Company registration number 00384620 (England and Wales)
JOHNSONS WELLFIELD LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
JOHNSONS WELLFIELD LTD
COMPANY INFORMATION
Directors
A J M Berry
K E M Berry
J D M Berry
Company number
00384620
Registered office
Myers House
Barr Street
Off Leeds Road
Huddersfield
HD1 6PB
Auditor
Simpson Wood Limited
Bank Chambers
Market Street
Huddersfield
HD1 2EW
Solicitors
Gordons LLP
Riverside West
Whitehall Road
Leeds
LS1 4AW
JOHNSONS WELLFIELD LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
JOHNSONS WELLFIELD LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
The principal activity of the Company remains the manufacture of dimension stone and the sale of other materials from its associated quarrying activities.
Review of the business
Revenue number increased slightly compared to the previous year. Gross profit though improved by 4% which was due to cost saving efficiencies introduced within the business. Gross margin sits at a healthy level of 37%. The market continues to be challenging but the directors are enacting changes thus ensuring that the business is agile enough to continue to perform in a changing marketplace and to be a key part in the wider Myers Group offering.
We are committed to reinvesting any profits back into the business by investing in its current estate and fleet and on keeping competitive pay for our staff. This enables us to continue to give first class service to our customers at competitive prices and to benefit the wider community.
Strict credit control procedures have kept bad debts at low levels.
We will continue to keep tight control on all operational and other costs.
We will continue to monitor the performance of the Company against detailed forecasts and industry performance indicators, on a regular basis.
Principal risks and uncertainties
Operational risk
The Company has solid reporting systems and produces timely and accurate management information which is regularly reviewed by the directors and other stakeholders.
Price risk
The Company is exposed to downward pressure on margins resulting from competitor activity however continues to improve efficiencies.
Credit risk
The Company's principal financial assets are stock and trade debtors that represent the Company’s maximum exposure to credit risk in relation to financial assets.
The credit risk is primarily attributable to its trade debtors. The risk is managed by maintaining a strict credit policy, effective credit rating of prospective customers and a credit insurance policy for any larger credit limits granted.
The amounts presented in the Balance Sheet are net of allowances for doubtful debts estimated by the Company’s management based on prior experience and their assessment of the current economic environment.
The Company has no significant concentration of credit risk with exposure spread over a large number of customers.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Liquidity risk
The Company’s policy has been to ensure continuity of funding through acquiring an element of the fixed assets under finance leases to aid short term flexibility. In addition, the Company has sufficient banking facilities in place to meet current and future working capital requirements.
JOHNSONS WELLFIELD LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators
The directors consider the financial KPI's of the business to be:
- Turnover;
Turnover in the year remained consistent at £8m from the prior year.
- Gross margins;
Gross margin in the year remained consistent at 36% from the prior year.
- Operational costs; and
Operating costs amounted to £2.4m, remaining consistent with the prior year.
These are reviewed at business and branch level.
Other performance indicators
The directors consider the non-financial KPI's of the business to be:
- Material availability;
- High standard of customer service;
- Health & safety compliance; and
- Environmental issues.
J D M Berry
Director
11 June 2025
JOHNSONS WELLFIELD LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the Company remains the manufacture of dimension stone and the sale of other materials from its associated quarrying activities.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A J M Berry
K E M Berry
J D M Berry
Post reporting date events
There have been no significant events affecting the Company since the year end.
Future developments
Although trading conditions in the construction sector remain challenging, we believe the Company will remain agile and we will continue to monitor its performance against detailed forecasts and industry performance on a regular basis to ensure it maximises its returns.
The company is investing in a new walling line and wash plant in order to be able to supply new products into areas that we have not served before.
