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REGISTERED NUMBER:
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JOHNSON BROS. |
COAL FACTORS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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REGISTERED NUMBER:
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JOHNSON BROS. |
COAL FACTORS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD |
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29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 11 |
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JOHNSON BROS. |
COAL FACTORS LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
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BANKERS: |
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1-6 Pocketts Wharf |
Swansea |
SA1 3XL |
JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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BALANCE SHEET |
27 OCTOBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings - |
non distributable | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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BALANCE SHEET - continued |
27 OCTOBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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1. | STATUTORY INFORMATION |
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Johnson Bros. Coal Factors Limited is a
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and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The presentation currency of the financial statements is the pound sterling (£) and have been rounded |
to the nearest pound. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The company has made a profit in the period and has net current assets and net assets at the balance |
sheet date. However the company is reliant upon the support of its bankers and directors. Part of the |
financing of the company has been through loan facilities, including loans on interest only terms. The |
directors have received no indication from the company's bankers that these loan facilities will not |
continue for the foreseeable future and the directors will continue to support the company personally. |
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Therefore, after making enquiries and considering the uncertainties described above, the directors |
have 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 financial statements. |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the period ended 27 October 2017 are the first that are prepared in |
accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance |
with UK GAAP, the date of transition to FRS 102 Section 1A is 30 October 2015. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Significant judgements and 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 if the revision only affects that |
period, or in the period of the revision and future periods if the revision affects both current and future |
periods. |
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The following are the critical judgements that the directors have made in the process of applying the |
company's accounting policies and that have the most significant effect on the amounts recognised in |
the financial statements. |
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Impairment of assets |
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective |
evidence of impairment, an impairment loss is recognised in the income statement. |
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Stock provisions |
Stock holdings are assessed for indicators of obsolescence at each balance sheet date. If there is |
objective evidence of obsolescence, a provision is recognised in the income statement. |
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Provisions and contingencies |
Provisions are recognised when the company has a present obligation as a result of a past event and a |
reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities |
are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only |
disclosed if an inflow of economic benefits is probable. |
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Turnover |
Turnover is the amount derived from ordinary activities and stated after VAT. |
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Revenue recognition |
Revenue relates to rental income, insurance income, service charge income and management |
charges. Revenue is recognised evenly over the period to which it relates. Revenue is invoiced in |
advance and at the balance sheet date amounts in advance are recorded as deferred income and |
included as part of creditors due within one year. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets are measured at cost less depreciation. |
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Investment properties |
The company's land and buildings are treated as investment properties, as defined by the Financial |
Reporting Standard 102 Section 1A "Small Entities" accordingly, they are not depreciated. Investment |
properties for which fair value can be measured reliably without undue cost or effort on an on-going |
basis are measured at fair value annually, with the change recognised in the income statement. |
Surpluses or deficits on revaluation are then transferred from Retained Earnings to a separate |
non-distributable reserve. |
JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Financial instruments |
Basic financial assets, which include trade debtors, other debtors and cash at bank balances and bank |
loans, are initially measured at transaction price 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. |
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Basic financial liabilities, including trade and other creditors, are initially recognised 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. |
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Taxation |
Taxation for the period 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax |
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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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 period end and that |
are expected to apply to the reversal of the timing difference. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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4. | TANGIBLE FIXED ASSETS |
Freehold | Investment | Plant and |
property | properties | machinery |
£ | £ | £ |
COST OR VALUATION |
At 29 October 2016 |
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Disposals |
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Revaluations |
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At 27 October 2017 |
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DEPRECIATION |
At 29 October 2016 |
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Charge for period |
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At 27 October 2017 |
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NET BOOK VALUE |
At 27 October 2017 |
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At 28 October 2016 |
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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 29 October 2016 |
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Disposals |
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( |
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Revaluations |
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At 27 October 2017 |
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DEPRECIATION |
At 29 October 2016 |
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Charge for period |
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At 27 October 2017 |
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NET BOOK VALUE |
At 27 October 2017 |
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At 28 October 2016 |
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JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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If Investment properties had not been revalued they would have been included at the following |
historical cost: |
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2017 | 2016 |
£ | £ |
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Cost | 2,339,552 | 3,805,655 |
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Investment properties and freehold properties were valued on an open market basis, subject to the |
existing leases, by the directors on 27 October 2017. The directors were assisted in this valuation by |
reference to an external valuations carried out on certain investment properties by Rowland Jones, |
Chartered Surveyors in February 2010 and July 2011 and a valuation by Astleys Chartered Surveyors |
in June 2011. |
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5. | FIXED ASSET INVESTMENTS |
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2017 | 2016 |
£ | £ |
Shares in group undertakings |
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Other investments not loans |
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Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
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At 27 October 2017 |
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NET BOOK VALUE |
At 27 October 2017 |
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Investments (neither listed nor unlisted) were as follows: |
2017 | 2016 |
£ | £ |
Other investments |
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JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more than 5 years by
instalments |
1,769,015 |
1,769,015 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The company's bank borrowings are secured by a debenture on bank's standard form. The debenture |
loans are secured by first legal charges over the land and buildings owned by the company. Additional |
security is provided by legal charges over certain investment properties held by the company, together |
with personal guarantees of £200,000 each given by the directors. |
JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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10. | RESERVES |
Retained |
earnings |
- non |
distributable |
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At 29 October 2016 |
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Revaluation in year | 9,000 |
Reserve transfer | 5,226 |
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At 27 October 2017 |
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11. | TRANSACTIONS WITH DIRECTORS |
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The following advances and credits to directors subsisted during the periods ended 27 October 2017 |
and 28 October 2016: |
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2017 | 2016 |
£ | £ |
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Balance outstanding at start of period |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
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Balance outstanding at start of period |
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( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
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Balance outstanding at start of period |
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( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
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JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 29 OCTOBER 2016 TO 27 OCTOBER 2017 |
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11. | TRANSACTIONS WITH DIRECTORS - continued |
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Balance outstanding at start of period |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
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The directors' loans are interest free, unsecured and are repayable on demand. |
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12. | RELATED PARTY DISCLOSURES |
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During the period, total dividends of £140,000 (2016 - £20,000) were paid to the directors . |