Company registration number SC726316 (Scotland)
JOHNSTON AND NEWALLS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
JOHNSTON AND NEWALLS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JOHNSTON AND NEWALLS LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,359,560
1,359,560
Current assets
Cash at bank and in hand
59,757
62,435
Creditors: amounts falling due within one year
4
(174,829)
(160,493)
Net current liabilities
(115,072)
(98,058)
Total assets less current liabilities
1,244,488
1,261,502
Creditors: amounts falling due after more than one year
5
(1,062,842)
(1,178,356)
Net assets
181,646
83,146
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
181,645
83,145
Total equity
181,646
83,146
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 and signed by the director and authorised for issue on 3 February 2025
Ms S Johnston
Director
Company Registration No. SC726316
JOHNSTON AND NEWALLS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Johnston and Newalls Ltd is a private company limited by shares incorporated in Scotland. The registered office is 707 London Road, Glasgow, United Kingdom, G40 3AS.
1.1
Reporting period
The reporting period covers from the date of incorporation of 15 March 2022 to 31 July 2023.
1.2
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, Modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Rental income from investment property leased out is recognised in the statement of comprehenisve income on a straight-line basis over the term of the lease.
1.4
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.
1.5
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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
JOHNSTON AND NEWALLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
JOHNSTON AND NEWALLS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
3
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
1,359,560
The director has considered the value above and consider this to be a true reflection of the current market value.
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
68,481
68,481
Taxation and social security
43,410
33,658
Other creditors
62,938
58,354
174,829
160,493
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
722,843
775,857
Other creditors
339,999
402,499
1,062,842
1,178,356
The Royal Bank of Scotland PLC holds a fixed and floating charge that covers all the property or undertaking of the company.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
448,919
501,933
6
Related party transactions
2024
2023
Amounts due to related parties
£
£
Key management personnel
164,999
189,999
Other related parties
174,999
262,500
This loan has fixed repayment terms.