Company Registration No. NI003426 (Northern Ireland)
CYRIL JOHNSTON & CO. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
CYRIL JOHNSTON & CO. LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 15
CYRIL JOHNSTON & CO. LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
932,387
1,180,648
Investment properties
4
2,412,000
2,122,000
Investments
5
1
1
3,344,388
3,302,649
Current assets
Stocks
1,619,054
2,183,820
Debtors
7
467,338
551,793
Cash at bank and in hand
107,409
498,002
2,193,801
3,233,615
Creditors: amounts falling due within one year
8
(1,508,215)
(2,499,392)
Net current assets
685,586
734,223
Total assets less current liabilities
4,029,974
4,036,872
Creditors: amounts falling due after more than one year
9
(410,172)
(532,678)
Provisions for liabilities
13
(363,458)
(353,894)
Net assets
3,256,344
3,150,300
Capital and reserves
Called up share capital
14
10,000
10,000
Fixed asset revaluation reserve
405,299
477,300
Investment property revaluation reserve
1,011,141
867,234
Profit and loss reserves
1,829,904
1,795,766
Total equity
3,256,344
3,150,300
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CYRIL JOHNSTON & CO. LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2019
31 October 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 April 2020 and are signed on its behalf by:
Mr D. W. Johnston
Director
Company Registration No. NI003426
The notes on pages 4 - 15 form part of these financial statements and should be read in conjunction therewith.
CYRIL JOHNSTON & CO. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2019
- 3 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2017
10,000
485,638
867,234
1,862,159
3,225,031
Year ended 31 October 2018:
Loss and total comprehensive income for the year
-
-
-
(74,731)
(74,731)
Transfers
-
(8,338)
-
8,338
-
Balance at 31 October 2018
10,000
477,300
867,234
1,795,766
3,150,300
Year ended 31 October 2019:
Profit and total comprehensive income for the year
-
-
114,000
(7,956)
106,044
Deferred tax movements
-
-
(21,660)
21,660
-
Transfers
-
(72,001)
51,567
20,434
-
Balance at 31 October 2019
10,000
405,299
1,011,141
1,829,904
3,256,344
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 4 -
1
Accounting policies
Company information
Cyril Johnston & Co. Limited is a
private
company
limited by shares
incorporated in Northern Ireland.
The registered office is
Ballynahinch Road, Carryduff, Belfast, BT8 8DJ.
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 currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Going concern
At the time of approving the financial statements, the
d
irectors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The COVID-19 global pandemic has led to
some
uncertainty after the year end but the
d
irectors remain satisfied that adequate resources are available to allow the company to continue to trade. The directors have taken all reasonable steps to minimise any impact. Whilst the business was closed for a few weeks, a significant number of staff have been furloughed and the directors are availing of the Coronavirus Job Retention Scheme. In addition, they have also negotiated additional funding from their bankers under the Coronavirus Business Interruption Loan Scheme (CBIL). The business re-opened on 20 April 2020.
Thus the
d
irectors are comfortable with and continue to adopt the going concern basis of accounting in preparing the financial statements. As the economic impact COVID-19 crisis arose in early 2020, the conditions did not exist at the reporting date, it is not considered an adjusting event and no adjustments are required.
1.3
Turnover
The turnover shown in the profit and loss account represents income from the distribution of goods and machinery to the horticulture and leisure sectors and excludes VAT. Revenue is recognised at the time of collection or delievery to the customer.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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:
Land and buildings Freehold
2% straight line
Plant and machinery
15% straight line
Fixtures, fittings & equipment
15 - 25% straight line
Motor vehicles
25% reducing balance
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 5 -
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 profit or loss
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 6 -
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
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.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates
or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets
are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except
that investments in equity instruments that are not publicly traded and whose fair values cannot be
measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of
impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset, the estimated future cash flows have been
affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the
present value of the estimated cash flows discounted at the asset’s original effective interest rate. The
impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not
exceed what the carrying amount would have been, had the impairment not previously been recognised.
