Company registration number 01453018 (England and Wales)
HAROLD JOHNSON & SON (NUNEATON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
HAROLD JOHNSON & SON (NUNEATON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
HAROLD JOHNSON & SON (NUNEATON) LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,213,747
1,227,540
Investments
5
4,800
4,800
1,218,547
1,232,340
Current assets
Stocks
3,394,828
2,764,466
Debtors
6
47,898
51,797
Cash at bank and in hand
1,235,874
1,663,084
4,678,600
4,479,347
Creditors: amounts falling due within one year
7
(1,539,165)
(1,818,869)
Net current assets
3,139,435
2,660,478
Total assets less current liabilities
4,357,982
3,892,818
Creditors: amounts falling due after more than one year
8
(192,112)
(102,299)
Provisions for liabilities
(127,101)
(92,771)
Net assets
4,038,769
3,697,748
Capital and reserves
Called up share capital
10,527
10,527
Share premium account
97,154
97,154
Profit and loss reserves
3,931,088
3,590,067
Total equity
4,038,769
3,697,748
HAROLD JOHNSON & SON (NUNEATON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024
28 February 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 6 October 2024 and are signed on its behalf by:
Mr R C Johnson
Director
Company Registration No. 01453018
HAROLD JOHNSON & SON (NUNEATON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Harold Johnson & Son (Nuneaton) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 51 Queens Road, Nuneaton, Warwickshire, United Kingdom, CV11 5JX.

1.1
Accounting convention

The financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS102") and the requirements of the Companies Act 2006 as applicable to companies subject to small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost net of depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset except freehold land, over its expected useful life, as follows:

Leasehold improvements
20 years straight line
Buildings freehold
50 years straight line
Website development
3 years straight line
Fixtures, fittings & equipment
10% or 25% on cost, or over period of lease
Motor vehicles
25% on reducing balance
Assets in the course of construction
No depreciation is provided until the assets are completed

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

HAROLD JOHNSON & SON (NUNEATON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Fixed asset investments

Interests in unlisted companies are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Any impairment loss is recognised immediately in the profit and loss account.

Recoverable amount is the higher of fair value less costs to sell and value in use.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

HAROLD JOHNSON & SON (NUNEATON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans and overdrafts, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HAROLD JOHNSON & SON (NUNEATON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

1.11
Retirement benefits

The company operates a defined contribution scheme for the benefit of its directors and staff. Contributions payable are charged to the profit and loss account in the year they are payable.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

HAROLD JOHNSON & SON (NUNEATON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
25
23
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Property Improvement
Assets in Course of Construction
Total
£
£
£
£
£
Cost
At 1 March 2023
248,396
1,032,284
797,302
-
0
2,077,983
Additions
16,079
285,073
757
42,400
344,309
Disposals
-
0
(256,571)
-
0
-
0
(256,571)
At 28 February 2024
264,475
1,060,786
798,059
42,400
2,165,720
Depreciation and impairment
At 1 March 2023
-
536,953
313,489
-
0
850,442
Depreciation charged in the year
4,836
155,270
40,038
-
0
200,144
Impairment losses
19,639
-
0
-
0
-
0
19,639
Eliminated in respect of disposals
-
0
(118,251)
-
0
-
0
(118,251)
At 28 February 2024
24,475
573,972
353,527
-
0
951,974
Carrying amount
At 28 February 2024
240,000
486,814
444,532
42,400
1,213,746
At 28 February 2023
248,396
495,331
483,813
-
0
1,227,540
HAROLD JOHNSON & SON (NUNEATON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
5
Fixed asset investments
2024
2023
£
£
Investments
4,800
4,800

Investments in unlisted companies are valued at cost. Fair value information has not been disclosed because it cannot be measured reliably.

Movements in fixed asset investments
Investments other than loans
£
Cost
At 1 March 2023 & 28 February 2024
4,800
Carrying amount
At 28 February 2024
4,800
At 28 February 2023
4,800
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
47,898
51,797
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
846,093
949,883
Taxation and social security
361,937
372,659
Other creditors
331,135
496,327
1,539,165
1,818,869
HAROLD JOHNSON & SON (NUNEATON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
7
Creditors: amounts falling due within one year
(Continued)
- 9 -
Included in other creditors are hire purchase liabilities totalling £61,131 (2023 : £152,053) which are secured over the relevant assets.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
192,112
102,299

 

Included in other creditors are hire purchase liabilities totalling £192,112 (2023: £102,299) which are secured over the relevant assets.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, due as follows:

2024
2023
£
£
Within one year
65,000
65,000
Between two and five years
260,000
260,000
In over five years
65,000
130,000
390,000
455,000
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