REGISTERED NUMBER: |
Johnson Bros (Fakenham) Limited |
Unaudited Financial Statements |
for the Period 1 February 2023 to 31 July 2024 |
REGISTERED NUMBER: |
Johnson Bros (Fakenham) Limited |
Unaudited Financial Statements |
for the Period 1 February 2023 to 31 July 2024 |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
Contents of the Financial Statements |
for the Period 1 February 2023 to 31 July 2024 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 | to | 4 |
Notes to the financial statements | 5 | to | 12 |
Johnson Bros (Fakenham) Limited |
Company Information |
for the Period 1 February 2023 to 31 July 2024 |
Directors: |
Secretary: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Johnson Bros (Fakenham) Limited for the period ended 31 July 2024 which comprise the Income statement, Other comprehensive income, Statement of financial position, Statement of changes in equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Johnson Bros (Fakenham) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Johnson Bros (Fakenham) Limited and state those matters that we have agreed to state to the Board of Directors of Johnson Bros (Fakenham) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Johnson Bros (Fakenham) Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Johnson Bros (Fakenham) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Johnson Bros (Fakenham) Limited. You consider that Johnson Bros (Fakenham) Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Johnson Bros (Fakenham) 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 financial statements. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
Statement of Financial Position |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Revaluation reserve | 13 |
Capital redemption reserve |
Other reserves |
Profit and loss account | ( |
) | ( |
) |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
Statement of Financial Position - continued |
31 July 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
Notes to the Financial Statements |
for the Period 1 February 2023 to 31 July 2024 |
1. | Statutory information |
Johnson Bros (Fakenham) Limited is a |
2. | Statement of compliance |
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Tangible assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reserves a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Freehold property | - not depreciated |
Plant and machinery | - 10% reducing balance |
Computer equipment | - 25% reducing balance |
Motor vehicles | - 25% reducing balance |
Fixtures and office equipment | - 10% reducing balance |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 31 July 2024 |
3. | Accounting policies - continued |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
Financial instruments |
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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. |
Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Income tax |
The taxation expense represents the aggregate amount of current and deferred tax recognised in reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. |
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax |
losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
Finance leases and hire purchase contracts |
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 31 July 2024 |
3. | Accounting policies - continued |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
Defined contribution plans |
The company operates a defined contribution pension scheme for employees and directors. The assets of the scheme are held from those of the company. The annual contributions payable are charged to the profit and loss account. |
Operating leases |
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income. |
4. | Employees and directors |
The average number of employees during the period was |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 31 July 2024 |
5. | Tangible fixed assets |
Fixtures |
and |
Freehold | Plant and | office |
property | machinery | equipment |
£ | £ | £ |
Cost or valuation |
At 1 February 2023 |
Disposals |
Revaluations |
At 31 July 2024 |
Depreciation |
At 1 February 2023 |
Charge for period |
Eliminated on disposal |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 January 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost or valuation |
At 1 February 2023 |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 July 2024 |
Depreciation |
At 1 February 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 January 2023 |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 31 July 2024 |
5. | Tangible fixed assets - continued |
Cost or valuation at 31 July 2024 is represented by: |
Fixtures |
and |
Freehold | Plant and | office |
property | machinery | equipment |
£ | £ | £ |
Valuation in 2020 | 350,000 | - | - |
Valuation in 2024 | 100,000 | - | - |
Cost | 450,000 | 91,340 | 89,339 |
900,000 | 91,340 | 89,339 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2020 | - | - | 350,000 |
Valuation in 2024 | - | - | 100,000 |
Cost | 135,021 | 39,257 | 804,957 |
135,021 | 39,257 | 1,254,957 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 450,000 | 450,000 |
Freehold land and buildings were valued on an open market basis on 28 January 2021 by Cruso Wilkin . |
This is considered to be market value at 31 July 2024. |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Deferred tax asset |
Prepayments |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 31 July 2024 |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Other loans (see note 9) |
Hire purchase contracts (see note 10) |
Trade creditors |
Social security and other taxes |
VAT | 118,119 | 16,724 |
Other creditors |
Directors' loan accounts | 162,334 | 126,250 |
Accruals and deferred income |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans (see note 9) |
Other loans (see note 9) |
Hire purchase contracts (see note 10) |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans | 370,000 | 370,000 |
9. | Loans |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans less than 1 year |
Stocking loan |
Amounts falling due between one and two years: |
Bank loans over 1 year |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 31 July 2024 |
9. | Loans - continued |
2024 | 2023 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans | 370,000 | 370,000 |
10. | Leasing agreements |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
11. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 9,324 | 20,944 |
Stocking loan | - | 165,006 |
Hire purchase and finance lease creditors are secured on the assets concerned. |
Bank overdrafts are secured on the property of the company. |
Bank loans are secured on the assets. |
The stocking loan is secured on the items included within stock. |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 8,700 | 8,700 |
Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
Notes to the Financial Statements - continued |
for the Period 1 February 2023 to 31 July 2024 |
13. | Reserves |
Revaluation |
reserve |
£ |
At 1 February 2023 |
Movement on revaluation |
reserve | 81,000 |
At 31 July 2024 |