Johnstone Rae Limited SC320366 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is farming Digita Accounts Production Advanced 6.30.9574.0 true SC320366 2023-05-01 2024-04-30 SC320366 2024-04-30 SC320366 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC320366 core:ShareCapital 2024-04-30 SC320366 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-04-30 SC320366 core:CurrentFinancialInstruments 2024-04-30 SC320366 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 SC320366 core:Non-currentFinancialInstruments 2024-04-30 SC320366 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 SC320366 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-30 SC320366 core:FurnitureFittingsToolsEquipment 2024-04-30 SC320366 core:LandBuildings 2024-04-30 SC320366 core:MotorVehicles 2024-04-30 SC320366 core:OtherPropertyPlantEquipment 2024-04-30 SC320366 bus:SmallEntities 2023-05-01 2024-04-30 SC320366 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC320366 bus:FilletedAccounts 2023-05-01 2024-04-30 SC320366 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC320366 bus:RegisteredOffice 2023-05-01 2024-04-30 SC320366 bus:Director1 2023-05-01 2024-04-30 SC320366 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC320366 bus:Agent1 2023-05-01 2024-04-30 SC320366 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-01 2024-04-30 SC320366 core:Buildings 2023-05-01 2024-04-30 SC320366 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 SC320366 core:LandBuildings 2023-05-01 2024-04-30 SC320366 core:MotorVehicles 2023-05-01 2024-04-30 SC320366 core:OfficeEquipment 2023-05-01 2024-04-30 SC320366 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 SC320366 core:PlantMachinery 2023-05-01 2024-04-30 SC320366 countries:Scotland 2023-05-01 2024-04-30 SC320366 2023-04-30 SC320366 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 SC320366 core:FurnitureFittingsToolsEquipment 2023-04-30 SC320366 core:LandBuildings 2023-04-30 SC320366 core:MotorVehicles 2023-04-30 SC320366 core:OtherPropertyPlantEquipment 2023-04-30 SC320366 2022-05-01 2023-04-30 SC320366 2023-04-30 SC320366 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC320366 core:ShareCapital 2023-04-30 SC320366 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-04-30 SC320366 core:CurrentFinancialInstruments 2023-04-30 SC320366 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 SC320366 core:Non-currentFinancialInstruments 2023-04-30 SC320366 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 SC320366 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 SC320366 core:FurnitureFittingsToolsEquipment 2023-04-30 SC320366 core:LandBuildings 2023-04-30 SC320366 core:MotorVehicles 2023-04-30 SC320366 core:OtherPropertyPlantEquipment 2023-04-30 iso4217:GBP xbrli:pure

REGISTRAR OF COMPANIES

Registration number: SC320366

Johnstone Rae Limited

Unaudited Financial Statements

30 April 2024

image-name

 

Johnstone Rae Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Johnstone Rae Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Johnstone Rae Limited for the year ended 30 April 2024 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Johnstone Rae Limited, as a body, in accordance with the terms of our engagement letter dated 10 October 2023. Our work has been undertaken solely to prepare for your approval the accounts of Johnstone Rae Limited and state those matters that we have agreed to state to the Board of Directors of Johnstone Rae Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Johnstone Rae Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Johnstone Rae Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Johnstone Rae Limited. You consider that Johnstone Rae Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Johnstone Rae Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

23 January 2025

 

Johnstone Rae Limited

(Registration number: SC320366)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

21,844

40,000

Tangible assets

5

918,861

875,720

Other financial assets

6

10,710

10,710

 

951,415

926,430

Current assets

 

Stocks

1,258,120

1,220,260

Debtors

7

106,027

166,669

Cash at bank and in hand

 

187,266

93,256

 

1,551,413

1,480,185

Creditors: Amounts falling due within one year

8

(1,799,754)

(1,795,985)

Net current liabilities

 

(248,341)

(315,800)

Total assets less current liabilities

 

703,074

610,630

Creditors: Amounts falling due after more than one year

8

(51,149)

(31,622)

Provisions for liabilities

(157,348)

(120,532)

Net assets

 

494,577

458,476

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

494,477

458,376

Total equity

 

494,577

458,476

 

Johnstone Rae Limited

(Registration number: SC320366)
Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 January 2025 and signed on its behalf by:
 

.........................................

A J Rae

Director

 

Johnstone Rae Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Boghead
Mousewald Road
Collin
DUMFRIES
DG1 4JP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 30 April 2024 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

Johnstone Rae Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme amortisation

The amount paid in connection with the purchase of the basic payment scheme entitlement is being amortised over the useful economic life of that entitlement. In addition, an annual impairment review is being performed.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

10% reducing balance

Plant and equipment

4%, 15% and 25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Johnstone Rae Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Johnstone Rae Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Preference shares are classified as debt when the shares are redeemable in the future at the option of the holder.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

 

Johnstone Rae Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 May 2023

100,000

100,000

At 30 April 2024

100,000

100,000

Amortisation

At 1 May 2023

60,000

60,000

Amortisation charge

18,156

18,156

At 30 April 2024

78,156

78,156

Carrying amount

At 30 April 2024

21,844

21,844

At 30 April 2023

40,000

40,000

5

Tangible assets

Property improvements
£

Plant and equipment
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 May 2023

3,718

1,079,121

10,175

1,854

1,094,868

Additions

5,394

277,336

36,268

-

318,998

Disposals

-

(226,527)

-

-

(226,527)

At 30 April 2024

9,112

1,129,930

46,443

1,854

1,187,339

Depreciation

At 1 May 2023

734

211,194

5,882

1,338

219,148

Charge for the year

777

123,167

6,649

448

131,041

Eliminated on disposal

-

(81,711)

-

-

(81,711)

At 30 April 2024

1,511

252,650

12,531

1,786

268,478

Carrying amount

At 30 April 2024

7,601

877,280

33,912

68

918,861

At 30 April 2023

2,984

867,927

4,293

516

875,720

 

Johnstone Rae Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

10,710

10,710

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

10,710

10,710

At 30 April 2024

10,710

10,710

Carrying amount

At 30 April 2024

10,710

10,710

At 30 April 2023

10,710

10,710

7

Debtors

2024
£

2023
£

Trade debtors

87,839

93,396

Other debtors

18,188

73,273

106,027

166,669

 

Johnstone Rae Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,597,955

1,532,294

Trade creditors

 

123,765

213,713

Taxation and social security

 

2,887

2,917

Other creditors

 

75,147

47,061

 

1,799,754

1,795,985

Due after one year

 

Loans and borrowings

9

47,830

31,622

Other creditors

 

3,319

-

 

51,149

31,622

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Finance lease liabilities

20,075

7,124

Redeemable preference shares

500,000

500,000

Other borrowings

1,067,880

1,015,170

1,597,955

1,532,294

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

10,000

10,000

Finance lease liabilities

20,075

7,124

30,075

17,124

Bank borrowings are secured by floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

Johnstone Rae Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,500

22,526

Finance lease liabilities

35,330

9,096

47,830

31,622

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

12,500

22,526

Finance lease liabilities

35,330

9,096

47,830

31,622

Bank borrowings are secured by floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.