Company registration number 04189991 (England and Wales)
JOHNSONS LEISURE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2024
JOHNSONS LEISURE LIMITED
COMPANY INFORMATION
Directors
I T Johnson
A Dungar
Company number
04189991
Registered office
3 Lloyd Road
Broadstairs
Kent
CT10 1HY
Auditor
Levicks Audit Services Limited
61 London Road
Maidstone
Kent
ME16 8TX
JOHNSONS LEISURE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
JOHNSONS LEISURE LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 AUGUST 2024
- 1 -

The directors present the strategic report for the period ended 29 August 2024.

Review of the business

Company overview and principal activity

Johnsons Leisure Ltd provides and facilitates outdoor living products and services. The company generates revenue primarily from business-to-consumer direct sales through a network of retail outlets located within garden centres, online channels, and aftersales services.

Main product lines:
- Garden buildings – primarily garden rooms providing additional living space.
- Wellness products – including garden spas, saunas, and related items.
The company serves homeowners across the United Kingdom, combining physical retail with a growing digital offering.

Business Review
During the year there has been an incremental increase in turnover from the previous year. Performance exceeded expectations relative to the opening of one additional outlet, bringing the total to 19.

Key developments:
- Relocation of administration into a single central facility, improving coordination across departments.
- Establishment of a dedicated marketing team and advancement of website development and technology.
- Continued improvement in the wellness part of the business throughout the year, with gains continuing into the current year.
- New roles introduced to increase capability and support long-term growth.
The company extended operations beyond traditional geographical areas, delivering and installing products in Northern Ireland via company-trained subcontractors. This model is being applied to other regions that are more time-intensive to serve from distribution points.
Aftersales and service activity increased markedly, supported by out-of-season promotions. The wellness team was expanded in anticipation of higher revenue, which has since materialised.

Principal risks and uncertainties

The directors note several factors that may affect performance:
- High interest rates compared with earlier periods.
- Inflationary pressures, including the impact of National Minimum Wage increases and resulting adjustments across wage bands.
- Lower consumer confidence and reduced discretionary spending.
- Political tensions and conflicts in Western Europe and the Middle East.
- General economic uncertainty in the United Kingdom and overseas.
- Increased competition in garden building product categories, which is being actively monitored (pricing, specifications, promotions and positioning).
The company delivered a profit in these conditions, indicating adaptability and resilience.

Actions taken

To address these factors, the company has:
- Used its market presence to strengthen positioning in its sectors.
- Deepened supplier relationships and secured new product lines, with trials under way.
- Prioritised website development and allocated substantial resources to a new wellness website.
- Invested in technology to improve operations.
- Reduced vehicle-related costs and extended the subcontractor installation model.
- In response to competition, increased monitoring of competitor activity and refined product, pricing and marketing propositions accordingly.

JOHNSONS LEISURE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
- 2 -
Development and performance

Future outlook

The directors expect continued progress in 2024–25. Priorities include:
- Building further foundations for growth while maintaining modest profit and increasing turnover.
- Increasing repeat sales and the share of sales from online channels.
- Bringing new websites online to diversify revenue.
- Considering additional retail locations to extend national coverage, supported by digital marketing to increase footfall.
- Expanding the subcontractor installation model to improve reach and efficiency.
- Building on the award of exclusive United Kingdom distribution rights for a key wellness supplier’s products.

Key performance indicators

The company monitors turnover, gross margin, net profit, cash flow, unit sales, customer leads and conversion rates.
For the year:
- Customer orders and turnover increased incrementally on the turnover from the previous year.
- Gross margin was maintained through managed price increases to counter inflationary costs while maintaining customer value.
- Cash flow remained consistent.
- Unit sales varied by month, while improved analysis and use of performance measures increased lead-to-sale conversion.

Employees and people

Staffing levels were managed dynamically: numbers increased in areas supporting projects and marketing initiatives, while delivery and installation numbers reduced in some regions as the subcontractor model was introduced. This reflects a reactive and dynamic staffing approach aligned to operational needs.
The move to a single office has improved teamwork, morale and engagement. Sales and installation training programmes were further developed.

Environmental and sustainability initiatives

- Wellness products offered are among the most energy-efficient in their category.
- Garden buildings are produced primarily from solid timber sourced from sustainable forests.
- Directors have transitioned to electric vehicles.
- Energy usage is monitored and improved as an ongoing operational measure.