The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire
or are settled, or when the company transfers the financial asset and substantially all the risks and rewards
of ownership to another entity, or if some significant risks and rewards of ownership are retained but
control of the asset has transferred to another party that is able to sell the asset in its entirety to an
unrelated third party.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 7 -
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.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
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.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 8 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.17
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangments entered into. An equity instrument is any contract that evidences a residual interest in the assets of the equity after deducting all of its financial liabilities.
Where the contractual obligations of the financial statements (including share capital) are equivalent to a similiar debt instrument, those financial statements are classed as financial liabilities. Financial liabilities are presented in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 9 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 38 (2018 - 40).
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 November 2018
1,144,055
147,460
807,856
123,061
2,222,432
Additions
-
5,160
13,942
7,965
27,067
Transfer to investment property
(200,000)
-
-
-
(200,000)
At 31 October 2019
944,055
152,620
821,798
131,026
2,049,499
Depreciation and impairment
At 1 November 2018
124,445
129,888
719,081
68,370
1,041,784
Depreciation charged in the year
22,881
6,198
56,664
13,585
99,328
Transfer to investment property
(24,000)
-
-
-
(24,000)
At 31 October 2019
123,326
136,086
775,745
81,955
1,117,112
Carrying amount
At 31 October 2019
820,729
16,534
46,053
49,071
932,387
At 31 October 2018
1,019,610
17,572
88,775
54,691
1,180,648
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2019
2018
£
£
Motor vehicles
34,709
36,201
34,709
36,201
Depreciation charge for the year in respect of leased assets
9,457
8,864
Land and buildings with a carrying amount of £837,000 were revalued at
31 October 2013 by Ian McCullough Estate Agents and Chartered Surveyors,
independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
3
Tangible fixed assets
(Continued)
- 10 -
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2019
2018
£
£
Cost
714,421
714,421
Accumulated depreciation
188,807
174,519
Carrying value
525,614
539,902
4
Investment property
2019
£
Fair value
At 1 November 2018
2,122,000
Transfers
176,000
Revaluations
114,000
At 31 October 2019
2,412,000
Investment property comprises the land and premises at 129-135 Ballynahinch Road, Carryduff, Belfast,
BT8 8DJ. The fair value of the investment property has been arrived at on the basis of valuations carried
out at 31st October 2016 and 18th January 2018 by CBRE and Ian McCullough respectively, who are not
connected with the company. The valuation was made on an open market value basis by reference to
market evidence of transaction prices for similar properties.
A post year-end revaluation of the investment property was carried out at 14th January 2020 by OKT, who are not connected with the company. This has been included as a non-adjusting event. The revaluation would have concluded a fair value increase of £223,000. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2019
2018
£
£
Investments
1
1
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
5
Fixed asset investments
(Continued)
- 11 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2018 & 31 October 2019
1
Carrying amount
At 31 October 2019
1
At 31 October 2018
1
6
Subsidiaries
Details of the company's subsidiaries at 31 October 2019 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Cyril Johnston Trading Limited
Northern Ireland
Dormant
Ordinary
100.00
0
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
309,126
404,390
Amounts owed by Cyril Johnston Hire Limited
1,175
7,222
Other debtors
73,561
50,906
Prepayments and accrued income
83,476
89,275
467,338
551,793
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 12 -
8
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
662,565
1,511,131
Obligations under finance leases
13,646
13,593
Other borrowings
89,793
89,793
Trade creditors
592,518
652,747
Corporation tax
13,312
6,116
Other taxation and social security
68,654
106,790
Accruals and deferred income
67,727
119,222
1,508,215
2,499,392
9
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
-
70,712
Obligations under finance leases
1,417
9,956
Other borrowings
408,755
452,010
410,172
532,678
10
Loans and overdrafts
2019
2018
£
£
Bank loans
70,790
485,856
Bank overdrafts
591,775
1,095,987
Preference shares
304,246
304,246
Other loans
194,302
237,557
1,161,113
2,123,646
Payable within one year
752,358
1,600,924
Payable after one year
408,755
522,722
The bank borrowings are secured by a floating charge over the company's properties at Ballynahinch Road, Carryduff, and by guarantees provided by company directors.
