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REGISTERED NUMBER: SC046452 (Scotland)















Financial Statements For The Year Ended 29 February 2024

for

Johnston & Scott Limited

Johnston & Scott Limited (Registered number: SC046452)






Contents of the Financial Statements
For The Year Ended 29 February 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Johnston & Scott Limited

Company Information
For The Year Ended 29 February 2024







DIRECTORS: A Scott
S Scott





REGISTERED OFFICE: C/O Robb Ferguson
70 West Regent Street
Glasgow
G2 2QZ





REGISTERED NUMBER: SC046452 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Johnston & Scott Limited (Registered number: SC046452)

Abridged Statement of Financial Position
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 251,246 149,749

CURRENT ASSETS
Stocks 16,000 12,000
Debtors 5 239,822 205,122
Investments 91,000 78,000
Cash at bank and in hand 184,215 385,399
531,037 680,521
CREDITORS
Amounts falling due within one year 447,724 419,679
NET CURRENT ASSETS 83,313 260,842
TOTAL ASSETS LESS CURRENT
LIABILITIES

334,559

410,591

CREDITORS
Amounts falling due after more than one
year

(57,500

)

(44,999

)

PROVISIONS FOR LIABILITIES (23,430 ) (37,437 )
NET ASSETS 253,629 328,155

CAPITAL AND RESERVES
Called up share capital 499 499
Capital redemption reserve 501 501
Retained earnings 252,629 327,155
SHAREHOLDERS' FUNDS 253,629 328,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Johnston & Scott Limited (Registered number: SC046452)

Abridged Statement of Financial Position - continued
29 February 2024


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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 4 December 2024 and were signed on its behalf by:





S Scott - Director


Johnston & Scott Limited (Registered number: SC046452)

Notes to the Financial Statements
For The Year Ended 29 February 2024

1. STATUTORY INFORMATION

Johnston & Scott Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Johnston & Scott Limited (Registered number: SC046452)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023 292,017
Additions 159,654
At 29 February 2024 451,671
DEPRECIATION
At 1 March 2023 142,268
Charge for year 58,157
At 29 February 2024 200,425
NET BOOK VALUE
At 29 February 2024 251,246
At 28 February 2023 149,749

Johnston & Scott Limited (Registered number: SC046452)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 March 2023 27,280
Additions 121,339
Transfer to ownership (27,280 )
At 29 February 2024 121,339
DEPRECIATION
At 1 March 2023 11,082
Charge for year 10,112
Transfer to ownership (11,082 )
At 29 February 2024 10,112
NET BOOK VALUE
At 29 February 2024 111,227
At 28 February 2023 16,198

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other debtors 12,790 12,790

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 30,000 3,240
Between one and five years 52,500 -
82,500 3,240

Non-cancellable operating leases
2024 2023
£    £   
Within one year 37,400 26,581
Between one and five years 74,800 79,743
112,200 106,324

Johnston & Scott Limited (Registered number: SC046452)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 25,000 65,000

Bank of Scotland Plc hold floating charges over the assets of the company in relation to the term loan facility provided.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Scott.