Registered number
07998669
Johnsons Fabrications Limited
Filleted Accounts
31 March 2024
Johnsons Fabrications Limited
Registered number: 07998669
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 3,000
Tangible assets 4 13,823 13,876
13,823 16,876
Current assets
Stocks 65,409 80,409
Debtors 5 6,000 1,800
Cash at bank and in hand 12,648 10,673
84,057 92,882
Creditors: amounts falling due within one year 6 (79,887) (79,125)
Net current assets 4,170 13,757
Total assets less current liabilities 17,993 30,633
Creditors: amounts falling due after more than one year 7 (20,945) (25,596)
Net (liabilities)/assets (2,952) 5,037
Capital and reserves
Called up share capital 100 100
Profit and loss account (3,052) 4,937
Shareholders' funds (2,952) 5,037
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.
Johnson Asimeng
Director
Approved by the board on 21 December 2024
Johnsons Fabrications Limited
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.
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 evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 60,000
At 31 March 2024 60,000
Amortisation
At 1 April 2023 57,000
Provided during the year 3,000
At 31 March 2024 60,000
Net book value
At 31 March 2024 -
At 31 March 2023 3,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 32,417 16,999 49,416
Additions 1,578 - 1,578
At 31 March 2024 33,995 16,999 50,994
Depreciation
At 1 April 2023 18,541 16,999 35,540
Charge for the year 1,631 - 1,631
At 31 March 2024 20,172 16,999 37,171
Net book value
At 31 March 2024 13,823 - 13,823
At 31 March 2023 13,876 - 13,876
5 Debtors 2024 2023
£ £
Trade debtors 6,000 1,800
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 3,443
Corporation tax 2,453 2,453
Other taxes and social security costs 8,585 7,351
Other creditors 68,849 65,878
79,887 79,125
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,945 25,596
8 Other information
Johnsons Fabrications Limited is a private company limited by shares and incorporated in England. Its registered office is:
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