Included within Bank loans is an amount of £70,790 which is payable in monthly instalments, and carries variable interest of 1 month LIBOR plus 3.65%. The final settlement of the loan is due in 2019.
Included within Other loans is an amount of £194,302 which is payable in quarterly instalments, and carries interest of 2.5%. The final settlement of the loan is due in 2023.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 13 -
11
Finance lease obligations
2019
2018
Future minimum lease payments due under finance leases:
£
£
Within one year
14,201
15,013
In two to five years
1,439
9,883
15,640
24,896
Less: future finance charges
(577)
(1,347)
15,063
23,549
Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
12
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
13
363,458
353,894
13
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Revaluations
363,458
353,894
2019
Movements in the year:
£
Liability at 1 November 2018
353,894
Charge to profit or loss
9,564
Liability at 31 October 2019
363,458
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
13
Deferred taxation
(Continued)
- 14 -
The company does not intend to dispose of its freehold property or investment property in the foreseeable future, and therefore no projected deferred tax movement has been noted.
Deferred tax is not recognised in respect of
tax
losses of £1,664,072 as it is not probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits.
14
Share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary Shares of £1 each
10,000
10,000
10,000
10,000
The ordinary shares entitle the shareholders to:
-
full rights to receive notice of and attend, speak and vote at all general meetings of the Company;
-
full rights to participate in lawful dividends; and
-
full rights to participate in a lawful distribution.
15
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
We draw attention to note 1.2 of the financial statements, which describes the
d
irectors’ assessment of the impact of Covid-19 pandemic which has occurred after the reporting date.
The COVID-19 global pandemic has led to some uncertainty after the year end but the
d
irectors remain satisfied that adequate resources are available to allow the company to continue to trade. The
d
irectors have taken all reasonable steps to minimise any impact. Whilst the business was closed for a few weeks, a significant number of staff have been furloughed and the
d
irectors are availing of the Coronavirus
Job Retention Scheme. In addition, they have also received additional funding from their bankers under the Coronavirus Business Interruption Loan Scheme (CBIL). The business re-opened on 20
April 2020.Thus the
d
irectors are comfortable with and continue to adopt the going concern basis of accounting in preparing the financial statements.
Our opinion is not modified in this respect.
The senior statutory auditor was Dr R I Peters Gallagher OBE FCA.
The auditor was Moore (N.I.) LLP.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 15 -
16
Financial commitments, guarantees and contingent liabilities
The company has a contingent liability in respect of a bank guarantee in place for VAT liabilities, totalling £25,000.
17
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:
2019
2018
£
£
Within one year
79,674
90,563
Between two and five years
264,159
281,490
In over five years
65,000
65,500
408,833
437,553
18
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows:
2019
2018
£
£
Aggregate compensation
97,216
75,937
During the year the company paid rent
of £
65,500
(201
8
- £
65,500
) to the trustees of the Cyril
Johnston Pension Fund, a fund
of
which the directors are trustees. The
balance outstanding at
the year end was £6,550 (2018 - £6,550), included within Trade Creditors.
During the year the company repaid £57,793 (2018 - £39,293) of a loan from the Cyril Johnston Pension Fund. The balance outstanding at the year end was £194,302 (2018 - £237,557), included within Other Borrowings.
During the year the company incurred sales and
expenditure totaling £
10,049 and £606 respectively
(201
8
- £
23,837 and £1,375
)
relating to Cyril Johnston Hire Limited
, a company in which
David Johnston and Dolway Johnston
are directors. The
balance outstanding
at the year-end was
£1,175
(201
8
- £
7,222
)
,
included
within Amounts owed by Cyril Johnston Hire Limited
19
Controlling party
The ultimate controlling party is Mr D W Johnston.