Summary

Johnsons Leisure Ltd experienced steady growth during the year ended 29 August 2024, with turnover increasing and performance exceeding expectations following the opening of a 19th retail outlet. Key developments included centralising administration, expanding the wellness division, and enhancing digital infrastructure. The company adapted well to economic challenges—such as inflation and reduced consumer confidence—by refining operations, strengthening supplier relationships, and expanding its subcontractor installation model. Looking ahead, the directors anticipate continued growth through digital expansion, new retail opportunities, and exclusive distribution rights in the wellness sector.

On behalf of the board

I T Johnson
Director
16 October 2025
JOHNSONS LEISURE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 AUGUST 2024
- 3 -

The directors present their annual report and financial statements for the period ended 29 August 2024.

Principal activities

The principal activity of the company continued to be that of supply, installation and aftercare of extra space solutions, wellness products, and premium leisure goods.

Results and dividends

The results for the period are set out on page 9.

Ordinary dividends were paid amounting to £400,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

I T Johnson
P R Hoyle
(Resigned 2 September 2025)
A Dungar
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.

On behalf of the board
I T Johnson
Director
16 October 2025
JOHNSONS LEISURE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 29 AUGUST 2024
- 4 -

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;

- 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 LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS LEISURE LIMITED
- 5 -
Opinion

We have audited the financial statements of Johnsons Leisure Limited (the 'company') for the period ended 29 August 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows 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 29 August 2024 and of its profit for the period 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.

Basis for opinion

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.

Other information

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' r eport for the financial period 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 LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS LEISURE LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

JOHNSONS LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS LEISURE LIMITED (CONTINUED)
- 7 -

• the nature of the industry and sector, control environment and business performance including the design of remuneration policies, key drivers for directors’ remuneration and bonus levels

• results of our enquiries of management and assessment of the risks of irregularities;

• any matters we identified having obtained and reviewed the documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

– detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

– the internal controls established to mitigate risks of fraud or non-compliance with laws and;

• the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax, valuations, IT and financial instruments specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Listing Rules, patent law, tax legislation and pensions legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included employment and minimum wage legislation, health, safety and the environment (“HSE”) and environmental regulations. The audit partner will assess the auditor to ensure they are competent in identifying irregularities and fraud by ensuring continous professional development is up to date, along with reviewing audit planning to ensure significant areas are being audited at the appropriate level of risk.

JOHNSONS LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHNSONS LEISURE LIMITED (CONTINUED)
- 8 -

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

- Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Use of our 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.

Mr Jon Williamson FCA
Senior Statutory Auditor
For and on behalf of Levicks Audit Services Limited
17 October 2025
Statutory Auditor
61 London Road
Maidstone
Kent
ME16 8TX
JOHNSONS LEISURE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 29 AUGUST 2024
- 9 -
Period
Year
ended
ended
29 August
30 August
2024
2023
Notes
£
£
Turnover
3
16,635,798
15,476,946
Cost of sales
(11,338,501)
(10,541,686)
Gross profit
5,297,297
4,935,260
Administrative expenses
(4,831,993)
(4,754,483)
Other operating income
25,731
61,456
Operating profit
4
491,035
242,233
Interest payable and similar expenses
8
(219,527)
(122,570)
Profit before taxation
271,508
119,663
Tax on profit
9
4,164
(40,337)
Profit for the financial period
275,672
79,326
Retained earnings brought forward
1,325,403
2,146,077
Dividends
10
(400,000)
(900,000)
Retained earnings carried forward
1,201,075
1,325,403

The profit and loss account has been prepared on the basis that all operations are continuing operations.

