Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetruefalse2023-01-01Grain trading, warehousing services, including storage and distribution, and farming.56The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01536383 2023-12-31 01536383 2023-01-01 2023-12-31 01536383 2022-01-01 2022-12-31 01536383 2022-12-31 01536383 c:Director2 2023-01-01 2023-12-31 01536383 d:PlantMachinery 2023-01-01 2023-12-31 01536383 d:PlantMachinery 2023-12-31 01536383 d:PlantMachinery 2022-12-31 01536383 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01536383 d:MotorVehicles 2023-01-01 2023-12-31 01536383 d:MotorVehicles 2023-12-31 01536383 d:MotorVehicles 2022-12-31 01536383 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01536383 d:FurnitureFittings 2023-01-01 2023-12-31 01536383 d:FurnitureFittings 2023-12-31 01536383 d:FurnitureFittings 2022-12-31 01536383 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01536383 d:OfficeEquipment 2023-01-01 2023-12-31 01536383 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01536383 d:OtherPropertyPlantEquipment 2023-12-31 01536383 d:OtherPropertyPlantEquipment 2022-12-31 01536383 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01536383 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01536383 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 01536383 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 01536383 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 01536383 d:FreeholdInvestmentProperty 2023-12-31 01536383 d:FreeholdInvestmentProperty 2022-12-31 01536383 d:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 01536383 d:FreeholdInvestmentProperty 3 2023-01-01 2023-12-31 01536383 d:CurrentFinancialInstruments 2023-12-31 01536383 d:CurrentFinancialInstruments 2022-12-31 01536383 d:Non-currentFinancialInstruments 2023-12-31 01536383 d:Non-currentFinancialInstruments 2022-12-31 01536383 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01536383 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01536383 d:ShareCapital 2023-12-31 01536383 d:ShareCapital 2022-12-31 01536383 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 01536383 d:CapitalRedemptionReserve 2023-12-31 01536383 d:CapitalRedemptionReserve 2022-12-31 01536383 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 01536383 d:OtherMiscellaneousReserve 2023-12-31 01536383 d:OtherMiscellaneousReserve 2022-12-31 01536383 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01536383 d:RetainedEarningsAccumulatedLosses 2023-12-31 01536383 d:RetainedEarningsAccumulatedLosses 2022-12-31 01536383 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 01536383 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 01536383 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01536383 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01536383 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01536383 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 01536383 c:FRS102 2023-01-01 2023-12-31 01536383 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01536383 c:FullAccounts 2023-01-01 2023-12-31 01536383 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01536383 4 2023-01-01 2023-12-31 01536383 6 2023-01-01 2023-12-31 01536383 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 01536383









RICHARD JOHNSTON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RICHARD JOHNSTON LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RICHARD JOHNSTON LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Richard Johnston Limited for the year ended 31 December 2023 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Richard Johnston Limited, as a body, in accordance with the terms of our engagement letter dated 26 September 2019Our work has been undertaken solely to prepare for your approval the financial statements of Richard Johnston Limited and state those matters that we have agreed to state to the Board of Directors of Richard Johnston Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Richard Johnston Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Richard Johnston Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Richard Johnston Limited. You consider that Richard Johnston Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Richard Johnston Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners Audit LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
18 September 2024
Page 1

 
RICHARD JOHNSTON LIMITED
REGISTERED NUMBER: 01536383

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible Fixed Assets
  
1,477,692
1,345,489

Fixed asset investments
  
248,908
248,908

Investment property
  
56,071,970
51,950,684

  
57,798,570
53,545,081

Current assets
  

Stocks
 8 
62,840
47,195

Debtors: amounts falling due after more than one year
 9 
199,036
220,902

Debtors: amounts falling due within one year
 9 
508,196
488,632

Current asset investments
 10 
87,835
120,660

Cash at bank and in hand
 11 
3,239,025
2,671,019

  
4,096,932
3,548,408

Creditors: amounts falling due within one year
 12 
(3,114,788)
(2,884,032)

Net current assets
  
 
 
982,144
 
 
664,376

Total assets less current liabilities
  
58,780,714
54,209,457

Provisions for liabilities
  

Deferred tax
 14 
(10,640,437)
(9,636,397)

  
 
 
(10,640,437)
 
 
(9,636,397)

Net assets
  
48,140,277
44,573,060


Capital and reserves
  

Called up share capital 
  
2,614
2,614

Capital redemption reserve
 15 
386
386

Other reserves
 15 
26,808,969
27,986,576

Profit and loss account
 15 
21,328,308
16,583,484

  
48,140,277
44,573,060


Page 2

 
RICHARD JOHNSTON LIMITED
REGISTERED NUMBER: 01536383
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.


