Worboys and Johnston Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03145283 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2019

for

Worboys and Johnston Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N V Worboys

SECRETARY:

Mrs C Worboys

REGISTERED OFFICE:

18, The Lagger

Chalfont St. Giles

Bucks.

HP8 4DG

REGISTERED NUMBER:

03145283 (England and Wales)

ACCOUNTANTS:

Lawson & Co.

18, The Lagger

Chalfont St. Giles

Bucks.

HP8 4DG

FIXED ASSETS

Tangible assets

4

832,016

251,430

Investments

5

101

1

832,117

251,431

CURRENT ASSETS

Stocks

105,187

103,775

Debtors

6

38,845

33,733

Cash at bank and in hand

6,141

883

150,173

138,391

CREDITORS

Amounts falling due within one year

7

173,917

171,502

NET CURRENT LIABILITIES

(23,744

)

(33,111

)

TOTAL ASSETS LESS CURRENT LIABILITIES

808,373

218,320

CREDITORS

Amounts falling due after more than one year

8

(392,834

)

(33,685

)

PROVISIONS FOR LIABILITIES

9

(1,087

)

(366

)

NET ASSETS

414,452

184,269

CAPITAL AND RESERVES

Called up share capital

10

61,001

61,001

Revaluation reserve

11

224,100

-

Retained earnings

11

129,351

123,268

SHAREHOLDERS' FUNDS

414,452

184,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 by the director on 29 November 2019 and were signed by:

N V Worboys - Director

1.	STATUTORY INFORMATION

Worboys and Johnston 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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.

Land and buildings

-

1% on cost

Plant and machinery etc

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 balance sheet date.

Deferred tax

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

sheet 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

Rentals paid under operating leases are charged to profit or loss 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 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 March 2018

275,078

22,625

297,703

Additions

355,142

6,000

361,142

Revaluations

224,100

-

224,100

At 28 February 2019

854,320

28,625

882,945

DEPRECIATION

At 1 March 2018

25,274

20,999

46,273

Charge for year

2,750

1,906

4,656

At 28 February 2019

28,024

22,905

50,929

NET BOOK VALUE

At 28 February 2019

826,296

5,720

832,016

At 28 February 2018

249,804

1,626

251,430

Cost or valuation at 28 February 2019 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2019

224,100

-

224,100

Cost

630,220

28,625

658,845

854,320

28,625

882,945

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 March 2018

1

Additions

100

At 28 February 2019

101

NET BOOK VALUE

At 28 February 2019

101

At 28 February 2018

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Antiques Are Green Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary shares

100.00

28.2.19

31.5.17

£

£

Aggregate capital and reserves

-

(1,314

)

Worboys & Johnston Properties Limited

Registered office: England & Wales

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade debtors

9,457

4,375

Other debtors

29,388

29,358

38,845

33,733

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Bank loans and overdrafts

10,840

21,439

Taxation and social security

19,941

22,371

Other creditors

143,136

127,692

173,917

171,502

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.19

28.2.18

£

£

Bank loans

392,834

33,685

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

390,467

2,222

9.	PROVISIONS FOR LIABILITIES

28.2.19

28.2.18

£

£

Deferred tax

1,087

366

Deferred

tax

£

Balance at 1 March 2018

366

Accelerated capital allowances

721

Balance at 28 February 2019

1,087

The balance owing to the company by the director has been repaid since the year-end.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.19

28.2.18

value:

£

£

411,001

Ordinary

£1

61,001

61,001

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 March 2018

123,268

-

123,268

Profit for the year

14,833

14,833

Dividends

(8,750

)

(8,750

)

Property revaluations

-

224,100

224,100

At 28 February 2019

129,351

224,100

353,451

12.	OTHER FINANCIAL COMMITMENTS

The company has annual commitments under operating leases amounting to £30,245 (2018: £27,968).

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2019 and

28 February 2018:

28.2.19

28.2.18

£

£

N V Worboys

Balance outstanding at start of year

25,457

-

Amounts advanced

-

25,457

Amounts repaid

(12,248

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,209

25,457

The balance owing to the company by the director has been repaid since the year-end.

14.	RELATED PARTY DISCLOSURES

The company is controlled by Mr. N. Worboys as director and majority shareholder.

The company received rent during the year of £12,000 (2018: £12,000) from Worboys Antique Restorers

Limited, a related company. Charges for services provided by that company during the year amounted to £30,180

(2018: £26,514) and at the year end a balance of £134,832 (2018 £119,648) was owing to that company.

During the year the director, in his capacity as a shareholder, has received dividends amounting to £8,750 (2018:

£17,000).