Johnson & Smith (Lincoln) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06398387 (England and Wales)

JOHNSON & SMITH (LINCOLN) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P A Johnson

Mrs D D L Johnson

L Johnson

SECRETARY:

Mrs D D L Johnson

REGISTERED OFFICE:

Unit 6G Exchange Road

Lincoln

Lincolnshire

LN6 3JZ

REGISTERED NUMBER:

06398387 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

FIXED ASSETS

Tangible assets

4

171,718

138,350

CURRENT ASSETS

Debtors

5

621,460

788,524

Cash at bank and in hand

454,190

121,302

1,075,650

909,826

CREDITORS

Amounts falling due within one year

6

791,245

809,048

NET CURRENT ASSETS

284,405

100,778

TOTAL ASSETS LESS CURRENT LIABILITIES

456,123

239,128

CREDITORS

Amounts falling due after more than one year

7

(55,165

)

(19,121

)

PROVISIONS FOR LIABILITIES

(21,953

)

(16,126

)

NET ASSETS

379,005

203,881

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

378,905

203,781

SHAREHOLDERS' FUNDS

379,005

203,881

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 24 July 2019 and were signed on its behalf by:

P A Johnson - Director

1.	STATUTORY INFORMATION

Johnson & Smith (Lincoln) Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 20% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2018

45,264

281,510

326,774

Additions

-

89,070

89,070

Disposals

-

(36,268

)

(36,268

)

At 31 May 2019

45,264

334,312

379,576

DEPRECIATION

At 1 June 2018

1,775

186,649

188,424

Charge for year

905

39,497

40,402

Eliminated on disposal

-

(20,968

)

(20,968

)

At 31 May 2019

2,680

205,178

207,858

NET BOOK VALUE

At 31 May 2019

42,584

129,134

171,718

At 31 May 2018

43,489

94,861

138,350

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

558,919

479,826

Amounts recoverable on contract

60,069

304,720

Other debtors

2,472

3,978

621,460

788,524

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

23,205

31,814

Trade creditors

378,147

414,006

Taxation and social security

222,476

139,715

Other creditors

167,417

223,513

791,245

809,048

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

55,165

19,121

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

23,205

31,814

Between one and five years

55,165

19,121

78,370

50,935

Non-cancellable operating

leases

2019

2018

£

£

Within one year

7,794

924

Between one and five years

13,884

-

21,678

924

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

78,370

50,935

A debenture dated 7 March 2018 is in place for the fixed and floating charges over the undertaking of the

company and all property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

1

100

100