REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2015 |
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FOR |
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WILLIAM JOHNSTON & COMPANY LIMITED |
REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2015 |
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FOR |
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WILLIAM JOHNSTON & COMPANY LIMITED |
WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 4 |
WILLIAM JOHNSTON & COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
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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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WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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ABBREVIATED BALANCE SHEET |
31 OCTOBER 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 3 |
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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 | 3 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 4 |
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Capital redemption reserve |
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Profit and loss account |
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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. |
WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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ABBREVIATED BALANCE SHEET - continued |
31 OCTOBER 2015 |
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The financial statements were approved by the Board of Directors on
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WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the Financial |
Reporting Standard for Smaller Entities (effective April 2008). |
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Exemption from preparing a cash flow statement |
The Company has adopted the Financial Reporting Standard for Smaller Entities (effective April 2008) and is consequently |
exempt from the requirement to include a cash flow statement in the financial statements. |
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Turnover |
The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns |
received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled |
its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred |
to the customer. |
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Tangible fixed assets |
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Improvements to 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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Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs |
of acquisition. |
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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. Cost represents purchase price. |
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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 where transactions or events have occurred at that date that will result in an obligation to pay more tax, or a right to |
pay less tax, or a right to receive repayments of tax. |
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Deferred tax assets are recognised only to the extent that the directors consider it 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 |
assets and liabilities recognised have not been discounted. |
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Deferred tax is measured on a non-discounted basis at the average 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. |
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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 last term, whichever is the shorter. |
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The interest element of these obligations is charged to the profit and loss account over the period of the lease. The capital |
element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the |
lease. |
WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
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1. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The Company operates defined contribution schemes and a small self administered scheme for executives. The assets of |
the schemes are held separately from those of the Company, with the defined contribution schemes independently |
administered. |
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Pension contributions payable for the year are charged to the profit and loss account. |
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Financial instruments |
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, |
according to the substance of the contractual arrangement. |
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Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at |
principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the |
outstanding balance and are amortised over the period to the due date for repayment of the financial liability. |
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An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of |
its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated |
financial instrument. |
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2. | TANGIBLE FIXED ASSETS |
Total |
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COST |
At 1 November 2014 |
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Additions |
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Disposals | ( |
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At 31 October 2015 |
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DEPRECIATION |
At 1 November 2014 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 October 2015 |
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NET BOOK VALUE |
At 31 October 2015 |
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At 31 October 2014 |
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3. | CREDITORS |
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Creditors include an amount of £
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WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2015 |
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4. | CALLED UP SHARE CAPITAL |
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Alloted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
66,124 | Ordinary | £0.01 | 661 | 467 |
NIL | B Ordinary | £0.01 | - | 3 |
NIL | Redeemable Preference | £1 | - | 191 |
1,000 | C Ordinary | £0.01 | 10 | - |
1,000 | D Ordinary | £0.01 | 10 | - |
681 | 661 |
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On 18 February 2015 the 324 B Ordinary shares in issue were redesignated as Ordinary shares. |
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On 18 February 2015 the 191 Redeemable Preference shares in issue were subdivided into 19,100 Redeemable Preference |
shares of £0.01. These were then redesignated as Ordinary shares. |
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On 18 February 2015 the Company issued 1,000 C Ordinary shares and 1,000 D Ordinary shares at par. |
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5. | ULTIMATE PARENT COMPANY |
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Subsequent to the year end a new ultimate parent company, William Johnston & Company (UK) Limited has been |
established. |