Auditor
The auditor, Simpson Wood Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
Certain information is not shown in the directors' report because it is shown in the Strategic Report instead under s414C(11). The Strategic Report includes a business review, principal risks and uncertainties and both financial and non-financial key performance indicators.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
The use of going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
JOHNSONS WELLFIELD LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
On behalf of the board
J D M Berry
Director
11 June 2025
JOHNSONS WELLFIELD LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
JOHNSONS WELLFIELD LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS WELLFIELD LTD
- 6 -
Opinion
We have audited the financial statements of Johnsons Wellfield Ltd (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
JOHNSONS WELLFIELD LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS WELLFIELD LTD (CONTINUED)
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularies including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and heath and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations and.
performed analytical procedures to identify any unusual or unexpected relationships.
JOHNSONS WELLFIELD LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS WELLFIELD LTD (CONTINUED)
- 8 -
To address the risk of fraud through management bias and override of controls, we:
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and;
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance and;
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Daniel McAllister FCA (Senior Statutory Auditor)
For and on behalf of Simpson Wood Limited, Statutory Auditor
Chartered Accountants
Bank Chambers
Market Street
Huddersfield
HD1 2EW
11 June 2025
JOHNSONS WELLFIELD LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
8,067,827
7,956,307
Cost of sales
(5,101,411)
(5,094,539)
Gross profit
2,966,416
2,861,768
Distribution costs
(584,840)
(462,683)
Administrative expenses
(1,900,859)
(1,933,065)
Operating profit
4
480,717
466,020
Interest payable and similar expenses
6
(238,360)
(185,206)
Profit before taxation
242,357
280,814
Tax on profit
7
(203,950)
(322,910)
Profit/(loss) for the financial year
38,407
(42,096)
Other comprehensive income
Revaluation of tangible fixed assets
1,381,315
Tax relating to other comprehensive income
(144,132)
Total comprehensive income for the year
38,407
1,195,087
The profit and loss account has been prepared on the basis that all operations are continuing operations.
JOHNSONS WELLFIELD LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
9,651,921
9,607,850
Current assets
Stocks
9
450,442
573,449
Debtors
10
1,375,057
981,146
Cash at bank and in hand
22,912
25,731
1,848,411
1,580,326
Creditors: amounts falling due within one year
11
(4,007,744)
(3,516,511)
Net current liabilities
(2,159,333)
(1,936,185)
Total assets less current liabilities
7,492,588
7,671,665
Creditors: amounts falling due after more than one year
12
(1,080,054)
(1,437,691)
Provisions for liabilities
Deferred tax liability
15
1,115,574
975,421
(1,115,574)
(975,421)
Net assets
5,296,960
5,258,553
Capital and reserves
Called up share capital
17
2,200
2,200
Revaluation reserve
18
1,237,183
1,237,183
Profit and loss reserves
18
4,057,577
4,019,170
Total equity
5,296,960
5,258,553
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
J D M Berry
Director
Company registration number 00384620 (England and Wales)
JOHNSONS WELLFIELD LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
2,200
4,061,266
4,063,466
Year ended 30 September 2023:
Loss
-
-
(42,096)
(42,096)
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,381,315
-
1,381,315
Tax relating to other comprehensive income
-
(144,132)
(144,132)
Total comprehensive income
-
1,237,183
(42,096)
1,195,087
Balance at 30 September 2023
2,200
1,237,183
4,019,170
5,258,553
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
38,407
38,407
Balance at 30 September 2024
2,200
1,237,183
4,057,577
5,296,960
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
1
Accounting policies
Company information
Johnsons Wellfield Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Myers House, Barr Street, Off Leeds Road, Huddersfield, HD1 6PB.
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.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Isaac Timmins Limited.These consolidated financial statements are available from its registered office.
1.2
Going concern
Atruet 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 continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
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.
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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:
Freehold land and buildings
35 years straight line
Plant and machinery
10 years straight line
Fixtures, fittings and office equipment
8 years straight line
IT Equipment
5 years straight line
Motor vehicles
10 years straight line (weighted as the life of the asset reduces)
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
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.7
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.
1.8
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.
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
1.10
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.
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
As lessee
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.