R I McIndoe
Director

The notes on pages 14 to 31 form part of these financial statements.

Page 3

 
RICHARD JOHNSTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The entity is a private Company, limited by shares, incorporated in England and Wales. The registered office address of the Company is Harling Road, Snetterton, NR16 2JU.
The Company is principally engaged in warehousing and also operates a farming enterprise and an events business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling (£).

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Income is recognised when goods have been supplied and services provided.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
RICHARD JOHNSTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
RICHARD JOHNSTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5 to 10 years
Motor vehicles
-
 4 years
Office equipment
-
3 to 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 6

 
RICHARD JOHNSTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 7

 
RICHARD JOHNSTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
5
6

Page 8

 
RICHARD JOHNSTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Patents

£



Cost


At 1 January 2023
10,224



At 31 December 2023

10,224



Amortisation


At 1 January 2023
10,224



At 31 December 2023

10,224



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 9

 
RICHARD JOHNSTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Assets in the course of construction
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
4,092,705
110,566
313,343
165,118
4,681,732


Additions
75,942
18,946
83,141
315,887
493,916


Transfers between classes
-
-
-
(152,818)
(152,818)



At 31 December 2023

4,168,647
129,512
396,484
328,187
5,022,830



Depreciation


At 1 January 2023
3,066,944
19,208
250,091
-
3,336,243


Charge for the year on owned assets
151,349
24,974
32,572
-
208,895



At 31 December 2023

3,218,293
44,182
282,663
-
3,545,138



Net book value



At 31 December 2023
950,354
85,330
113,821
328,187
1,477,692



At 31 December 2022
1,025,761
91,358
63,252
165,118
1,345,489


6.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Unlisted investments
Total

£
£
£
£



Cost or valuation


At 1 January 2023
45,003
1
203,904
248,908



At 31 December 2023
45,003
1
203,904
248,908




Page 10

 
RICHARD JOHNSTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
51,950,684


Additions at cost
182,706


Surplus on revaluation
3,785,762


Transfers between classes
152,818



At 31 December 2023
56,071,970

The 2023 valuations were made by Gerard Smith MRICS FAAV REV of Lacy Scott & Knight Chartered Surveyors in April 2024, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
13,712,336
13,529,631

Accumulated depreciation and impairments
(185,865)
(171,754)

13,526,471
13,357,877


8.


Stocks

2023
2022
£
£

Raw materials and consumables
62,840
47,195

62,840
47,195



 

Page 11

 
RICHARD JOHNSTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
199,036
220,902

199,036
220,902


2023
2022
£
£

Due within one year

Trade debtors
128,127
169,421

Other debtors
151,600
28,354

Prepayments and accrued income
228,469
290,857

508,196
488,632



10.


Current asset investments

2023
2022
£
£

Listed investments
87,835
120,660

87,835
120,660


2023
2022
£
£


Opening fair value
120,660
108,994

Gains on remeasurement to fair value
(32,825)
11,666

Market value
87,835
120,660



Page 12

 
RICHARD JOHNSTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,239,025
2,671,019

3,239,025
2,671,019



12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
109,318
168,118

Amounts owed to group undertakings
63,429
63,429

Corporation tax
157,541
400,213

Other taxation and social security
134,820
99,480

Other creditors
1,515,036
1,223,354

Accruals and deferred income
1,134,644
929,438

3,114,788
2,884,032



13.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,326,860
2,791,679




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand, unlisted fixed asset investments and current asset investments.

Page 13

 
RICHARD JOHNSTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Deferred taxation




2023


£






At beginning of year
(9,636,397)


Charged to profit or loss
173,567


Charged to other comprehensive income
(1,177,607)



At end of year
(10,640,437)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(123,425)
(296,993)

Revaluations
(10,517,012)
(9,339,404)

(10,640,437)
(9,636,397)


15.


Reserves

Capital redemption reserve

The capital redemption reserve records the nominal value of shares repurchased by the company.

Fair value reserve

The fair value reserve represents the cumulative value of revaluations of listed investments and investment property to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £65,584 (2022 - £41,815).

Page 14