K.Johnson Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03676630 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

K.JOHNSON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Keith Johnson

Christine Angela Johnson

SECRETARY:

Christine Angela Johnson

REGISTERED OFFICE:

Orchard House

West End

Gayle

Hawes

North Yorkshire

REGISTERED NUMBER:

03676630 (England and Wales)

ACCOUNTANTS:

Walter Dawson & Son

Chartered Accountants

York House

Market Place

Leyburn

North Yorkshire

DL8 5AT

FIXED ASSETS

Intangible assets

4

421,357

340,753

Tangible assets

5

15,176

20,235

Investments

6

1,000,200

1,000,100

1,436,733

1,361,088

CURRENT ASSETS

Debtors

7

424,924

413,980

Cash at bank and in hand

354,658

353,382

779,582

767,362

CREDITORS

Amounts falling due within one year

8

378,194

340,937

NET CURRENT ASSETS

401,388

426,425

TOTAL ASSETS LESS CURRENT LIABILITIES

1,838,121

1,787,513

CREDITORS

Amounts falling due after more than one year

9

(41,667

)

-

PROVISIONS FOR LIABILITIES

(2,883

)

(3,845

)

NET ASSETS

1,793,571

1,783,668

CAPITAL AND RESERVES

Called up share capital

2

2

Profit and loss account

1,793,569

1,783,666

1,793,571

1,783,668

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2021 and were signed on its behalf by:

Keith Johnson - Director

1.	STATUTORY INFORMATION

K.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.

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 represents the amount of stake money placed by customers.

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.

Seniority positions are being amortised evenly over their estimated useful life of eight years.

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

-

33% on cost

Motor vehicles

-

25% on reducing balance

GOVERNMENT GRANTS

Grants receivable in relation to profit and loss expenditure are credited to the profit and loss in the year for which they relate.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

FIXED ASSET INVESTMENTS

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Seniority

positions

£

COST

At 1 April 2020

1,341,701

Additions

174,360

Disposals

(13,825

)

At 31 March 2021

1,502,236

AMORTISATION

At 1 April 2020

1,000,948

Amortisation for year

93,756

Eliminated on disposal

(13,825

)

At 31 March 2021

1,080,879

NET BOOK VALUE

At 31 March 2021

421,357

At 31 March 2020

340,753

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

64,856

26,980

91,836

DEPRECIATION

At 1 April 2020

64,856

6,745

71,601

Charge for year

-

5,059

5,059

At 31 March 2021

64,856

11,804

76,660

NET BOOK VALUE

At 31 March 2021

-

15,176

15,176

At 31 March 2020

-

20,235

20,235

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

1,000,100

Additions

100

At 31 March 2021

1,000,200

NET BOOK VALUE

At 31 March 2021

1,000,200

At 31 March 2020

1,000,100

7.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

73,669

27,460

Other debtors

351,255

382,779

424,924

410,239

2021

2020

£

£

Amounts falling due after more than one year:

Other debtors

-

3,741

Aggregate amounts

424,924

413,980

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

8,333

-

Trade creditors

2,475

3,693

Taxation and social security

103

41,632

Other creditors

367,283

295,612

378,194

340,937

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

41,667

-

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

1,200

1,023

11.	SECURED DEBTS

The company has a bounce back loan of £50,000 (2020: £nil ) which is unsecured but it is supported by a government guarantee.

12.	RELATED PARTY DISCLOSURES

Mr and Mrs Johnson have joint control over a majority of shares in the company, and together with their involvement in its day-to-day management, is deemed to be the controlling party for the purposes of Financial Reporting Standard No. 102.

Mr K Johnson is also a director of GTEC Property Holdings Ltd and GTEC Construction Ltd.

Creditors falling due within one year include the following the directors' loans owed to Mr K Johnson and Mrs C Johnson £363,516 (2020: £293,195).