James Johnstone Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05471199 (England and Wales)

James Johnstone Limited

Unaudited Financial Statements

for the Year Ended 31 March 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J B Johnstone

Mrs C H B Johnstone

REGISTERED OFFICE:

Lakeside Offices

The Old Cattle Market

Coronation Park

Helston

Cornwall

TR13 0SR

REGISTERED NUMBER:

05471199 (England and Wales)

ACCOUNTANTS:

Atkins Ferrie Chartered Accountants

Lakeside Offices

The Old Cattle Market

Coronation Park

Helston

Cornwall

TR13 0SR

FIXED ASSETS

Intangible assets

4

21,500

24,500

Tangible assets

5

2,314

1,816

23,814

26,316

CURRENT ASSETS

Debtors

6

2,231

4,152

Cash at bank

17,325

4,628

19,556

8,780

CREDITORS

Amounts falling due within one year

7

42,764

28,118

NET CURRENT LIABILITIES

(23,208

)

(19,338

)

TOTAL ASSETS LESS CURRENT LIABILITIES

606

6,978

PROVISIONS FOR LIABILITIES

8

393

345

NET ASSETS

213

6,633

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

113

6,533

SHAREHOLDERS' FUNDS

213

6,633

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 December 2018 and were signed on its behalf by:

Mr J B Johnstone - Director

1.	STATUTORY INFORMATION

James Johnstone 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

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.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on cost and 25% on reducing balance

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently

measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Going concern

The company shows net current liabilities but the director has confirmed that he will support the company if

required and does not consider going concern to be an issue.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 2 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

60,000

AMORTISATION

At 1 April 2017

35,500

Charge for year

3,000

At 31 March 2018

38,500

NET BOOK VALUE

At 31 March 2018

21,500

At 31 March 2017

24,500

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2017

5,477

12,291

17,768

Additions

-

1,377

1,377

At 31 March 2018

5,477

13,668

19,145

DEPRECIATION

At 1 April 2017

5,055

10,897

15,952

Charge for year

106

773

879

At 31 March 2018

5,161

11,670

16,831

NET BOOK VALUE

At 31 March 2018

316

1,998

2,314

At 31 March 2017

422

1,394

1,816

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

2,231

4,152

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Payments on account

5,651

5,651

Trade creditors

1,125

2,938

Taxation and social security

5,011

13,796

Other creditors

30,977

5,733

42,764

28,118

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

393

345

Deferred

tax

£

Balance at 1 April 2017

345

Accelerated capital allowances

48

Balance at 31 March 2018

393

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 April 2017

6,533

Profit for the year

13,080

Dividends

(19,500

)

At 31 March 2018

113