JOHNSONS LEISURE LIMITED
COMPANY INFORMATION
Directors
I T Johnson
P R Hoyle
A Dungar
Company number
04189991
Registered office
3 Lloyd Road
Broadstairs
Kent
CT10 1HY
Auditor
Levicks Audit Services Limited
West Hill
61 London Road
Maidstone
Kent
ME16 8TX
JOHNSONS LEISURE LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 11
Statement of income and retained earnings
12
Balance sheet
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
JOHNSONS LEISURE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 AUGUST 2023
The directors present the strategic report for the year ended 30 August 2023.
The financial year presented both challenges and opportunities for the company. Amid economic uncertainty, driven by Brexit, post-pandemic shifts in consumer behaviour, and broader financial pressures, we have focused on maintaining our operational resilience, responding dynamically to market changes, and focused upon positioning the company for future growth.
Review of the business
The company specialises in the supply, installation and aftercare of extra space solutions, wellness products, and premium leisure goods. We cater to a discerning consumer base that values quality and service, innovation, and enhanced living environments. Our diverse product offerings are designed to meet the evolving needs of our customers, particularly as they increasingly seek to improve their home and lifestyle spaces. The company conducts business from 18 retail outlets predominantly around the south-east which demonstrate the offered goods to the consumer, and 4 operational centres.
Garden Rooms
We offer high-quality garden rooms, home offices, living space solutions, outdoors, providing additional living space without the need for major renovations. These products are particularly popular among customers working from home or seeking to create multifunctional spaces that enhance both comfort and functionality.
Wellness Products
Our range of wellness products includes premium hot tubs, saunas, and home spa solutions. These offerings cater to the growing consumer interest in health and well-being, enabling customers to create relaxing and rejuvenating environments within their homes.
Premium Leisure Goods
In addition to our core offerings, we provide a curated range of premium leisure goods that enhance home life, aligning with our broader mission to deliver high-quality products that meet lifestyle needs.
After-sales Product Offerings
We have broadened our range of chargeable after-sales services, including extended warranties, maintenance services, and additional parts and accessories. These offerings are designed to protect and enhance our customers’ investments, reinforcing our commitment to long-term value and customer satisfaction. With a renewed focus on “repair” instead of “replace” this is a fast growth sector.
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JOHNSONS LEISURE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
Business Review
Financial Performance
The financial year was marked by challenges, including the cost of living crisis, Brexit-related disruptions, and shifts in consumer spending behaviour. Wage increases driven by government intervention, a tighter labour market, along with higher logistics costs, added pressure to our profit margins. However, through stringent cost management, operational restructuring, and strategic pricing adjustments, we successfully navigated these challenges and maintained steady revenue streams. The directors consider it a significant achievement to have turned a profit during such a turbulent period.
Operational Performance
Our operational focus was on maintaining efficiency and resilience amidst external disruptions. Retaining a skilled workforce through engagement initiatives and necessary wage adjustments was crucial in sustaining operations across our 18 branches and 4 operational centres. We invested in infrastructure improvements, including consolidating our administrative workforce into a purpose-designed premises, and began implementing a new Customer Relationship Management (CRM) system to enhance customer interactions and operational efficiency.
Immediate cost saving measures were balanced with strategic investments in future growth, including the retention and development of key personnel in the latter half of the year, ensuring our agility and preparedness for future market opportunities. Product development received significantly more attention, and continues to do so as a priority. Staff morale and teamwork has been given high priority.
Market and Industry Environment
The market and industry environment during the financial year was characterised by significant shifts. Brexit’s impact on labour availability and logistics costs presented challenges, while changes in consumer behaviour post-pandemic continued to reshape market dynamics. The ongoing trend of working from home remains a key influence, driving interest in home improvement, though economic pressures have led to more cautious spending.
The industry has also seen a surge in small operators, introducing fresh competition and accelerating the shift towards a more modern aesthetic. Subsequent downturns in trade is seeing the gradual return to normal levels. This market volatility has started to create opportunities for established and reliable companies like ours to strengthen our market position. As less stable competitors exit the market, we are well-placed to capture their market share and expand our customer base.
