PETER_&_J_JOHNSTONE_LIMIT - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Peter & J Johnstone Limited is a private company limited by shares incorporated in Scotland. The registered office is Bridge Street, Peterhead, AB42 1DH.

These financial statements have been prepared in accordance with the provisions of FRS 102 section 1A small entities. There were no material departures from the standard.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Peter & J Johnstone Limited is a wholly owned subsidiary of Andrew Marr International Limited and the results of Peter & J Johnstone Limited are included in the consolidated financial statements of Andrew Marr International Limited which are available from Livingstone Rd, Hessle, North Humberside, HU13 0EE.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents amounts received and receivable for goods and services supplied during the year, excluding value added tax, and does not include any amounts in respect of turnover arising from partnerships in which the company has an interest. Revenue is recognised when the services are provided.

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

The company's intangible assets are stated at cost less amortisation. Amortisation is calculated so as to write off the cost less estimated residual value, over their useful economic life.

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss account.

Interests in subsidiaries and associates 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 and loss account.

The company has interests in a number of partnerships owning fishing vessels. Each partnership prepares annual accounts but many different accounting dates are involved.

The company's proportion of profits, after depreciation, to the last accounting date of each partnership falling on or before 31 March 2023 is included in the company's financial statements together with profits or losses relating to the disposal of major partnership assets subsequent to the last partnership accounting date but prior to 31 March 2023.

In each partnership the fixed assets, with the exception of licenses and quota, are depreciated on bases similar to those adopted by the company. No amortisation is provided on licenses and quota held by partnerships. The company carries out annual impairment reviews on these assets.

Amounts due to or from the various partnerships are separately disclosed in the company's financial statements.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Financial assets, other than those held at fair value through profit and loss account, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit and loss account.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profit and loss account at fair value.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Rentals payable under operating leases, including any lease incentives received, are charged to profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investments in subsidiaries and participating interests with a carrying value of £18,877,516 (2022 - £18,626,545) are included within fixed asset investments at cost less impairment. The investments are assessed for any impairment at each reporting date. If a judgement is made than an impairment indicator exists then an estimate of an impairment loss is required to be made and the amount recognised in the profit and loss account. An assessment is also required to be made for any reversals of previous impairment losses with any reversals being recognised in the profit and loss account immediately.

The average monthly number of persons (including directors) employed by the company during the year was:

Investments are measured at cost less impairment on the basis that they represent shares in entities that are not publicly traded and the fair value cannot otherwise be measured reliably.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company is party to unlimited composite guarantees and debentures in respect of the bank borrowings, where appropriate, of certain group undertakings. Overall, the group companies which are party to the guarantee had net bank indebtedness under the above arrangement at the year end amounting to £nil (2022 - £nil).

Certain partnerships have obtained loans to finance the purchase of their vessels, or improvements thereto, and have granted charges over the vessels as security for the loans.

In a number of partnerships the company has granted a charge over its share of the vessel as additional security for loans obtained by other partners. In the opinion of the directors the contingent liability, which is unlikely to give rise to a material loss, amounted to approximately £nil (2022 - £nil).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company has taken advantage of the exemption available in accordance with section 33 of FRS 102 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

The ultimate parent company and controlling party is Andrew Marr International Limited, a company registered in England and heads the group into which the results of the company are consolidated.

Participating interests are investments in fishing vessel partnerships. The amounts in note 6 represent capital introduced by the company together with the company's share of undrawn profit.

During the year, the shares in participating interests included the M.V. 'Christina S' and the M.V. 'Quantas' partnerships, which are based at Bridge Street, Peterhead. Advantage has been taken of the exemptions conferred by Regulation 7 of the Partnerships and Unlimited Companies (Accounts) Regulations with regard to these partnerships.

In each of the partnerships the company is a minority partner and the partnerships are typically controlled by the skipper and their close family and associates. Consequently the company does not consider that it exerts significant influence over the operating and financial policies of the partnerships.