D.J. JOHNSON & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
Company Registration Number: 04390808
D.J. JOHNSON & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
D.J. JOHNSON & SONS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024
DIRECTORS
D J Johnson
A D Johnson
M L Johnson
SECRETARY
A D Johnson
REGISTERED OFFICE
Station Road Garage
Shipton Under Wychwood
Chipping Norton
Oxon
OX7 6BQ
COMPANY REGISTRATION NUMBER
04390808 England and Wales
D.J. JOHNSON & SONS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 6 595,143 608,249
CURRENT ASSETS
Stock 36,574 47,427
Debtors 7 70,220 58,764
Cash at bank and in hand 454,315 553,384
561,109 659,575
CREDITORS: Amounts falling due within one year 8 308,803 649,785
NET CURRENT ASSETS 252,306 9,790
TOTAL ASSETS LESS CURRENT LIABILITIES 847,449 618,039
Provisions for liabilities and charges 12,372 15,128
NET ASSETS 835,077 602,911
CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Distributable profit and loss account 805,077 572,911
SHAREHOLDERS' FUNDS 835,077 602,911
D.J. JOHNSON & SONS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
D J Johnson
Director
Date approved by the board: 28 October 2024
D.J. JOHNSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
1 GENERAL INFORMATION
D.J. Johnson & Sons Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Station Road Garage
Shipton Under Wychwood
Chipping Norton
Oxon
OX7 6BQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the sale of petroleum, diesel and other goods, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 20 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
D.J. JOHNSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Freehold property improvements 10% reducing balance
Furniture, fittings, tools and equipment 25% reducing balance
Motor vehicles 25% reducing balance
Land and buildings Not depreciated
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
The land and building category is solely made up of freehold land owned by the company. Therefore not depreciated as it has an indefinite life.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
D.J. JOHNSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
D.J. JOHNSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 6 5
D.J. JOHNSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
5 INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 February 2023 90,000
At 31 January 2024 90,000
Accumulated amortisation
At 1 February 2023 90,000
At 31 January 2024 90,000
Net book value
At 1 February 2023 -
At 31 January 2024 -
6 TANGIBLE ASSETS
Freehold property improvements Furniture, fittings, tools and equipment Motor vehicles Land and buildings Total
£ £ £ £ £
Cost
At 1 February 2023 27,158 167,350 26,898 542,728 764,134
Additions - 3,963 - - 3,963
Disposals - - (2,958) - (2,958)
At 31 January 2024 27,158 171,313 23,940 542,728 765,139
Accumulated depreciation
At 1 February 2023 21,937 117,106 16,842 - 155,885
Charge for year 522 13,193 2,236 - 15,951
Disposals - - (1,840) - (1,840)
At 31 January 2024 22,459 130,299 17,238 - 169,996
Net book value
At 1 February 2023 5,221 50,244 10,056 542,728 608,249
At 31 January 2024 4,699 41,014 6,702 542,728 595,143
D.J. JOHNSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
7 DEBTORS
2024 2023
£ £
Trade debtors 37,516 33,375
Prepayments and accrued income 1,253 1,100
Other debtors 31,451 24,289
70,220 58,764
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 69,413 101,190
Taxation and social security 110,475 70,126
Accruals and deferred income 7,902 2,921
Other creditors 121,013 475,548
308,803 649,785
9 SECURED DEBTS
The company has a debenture loan with National Westminster Bank PLC which has registered fixed and floating charges over the assets of the company dated 9 July 2002.
10 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 February 2023 Amounts advanced Amounts repaid Balance at 31 January 2024
£ £ £ £
D J Johnson - 12,920 7,800 5,120
This advance is interest free and repayable on demand.
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