Our reputation for reliability and good honest business has increasingly made us a preferred partner for customers and suppliers alike. This preference provides us with a competitive edge, as we benefit from stronger relationships, further enhancing our operational resilience.
Opportunities for expansion have also emerged within leading garden centre chains. The decrease in demand for non-essential goods has made retail space more available, and we are exploring the potential to leverage concession spaces as a source of unearned income, adapting to market changes and extending our reach.
Principal risks and uncertainties
The principal risks facing the company are linked to broader economic factors, particularly the ongoing cost of living crisis and rising interest rates, which could influence consumer spending on discretionary items.
Despite these challenges, our sectors have demonstrated resilience. Continued interest in home improvement, driven by the work-from-home trend, ensures strong demand for our products. Our focus on high-quality and innovative solutions positions us well to meet consumer needs, even amid economic uncertainty.
Global conflicts and geopolitical tensions contribute to market uncertainty, which can erode consumer confidence. However, our diverse product offerings and strong market positioning have helped us to weather these uncertainties. We have implemented strategies emphasising flexibility and responsiveness, enabling us to maintain customer engagement and steady demand across our product lines.
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JOHNSONS LEISURE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
Development and performance
Looking ahead, our company is focused on several key areas to drive growth and maintain competitiveness:
Team Development
In the face of the changing habits and trends within the workforce, the company has escalated the importance of motivation, engagement, teamwork and the personal development of principals and key members of staff especially, throughout the company.
Company Efficiencies
Operational efficiencies and further refinement, reducing administrative burden and waste and improving productivity through technology and processes.
Product Innovation
As one of the original innovators of the garden room concept, we remain committed to leading the industry with new, contemporary designs and technologies. We will continue to diversify our product range, particularly in the wellness and premium leisure sectors, and broaden our after-sales offerings to provide greater value and support to our customers.
Supplier Relationships and improved purchasing
We continue to strengthen relationships with key suppliers, securing favourable terms and ensuring the timely availability of materials and products. This focus will enhance our operational resilience and enable us to pass on benefits to our customers through competitive pricing and superior service. New products and materials will be sourced more aggressively in the market place, facilitated by using invested staff in departments across the company.
Digital Marketing and Web Development
We recognise the importance of strengthening our digital presence. We will enhance our digital marketing strategies and develop our web platforms to provide a superior user experience. This includes optimising website design, improving navigation, and integrating features like personalised recommendations and virtual consultations to increase online engagement and drive conversions.
Sustainability Initiatives
We are committed to sustainability and will explore initiatives to reduce our environmental impact, including the use of sustainable materials, optimising our supply chain, and implementing energy-saving measures, in both our product offerings and operational activities.
Resilience and Adaptability
We will maintain a dynamic and flexible approach to our business strategy, closely monitoring market trends and consumer sentiment to respond swiftly to any changes. This agility will allow us to thrive in a competitive environment and safeguard the long-term success of the company.
Market Expansion
We plan to capitalise on emerging opportunities within leading garden centre chains by expanding through strategic concession spaces. We will also explore other high-potential markets where our offerings align with consumer demand trends.
Summary
The directors, upon reflection, believe that the company has shown dynamic resilience and performed well despite the challenges faced in the period. The disruption of the pandemic period and its influences to subsequent years not withstanding, there are signs of a gradual improvement in the economy that will ultimately lead to consumer confidence levels required to enhance profits. A strong management team is united in the vision that strategic initiatives developed towards the end of the financial year will position the company for continued growth and success. By re-focusing on the strengths of the company including customer service, product innovation, market development and operational excellence, we are well-prepared to navigate the challenges ahead and use our prominent position within this niche marketplace to capitalise on opportunities as the market evolves.
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JOHNSONS LEISURE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
I T Johnson
Director
30 August 2024
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JOHNSONS LEISURE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 AUGUST 2023
The directors present their annual report and financial statements for the year ended 30 August 2023.
