Company registration number NI003426 (Northern Ireland)
CYRIL JOHNSTON & CO. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
CYRIL JOHNSTON & CO. LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 14
CYRIL JOHNSTON & CO. LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,290,130
1,190,083
Investment property
5
2,850,150
2,850,150
Investments
6
1
1
4,140,281
4,040,234
Current assets
Stocks
2,067,671
2,618,578
Debtors
8
686,210
953,950
Cash at bank and in hand
386,229
600,906
3,140,110
4,173,434
Creditors: amounts falling due within one year
9
(2,149,870)
(3,213,289)
Net current assets
990,240
960,145
Total assets less current liabilities
5,130,521
5,000,379
Creditors: amounts falling due after more than one year
10
(181,013)
(182,789)
Provisions for liabilities
13
(363,192)
(423,741)
Net assets
4,586,316
4,393,849
Capital and reserves
Called up share capital
15
10,000
10,000
Revaluation reserve
359,157
368,608
Other reserves
1,093,614
1,093,614
Profit and loss reserves
3,123,545
2,921,627
Total equity
4,586,316
4,393,849
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
Mr D. W. Johnston
Mr T M Black
Director
Director
Company registration number NI003426 (Northern Ireland)
CYRIL JOHNSTON & CO. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2022
10,000
378,059
1,093,614
2,527,567
4,009,240
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
384,609
384,609
Transfers
-
(9,451)
-
9,451
-
Balance at 31 October 2023
10,000
368,608
1,093,614
2,921,627
4,393,849
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
192,467
192,467
Transfers
-
(9,451)
-
9,451
-
Balance at 31 October 2024
10,000
359,157
1,093,614
3,123,545
4,586,316
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Cyril Johnston & Co. Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Ballynahinch Road, Carryduff, Belfast, BT8 8DJ.
1.1
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 £.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Thus the directors are comfortable with and continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The turnover shown in the profit and loss account represents income from the distribution of goods and machinery to the horticulture and leisure sectors and excludes VAT. Revenue is recognised at the time of collection or delievery to the customer.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line
Plant and machinery
15% straight line
Fixtures, fittings & equipment
15 - 25% straight line
Motor vehicles
25% reducing balance
Other assets
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
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.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates
or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets
are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except
that investments in equity instruments that are not publicly traded and whose fair values cannot be
measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of
impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset, the estimated future cash flows have been
affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the
present value of the estimated cash flows discounted at the asset’s original effective interest rate. The
impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not
exceed what the carrying amount would have been, had the impairment not previously been recognised.
The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire
or are settled, or when the company transfers the financial asset and substantially all the risks and rewards
of ownership to another entity, or if some significant risks and rewards of ownership are retained but
control of the asset has transferred to another party that is able to sell the asset in its entirety to an
unrelated third party.
Classification of financial liabilities
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 company after deducting all of its liabilities.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 7 -
1.13
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.
1.14
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.17
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangments entered into. An equity instrument is any contract that evidences a residual interest in the assets of the equity after deducting all of its financial liabilities.
Where the contractual obligations of the financial statements (including share capital) are equivalent to a similiar debt instrument, those financial statements are classed as financial liabilities. Financial liabilities are presented 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.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
35
35
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Other assets
Total
£
£
£
£
£
£
Cost or valuation
At 1 November 2023
1,050,364
120,549
867,905
310,840
196,665
2,546,323
Additions
44,599
24,773
129,158
198,530
Disposals
(153,896)
(153,896)
Revaluation
(61,244)
(61,244)
Transfers
(114,270)
114,270
At 31 October 2024
874,850
279,418
892,678
310,840
171,927
2,529,713
Depreciation and impairment
At 1 November 2023
200,046
118,430
849,080
147,579
41,105
1,356,240
Depreciation charged in the year
17,497
22,963
11,463
36,449
35,957
124,329
Eliminated in respect of disposals
(45,075)
(45,075)
Revaluation
(195,911)
(195,911)
Transfers
(4,135)
4,135
At 31 October 2024
17,497
145,528
860,543
184,028
31,987
1,239,583
Carrying amount
At 31 October 2024
857,353
133,890
32,135
126,812
139,940
1,290,130
At 31 October 2023
850,318
2,119
18,825
163,261
155,560
1,190,083
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4
Tangible fixed assets
(Continued)
- 9 -
Land and buildings are carried at valuation. A revaluation of the land and buildings was carried out at 3rd October 2023 by OKT, who are not connected with the company. The revaluation resulted in a fair value increase of £134,667. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If land and buildings were measured using the cost model, the carrying amounts would have been approximately £484,642 (2023 - £480,324), being cost £735,595 (2023 - £716,599) and depreciation £250,953 (2023 - £236,275).