2019-10-31
2018-11-01
false
30 April 2020
CCH Software
CCH Accounts Production 2020.100
No description of principal activity
This audit opinion is unqualified
Mr D. W. Johnston
Mr D. C. Johnston
Mrs M. E Johnston
Mr D. C. Johnston
NI003426
2018-11-01
2019-10-31
NI003426
2019-10-31
NI003426
2018-10-31
NI003426
core:LandBuildings
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2019-10-31
NI003426
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2019-10-31
NI003426
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2019-10-31
NI003426
core:MotorVehicles
2019-10-31
NI003426
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-10-31
NI003426
core:PlantMachinery
2018-10-31
NI003426
core:FurnitureFittings
2018-10-31
NI003426
core:MotorVehicles
2018-10-31
NI003426
core:Non-currentFinancialInstruments
2019-10-31
NI003426
core:Non-currentFinancialInstruments
2018-10-31
NI003426
core:CurrentFinancialInstruments
2019-10-31
NI003426
core:CurrentFinancialInstruments
2018-10-31
NI003426
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2019-10-31
NI003426
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2018-10-31
NI003426
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2019-10-31
NI003426
core:RevaluationReserve
2018-10-31
NI003426
core:ShareCapital
2017-10-31
NI003426
core:RevaluationReserve
2017-10-31
NI003426
core:OtherMiscellaneousReserve
2017-10-31
NI003426
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2017-10-31
NI003426
2017-10-31
NI003426
core:OtherMiscellaneousReserve
2018-10-31
NI003426
core:RetainedEarningsAccumulatedLosses
2018-10-31
NI003426
core:ShareCapitalOrdinaryShares
2019-10-31
NI003426
core:ShareCapitalOrdinaryShares
2018-10-31
NI003426
bus:Director1
2018-11-01
2019-10-31
NI003426
core:RetainedEarningsAccumulatedLosses
2017-11-01
2018-10-31
NI003426
2017-11-01
2018-10-31
NI003426
core:RevaluationReserve
2017-11-01
2018-10-31
NI003426
core:RevaluationReserve
2018-11-01
2019-10-31
NI003426
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2018-11-01
2019-10-31
NI003426
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2018-11-01
2019-10-31
NI003426
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2018-11-01
2019-10-31
NI003426
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2018-11-01
2019-10-31
NI003426
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core:OwnedOrFreeholdAssets
2018-10-31
NI003426
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2018-10-31
NI003426
core:FurnitureFittings
2018-10-31
NI003426
core:MotorVehicles
2018-10-31
NI003426
2018-10-31
NI003426
core:Subsidiary1
2018-11-01
2019-10-31
NI003426
core:Subsidiary1
1
2018-11-01
2019-10-31
NI003426
core:FinancialLiabilitiesHeldForTrading
core:FinancialInstrumentsHeldForSale
2019-10-31
NI003426
core:WithinOneYear
2019-10-31
NI003426
core:WithinOneYear
2018-10-31
NI003426
core:BetweenTwoFiveYears
2019-10-31
NI003426
core:BetweenTwoFiveYears
2018-10-31
NI003426
bus:OrdinaryShareClass1
2018-11-01
2019-10-31
NI003426
bus:OrdinaryShareClass1
2019-10-31
NI003426
core:MoreThanFiveYears
2019-10-31
NI003426
core:MoreThanFiveYears
2018-10-31
NI003426
bus:PrivateLimitedCompanyLtd
2018-11-01
2019-10-31
NI003426
bus:SmallCompaniesRegimeForAccounts
2018-11-01
2019-10-31
NI003426
bus:FRS102
2018-11-01
2019-10-31
NI003426
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2018-11-01
2019-10-31
NI003426
bus:Director2
2018-11-01
2019-10-31
NI003426
bus:Director3
2018-11-01
2019-10-31
NI003426
bus:CompanySecretary1
2018-11-01
2019-10-31
NI003426
bus:FullAccounts
2018-11-01
2019-10-31
xbrli:pure
xbrli:shares
iso4217:GBP