REGISTERED NUMBER:
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JOHNSON BROS. |
COAL FACTORS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 24 OCTOBER 2021 |
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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 YEAR ENDED 24 OCTOBER 2021 |
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JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 OCTOBER 2021 |
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Page |
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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 | 10 |
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JOHNSON BROS. |
COAL FACTORS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 24 OCTOBER 2021 |
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DIRECTORS: |
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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 |
24 OCTOBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
10 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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BALANCE SHEET - continued |
24 OCTOBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings - |
non distributable | 12 |
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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. |
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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 and authorised for issue on
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JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 OCTOBER 2021 |
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1. | STATUTORY INFORMATION |
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Johnson Bros. Coal Factors Limited is a
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The presentation currency of the financial statements is the pound sterling (£) and these have been rounded to the nearest pound. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
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Going concern |
The company has made a profit in the year and has both net current assets and net assets at the balance sheet date. However, the company is reliant upon the support of its directors, who have indicated that they will continue to support the company personally. |
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The directors have assessed the principal risks and uncertainties impacting the company, including COVID - 19 and the pressures facing the global economy. The directors are aware that the situation is continually evolving and are prepared to adapt with the latest developments and recommendations. |
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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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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 YEAR ENDED 24 OCTOBER 2021 |
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3. | 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 and other income including insurance income and service charge income. 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 investment properties, as defined by the Financial Reporting Standard 102 Section 1A "Small Entities" accordingly, 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 YEAR ENDED 24 OCTOBER 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost, less provision for impairment. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Stocks |
Stocks are valued at the lower of cost and estimated selling price less selling costs, 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, 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, other creditors and bank loans, 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 payments discounted at a market rate of interest. |
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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. |
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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 year 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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 OCTOBER 2021 |
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3. | ACCOUNTING POLICIES - continued |
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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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Government grants |
Grants are credited to deferred revenue when entitlement to the grant has been established.Grants towards capital expenditure are credited to deferred income and released to the income statement over the expected useful life of the assets. Grants towards revenue expenditure are released to the income statement as the related expenditure is incurred. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 25 October 2020 |
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Additions |
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At 24 October 2021 |
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DEPRECIATION |
At 25 October 2020 |
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Charge for year |
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At 24 October 2021 |
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NET BOOK VALUE |
At 24 October 2021 |
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At 24 October 2020 |
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The net book value of tangible fixed assets includes £28,050 (2019:- £37,950) in respect of assets held under hire purchase contracts. |
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6. | FIXED ASSET INVESTMENTS |
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2021 | 2020 |
£ | £ |
Shares in group undertakings |
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Other investments not loans |
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JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 OCTOBER 2021 |
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6. | FIXED ASSET INVESTMENTS - continued |
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Additional information is as follows: |
Shares in |
group |
undertakings |
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COST |
At 25 October 2020 |
and 24 October 2021 |
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NET BOOK VALUE |
At 24 October 2021 |
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At 24 October 2020 |
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Investments (neither listed nor unlisted) were as follows: |
2021 | 2020 |
£ | £ |
Other investments | 6,900 | 6,900 |
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7. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 25 October 2020 |
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Revaluations | 1,342,000 |
At 24 October 2021 |
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NET BOOK VALUE |
At 24 October 2021 |
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At 24 October 2020 |
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If the Investment properties had not been revalued they would have been included at the following historical cost: |
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2021 | 2020 |
£ | £ |
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Cost | 2,321,215 | 2,321,215 |
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Investment properties were valued at fair value, subject to the existing leases, by the directors at the balance sheet date with reference to a valuation on one of its properties by Savills, Chartered Surveyors. |
JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 OCTOBER 2021 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Amounts owed by group undertakings are repayable on demand. Interest is charged on the balance at 3.5% above bank base rate per annum. |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Other creditors |
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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 | 24,186 | 27,500 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
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Hire purchase contracts | 18,179 | 27,275 |
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Obligations under hire purchase contracts are secured on the assets to which they relate. |
JOHNSON BROS. |
COAL FACTORS LIMITED (REGISTERED NUMBER: 00761527) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 24 OCTOBER 2021 |
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12. | RESERVES |
Retained |
earnings |
- non |
distributable |
£ |
At 25 October 2020 |
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Reserve transfer | 1,126,087 |
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At 24 October 2021 |
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13. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme for its directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date there was unpaid contribution of £215 (2020:- £nil) due to the fund. |
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14. | TRANSACTIONS WITH DIRECTORS |
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At the balance sheet date the directors were owed £1,007.600 (2020 : £1,148,431). |
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The directors' loans are interest free, unsecured and have no fixed repayment date other than £760,000 (2020 : £800,000) is not repayable until after more than one year. |