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REGISTERED NUMBER: 00355735 (England and Wales)














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: Miss E C M Moore
M R Stokes





Secretary: Miss E C M Moore





Registered office: Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB





Business address: Greenway Lane
Fakenham
Norfolk
NR21 8ET





Registered number: 00355735 (England and Wales)





Accountants: Moore Thompson
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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


28 January 2025

Johnson Bros (Fakenham) Limited (Registered number: 00355735)

Statement of Financial Position
31 July 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 957,659 881,255

Current assets
Stocks 419,415 1,133,472
Debtors 6 434,092 470,315
Cash in hand - 272
853,507 1,604,059
Creditors
Amounts falling due within one year 7 805,021 1,452,629
Net current assets 48,486 151,430
Total assets less current liabilities 1,006,145 1,032,685

Creditors
Amounts falling due after more than one
year

8

382,582

417,733
Net assets 623,563 614,952

Capital and reserves
Called up share capital 12 8,700 8,700
Revaluation reserve 13 694,706 613,706
Capital redemption reserve 19,275 19,275
Other reserves 202,096 202,096
Profit and loss account (301,214 ) (228,825 )
Shareholders' funds 623,563 614,952

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





M R Stokes - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 10 (2023 - 11 ) .

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 800,000 91,340 89,339
Disposals - - -
Revaluations 100,000 - -
At 31 July 2024 900,000 91,340 89,339
Depreciation
At 1 February 2023 - 71,560 76,579
Charge for period - 2,967 1,914
Eliminated on disposal - - -
At 31 July 2024 - 74,527 78,493
Net book value
At 31 July 2024 900,000 16,813 10,846
At 31 January 2023 800,000 19,780 12,760

Motor Computer
vehicles equipment Totals
£    £    £   
Cost or valuation
At 1 February 2023 157,371 39,257 1,177,307
Disposals (22,350 ) - (22,350 )
Revaluations - - 100,000
At 31 July 2024 135,021 39,257 1,254,957
Depreciation
At 1 February 2023 117,161 30,752 296,052
Charge for period 14,811 3,189 22,881
Eliminated on disposal (21,635 ) - (21,635 )
At 31 July 2024 110,337 33,941 297,298
Net book value
At 31 July 2024 24,684 5,316 957,659
At 31 January 2023 40,210 8,505 881,255

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 427,061 303,006
Deferred tax asset 7,031 10,756
Prepayments - 156,553
434,092 470,315

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) 155,929 171,044
Other loans (see note 9) - 165,006
Hire purchase contracts (see note 10) 9,324 7,781
Trade creditors 253,275 918,654
Social security and other taxes 42,907 9,020
VAT 118,119 16,724
Other creditors 1,133 -
Directors' loan accounts 162,334 126,250
Accruals and deferred income 62,000 38,150
805,021 1,452,629

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans (see note 9) 12,582 34,570
Other loans (see note 9) 370,000 370,000
Hire purchase contracts (see note 10) - 13,163
382,582 417,733

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 141,359 157,235
Bank loans less than 1 year 14,570 13,809
Stocking loan - 165,006
155,929 336,050

Amounts falling due between one and two years:
Bank loans over 1 year 12,582 13,809

Amounts falling due between two and five years:
Bank loans - 2-5 years - 20,761

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 9,324 7,781
Between one and five years - 13,163
9,324 20,944

11. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 141,359 157,235
Bank loans 27,152 48,379
Hire purchase contracts 9,324 20,944
Stocking loan - 165,006
177,835 391,564

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: £    £   
8,700 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 613,706
Movement on revaluation
reserve 81,000

At 31 July 2024 694,706