JOHN JOLLY (1978) LIMITED

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

John Jolly (1978) Limited (the Company) is a private company, limited by shares, incorporated in Scotland, registered number SC065701 . The registered office is Unit 1 Kiln Corner, Ayre Road, Kirkwall, KW15 1QX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Agency fees

and commissions are recognised when the company has earned the right to the income. Other income is

recognised when the company has performed the relevant services in line with its contracted terms.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Vehicle registration numbers are valued at cost. There is no amortisation as the residual value of the

registrations is considered to be in excess of cost.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	50 years straight line
Leasehold	50 years straight line
Plant & Machinery	10 years straight line
Motor Vehicles	25% reducing balance

2.5. Investment Properties

Investment property is initially recognised at cost, which includes the purchase cost and any directly

attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair

value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply

when the property is sold.

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Financial Instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the

contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a

legally enforceable right to set off the recognised amounts and the Company intends either 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

...CONTINUED

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JOHN JOLLY (1978) LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

2.7. Financial Instruments - continued

classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, 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.

Equity instruments

Equity instruments issued by the Company are recorded at the fair value of cash or other resources received

or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the

initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as

liabilities once they are no longer at the discretion of the Company

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with

banks, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due

within one year.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 34 (2024: 43)

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JOHN JOLLY (1978) LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

4. Intangible Assets

	Other
	£
Cost
As at 1 July 2024	20,000
Disposals	(20,000 )

As at 30 June 2025	-

Net Book Value
As at 30 June 2025	-

As at 1 July 2024	20,000

5. Tangible Assets

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£	£
Cost
As at 1 July 2024	51,819	35,097	195,454	71,584	353,954
Additions	-	-	-	49,997	49,997
Disposals	-	-	-	(54,070 )	(54,070 )

As at 30 June 2025	51,819	35,097	195,454	67,511	349,881

Depreciation
As at 1 July 2024	17,590	13,421	174,271	55,378	260,660
Provided during the period	1,036	702	3,802	5,792	11,332
Disposals	-	-	-	(39,005 )	(39,005 )

As at 30 June 2025	18,626	14,123	178,073	22,165	232,987

Net Book Value
As at 30 June 2025	33,193	20,974	17,381	45,346	116,894

As at 1 July 2024	34,229	21,676	21,183	16,206	93,294

6. Investment Property

	2025
	£
Fair Value
As at 1 July 2024 and 30 June 2025	488,005

7. Stocks

	2025		2024
	£		£

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JOHN JOLLY (1978) LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 June 2025

8. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	263,314	251,202
Other debtors	51,480	50,752

	314,794	301,954

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1,725	3,395
Other creditors	39,236	37,869
Taxation and social security	63,960	64,926

	104,921	106,190

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	5,432	5,432

11. Directors Advances, Credits and Guarantees

Included within creditors is the following loan from the director:

	As at 1 July 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 30 June 2025
	£	£	£	£	£
Mr Steven Spence	(17,368 )	9,000	(9,000 )	-	(17,368 )

The above loan is unsecured, interest free and has no fixed terms of repayment.

12. Reserves

	Revaluation Reserve
	£
As at 1 July 2024	31,871
Transfer to profit and loss	(1,047 )

As at 30 June 2025	30,824

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		-		20,000
Tangible Assets	5		116,894		93,294
Investment Properties	6		488,005		488,005

			604,899		601,299
CURRENT ASSETS
Debtors	8	314,794		301,954
Cash at bank and in hand		165,553		83,530

		480,347		385,484
Creditors: Amounts Falling Due Within One Year	9	(104,921 )		(106,190 )

NET CURRENT ASSETS (LIABILITIES)			375,426		279,294

TOTAL ASSETS LESS CURRENT LIABILITIES			980,325		880,593

PROVISIONS FOR LIABILITIES
Deferred Taxation			(10,502 )		(6,850 )

NET ASSETS			969,823		873,743

CAPITAL AND RESERVES
Called up share capital	10		5,432		5,432
Share premium account			80		80
Revaluation reserve	12		30,824		31,871
Capital redemption reserve			4,570		4,570
Other reserves			99,744		99,744
Profit and Loss Account			829,173		732,046

SHAREHOLDERS' FUNDS			969,823		873,743