P & SM Johnson Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04535766 (England and Wales)

P & SM Johnson Limited

Unaudited Financial Statements

for the Year Ended 31 October 2020

Page

Company information

1

Chartered accountants' report

2

Statement of financial position

3

Notes to the financial statements

5

Directors:

Mr S M Johnson

Mr P Johnson

Secretary:

Mr G R Beeken

Registered office:

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

Business address:

Eastfields

Dog Drove

Holbeach Drove

Nr Spalding

Lincolnshire

PE12 0SA

Registered number:

04535766 (England and Wales)

Accountants:

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P & SM Johnson Limited for the year ended 31 October 2020 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of P & SM Johnson Limited, as a body, in accordance with the terms of our engagement letter dated 4 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of P & SM Johnson Limited and state those matters that we have agreed to state to the Board of Directors of P & SM Johnson Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P & SM Johnson Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that P & SM Johnson Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P & SM Johnson Limited. You consider that P & SM Johnson Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of P & SM Johnson Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

12 March 2021

Fixed assets

Intangible assets

5

1

1

Tangible assets

6

32,548

40,710

32,549

40,711

Current assets

Stocks

7

71,771

67,987

Debtors

8

83,967

90,174

Cash at bank and in hand

1,073,502

1,011,603

1,229,240

1,169,764

Creditors

Amounts falling due within one year

9

118,780

132,276

Net current assets

1,110,460

1,037,488

Total assets less current liabilities

1,143,009

1,078,199

Provisions for liabilities

5,703

7,254

Net assets

1,137,306

1,070,945

Capital and reserves

Called up share capital

10

100

100

Retained earnings

1,137,206

1,070,845

Shareholders' funds

1,137,306

1,070,945

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2021 and were signed on its behalf by:

Mr P Johnson - Director

Mr S M Johnson - Director

1.	Statutory information

P & SM Johnson 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on a straight line basis

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 Statement of Income and Retained Earnings, 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.

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.

4.	Employees and directors

The average number of employees during the year was 4 (2019 - 4 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 November 2019

and 31 October 2020

1

Net book value

At 31 October 2020

1

At 31 October 2019

1

6.	Tangible fixed assets

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 November 2019

and 31 October 2020

97,235

95,177

9,699

202,111

Depreciation

At 1 November 2019

71,856

81,751

7,794

161,401

Charge for year

3,807

3,357

998

8,162

At 31 October 2020

75,663

85,108

8,792

169,563

Net book value

At 31 October 2020

21,572

10,069

907

32,548

At 31 October 2019

25,379

13,426

1,905

40,710

7.

Stocks

2020

2019

£

£

Stocks

71,771

67,987

8.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

70,698

81,021

Prepayments

13,269

9,153

83,967

90,174

9.

Creditors: amounts falling due within one year

2020

2019

£

£

Trade creditors

20,911

24,834

Corporation tax

31,182

28,081

Social security and other taxes

1,534

992

VAT

26,193

26,090

Directors' loan accounts

32,253

23,811

Accruals and deferred income

6,707

28,468

118,780

132,276

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary shares

£1

100

100