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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018 |
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WILLIAM JOHNSTON & COMPANY LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018 |
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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 FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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WILLIAM JOHNSTON & COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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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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169 West George Street |
Glasgow |
G2 2LB |
WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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BALANCE SHEET |
31 OCTOBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 | 7 | ( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Capital redemption reserve |
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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. |
WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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BALANCE SHEET - continued |
31 OCTOBER 2018 |
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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
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WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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1. | STATUTORY INFORMATION |
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William Johnston & Company Limited is a
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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 (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
The turnover shown in the Income Statement 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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Financial instruments |
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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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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WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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 |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor, |
are charged against profits on a straight line basis over the period of the lease. |
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Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their market value, |
and are depreciated in accordance with the above depreciation policies. |
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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 charge to the Income Statement on a straight line basis. |
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Pension costs and other post-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. |
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Pension contributions payable for the year are charged to the Income Statement. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2017 |
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Additions |
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Disposals |
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At 31 October 2018 |
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DEPRECIATION |
At 1 November 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 October 2018 |
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NET BOOK VALUE |
At 31 October 2018 |
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At 31 October 2017 |
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Included within the net book value is £58,042 (2017 - £55,136) 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 |
£17,621 (2017 - £18,000). |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts and finance leases (see
note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts and finance leases (see
note 8) |
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WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts | Finance leases |
2018 | 2017 | 2018 | 2017 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Bank overdrafts |
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Hire purchase contracts and finance leases | 44,093 | 45,604 |
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Bank borrowings are secured by way of a floating charge over the whole assets of the Company. |
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Hire purchase and finance lease creditors, including finance agreements pending, are secured over the individual assets to |
which they relate. |
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10. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 7,076 | - |
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Deferred |
tax |
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Charge to Income Statement during year |
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Balance at 31 October 2018 |
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WILLIAM JOHNSTON & COMPANY LIMITED (REGISTERED NUMBER: SC045228) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2018 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £0.01 | 681 | 681 |
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12. | RELATED PARTY DISCLOSURES |
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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. |
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The following transactions with related parties took place during the year: |
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2018 | 2017 |
£ | £ |
Amounts owed to directors | 4,147 | 565 |
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The above loans are unsecured, interest free and with no fixed terms of repayment in place. |
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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". |
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13. | ULTIMATE CONTROLLING PARTY |
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The Company is under the control of the shareholders of the ultimate parent company, William Johnston & Company (UK) |
Limited. No individual shareholder has a controlling interest. |