2024
2023
£
£
Cost
735,595
716,599
Accumulated depreciation
(250,953)
(236,275)
Carrying value
484,642
480,324
5
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
2,850,150
Investment property comprises the land and premises at 129-135 Ballynahinch Road, Carryduff, Belfast,
BT8 8DJ. A revaluation of the investment property was carried out at 3rd October 2023 by OKT, who are not connected with the company. The revaluation resulted in a fair value increase of £215,150. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2024
2023
£
£
Investments
1
1
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Fixed asset investments
(Continued)
- 10 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2023 & 31 October 2024
1
Carrying amount
At 31 October 2024
1
At 31 October 2023
1
7
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cyril Johnston Trading Limited
Northern Ireland
Ordinary
100.00
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
375,785
577,089
Amounts owed by Cyril Johnston Hire Limited
10,895
8,604
Other debtors
200,694
170,946
Prepayments and accrued income
98,836
197,311
686,210
953,950
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
799,166
1,092,930
Obligations under finance leases
21,829
30,509
Other borrowings
338,670
448,994
Trade creditors
690,161
1,313,302
Corporation tax
7,191
21,703
Other taxation and social security
119,324
61,630
Other creditors
89,985
138,331
Accruals and deferred income
83,544
105,890
2,149,870
3,213,289
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
69,137
164,424
Obligations under finance leases
29,556
18,365
Other borrowings
82,320
181,013
182,789
11
Loans and overdrafts
2024
2023
£
£
Bank loans
158,234
247,332
Bank overdrafts
710,069
1,010,022
Preference shares
304,246
304,246
Other loans
116,744
144,748
1,289,293
1,706,348
Payable within one year
1,137,836
1,541,924
Payable after one year
151,457
164,424
The bank borrowings are secured by a floating charge over the company's properties at Ballynahinch Road, Carryduff, and by guarantees provided by company directors. There is also a guarantee over a variable rate business loan by the Department for Business Energy Industrial Strategy.
12
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
25,156
32,498
In two to five years
33,596
19,295
58,752
51,793
Less: future finance charges
(7,367)
(2,919)
51,385
48,874
Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
13
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
14
363,192
423,741
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
363,192
423,741
2024
Movements in the year:
£
Liability at 1 November 2023
423,741
Credit to profit or loss
(60,549)
Liability at 31 October 2024
363,192
The company does not intend to dispose of its freehold property or investment property in the foreseeable future, and therefore no projected deferred tax movement has been noted.
Deferred tax is not recognised in respect of tax losses of £1,455,237 as it is not probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits.
15
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary Shares of £1 each
10,000
10,000
10,000
10,000
The ordinary shares entitle the shareholders to:
full rights to receive notice of and attend, speak and vote at all general meetings of the Company;
full rights to participate in lawful dividends; and
full rights to participate in a lawful distribution.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
16
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Dr R I Peters Gallagher OBE FCA
Statutory Auditor:
Moore (N.I.) LLP
Date of audit report:
28 April 2025
17
Financial commitments, guarantees and contingent liabilities
The company has a contingent liability in respect of a bank guarantee in place for VAT liabilities, totalling £50,000.
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
66,000
65,500
Between two and five years
66,000
66,000
131,500
19
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
70,321
38,697
1,197
648
Key management personnel
2,692
97
-
-
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
19
Related party transactions
(Continued)
- 14 -
Debtor Balances
Creditor Balances
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
11,133
9,114
238
510
Key management personnel
131
-
-
-
Other information
During the year the company paid rent of £78,600 (2023 - £65,500) to the trustees of the Cyril Johnston Pension Fund, a fund of which the directors are trustees. This was outside of normal market conditions as no rent review had occurred. The balance outstanding at the year end was £6,550 (2023 - £6,550), included within Trade Creditors.
20
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors' current account
2.25
170,946
47,831
3,552
(21,635)
200,694
170,946
47,831
3,552
(21,635)
200,694
21
Controlling party
The ultimate controlling party is Mr D W Johnston.
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