Principal activities
The principal activity of the company continued to be that of supply, installation and aftercare of extra space solutions, wellness products, and premium leisure goods.
Results and dividends
The results for the year are set out on page 12.
Ordinary dividends were paid amounting to £900,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
I T Johnson
P R Hoyle
A Dungar
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
I T Johnson
Director
30 August 2024
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JOHNSONS LEISURE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 AUGUST 2023
The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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 UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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JOHNSONS LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS LEISURE LIMITED
Opinion
- 7 -
We have audited the financial statements of Johnsons Leisure Limited (the 'company') for the year ended 30 August 2023 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 30 August 2023 and of its 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
JOHNSONS LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS LEISURE LIMITED (CONTINUED)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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JOHNSONS LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS LEISURE LIMITED (CONTINUED)
• the nature of the industry and sector, control environment and business performance including the design of remuneration policies, key drivers for directors’ remuneration and bonus levels
• results of our enquiries of management and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
– detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
– the internal controls established to mitigate risks of fraud or non-compliance with laws and;
• the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax, valuations, IT and financial instruments specialists 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 revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Listing Rules, patent law, tax legislation and pensions legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included employment and minimum wage legislation, health, safety and the environment (“HSE”) and environmental regulations. The audit partner will assess the auditor to ensure they are competent in identifying irregularities and fraud by ensuring continous professional development is up to date, along with reviewing audit planning to ensure significant areas are being audited at the appropriate level of risk.
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JOHNSONS LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS LEISURE LIMITED (CONTINUED)
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
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JOHNSONS LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS LEISURE LIMITED (CONTINUED)
Mr Jon Williamson FCA
Senior Statutory Auditor
For and on behalf of Levicks Audit Services Limited
30 August 2024
Chartered Accountants & Business Advisers
Statutory Auditor
West Hill
61 London Road
Maidstone
Kent
ME16 8TX
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JOHNSONS LEISURE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 AUGUST 2023
2023
2022
Notes
£
£
Turnover
3
15,476,946
19,275,052
Cost of sales
(10,541,686)
(13,230,875)
Gross profit
4,935,260
6,044,177
Administrative expenses
(4,754,483)
(4,893,853)
Other operating income
61,456
20,565
Operating profit
4
242,233
1,170,889
Interest receivable and similar income
8
7
Interest payable and similar expenses
9
(122,570)
(44,452)
Amounts written off investments
10
-
(50,000)
Profit before taxation
119,663
1,076,444
Tax on profit
11
(40,337)
(171,655)
Profit for the financial year
79,326
904,789
Retained earnings brought forward
2,146,077
2,291,288
Dividends
12
(900,000)
(1,050,000)
Retained earnings carried forward
1,325,403
2,146,077
The profit and loss account has been prepared on the basis that all operations are continuing operations.
