REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
KEN JOHNSTONE (STEYNING) LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is rental income received from the investment properties. |
Tangible assets |
Investment property | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Investment | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Other loans |
Other creditors | 3,912 | 4,102 |
Directors' current accounts | 313 | 23,213 |
Accrued expenses |
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 |
Decrease in general provision | (87 | ) |
Balance at 31 March 2024 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
KEN JOHNSTONE (STEYNING) LIMITED (REGISTERED NUMBER: 00616958) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | RELATED PARTY DISCLOSURES |
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. |