Registered number
04493047
(England and Wales)
G. & S.J. Johnson (Engineering) Limited
Report and Accounts
31 December 2024
G. & S.J. Johnson (Engineering) Limited
Registered number: 04493047
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 80,661 108,775
Current assets
Stocks 2,035,804 2,173,288
Debtors 4 339,155 438,533
2,374,959 2,611,821
Creditors: amounts falling due within one year 5 (2,153,008) (2,400,975)
Net current assets 221,951 210,846
Total assets less current liabilities 302,612 319,621
Provisions for liabilities (19,447) (27,822)
Net assets 283,165 291,799
Capital and reserves
Called up share capital 1 1
Profit and loss account 283,164 291,798
Shareholders' funds 283,165 291,799
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S J Johnson
Director
Approved by the board on 22 January 2025
G. & S.J. Johnson (Engineering) Limited
Statement of Changes in Equity
for the year ended 31 December 2024
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 January 2023 1 - - 263,626 263,627
Profit for the financial year 44,972 44,972
Dividends (16,800) (16,800)
At 31 December 2023 1 - - 291,798 291,799
At 1 January 2024 1 - - 291,798 291,799
Profit for the financial year 8,166 8,166
Dividends (16,800) (16,800)
At 31 December 2024 1 - - 283,164 283,165
G. & S.J. Johnson (Engineering) Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset as follows:
Leasehold Improvements 15% per annum reducing balance basis
Plant and machinery 15% per annum reducing balance basis
Motor Vehicles 25% per annum reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 14
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 45,036 282,947 219,746 547,729
Disposals - - (36,741) (36,741)
At 31 December 2024 45,036 282,947 183,005 510,988
Depreciation
At 1 January 2024 41,250 231,695 166,009 438,954
Charge for the year 683 12,841 13,612 27,136
On disposals - - (35,763) (35,763)
At 31 December 2024 41,933 244,536 143,858 430,327
Net book value
At 31 December 2024 3,103 38,411 39,147 80,661
At 31 December 2023 3,786 51,252 53,737 108,775
4 Debtors 2024 2023
£ £
Trade debtors 314,039 425,421
Other debtors 25,116 13,112
339,155 438,533
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 383,798 112,290
Trade creditors 1,411,156 1,905,949
Corporation tax 6,697 20,705
Other taxes and social security costs 31,636 42,310
Other creditors 319,721 319,721
2,153,008 2,400,975
6 Other information
G. & S.J. Johnson (Engineering) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Park Hall Farm
Adderley Road
Cheadle
Staffordshire
ST10 2NJ
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