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JOHNSONS LEISURE LIMITED
BALANCE SHEET
AS AT
30 AUGUST 2023
30 August 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
2,767,235
2,738,038
Investments
15
100,000
100,000
2,867,235
2,838,038
Current assets
Stocks
17
3,991,578
3,877,721
Debtors
18
546,568
1,765,307
Cash at bank and in hand
537,136
431,615
5,075,282
6,074,643
Creditors: amounts falling due within one year
19
(5,633,731)
(5,805,369)
Net current (liabilities)/assets
(558,449)
269,274
Total assets less current liabilities
2,308,786
3,107,312
Creditors: amounts falling due after more than one year
20
(422,951)
(305,864)
Provisions for liabilities
Provisions
23
66,057
201,333
Deferred tax liability
24
493,375
453,038
(559,432)
(654,371)
Net assets
1,326,403
2,147,077
Capital and reserves
Called up share capital
26
1,000
1,000
Profit and loss reserves
1,325,403
2,146,077
Total equity
1,326,403
2,147,077
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
I T Johnson
Director
Company registration number 04189991 (England and Wales)
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JOHNSONS LEISURE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 AUGUST 2023
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,319,784
581,147
Interest received
7
Dividends paid
(900,000)
(1,050,000)
Income taxes paid
(505,227)
(91,612)
Net cash inflow/(outflow) from operating activities
914,557
(560,458)
Investing activities
Purchase of tangible fixed assets
(695,607)
(672,947)
Proceeds from disposal of tangible fixed assets
24,897
51,117
Purchase of subsidiaries
(150,000)
Net cash used in investing activities
(670,710)
(771,830)
Financing activities
Proceeds from new bank loans
229,000
Repayment of bank loans
(162,944)
(136,668)
Payment of finance leases obligations
(81,812)
(264,039)
Interest paid
(122,570)
(44,452)
Net cash used in financing activities
(138,326)
(445,159)
Net increase/(decrease) in cash and cash equivalents
105,521
(1,777,447)
Cash and cash equivalents at beginning of year
431,615
2,209,062
Cash and cash equivalents at end of year
537,136
431,615
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JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
1
Accounting policies
Company information
Johnsons Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Lloyd Road, Broadstairs, Kent, CT10 1HY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
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Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
1
Accounting policies
(Continued)
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No longer depreciated
Leasehold land and buildings
10% straight line
Display cabins
20% straight line
Fixtures and equipment
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
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At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
1
Accounting policies
(Continued)
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
- 17 -
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
1
Accounting policies
(Continued)
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
- 18 -
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
1
Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Provisions
Provision for warranty claims are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provision for warranty claims are recognised as a liability on the balance sheet and the amount of the provision as an expense. Provision for warranty claims are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. The entity recognises a contract liability in respect of a free servicing arrangement whereby the first service on a specified delivery package is paid for by the entity.
- 19 -
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
1
Accounting policies
(Continued)
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
15,476,946
19,275,052
- 20 -
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
3
Turnover and other revenue
(Continued)
2023
2022
£
£
Other revenue
Interest income
-
7
Grants received
-
4,160
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
25,499
41,980
Government grants
-
(4,160)
Depreciation of owned tangible fixed assets
636,365
649,135
Loss/(profit) on disposal of tangible fixed assets
5,148
(1,133)
Operating lease charges
114,508
57,550
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,500
16,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Direct
135
150
Admin
14
23
Directors
3
2
Total
152
175
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,724,781
4,898,778
Social security costs
478,669
515,951
Pension costs
94,448
95,300
5,297,898
5,510,029
- 21 -
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
165,914
119,131
Company pension contributions to defined contribution schemes
1,321
1,321
167,235
120,452
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
7
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
30,322
15,950
Other interest on financial liabilities
52,742
1,763
83,064
17,713
Other finance costs:
Interest on finance leases and hire purchase contracts
39,506
25,239
Other interest
1,500
122,570
44,452
10
Amounts written off investments
2023
2022
£
£
Amounts written back to/(written off) current loans
-
(50,000)
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
42,154
- 22 -
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
11
Taxation
(Continued)
