Company registration number 00083089 (England and Wales)
JOHNSON BROTHERS AND COMPANY, LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
JOHNSON BROTHERS AND COMPANY, LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
JOHNSON BROTHERS AND COMPANY, LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,947
5,585
Investment property
5
10,370,000
10,149,250
Investments
6
12,334,326
10,081,877
22,710,273
20,236,712
Current assets
Stocks
3,585
9,819
Debtors
7
714,150
482,766
Investments
8
100,000
100,000
Cash at bank and in hand
2,192,160
3,194,718
3,009,895
3,787,303
Creditors: amounts falling due within one year
9
(1,226,712)
(914,198)
Net current assets
1,783,183
2,873,105
Total assets less current liabilities
24,493,456
23,109,817
Creditors: amounts falling due after more than one year
10
(1,613,371)
(1,820,406)
Provisions for liabilities
12
(947,776)
(680,772)
Net assets
21,932,309
20,608,639
Capital and reserves
Called up share capital
12
23,600
23,600
Fair value reserve
13
4,128,538
3,339,030
Profit and loss reserves
17,780,171
17,246,009
Total equity
21,932,309
20,608,639

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

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 9 January 2025 and are signed on its behalf by:
The Lord R G Hodgson of Astley Abbotts
Director
Company registration number 00083089 (England and Wales)
JOHNSON BROTHERS AND COMPANY, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Johnson Brothers and Company, Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nash Court, Ludlow, Shropshire, SY8 3DF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the 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, as modified by the revaluation of certain fixed assets. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is derived from the company's principal activities, excluding value added tax, and represents rental, interest and dividend income derived from holding investments.

 

Rental income from operating leases is recognised evenly over the term of the relevant lease.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
Over 4 and 8 years

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

JOHNSON BROTHERS AND COMPANY, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Fixed asset investments

Interests in unlisted entities, subsidiaries, associates and jointly ventures 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.

 

Investments listed on a recognised stock exchange or ones valued by reference to such investments, such as unit trusts and common investment funds, are carried at fair value with gains or losses recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as joint ventures.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.8
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.

1.9
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.

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.

JOHNSON BROTHERS AND COMPANY, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.10
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.

1.11
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

JOHNSON BROTHERS AND COMPANY, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of investment properties

The valuations of the company's investment properties are made by the directors on an open market basis.

Valuation of fixed asset investments

The valuation of the company's unlisted fixed asset investments are based on directors' assessment.

3
Employees

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

2024
2023
Number
Number
Total
5
5
JOHNSON BROTHERS AND COMPANY, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
28,888
Additions
3,097
At 30 June 2024
31,985
Depreciation and impairment
At 1 July 2023
23,303
Depreciation charged in the year
2,735
At 30 June 2024
26,038
Carrying amount
At 30 June 2024
5,947
At 30 June 2023
5,585
JOHNSON BROTHERS AND COMPANY, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 July 2023
10,149,250
Disposals
(11,875)
Revaluations
232,625
At 30 June 2024
10,370,000

The valuations of investment properties were made as at 30 June 2024 by the directors, on an open market basis.

 

If investment properties were stated on an historical cost basis rather than a fair value basis, the amount included would have been £7,459,191 (2023 - £7,471,066).

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
Listed investments
3,951,787
3,405,237
Unlisted investments
8,382,439
6,676,540
12,334,326
10,081,877

The shares in group undertakings represent a 100% holding in the ordinary share capital of Johnson Brothers (Leasing) Limited. Its registered office address is Nash Court, Ludlow, Shropshire, SY8 3DF. At the year end, the aggregate capital and reserves of the company amounted to £13,265 (2023 - £13,265) and the profit/(loss) for the year amounted to £Nil (2023 - £Nil).

 

Included within unlisted investments are shares in joint venture undertakings of £613,869 (2023 - £613,869) which represents a 50% holding in the ordinary share capital of JBDLS Limited. Its registered office address is Cayzer House, 30 Buckingham Gate, London, SW1E 6NN. At the year end, the aggregate capital and reserves of the company amounted to £1,812,186 (2023 - £1,864,463) and the loss for the year amounted to £52,277 (2023 - loss of £112,030). In addition included within other creditors at 30 June 2024 is an amount of £690,000 (2023 - £440,000) owed by the company to JBDLS Limited.

JOHNSON BROTHERS AND COMPANY, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries
Listed investments
Unlisted investments
Total
£
£
£
£
Cost or valuation
At 1 July 2023
100
3,405,237
6,676,540
10,081,877
Additions
-
1,020,061
1,756,206
2,776,267
Valuation changes
-
277,970
401,374
679,344
Disposals
-
(751,481)
(451,681)
(1,203,162)
At 30 June 2024
100
3,951,787
8,382,439
12,334,326
Carrying amount
At 30 June 2024
100
3,951,787
8,382,439
12,334,326
At 30 June 2023
100
3,405,237
6,676,540
10,081,877
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
999
18,109
Other debtors
713,151
145,002
714,150
163,111
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
0
319,655
Total debtors
714,150
482,766
8
Current asset investments
2024
2023
£
£
Other investments
100,000
100,000
JOHNSON BROTHERS AND COMPANY, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
208,124
192,560
Trade creditors
72,635
63,876
Amounts owed to group undertakings
13,265
13,265
Corporation tax
153,160
116,074
Other taxation and social security
50,089
50,552
Other creditors
729,439
477,871
1,226,712
914,198

The bank loans are secured over certain investment properties and fixed asset investments.

10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
1,613,371
1,820,406

The bank loans are secured over certain investment properties and fixed asset investments.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
136,135
220,645
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
947,776
680,772
2024
Movements in the year:
£
Liability at 1 July 2023
680,772
Provided during the year
227,600
Deferred tax realised on disposal losses/(gains)
39,404
Liability at 30 June 2024
947,776
JOHNSON BROTHERS AND COMPANY, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
2,950
2,950
2,950
2,950
B Ordinary shares of £1 each
5,900
5,900
5,900
5,900
C Ordinary shares of £1 each
2,950
2,950
2,950
2,950
D Ordinary shares of £1 each
11,800
11,800
11,800
11,800
23,600
23,600
23,600
23,600

The rights attaching to each category of share can be found in the company's Articles of Association.

13
Fair value reserve
2024
£
£
At the beginning of the year
(3,339,030)
Transfer to profit and loss reserves:
Realised gains and losses
(144,541)
Deferred tax realised on disposal losses/(gains)
39,402
(105,139)
Transfer for the current year:
Fair value gains and losses
(911,969)
Deferred tax provided for the year
227,600
(684,369)
At the end of the year
(4,128,538)
14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Paul Tonks BSc (Econ) FCA
Statutory Auditor:
Edwards
Date of audit report:
9 January 2025
JOHNSON BROTHERS AND COMPANY, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
15
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of fixed asset investments
444,808
697,904
16
Events after the reporting date

Subsequent to the year end, the company acquired an investment property for a purchase consideration of £1,225,000.

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