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REGISTERED NUMBER: 00616958 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

KEN JOHNSTONE (STEYNING) LIMITED

KEN JOHNSTONE (STEYNING) LIMITED (REGISTERED NUMBER: 00616958)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KEN JOHNSTONE (STEYNING) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: D L Johnstone





REGISTERED OFFICE: Elm Grove Lodge
Elm Grove Lane
Steyning
West Sussex
BN44 3BS





REGISTERED NUMBER: 00616958 (England and Wales)





ACCOUNTANTS: Haines & Co
Chartered Accountants
Carlton House
28-29 Carlton Terrace
Portslade
Brighton
BN41 1UR

KEN JOHNSTONE (STEYNING) LIMITED (REGISTERED NUMBER: 00616958)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,537,053 1,537,510
Investments 6 6,474 6,474
1,543,527 1,543,984

CURRENT ASSETS
Debtors 7 17,843 12,922
Cash at bank and in hand 28,400 46,961
46,243 59,883
CREDITORS
Amounts falling due within one year 8 162,913 219,497
NET CURRENT LIABILITIES (116,670 ) (159,614 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,426,857

1,384,370

PROVISIONS FOR LIABILITIES 9 103,644 103,731
NET ASSETS 1,323,213 1,280,639

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 10 1,318,213 1,275,639
SHAREHOLDERS' FUNDS 1,323,213 1,280,639

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

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

The director acknowledges his 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.

KEN JOHNSTONE (STEYNING) LIMITED (REGISTERED NUMBER: 00616958)

BALANCE SHEET - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2024 and were signed by:





D L Johnstone - Director


KEN JOHNSTONE (STEYNING) LIMITED (REGISTERED NUMBER: 00616958)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Ken Johnstone (Steyning) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is rental income received from the investment properties.

Tangible assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Investment property - not provided for
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on cost

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The methods and significant assumptions used to ascertain fair value at the balance sheet date and fair value movement included in the profit for the year are as follows:

Investment properties have been valued by the Directors having regard to the rental return of the properties concerned.

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


KEN JOHNSTONE (STEYNING) LIMITED (REGISTERED NUMBER: 00616958)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Investment and Motor
property fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 1,584,276 15,569 18,924 1,618,769
Additions - 648 - 648
At 31 March 2024 1,584,276 16,217 18,924 1,619,417
DEPRECIATION
At 1 April 2023 49,276 13,369 18,614 81,259
Charge for year - 795 310 1,105
At 31 March 2024 49,276 14,164 18,924 82,364
NET BOOK VALUE
At 31 March 2024 1,535,000 2,053 - 1,537,053
At 31 March 2023 1,535,000 2,200 310 1,537,510

KEN JOHNSTONE (STEYNING) LIMITED (REGISTERED NUMBER: 00616958)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Investment and Motor
property fittings vehicles Totals
£    £    £    £   
Valuation in 2012 419,582 - - 419,582
Valuation in 2016 90,000 - - 90,000
Valuation in 2017 72,340 - - 72,340
Valuation in 2019 81,660 - - 81,660
Valuation in 2022 281,000 - - 281,000
Cost 639,694 16,217 18,924 674,835
1,584,276 16,217 18,924 1,619,417

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

2024 2023
£    £   
Cost 639,694 639,694
Aggregate depreciation 49,276 49,276

Investment property was valued on a fair value basis on 2 November 2021 by Austin Grey Chartered Surveyors .

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 6,474
NET BOOK VALUE
At 31 March 2024 6,474
At 31 March 2023 6,474

Fixed asset investments include a personalised number plate costing £4,084. Also included is one share in Combined Independents (Holding) Ltd, a mutual company operating as the buying company for this company and other Electrical retailers under the Euronics banner with a nominal value of £1,390. This is a minor holding of less than 20% of that company's share capital. The company also has a £1,000 fixed share in RETA (Sussex) Ltd a company operating to facilitate the trading activities of its members who are all local electrical retailers. This is a minor holding of less than 20% of that company's share capital.

KEN JOHNSTONE (STEYNING) LIMITED (REGISTERED NUMBER: 00616958)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,133 10,100
Prepayments and accrued income 2,710 2,822
17,843 12,922

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 228 2,138
Tax 14,455 11,839
Other loans 141,965 176,165
Other creditors 3,912 4,102
Directors' current accounts 313 23,213
Accrued expenses 2,040 2,040
162,913 219,497

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Deferred tax on timing differences 390 477
Deferred tax on revaluation 103,254 103,254
103,644 103,731

Deferred
tax
£   
Balance at 1 April 2023 103,731
Decrease in general provision (87 )
Balance at 31 March 2024 103,644

10. RESERVES
Retained
earnings
£   

At 1 April 2023 1,275,639
Profit for the year 53,574
Dividends (11,000 )
At 31 March 2024 1,318,213

KEN JOHNSTONE (STEYNING) LIMITED (REGISTERED NUMBER: 00616958)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. RELATED PARTY DISCLOSURES

At 31 March 2024 £313 (2023, £23,213) was owed to the Director within current liabilities.

12. ULTIMATE CONTROLLING PARTY

The company is controlled by D Johnstone, a Director, by virtue of his interests and the interests of his close family in the issued share capital of the company.