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
40,337
129,501
Total tax charge
40,337
171,655
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
119,663
1,076,444
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
22,736
204,524
Tax effect of expenses that are not deductible in determining taxable profit
5,451
10,282
Tax effect of utilisation of tax losses not previously recognised
(66,482)
(36,545)
Effect of capital allowances and depreciation
38,295
(136,107)
40,337
129,501
Taxation charge for the year
40,337
171,655
12
Dividends
2023
2022
£
£
Final paid
900,000
1,050,000
13
Intangible fixed assets
Goodwill
£
Cost
At 31 August 2022 and 30 August 2023
125,000
Amortisation and impairment
At 31 August 2022 and 30 August 2023
125,000
Carrying amount
At 30 August 2023
At 30 August 2022
- 23 -
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
14
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Display cabins
Fixtures and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 31 August 2022
137,500
954,995
747,604
2,221,777
1,214,795
5,276,671
Additions
196,283
254,704
244,620
695,607
Disposals
(41,283)
(17,570)
(65,759)
(124,612)
At 30 August 2023
137,500
954,995
902,604
2,458,911
1,393,656
5,847,666
Depreciation and impairment
At 31 August 2022
27,500
468,689
491,349
888,119
662,976
2,538,633
Depreciation charged in the year
93,115
110,834
236,636
195,780
636,365
Eliminated in respect of disposals
(35,346)
(6,780)
(52,441)
(94,567)
At 30 August 2023
27,500
561,804
566,837
1,117,975
806,315
3,080,431
Carrying amount
At 30 August 2023
110,000
393,191
335,767
1,340,936
587,341
2,767,235
At 30 August 2022
110,000
486,306
256,255
1,333,658
551,819
2,738,038
15
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
16
100,000
100,000
16
Subsidiaries
Details of the company's subsidiaries at 30 August 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Glebe Fencing Limited
United Kingdom
Ordinary
100.00
17
Stocks
2023
2022
£
£
Raw materials and consumables
3,991,578
3,877,721
- 24 -
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
18
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
42,606
46,338
Amounts owed by group undertakings
77,733
1,326,196
Other debtors
222,188
215,710
Prepayments and accrued income
204,041
177,063
546,568
1,765,307
19
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
21
42,552
148,622
Obligations under finance leases
22
215,407
242,180
Trade creditors
3,200,141
3,027,249
Amounts owed to group undertakings
100,524
Corporation tax
505,227
Other taxation and social security
1,756,025
1,145,065
Other creditors
249,746
680,873
Accruals and deferred income
69,336
56,153
5,633,731
5,805,369
20
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
21
172,126
Obligations under finance leases
22
250,825
305,864
422,951
305,864
21
Loans and overdrafts
2023
2022
£
£
Bank loans
214,678
148,622
Payable within one year
42,552
148,622
Payable after one year
172,126
- 25 -
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
22
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
215,407
242,180
In two to five years
250,825
305,864
466,232
548,044
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
23
Provisions for liabilities
2023
2022
£
£
66,057
201,333
Movements on provisions:
£
At 31 August 2022
201,333
Additional provisions in the year
(135,276)
At 30 August 2023
66,057
24
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
493,375
453,038
2023
Movements in the year:
£
Liability at 31 August 2022
453,038
Charge to profit or loss
40,337
Liability at 30 August 2023
493,375
- 26 -
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
25
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
94,448
95,300
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
26
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
27
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
712,774
701,028
Between two and five years
804,386
731,966
In over five years
941,667
2,458,827
1,432,994
28
Controlling party
Johnsons Leisure Limited is under the control of Johnsons Holdings South East Limited which is incorporated in the United Kingdom and holds 100% of the company's issued share capital. The ultimate controlling party is I T Johnson.
- 27 -
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
29
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
79,326
904,789
Adjustments for:
Taxation charged
40,337
171,655
Finance costs
122,570
44,452
Investment income
(7)
Loss/(gain) on disposal of tangible fixed assets
5,148
(1,133)
Depreciation and impairment of tangible fixed assets
636,365
649,135
Amounts written off investments
-
50,000
Decrease in provisions
(135,276)
(135,156)
Movements in working capital:
(Increase)/decrease in stocks
(113,857)
493,478
Decrease/(increase) in debtors
1,218,739
(240,555)
Increase/(decrease) in creditors
466,432
(1,355,511)
Cash generated from operations
2,319,784
581,147
30
Analysis of changes in net debt
2023
£
Opening net funds/(debt)
Cash at bank and in hand
431,615
Borrowings excluding overdrafts
(148,622)
Obligations under finance leases
(548,044)
(265,051)
Changes in net debt arising from:
Cash flows of the entity
121,277
Closing net funds/(debt) as analysed below
(143,774)
Closing net funds/(debt)
Cash at bank and in hand
537,136
Borrowings excluding overdrafts
(214,678)
Obligations under finance leases
(466,232)
(143,774)
- 28 -
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