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 2020

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

140,850

171,718

CURRENT ASSETS

Debtors

5

723,508

621,460

Cash at bank and in hand

757,084

454,190

1,480,592

1,075,650

CREDITORS

Amounts falling due within one year

6

670,378

791,245

NET CURRENT ASSETS

810,214

284,405

TOTAL ASSETS LESS CURRENT LIABILITIES

951,064

456,123

CREDITORS

Amounts falling due after more than one year

7

(31,884

)

(55,165

)

PROVISIONS FOR LIABILITIES

(18,843

)

(21,953

)

NET ASSETS

900,337

379,005

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

900,237

378,905

SHAREHOLDERS' FUNDS

900,337

379,005

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 14 August 2020 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

Tangible fixed assets are held at cost less depreciation.

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.

Going concern

Following the impact of Covid-19, these accounts have been prepared on a going concern basis, on the

understanding that the directors and shareholders will continue to financially support the company during this

uncertain period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2019

45,264

334,312

379,576

Additions

-

12,021

12,021

Disposals

-

(99,569

)

(99,569

)

At 31 May 2020

45,264

246,764

292,028

DEPRECIATION

At 1 June 2019

2,680

205,178

207,858

Charge for year

907

29,639

30,546

Eliminated on disposal

-

(87,226

)

(87,226

)

At 31 May 2020

3,587

147,591

151,178

NET BOOK VALUE

At 31 May 2020

41,677

99,173

140,850

At 31 May 2019

42,584

129,134

171,718

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

399,995

558,919

Amounts recoverable on contract

321,913

60,069

Other debtors

1,600

2,472

723,508

621,460

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 8)

23,284

23,205

Trade creditors

310,685

378,147

Taxation and social security

244,204

222,476

Other creditors

92,205

167,417

670,378

791,245

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 8)

31,884

55,165

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

23,284

23,205

Between one and five years

31,884

55,165

55,168

78,370

Total financial commitments, guarantees and contingencies which are not included in the statement of

financial position amount to £86,457 (2019: £21,678).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

55,168

78,370

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

2020

2019

value:

£

£

100

Ordinary

1

100

100