4 01/02/2023 31/01/2024 2024-01-31 true false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-02-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC266892 2023-02-01 2024-01-31 SC266892 2024-01-31 SC266892 2023-01-31 SC266892 2022-02-01 2023-01-31 SC266892 2023-01-31 SC266892 2022-01-31 SC266892 core:PlantMachinery 2023-02-01 2024-01-31 SC266892 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 SC266892 core:OnerousContractsExcludingVacantProperties 2023-02-01 2024-01-31 SC266892 bus:RegisteredOffice 2023-02-01 2024-01-31 SC266892 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC266892 bus:LeadAgentIfApplicable 2023-02-01 2024-01-31 SC266892 bus:Director1 2023-02-01 2024-01-31 SC266892 bus:Director2 2023-02-01 2024-01-31 SC266892 bus:CompanySecretary1 2023-02-01 2024-01-31 SC266892 core:LandBuildings core:ShortLeaseholdAssets 2023-01-31 SC266892 core:PlantMachinery 2023-01-31 SC266892 core:FurnitureFittingsToolsEquipment 2023-01-31 SC266892 core:LandBuildings core:ShortLeaseholdAssets 2024-01-31 SC266892 core:PlantMachinery 2024-01-31 SC266892 core:FurnitureFittingsToolsEquipment 2024-01-31 SC266892 core:WithinOneYear 2024-01-31 SC266892 core:WithinOneYear 2023-01-31 SC266892 core:AfterOneYear 2024-01-31 SC266892 core:AfterOneYear 2023-01-31 SC266892 core:LandBuildings core:ShortLeaseholdAssets 2023-02-01 2024-01-31 SC266892 core:ShareCapital 2024-01-31 SC266892 core:ShareCapital 2023-01-31 SC266892 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC266892 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC266892 bus:OrdinaryShareClass1 core:ShareCapital 2024-01-31 SC266892 bus:OrdinaryShareClass1 core:ShareCapital 2023-01-31 SC266892 core:LandBuildings core:ShortLeaseholdAssets 2023-01-31 SC266892 core:PlantMachinery 2023-01-31 SC266892 core:FurnitureFittingsToolsEquipment 2023-01-31 SC266892 bus:SmallEntities 2023-02-01 2024-01-31 SC266892 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC266892 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC266892 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC266892 bus:FullAccounts 2023-02-01 2024-01-31 SC266892 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 SC266892 core:OtherPropertyPlantEquipment 2023-01-31 SC266892 core:OtherPropertyPlantEquipment 2024-01-31 SC266892 core:WithinOneYear 2023-02-01 2024-01-31 SC266892 1 2023-02-01 2024-01-31
Company registration number: SC266892
Demijohn Limited
Unaudited filleted financial statements
31 January 2024
Demijohn Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Demijohn Limited
Directors and other information
Directors Mr A H Ferguson
Mrs F M Ferguson
Secretary Mrs F M Ferguson
Company number SC266892
Registered office Glenlair House
Knockvennie
Castle Douglas
DG7 3DF
Accountants Carson & Trotter
123 Irish Street
Dumfries
DG1 2PE
Demijohn Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Demijohn Limited
Year ended 31st January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Demijohn Limited for the year ended 31st January 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Demijohn Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Demijohn Limited and state those matters that we have agreed to state to the board of directors of Demijohn Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Demijohn Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Demijohn 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 loss of Demijohn Limited. You consider that Demijohn Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Demijohn 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.
Carson & Trotter
Chartered Accountants
123 Irish Street
Dumfries
DG1 2PE
4th October 2024
Demijohn Limited
Statement of financial position
31st January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 62,617 52,611
_______ _______
62,617 52,611
Current assets
Stocks 23,984 25,846
Debtors 6 14,907 2,414
Cash at bank and in hand 333 14
_______ _______
39,224 28,274
Creditors: amounts falling due
within one year 7 ( 310,912) ( 271,938)
_______ _______
Net current liabilities ( 271,688) ( 243,664)
_______ _______
Total assets less current liabilities ( 209,071) ( 191,053)
Creditors: amounts falling due
after more than one year 8 ( 38,839) ( 41,049)
Provisions for liabilities ( 1,518) ( 1,324)
_______ _______
Net liabilities ( 249,428) ( 233,426)
_______ _______
Capital and reserves
Called up share capital 9 2 2
Profit and loss account ( 249,430) ( 233,428)
_______ _______
Shareholders deficit ( 249,428) ( 233,426)
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 October 2024 , and are signed on behalf of the board by:
Mr A H Ferguson
Director
Company registration number: SC266892
Demijohn Limited
Notes to the financial statements
Year ended 31st January 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Glenlair House, Knockvennie, Castle Douglas, DG7 3DF.
2. Statement of compliance
The significant accounting policies applied in the preparation of these financial statements are set out below. These have been consistently applied unless otherwise stated.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis, despite the fact that total liabilities exceeded total assets at the period end. The directors recognise the need to support the company financially, and are prepared to do so, and have given assurances regarding the withdrawal of their current accounts.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Website - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions 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. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions 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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into Basic Financial Instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans with related parties.All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Website Total
£ £ £ £ £
Cost
At 1st February 2023 38,151 58,812 3,853 7,500 108,316
Additions 10,772 - 731 2,500 14,003
Disposals - - ( 1,107) - ( 1,107)
_______ _______ _______ _______ _______
At 31st January 2024 48,923 58,812 3,477 10,000 121,212
_______ _______ _______ _______ _______
Depreciation
At 1st February 2023 - 51,822 2,008 1,875 55,705
Charge for the year - 1,048 555 2,031 3,634
Disposals - - ( 744) - ( 744)
_______ _______ _______ _______ _______
At 31st January 2024 - 52,870 1,819 3,906 58,595
_______ _______ _______ _______ _______
Carrying amount
At 31st January 2024 48,923 5,942 1,658 6,094 62,617
_______ _______ _______ _______ _______
At 31st January 2023 38,151 6,990 1,845 5,625 52,611
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 14,907 2,414
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 96,402 87,564
Trade creditors 5,633 26,834
Social security and other taxes 8,795 7,069
Other creditors 200,082 150,471
_______ _______
310,912 271,938
_______ _______
There is a bond and floating charge in favour of The Royal Bank of Scotland Plc against the assets of the company.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 38,839 41,049
_______ _______
There is a bond and floating charge in favour of The Royal Bank of Scotland Plc against the assets of the company.
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 0.01 each 200 2 200 2
_______ _______ _______ _______
10. Related party transactions
The company owed an amount of £197,632 to the directors of the company at the year end, there is no interest accruing on directors' loans.
11. Controlling party
The company is under the control of Mr & Mrs Ferguson , who are the majority owners of the ultimate parent company. Demijohn Limited is a wholly owned subsidiary of Demijohn (Holdings) Ltd.