Johnson Elevanja Limited Filleted accounts for Companies House (small and micro)

JOHNSON ELEVANJA LIMITED - Company Information

12 27 July 2023 false false false false false false false false false true false false false false false false 2021-11-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 02774144 2021-11-01 2022-10-31 02774144 2022-10-31 02774144 2021-10-31 02774144 2020-11-01 2021-10-31 02774144 2021-10-31 02774144 core:FurnitureFittings 2021-11-01 2022-10-31 02774144 core:MotorVehicles 2021-11-01 2022-10-31 02774144 bus:Director3 2021-11-01 2022-10-31 02774144 core:FurnitureFittings 2021-10-31 02774144 core:MotorVehicles 2021-10-31 02774144 core:FurnitureFittings 2022-10-31 02774144 core:MotorVehicles 2022-10-31 02774144 core:WithinOneYear 2022-10-31 02774144 core:WithinOneYear 2021-10-31 02774144 core:ShareCapital 2022-10-31 02774144 core:ShareCapital 2021-10-31 02774144 core:RetainedEarningsAccumulatedLosses 2022-10-31 02774144 core:RetainedEarningsAccumulatedLosses 2021-10-31 02774144 core:FurnitureFittings 2021-10-31 02774144 core:MotorVehicles 2021-10-31 02774144 bus:SmallEntities 2021-11-01 2022-10-31 02774144 bus:Audited 2021-11-01 2022-10-31 02774144 bus:FullAccounts 2021-11-01 2022-10-31 02774144 bus:SmallCompaniesRegimeForAccounts 2021-11-01 2022-10-31 02774144 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 02774144 core:OfficeEquipment 2021-11-01 2022-10-31 02774144 core:OfficeEquipment 2022-10-31 02774144 core:OfficeEquipment 2021-10-31

COMPANY REGISTRATION NUMBER: 02774144

Johnson Elevanja Limited

Filleted Financial Statements

31 October 2022

Johnson Elevanja Limited

Statement of Financial Position

31 October 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		266	361

Current assets

Stocks		57,127	40,962
Debtors	6	299,732	302,581
Cash at bank and in hand		532,808	553,624
		ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
		889,667	897,167

Creditors: amounts falling due within one year	7	180,560		116,018
		ÄÄÄÄÄÄÄÄÄ		ÄÄÄÄÄÄÄÄÄ
Net current assets			709,107	781,149
			ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities			709,373	781,510

Provisions

Taxation including deferred tax	41	69
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Net assets	709,332	781,441
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

Capital and reserves

Called up share capital	2	2
Profit and loss account	709,330	781,439
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Shareholders funds	709,332	781,441
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 25 July 2023 , and are signed on behalf of the board by:

D Johnson

Director

Company registration number: 02774144

Johnson Elevanja Limited

Notes to the Financial Statements

Year ended 31 October 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bath Road, Bridgwater, Somerset, TA6 4NU. The principal activity of the company is that of the manufacture of industrial braking systems.

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 preparation

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 accounts have been prepared on the going concern basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Going concern

The company has produced budgets and cashflows which show that it will be able to meet its future obligations. The Directors have therefore concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the accounts.

Revenue recognition

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.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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 reverses 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

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:

Fixtures and Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2021: 12 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 November 2021 and 31 October 2022	4,696	10,675	16,363	31,734
	ÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
Depreciation
At 1 November 2021	4,686	10,548	16,139	31,373
Charge for the year	3	32	60	95
	ÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
At 31 October 2022	4,689	10,580	16,199	31,468
	ÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
Carrying amount
At 31 October 2022	7	95	164	266
	ÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ
At 31 October 2021	10	127	224	361
	ÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

6. Debtors

	2022	2021
	£	£
Trade debtors	221,025	187,921
Amounts owed by group undertakings and undertakings in which the company has a participating interest	52,242	1,980
Other debtors	26,465	112,680
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
	299,732	302,581
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	33,803	21,787
Amounts owed to group undertakings and undertakings in which the company has a participating interest	13,881	–
Social security and other taxes	51,498	44,982
Other creditors	81,378	49,249
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
	180,560	116,018
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

8. Events after the end of the reporting period

Subsequent to the year end, on 25 April 2023 a dividend of £ 195,285 was declared and paid.

9. Summary audit opinion

The auditor's report for the year dated 27 July 2023 was unqualified .

The senior statutory auditor was Peter Lomax , for and on behalf of Westcotts .

10. Related party transactions

At 31 October 2022 the company was under the control of D. Johnson and J. Gibbons as directors, both of the company and of its holding company, Manufax Limited. D Johnson was also a director of Johnson Industries Ltd (a company incorporated in Canada) and of Manufax Holdings Inc (a company incorporated in Canada). Johnson Industries Ltd and Manufax Limited are both subsidiaries of Manufax Holdings Inc, which is the ultimate parent company. All transactions between the company and Johnson Industries Ltd are carried out on the company's normal trading terms. At the year end the company was owed £47,266 (2021: £Nil) by Johnson Industries Ltd and owed £114 (2021: £Nil) to Johnson Industries Ltd. In the year the transactions between the companies in respect of sales and purchases totalled £187,967 (2021: £86,938) and £86,287 (2021: £27,442) respectively. At 31 October 2022, £13,737 (2021: £Nil) was due to Manufax Limited and £4,976 was due from Manufax Limited (2021: £1,980). During the year the company incurred fees from Manufax Limited for machinery rental and building rental of £74,160 (2021: £74,160) and £41,040 (2021: £41,040) respectively. The company also incurred from Manufax Limited a management fee for the year of £50,000 (2021: £35,000). The company paid dividends of £250,000 (2021: Nil) to Manufax Limited.

11. Controlling party

The company's ultimate parent undertaking is Manufax Holdings Inc., a company registered in Canada.