Johnson Bros (Fakenham) Limited - Accounts to registrar (filleted) - small 18.2
Johnson Bros (Fakenham) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Johnson Bros (Fakenham) Limited |
| Financial Statements |
| for the Year Ended 31 January 2022 |
| Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2022 |
| Page |
| Company information | 1 |
| Statement of financial position | 2 |
| Notes to the financial statements | 3 | to | 9 |
| Johnson Bros (Fakenham) Limited |
| Company Information |
| for the Year Ended 31 January 2022 |
| Directors: |
| Secretary: |
| Registered office: |
| Business address: |
| Registered number: |
| Senior statutory auditor: |
| Independent auditors: |
| Bank House |
| Broad Street |
| Spalding |
| Lincolnshire |
| PE11 1TB |
| Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
| Statement of Financial Position |
| 31 January 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 5 |
| Current assets |
| Stocks |
| Debtors | 6 |
| Cash in hand |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
8 |
| Net assets |
| Capital and reserves |
| Called up share capital | 12 |
| Revaluation reserve | 13 |
| Capital redemption reserve |
| Other reserves |
| Profit and loss account | ( |
) | ( |
) |
| Shareholders' funds |
| 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 |
| Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2022 |
| 1. | Statutory information |
| Johnson Bros (Fakenham) Limited is a |
| 2. | Statement of compliance |
| These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. |
| The financial statements are prepared in sterling, which is the functional currency of the entity. |
| Judgements and key sources of estimation uncertainty |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
| Tangible assets |
| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
| An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reserves a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. |
| Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
| Freehold property | - not depreciated |
| Plant and machinery | - 10% reducing balance |
| Computer equipment | - 25% reducing balance |
| Motor vehicles | - 25% reducing balance |
| Fixtures and office equipment | - 10% reducing balance |
| Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2022 |
| 3. | Accounting policies - continued |
| Stocks |
| Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
| Financial instruments |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. |
| Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
| Income tax |
| The taxation expense represents the aggregate amount of current and deferred tax recognised in reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. |
| Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
| Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax |
| losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
| Finance leases and hire purchase contracts |
| Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
| Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
| Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2022 |
| 3. | Accounting policies - continued |
| Impairment of fixed assets |
| A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
| For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
| Defined contribution plans |
| The company operates a defined contribution pension scheme for employees and directors. The assets of the scheme are held from those of the company. The annual contributions payable are charged to the profit and loss account. |
| Operating leases |
| Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
| Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income. |
| 4. | Employees and directors |
| The average number of employees during the year was |
| 5. | Tangible fixed assets |
| Fixtures |
| and |
| Freehold | Plant and | office |
| property | machinery | equipment |
| £ | £ | £ |
| Cost or valuation |
| At 1 February 2021 |
| Additions |
| At 31 January 2022 |
| Depreciation |
| At 1 February 2021 |
| Charge for year |
| At 31 January 2022 |
| Net book value |
| At 31 January 2022 |
| At 31 January 2021 |
| Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2022 |
| 5. | Tangible fixed assets - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Cost or valuation |
| At 1 February 2021 |
| Additions |
| At 31 January 2022 |
| Depreciation |
| At 1 February 2021 |
| Charge for year |
| At 31 January 2022 |
| Net book value |
| At 31 January 2022 |
| At 31 January 2021 |
| Cost or valuation at 31 January 2022 is represented by: |
| Fixtures |
| and |
| Freehold | Plant and | office |
| property | machinery | equipment |
| £ | £ | £ |
| Valuation in 2020 | 350,000 | - | - |
| Cost | 450,000 | 91,340 | 89,339 |
| 800,000 | 91,340 | 89,339 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2020 | - | - | 350,000 |
| Cost | 137,626 | 38,557 | 806,862 |
| 137,626 | 38,557 | 1,156,862 |
| If freehold property had not been revalued it would have been included at the following historical cost: |
| 2022 | 2021 |
| £ | £ |
| Cost | 450,000 | 450,000 |
| Freehold land and buildings were valued on an open market basis on 28 January 2021 by Cruso Wilkin . |
| This is considered to be market value at 31 January 2022. |
| Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2022 |
| 6. | Debtors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Deferred tax asset |
| Prepayments |
| 7. | Creditors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Other loans (see note 9) |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Social security and other taxes |
| VAT | 32,759 | 28,201 |
| Directors' loan accounts | 115,598 | 108,963 |
| Accruals and deferred income |
| 8. | Creditors: amounts falling due after more than one year |
| 2022 | 2021 |
| £ | £ |
| Bank loans (see note 9) |
| Other loans (see note 9) |
| Hire purchase contracts (see note 10) |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Preference shares |
| Repayable by instalments |
| Other loans | 370,000 | - |
| 9. | Loans |
| An analysis of the maturity of loans is given below: |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans less than 1 year |
| Stocking loan |
| Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2022 |
| 9. | Loans - continued |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due between one and two years: |
| Bank loans over 1 year |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Preference shares | - | 370,000 |
| Repayable by instalments |
| Other loans | 370,000 | - |
| 10. | Leasing agreements |
| Minimum lease payments under hire purchase fall due as follows: |
| 2022 | 2021 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 11. | Secured debts |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Hire purchase contracts | 6,536 | 19,276 |
| Stocking loan | 212,891 | 116,500 |
| Hire purchase and finance lease creditors are secured on the assets concerned. |
| Bank overdrafts are secured on the property of the company. |
| Bank loans are secured on the assets. |
| The stocking loan is secured on the items included within stock. |
| Johnson Bros (Fakenham) Limited (Registered number: 00355735) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2022 |
| 12. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary shares | £1 | 8,700 | 8,700 |
| 13. | Reserves |
| Revaluation |
| reserve |
| £ |
| At 1 February 2021 |
| and 31 January 2022 |
| 14. | Disclosure under Section 444(5B) of the Companies Act 2006 |
| The Report of the auditors was unqualified. |
| for and on behalf of |