JOHNSONS LEISURE LIMITED
BALANCE SHEET
AS AT 29 AUGUST 2024
29 August 2024
- 10 -
29 August 2024
30 August 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
40,592
-
0
Tangible assets
12
2,508,171
2,767,235
Investments
13
100,000
100,000
2,648,763
2,867,235
Current assets
Stocks
15
3,877,976
3,991,578
Debtors
16
558,802
546,568
Cash at bank and in hand
601,428
537,136
5,038,206
5,075,282
Creditors: amounts falling due within one year
17
(5,604,198)
(5,633,731)
Net current liabilities
(565,992)
(558,449)
Total assets less current liabilities
2,082,771
2,308,786
Creditors: amounts falling due after more than one year
18
(440,846)
(422,951)
Provisions for liabilities
Provisions
21
45,200
66,057
Deferred tax liability
22
394,650
493,375
(439,850)
(559,432)
Net assets
1,202,075
1,326,403
Capital and reserves
Called up share capital
24
1,000
1,000
Profit and loss reserves
1,201,075
1,325,403
Total equity
1,202,075
1,326,403
The financial statements were approved by the board of directors and authorised for issue on 16 October 2025 and are signed on its behalf by:
I T Johnson
Director
Company registration number 04189991 (England and Wales)
JOHNSONS LEISURE LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 29 AUGUST 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
957,327
2,319,784
Dividends paid
(400,000)
(900,000)
Income taxes paid
-
0
(505,227)
Net cash inflow from operating activities
557,327
914,557
Investing activities
Purchase of intangible assets
(40,592)
-
0
Purchase of tangible fixed assets
(213,870)
(695,607)
Proceeds from disposal of tangible fixed assets
165,916
24,897
Net cash used in investing activities
(88,546)
(670,710)
Financing activities
Proceeds from new bank loans
750,000
229,000
Repayment of bank loans
(702,162)
(162,944)
Payment of finance leases obligations
(232,800)
(81,812)
Interest paid
(219,527)
(122,570)
Net cash used in financing activities
(404,489)
(138,326)
Net increase in cash and cash equivalents
64,292
105,521
Cash and cash equivalents at beginning of period
537,136
431,615
Cash and cash equivalents at end of period
601,428
537,136
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2024
- 12 -
1
Accounting policies
Company information

Johnsons Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Lloyd Road, Broadstairs, Kent, CT10 1HY.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
No amortisation due to software in development and not in use
1.6
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
No longer depreciated
Leasehold land and buildings
10% straight line
Display cabins
20% straight line
Fixtures and equipment
15% reducing balance
Motor vehicles
25% reducing balance

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.

1.7
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.9
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.

1.10
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.

1.11
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.

JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
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.

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 paymen ts 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. A m ounts 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.

JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
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 s ubsequently 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 th r ough 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.

1.12
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.

1.13
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.

JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
1.14
Provisions

Provision for warranty claims are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provision for warranty claims are recognised as a liability on the balance sheet and the amount of the provision as an expense. Provision for warranty claims are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. The entity recognises a contract liability in respect of a free servicing arrangement whereby the first service on a specified delivery package is paid for by the entity.

1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
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 lease s asset are consumed.

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.

JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
- 18 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
16,635,798
15,476,946
4
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange losses
32,119
25,499
Depreciation of owned tangible fixed assets
616,575
636,365
(Profit)/loss on disposal of tangible fixed assets
(47,628)
5,148
Operating lease charges
111,538
114,508
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,000
16,500
6
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Direct
120
135
Admin
12
14
Directors
3
3
Total
135
152

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,483,351
4,724,781
Social security costs
452,739
478,669
Pension costs
93,821
94,448
5,029,911
5,297,898
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
- 19 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
170,967
165,914
Company pension contributions to defined contribution schemes
1,347
1,321
172,314
167,235
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
158,381
30,322
Other interest on financial liabilities
28,772
52,742
187,153
83,064
Other finance costs:
Interest on finance leases and hire purchase contracts
32,374
39,506
219,527
122,570
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
94,561
-
0
Deferred tax
Origination and reversal of timing differences
(98,725)
40,337
Total tax (credit)/charge
(4,164)
40,337
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
9
Taxation
(Continued)
- 20 -