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, management have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
(i) Carrying value of stocks
The Company trades in materials that it has extracted from quarries and processed into a range of products often tailored to the specifications laid down by the customer. The cost of this stock is difficult to estimate as there is no breakdown of raw materials associated with each stock item. The cost of the stock is the labour and overhead costs which are attributable to the extraction, transportation and processing of the materials in the quarry. The Company therefore uses an estimate of the average gross margin achieved on a sale and deducts this from the selling price/tonne to give an estimate for the cost of stock held at the year-end. The tonnage held at the year-end is verfiyable through stock counting procedures.
(ii) Determining residual values and useful economic lives of tangible assets
The Company depreciates tangible assets, over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is also applied, when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
(iii) Estimating value in use
Where an indication of impairment exists, management have carried out an impairment review to determine the recoverable amount of the asset, which is the higher of fair value less cost to sell and value in use. The value in use calculation has required the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and determine a suitable discount rate in order to calculate present value.
3
Turnover
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover
(Continued)
- 18 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
8,067,827
7,956,307
All turnover arose within the United Kingdom.
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
6,617
9,088
Depreciation of owned tangible fixed assets
772,951
726,622
(Profit)/loss on disposal of tangible fixed assets
(24,430)
9,400
Operating lease charges
637,737
480,941
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Retail and production
53
51
Office and management
17
22
Total
70
73
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,720,482
2,826,710
Pension costs
104,162
108,134
2,824,644
2,934,844
6
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
117,478
84,637
Interest on finance leases and hire purchase contracts
120,882
100,569
238,360
185,206
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
63,797
Adjustments in respect of prior periods
11
Total current tax
63,797
11
Deferred tax
Origination and reversal of timing differences
140,153
322,899
Total tax charge
203,950
322,910
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
242,357
280,814
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
60,589
61,779
Tax effect of expenses that are not deductible in determining taxable profit
6,795
6,390
Tax effect of income not taxable in determining taxable profit
(6,761)
Group relief
126,188
Permanent capital allowances in excess of depreciation
3,174
(194,357)
Under/(over) provided in prior years
11
Deferred tax movement
140,153
322,899
Taxation charge for the year
203,950
322,910
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
144,132
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
8
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and machinery
Fixtures, fittings and office equipment
IT Equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 October 2023
7,726,800
88,964
9,681,352
38,058
35,104
818,488
18,388,766
Additions
187,912
10,492
514,380
104,238
817,022
Disposals
(94,500)
(94,500)
Transfer inter group
(14,000)
(14,000)
At 30 September 2024
7,914,712
99,456
10,087,232
38,058
35,104
922,726
19,097,288
Depreciation and impairment
At 1 October 2023
1,509,335
6,652,721
28,123
19,079
571,658
8,780,916
Depreciation charged in the year
205,083
497,992
2,560
3,626
63,690
772,951
Eliminated in respect of disposals
(94,500)
(94,500)
Transfer inter group
(14,000)
(14,000)
At 30 September 2024
1,714,418
7,042,213
30,683
22,705
635,348
9,445,367
Carrying amount
At 30 September 2024
6,200,294
99,456
3,045,019
7,375
12,399
287,378
9,651,921
At 30 September 2023
6,217,465
88,964
3,028,631
9,935
16,025
246,830
9,607,850
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:
2024
2023
£
£
Plant and machinery
1,082,411
1,057,451
Motor vehicles
207,004
206,785
1,289,415
1,264,236
Land and buildings with a carrying amount of £1,968,685 were revalued at 22 June 2023 by Dove Haigh Philips, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold Land & Buildings
2024
2023
£
£
Cost
6,533,396
6,345,484
Accumulated depreciation
(3,062,913)
(2,877,196)
Carrying value
3,470,483
3,468,288
9
Stocks
2024
2023
£
£
Raw materials and consumables
450,442
573,449
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,209,662
733,424
Corporation tax recoverable
84,787
109,498
Other debtors
38,513
117,042
Prepayments and accrued income
42,095
21,182
1,375,057
981,146
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
14
668,028
510,481
Share capital treated as debt
13
67,500
67,500
Trade creditors
307,879
218,644
Amounts owed to group undertakings
2,497,881
2,171,432
Corporation tax
50,787
Accruals and deferred income
415,669
548,454
4,007,744
3,516,511
12
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
14
1,080,054
1,437,691
13
Loans and overdrafts
2024
2023
£
£
Preference shares
67,500
67,500
Payable within one year
67,500
67,500
14
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
668,028
510,481
In two to five years
1,080,054
1,437,691
1,748,082
1,948,172
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. 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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
986,679
848,252
Revaluations
144,132
144,132
Other short term timing differences
(15,237)
(16,963)
1,115,574
975,421
2024
Movements in the year:
£
Liability at 1 October 2023
975,421
Charge to profit or loss
140,153
Liability at 30 September 2024
1,115,574
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
104,162
108,134
The parent company, Myers Group 1959 Limited, operates a defined contributions scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pensions cost charge represents contributions paid by the Company to the fund and during the year to 30 September 2024 amounted to £104,162 (2023: £108,134).
