Company Registration No. SC045228 (Scotland)
WILLIAM JOHNSTON & COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
WILLIAM JOHNSTON & COMPANY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
WILLIAM JOHNSTON & COMPANY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr W Hardie
Mr R Dawson
Mr C J Edwards
Mr R A McEwen
Mrs F McEwen
Mr A C McEwen
Mrs S D Patrick
Secretary
Mrs F McEwen
Company number
SC045228
Registered office
9 Spiersbridge Terrace
Thornliebank Industrial Estate
Glasgow
Strathclyde
Scotland
G46 8JH
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
WILLIAM JOHNSTON & COMPANY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2020
31 October 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
97,640
81,747
Current assets
Stocks
330,677
398,578
Debtors
4
775,836
866,945
Cash at bank and in hand
541,891
338,297
1,648,404
1,603,820
Creditors: amounts falling due within one year
5
(768,175)
(759,300)
Net current assets
880,229
844,520
Total assets less current liabilities
977,869
926,267
Creditors: amounts falling due after more than one year
6
(18,410)
(11,385)
Provisions for liabilities
11
(8,949)
(4,498)
Net assets
950,510
910,384
Capital and reserves
Called up share capital
12
681
681
Capital redemption reserve
1,844
1,844
Profit and loss reserves
947,985
907,859
Total equity
950,510
910,384
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WILLIAM JOHNSTON & COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2020
31 October 2020
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 12 March 2021 and are signed on its behalf by:
Mr A C McEwen
Mrs S D Patrick
Director
Director
Company Registration No. SC045228
WILLIAM JOHNSTON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
- 4 -
1
Accounting policies
Company information
William Johnston & Company Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
9 Spiersbridge Terrace, Thornliebank Industrial Estate, Glasgow, Strathclyde, Scotland, G46 8JH. The company's registration number is SC045228.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional
and presentational
currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, 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:
Improvements to property
15-33% on cost
Plant and machinery
15% on cost
Fixtures and fittings
15% on cost
Motor vehicles
25% on cost
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 the profit and loss account
.
1.4
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.
1.5
Financial instruments
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.
WILLIAM JOHNSTON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current 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
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 carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
WILLIAM JOHNSTON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 6 -
1.7
Retirement benefits
The company operates defined contribution pension 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.
Pension contributions payable for the year are charged to the profit and loss account.
1.8
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and
are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable
are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the
finance element, which is charged to the
profit and loss accoun
t on a straight line basis.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Total
32
32
WILLIAM JOHNSTON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 7 -
3
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2019
28,795
233,218
157,025
23,520
442,558
Additions
-
-
51,290
-
51,290
At 31 October 2020
28,795
233,218
208,315
23,520
493,848
Depreciation and impairment
At 1 November 2019
20,135
205,387
120,642
14,647
360,811
Depreciation charged in the year
8,660
7,328
16,335
3,074
35,397
At 31 October 2020
28,795
212,715
136,977
17,721
396,208
Carrying amount
At 31 October 2020
-
20,503
71,338
5,799
97,640
At 31 October 2019
8,660
27,831
36,383
8,873
81,747
Included within the net book value is £
15,407
(201
9
- £
43,275
) relating to assets held under hire purchase and finance lease agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £
6,508
(201
9
- £1
2,332
).
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
772,207
861,811
Amounts owed by group undertakings
-
12
Other debtors
3,629
5,122
775,836
866,945
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank overdrafts
-
72,330
Trade creditors
401,286
315,031
Taxation and social security
242,611
277,086
Other creditors
124,278
94,853
768,175
759,300
WILLIAM JOHNSTON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 8 -
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
18,410
11,385
7
Hire purchase and finance lease obligations
2020
2019
Future minimum lease payments due under hire purchase and finance leases:
£
£
Within one year
8,551
12,729
In two to five years
2,834
11,385
11,385
24,114
8
Secured debts
2020
2019
£
£
Bank overdrafts
-
72,330
Hire purchase contracts and finance leases
11,385
24,114
11,385
96,444
Payable within one year
8,551
85,059
Payable after one year
2,834
11,385
Bank borrowings are secured by way of a floating charge over the whole assets of the company.
Hire purchase and finance lease creditors are secured over the individual assets to which they relate.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
140,188
204,337
WILLIAM JOHNSTON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 9 -
10
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
11
8,949
4,498
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
8,949
4,498
2020
Movements in the year:
£
Liability at 1 November 2019
4,498
Charge to profit or loss
4,451
Liability at 31 October 2020
8,949
12
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
68,124 Ordinary shares of 1p each
681
681
WILLIAM JOHNSTON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 10 -
13
Related party transactions
Included within other creditors at the balance sheet date are amounts totalling £18,985 (2019 - £4,424) due to the directors.
The
se
loans are unsecured, interest free and with no fixed terms of repayment in place.
The
c
ompany 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.
No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
14
Ultimate controlling party
The
c
ompany is under the control of the shareholders of the ultimate parent company, William Johnston & Company (UK) Limited. No individual shareholder has a controlling interest.
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Mr W Hardie
Mr R Dawson
Mr C J Edwards
Mr R A McEwen
Mr A C McEwen
Mrs S D Patrick
Mr A McEwen
Mrs S Patrick
Mrs F McEwen
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