Registered number
04946927
Geo. Johnson (Metals) Ltd
Unaudited Filleted Accounts
31 March 2024
Geo. Johnson (Metals) Ltd
Registered number: 04946927
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - -
Tangible assets 4 422,112 528,265
Investments 6 - -
422,112 528,265
Current assets
Stocks 422,838 397,345
Debtors 5 275,647 208,018
Investments held as current assets 6 - -
Cash at bank and in hand 506,251 601,647
1,204,736 1,207,010
Creditors: amounts falling due within one year 6 (470,753) (486,535)
Net current assets 733,983 720,475
Total assets less current liabilities 1,156,095 1,248,740
Creditors: amounts falling due after more than one year 7 - -
Provisions for liabilities (257,770) (177,856)
Net assets 898,325 1,070,884
Capital and reserves
Called up share capital 50 50
Share premium - -
Revaluation reserve 12 - -
Profit and loss account 898,275 1,070,834
Shareholders' funds 898,325 1,070,884
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The 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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Glenn Johnson
Director
Approved by the board on 30 October 2024
Geo. Johnson (Metals) Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 15%-25% residual balance
Fixtures, fittings, tools and equipment 15% residual balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 30,000
Additions -
Disposals -
At 31 March 2024 30,000
Amortisation
At 1 April 2023 30,000
Provided during the year -
On disposals -
At 31 March 2024 30,000
Net book value
At 31 March 2024 -
At 31 March 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Equipment, Fixtures & Fittings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 89,173 1,384,305 546,315 2,019,793
Additions 14,294 - 145,492 159,786
Surplus on revaluation - - - -
Disposals - - (65,000) (65,000)
At 31 March 2024 103,467 1,384,305 626,807 2,114,579
Depreciation
At 1 April 2023 43,325 1,029,785 418,418 1,491,528
Charge for the year 8,957 152,270 84,146 245,373
Surplus on revaluation - - - -
On disposals - - (44,434) (44,434)
At 31 March 2024 52,282 1,182,055 458,130 1,692,467
Net book value
At 31 March 2024 51,185 202,250 168,677 422,112
At 31 March 2023 45,848 354,520 127,897 528,265
5 Debtors 2024 2023
£ £
Trade debtors 230,694 170,085
Deferred tax asset - -
Other debtors 44,953 37,933
275,647 208,018
Amounts due after more than one year included above - -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - -
Trade creditors 164,715 112,029
Taxation and social security costs 290,271 336,477
Other creditors 15,767 38,029
470,753 486,535
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Other creditors - -
- -
8 Events after the reporting date
There are no events after the balance sheet date that have a material effect on the going concern of the company.
9 Capital commitments 2024 2023
£ £
Amounts contracted for but not provided in the accounts - -
10 Contingent liabilities
There are no contingent liabilities at the balance sheet date
11 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
GE Johnson
Loan 2023 14,153 (14,153) -
Loan 2024 - 14,583 14,583
14,153 14,583 (14,153) 14,583
12 Related party transactions
Rent was paid to Johnson Brothers Property Ltd of £48000 during the period. Dividends of £185,000 were paid to shareholders during the period.
13 Controlling party
The ultimate controlling parties are Glenn Johnson and Shaun Johnson who are both Directors and Shareholders.
23 Other information
Geo. Johnson (Metals) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Havacre Lane
Bilston
West Midlands
WV14 9NP
Geo. Johnson (Metals) Ltd 04946927 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 Glenn Johnson No description of principal activity 04946927 2022-04-01 2023-03-31 04946927 core:WithinOneYear 2023-03-31 04946927 core:AfterOneYear 2023-03-31 04946927 core:ShareCapital 2023-03-31 04946927 core:SharePremium 2023-03-31 04946927 core:OtherReservesSubtotal 2023-03-31 04946927 core:RetainedEarningsAccumulatedLosses 2023-03-31 04946927 2023-04-01 2024-03-31 04946927 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04946927 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04946927 bus:Director40 2023-04-01 2024-03-31 04946927 1 2023-04-01 2024-03-31 04946927 2 2023-04-01 2024-03-31 04946927 core:Goodwill 2023-04-01 2024-03-31 04946927 core:LandBuildings 2023-04-01 2024-03-31 04946927 core:PlantMachinery 2023-04-01 2024-03-31 04946927 core:Vehicles 2023-04-01 2024-03-31 04946927 1 2023-04-01 2024-03-31 04946927 bus:Director1 2023-04-01 2024-03-31 04946927 countries:England 2023-04-01 2024-03-31 04946927 bus:FRS102 2023-04-01 2024-03-31 04946927 bus:FilletedAccounts 2023-04-01 2024-03-31 04946927 2024-03-31 04946927 core:WithinOneYear 2024-03-31 04946927 core:AfterOneYear 2024-03-31 04946927 core:ShareCapital 2024-03-31 04946927 core:SharePremium 2024-03-31 04946927 core:OtherReservesSubtotal 2024-03-31 04946927 core:RetainedEarningsAccumulatedLosses 2024-03-31 04946927 core:Goodwill 2024-03-31 04946927 core:LandBuildings 2024-03-31 04946927 core:PlantMachinery 2024-03-31 04946927 core:Vehicles 2024-03-31 04946927 2023-03-31 04946927 core:Goodwill 2023-03-31 04946927 core:LandBuildings 2023-03-31 04946927 core:PlantMachinery 2023-03-31 04946927 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure