREDITORS
Amounts falling due after more than one year 7 (261,530 ) (49,194 )

PROVISIONS FOR LIABILITIES (99,104 ) (37,689 )
NET ASSETS 648,295 462,796

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 648,195 462,696
SHAREHOLDERS' FUNDS 648,295 462,796

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st July 2024 and were signed on its behalf by:





M J G Johnstone - Director


Michael Johnstone Transport Limited (Registered number: SC245050)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

Michael Johnstone Transport Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company makes contributions into a recognised UK defined contribution pension scheme. In addition, the company makes regular payments into a pension scheme on behalf of the director but is not contractually obliged to do so. Contributions paid in the year are charged in the profit and loss account.

Michael Johnstone Transport Limited (Registered number: SC245050)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2023 443,820 498,557 942,377
Additions - 443,032 443,032
Disposals - (311,213 ) (311,213 )
At 31st March 2024 443,820 630,376 1,074,196
DEPRECIATION
At 1st April 2023 - 347,802 347,802
Charge for year - 131,367 131,367
Eliminated on disposal - (245,208 ) (245,208 )
At 31st March 2024 - 233,961 233,961
NET BOOK VALUE
At 31st March 2024 443,820 396,415 840,235
At 31st March 2023 443,820 150,755 594,575

Michael Johnstone Transport Limited (Registered number: SC245050)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st April 2023 312,623
Additions 323,319
Disposals (144,262 )
Transfer to ownership (87,000 )
At 31st March 2024 404,680
DEPRECIATION
At 1st April 2023 185,728
Charge for year 101,139
Eliminated on disposal (98,617 )
Transfer to ownership (59,475 )
At 31st March 2024 128,775
NET BOOK VALUE
At 31st March 2024 275,905
At 31st March 2023 126,895

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,002,464 816,974

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 84,166 54,290
Trade creditors 1,128,965 907,815
Taxation and social security 123,105 122,223
Other creditors 139,082 194,570
1,485,318 1,288,898

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 13,287 22,715
Hire purchase contracts 248,243 26,479
261,530 49,194

Michael Johnstone Transport Limited (Registered number: SC245050)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 332,409 80,769

The hire purchase creditors are secured on the assets on which the finance is actually outstanding.

9. RELATED PARTY DISCLOSURES

Director's Loan

At 31st March 2024, M Johnstone was owed £126,588 (2023 - £187,714) by way of a director's loan. This sum is repayable on demand.

Related Parties

The company is a wholly owned subsidiary of Michael Johnstone Transport Holdings Limited.

During the year dividends totalling £125,000 were paid to Michael Johnstone Transport Holdings Limited.

Michael Johnstone Transport Limited

Report of the Accountants to the Directors of
Michael Johnstone Transport Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st March 2024 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ


31st July 2024