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
2,200 Ordinary shares of £1 each
2,200
2,200
2,200
2,200
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
17
Share capital
(Continued)
- 24 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
12,500 7.5% Cumulative preference shares of £1 each
12,500
12,500
12,500
12,500
55,000 5% Cumulative deferred ordinary shares of £1 each
55,000
55,000
55,000
55,000
67,500
67,500
67,500
67,500
Preference shares classified as liabilities
67,500
67,500
Total equity share capital
2,200
2,200
The holders of the preference shares are entitled to a fixed cumulative preferential dividend of 7.5% per annum and in the event of the Company being wound up, the holders are entitled to have the surplus assets of the company applied in the first place in repaying them the amount paid up on the shares and secondly in paying them arrears of dividends. The shares confer no other rights to any profits or assets of the company.
The holders of the deferred ordinary shares are entitled to a fixed cumulative dividend at a rate of 5% per annum and in the event of the Company being wound up the cumulative deferred ordinary shares rank after the cumulative preference shares as regards payments of dividends and return of capital and thereafter in priority to any payments to the holders of any other class of shares. The holders of deferred ordinary shares have no right to attend and vote at general meetings unless:
a) the fixed dividend or any part is six month in arrears; or
b) the business of the meeting includes the consideration of a resolution for winding up the Company or involving repayment of capital to the holders of the deferred ordinary shares or any resolution for varying the rights or privileges attached to those shares.
No dividend has been paid in respect of the cumulative deferred ordinary shares or the cumulative preference shares since 30 June 1982. The arrears have been waived up to 30 September 2024.
18
Reserves
Profit and loss reserves
The profit and loss account represents the accumulated gains and losses of the Company. This profit and loss account contains both distributable and non-distributable reserves. Distributable reserves amount to £2,942,074 as at 30 September 2024 (2023: £2,903,668).
19
Financial commitments, guarantees and contingent liabilities
The Company, its Parent Company and certain co-subsidiary companies have given cross-guarantees in relation to bank borrowings. The group bank loan at 30 September 2024 amounts to £2,927,493 (2023: £3,279,161). The bank borrowing is secured over the assets of the group.
The Company is a member of the Myers Group 1959 Limited VAT scheme under Section 43 of the Value Added Tax Act 1994 and in consequence may be held responsible for the liabilities of other members which at 30 September 2024 totalled £1,391,208, (2023: £1,369,396)
JOHNSONS WELLFIELD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
20
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within 1 year
162,548
198,104
Years 2-5
39,728
202,276
202,276
400,380
21
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
165,000
-
22
Related party transactions
The Company is a wholly owned subsidiary undertaking and as such has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with the parent company or other wholly owned subsidiaries within the group. The consolidated financial statements of Isaac Timmins Limited can be obtained from Companies House.
Aggregated purchases made by the company to other related parties totalled £1,700 during the year.
23
Ultimate controlling party
The Company's immediate parent undertaking is Myers group 1959 Ltd and its ultimate parent company Isaac Timmins Limited. The directors do not consider there to be a single ultimate controlling party.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
Isaac Timmins Limited
Smallest group
None
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