The actual (credit)/charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
271,508
119,663
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
67,877
22,736
Tax effect of expenses that are not deductible in determining taxable profit
7,713
5,451
Tax effect of utilisation of tax losses not previously recognised
(8,882)
(66,482)
Permanent capital allowances in excess of depreciation
27,853
38,295
Deferred taxation
(98,725)
40,337
Taxation (credit)/charge for the period
(4,164)
40,337
10
Dividends
2024
2023
£
£
Final paid
400,000
900,000
11
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 31 August 2023
125,000
-
0
125,000
Additions - internally developed
-
0
40,592
40,592
At 29 August 2024
125,000
40,592
165,592
Amortisation and impairment
At 31 August 2023 and 29 August 2024
125,000
-
0
125,000
Carrying amount
At 29 August 2024
-
0
40,592
40,592
At 30 August 2023
-
0
-
0
-
0
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
- 21 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Display cabins
Fixtures and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 31 August 2023
137,500
954,995
902,604
2,458,911
1,393,656
5,847,666
Additions
-
0
-
0
102,957
147,823
225,019
475,799
Disposals
-
0
-
0
(24,850)
(110,660)
(294,615)
(430,125)
At 29 August 2024
137,500
954,995
980,711
2,496,074
1,324,060
5,893,340
Depreciation and impairment
At 31 August 2023
27,500
561,804
566,837
1,117,975
806,315
3,080,431
Depreciation charged in the period
-
0
85,265
130,744
218,224
182,342
616,575
Eliminated in respect of disposals
-
0
-
0
(23,491)
(76,729)
(211,617)
(311,837)
At 29 August 2024
27,500
647,069
674,090
1,259,470
777,040
3,385,169
Carrying amount
At 29 August 2024
110,000
307,926
306,621
1,236,604
547,020
2,508,171
At 30 August 2023
110,000
393,191
335,767
1,340,936
587,341
2,767,235
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
100,000
100,000
14
Subsidiaries

Details of the company's subsidiaries at 29 August 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Glebe Fencing Limited
United Kingdom
Ordinary
100.00
15
Stocks
2024
2023
£
£
Raw materials and consumables
3,877,976
3,991,578
JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
- 22 -
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
36,974
42,606
Amounts owed by group undertakings
48,309
77,733
Other debtors
153,401
222,188
Prepayments and accrued income
320,118
204,041
558,802
546,568
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
137,468
42,552
Obligations under finance leases
20
179,563
215,407
Trade creditors
3,458,961
3,200,141
Amounts owed to group undertakings
5,259
100,524
Corporation tax
94,561
-
0
Other taxation and social security
1,466,595
1,756,025
Other creditors
156,075
249,746
Accruals and deferred income
105,716
69,336
5,604,198
5,633,731
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
125,048
172,126
Obligations under finance leases
20
315,798
250,825
440,846
422,951
19
Loans and overdrafts
2024
2023
£
£
Bank loans
262,516
214,678
Payable within one year
137,468
42,552
Payable after one year
125,048
172,126

JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
- 23 -
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
179,563
215,407
In two to five years
315,798
250,825
495,361
466,232

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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Provisions for liabilities
2024
2023
£
£
45,200
66,057
Movements on provisions:
£
At 31 August 2023
66,058
Additional provisions in the year
(20,858)
At 29 August 2024
45,200
22
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
394,650
493,375
2024
Movements in the period:
£
Liability at 31 August 2023
493,375
Credit to profit or loss
(98,725)
Liability at 29 August 2024
394,650

JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
- 24 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
93,821
94,448

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
25
Operating lease commitments
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 one year
662,773
712,774
Between two and five years
698,932
804,386
In over five years
841,667
941,667
2,203,372
2,458,827
26
Controlling party

Johnsons Leisure Limited is under the control of Johnsons Holdings South East Limited which is incorporated in the United Kingdom and holds 100% of the company's issued share capital. The ultimate controlling party is I T Johnson.

JOHNSONS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2024
- 25 -
27
Cash generated from operations
2024
2023
£
£
Profit for the period after tax
275,672
79,326
Adjustments for:
Taxation (credited)/charged
(4,164)
40,337
Finance costs
219,527
122,570
(Gain)/loss on disposal of tangible fixed assets
(47,628)
5,148
Depreciation and impairment of tangible fixed assets
616,575
636,365
Decrease in provisions
(20,857)
(135,276)
Movements in working capital:
Decrease/(increase) in stocks
113,602
(113,857)
(Increase)/decrease in debtors
(12,234)
1,218,739
(Decrease)/increase in creditors
(183,166)
466,432
Cash generated from operations
957,327
2,319,784
28
Analysis of changes in net debt
2024
£
Opening net funds/(debt)
Cash at bank and in hand
537,136
Borrowings excluding overdrafts
(214,678)
Obligations under finance leases
(466,232)
(143,774)
Changes in net debt arising from:
Cash flows of the entity
249,254
New finance leases entered into
(261,929)
Closing net funds/(debt) as analysed below
(156,449)
Closing net funds/(debt)
Cash at bank and in hand
601,428
Borrowings excluding overdrafts
(262,516)
Obligations under finance leases
(495,361)
(156,449)
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