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REGISTERED NUMBER: 01772152 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

JOHN'S OF ROMFORD LIMITED

JOHN'S OF ROMFORD LIMITED (REGISTERED NUMBER: 01772152)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JOHN'S OF ROMFORD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs S M Adlington
M Adlington
Mrs V Wicks





SECRETARY: Mrs V Wicks





REGISTERED OFFICE: 46-52 London Road
Romford
Essex
RM7 9QX





REGISTERED NUMBER: 01772152 (England and Wales)





ACCOUNTANTS: Sargeant Partnership LLP
Chartered Accountants
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

JOHN'S OF ROMFORD LIMITED (REGISTERED NUMBER: 01772152)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 798 1,806
Tangible assets 5 173,983 151,224
174,781 153,030

CURRENT ASSETS
Stocks 6 454,184 504,290
Debtors 7 20,910 18,608
Cash at bank 509,577 343,767
984,671 866,665
CREDITORS
Amounts falling due within one year 8 369,353 160,607
NET CURRENT ASSETS 615,318 706,058
TOTAL ASSETS LESS CURRENT
LIABILITIES

790,099

859,088

PROVISIONS FOR LIABILITIES 10 19,817 11,266
NET ASSETS 770,282 847,822

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Share premium 12 259,900 259,900
Retained earnings 12 500,382 577,922
SHAREHOLDERS' FUNDS 770,282 847,822

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

JOHN'S OF ROMFORD LIMITED (REGISTERED NUMBER: 01772152)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





M Adlington - Director


JOHN'S OF ROMFORD LIMITED (REGISTERED NUMBER: 01772152)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

John's of Romford 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. 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 represents net invoiced sales of motorbikes, accessories and servicing, excluding value added tax. Sales of motorbikes are recognised when the customer takes delivery.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1987, is being amortised evenly over its estimated useful life, and will be fully written off by 2024.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% per annum on cost
Improvements to property - at varying rates on cost
Plant and machinery - 15% per annum on reducing balance
Fixtures and fittings - at varying rates on cost and at variable rates on reducing balance
Motor vehicles - 25% per annum on reducing balance
Computer equipment - at varying rates on cost

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

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.


JOHN'S OF ROMFORD LIMITED (REGISTERED NUMBER: 01772152)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. 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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 40,351
AMORTISATION
At 1 January 2023 38,545
Amortisation for year 1,008
At 31 December 2023 39,553
NET BOOK VALUE
At 31 December 2023 798
At 31 December 2022 1,806

JOHN'S OF ROMFORD LIMITED (REGISTERED NUMBER: 01772152)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 192,436 12,499 8,286
Additions - - 1,684
Disposals (45,874 ) - -
Reclassification/transfer - - -
At 31 December 2023 146,562 12,499 9,970
DEPRECIATION
At 1 January 2023 86,268 2,093 7,413
Charge for year 3,849 1,090 362
Eliminated on disposal (36,581 ) - -
Reclassification/transfer - - -
At 31 December 2023 53,536 3,183 7,775
NET BOOK VALUE
At 31 December 2023 93,026 9,316 2,195
At 31 December 2022 106,168 10,406 873

JOHN'S OF ROMFORD LIMITED (REGISTERED NUMBER: 01772152)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 43,902 20,936 3,288 281,347
Additions 3,762 41,700 285 47,431
Disposals - (20,936 ) - (66,810 )
Reclassification/transfer (2,498 ) - 3,496 998
At 31 December 2023 45,166 41,700 7,069 262,966
DEPRECIATION
At 1 January 2023 14,573 19,900 (124 ) 130,123
Charge for year 5,306 3,134 822 14,563
Eliminated on disposal - (20,120 ) - (56,701 )
Reclassification/transfer (2,498 ) - 3,496 998
At 31 December 2023 17,381 2,914 4,194 88,983
NET BOOK VALUE
At 31 December 2023 27,785 38,786 2,875 173,983
At 31 December 2022 29,329 1,036 3,412 151,224

6. STOCKS
2023 2022
£    £   
Stocks 454,184 504,290

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,951 4,189
Other debtors 9,959 14,419
20,910 18,608

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 108,230 62,640
Taxation and social security 41,498 31,749
Other creditors 219,625 66,218
369,353 160,607

JOHN'S OF ROMFORD LIMITED (REGISTERED NUMBER: 01772152)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. SECURED DEBTS

Michael Adlington, Susan Adlington and Shirley Mary Adlington, each being a Trustee of the John's of Romford Executive Pension Scheme holds a Charge dated 8 May 2018 on the property at 162 Rush Green, Romford, Essex RM7 0JU.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 19,817 11,266

Deferred
tax
£   
Balance at 1 January 2023 11,266
Provided during year 8,551
Accelerated capital allowances
Balance at 31 December 2023 19,817

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

12. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 577,922 259,900 837,822
Deficit for the year (75,540 ) (75,540 )
Dividends (2,000 ) (2,000 )
At 31 December 2023 500,382 259,900 760,282

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed Mrs S M Adlington £2,390 (2022: £Nil) and M Adlington £28,634 (2022: £5,711).

JOHN'S OF ROMFORD LIMITED (REGISTERED NUMBER: 01772152)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

14. RELATED PARTY DISCLOSURES

John's of Romford Executive Pension Scheme made a loan of £100,000 to the company repayable over 5 years with an interest rate of 3.75% per annum.

The company paid rent of £31,250 (2022 - £31,250) in respect of 46-50 London Road, Romford, Essex to John's of Romford Executive Pension Scheme.

The company also paid rent totalling £5,900 (2022 - £23,600) in respect of 80 Dagenham Road, Rush Green, Essex to Mrs W Fox and Mrs J Acuta who are the daughters of Mrs S M Adlington. This is made up of £2,950 (2022 - £11,800) to Mrs W Fox and £2,950 (2022 - £11,800) to Mrs J Acuta.

During the year the shareholders received dividends totalling £2,000 (2022 £4,000).

15. ULTIMATE CONTROLLING PARTY

The company is controlled by Mrs S Adlington and Mr M Adlington.