Company Registration No. NI003426 (Northern Ireland)
CYRIL JOHNSTON & CO. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
CYRIL JOHNSTON & CO. LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 15
CYRIL JOHNSTON & CO. LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
6
1,290,362
1,385,798
Investment properties
7
2,122,000
2,122,000
3,412,362
3,507,798
Current assets
Stocks
9
2,273,972
1,823,392
Debtors
10
497,809
770,617
Cash at bank and in hand
636,923
229,232
3,408,704
2,823,241
Creditors: amounts falling due within one year
11
(2,477,433)
(2,320,020)
Net current assets
931,271
503,221
Total assets less current liabilities
4,343,633
4,011,019
Creditors: amounts falling due after more than one year
12
(764,708)
(299,343)
Provisions for liabilities
14
(353,894)
(415,745)
Net assets
3,225,031
3,295,931
Capital and reserves
Called up share capital
16
10,000
10,000
Fixed asset revaluation reserve
485,638
493,976
Investment property revaluation reserve
867,234
848,608
Profit and loss reserves
1,862,159
1,943,347
Total equity
3,225,031
3,295,931
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 2017
31 October 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 May 2018 and are signed on its behalf by:
Mr D. W. Johnston
Director
Company Registration No. NI003426
The notes on pages 3 - 15 form part of these financial statements and should be read in conjunction therewith.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 3 -
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.
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
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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
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.
The surplus or deficit on revaluation is 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.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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.
1.8
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.
1.9
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.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 5 -
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.
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.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 6 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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 2017
1
Accounting policies
(Continued)
- 7 -
1.12
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.
1.13
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.
1.14
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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
1.15
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.
1.16
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 2017
- 8 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Operating loss
2017
2016
as restated
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange gains
(17,510)
(21,053)
Fees payable to the company's auditor for the audit of the company's financial statements
13,300
9,000
Depreciation of owned tangible fixed assets
134,585
143,849
Depreciation of tangible fixed assets held under finance leases
10,998
4,432
(Profit)/loss on disposal of tangible fixed assets
-
4,274
(Profit)/loss on disposal of investment property
-
44,000
Cost of stocks recognised as an expense
6,111,075
6,791,785
Operating lease charges
65,500
43,202
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £17,510 (2016 - £21,053).
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
Distribution
33
36
Administrative Staff
8
8
41
44
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
4
Employees
(Continued)
- 9 -
Their aggregate remuneration comprised:
2017
2016
£
£
Wages and salaries
1,251,605
1,482,800
Social security costs
108,506
134,155
Pension costs
19,029
22,632
1,379,140
1,639,587
5
Directors' remuneration
2017
2016
£
£
Remuneration for qualifying services
58,954
93,431
6
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 November 2016
1,114,615
145,806
768,154
116,111
2,144,686
Additions
24,562
1,144
24,442
-
50,148
At 31 October 2017
1,139,177
146,950
792,596
116,111
2,194,834
Depreciation and impairment
At 1 November 2016
79,058
118,150
525,286
36,395
758,889
Depreciation charged in the year
22,527
5,839
99,420
17,797
145,583
At 31 October 2017
101,585
123,989
624,706
54,192
904,472
Carrying amount
At 31 October 2017
1,037,592
22,961
167,890
61,919
1,290,362
At 31 October 2016
1,035,558
27,655
242,868
79,717
1,385,798
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
6
Tangible fixed assets
(Continued)
- 10 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2017
2016
£
£
Plant and machinery
13,279
16,125
Motor vehicles
28,361
36,513
41,640
52,638
Depreciation charge for the year in respect of leased assets
10,998
4,432
Land and buildings with a carrying amount of £875,000 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.
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:
2017
2016
£
£
Cost
709,543
684,981
Accumulated depreciation
160,252
146,061
Carrying value
549,291
538,920
7
Investment property
2017
£
Fair value
At 1 November 2016 and 31 October 2017
2,122,000
Investment property comprises the 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 a valuation carried out at 31st October 2016 by CBRE, 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.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
7
Investment property
(Continued)
- 11 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2017
2016
£
£
Cost
1,128,676
1,128,676
Accumulated depreciation
(225,141)
(225,141)
Carrying amount
903,535
903,535
8
Financial instruments
2017
2016
as restated
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
407,978
607,840
Carrying amount of financial liabilities
Measured at amortised cost
3,182,201
2,486,040
9
Stocks
2017
2016
£
£
Finished goods and goods for resale
2,273,972
1,823,392
10
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
381,760
520,769
Amounts owed by Cyril Johnston Hire Limited
8,906
11,677
Other debtors
17,312
75,394
Prepayments and accrued income
89,831
162,777
497,809
770,617
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 12 -
11
Creditors: amounts falling due within one year
2017
2016
as restated
Notes
£
£
Bank loans and overdrafts
13
1,458,789
1,006,801
Obligations under finance leases
9,964
9,364
Other borrowings
13
32,000
32,000
Trade creditors
629,235
756,611
Other taxation and social security
59,940
133,323
Other creditors
183,169
245,996
Accruals and deferred income
104,336
135,925
2,477,433
2,320,020
The bank overdraft disclosed under creditors falling due within one year is secured by a fixed and floating charge over the assets of the company.
12
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Bank loans and overdrafts
13
475,330
-
Obligations under finance leases
17,132
27,097
Other borrowings
13
272,246
272,246
764,708
299,343
13
Loans and overdrafts
2017
2016
as restated
£
£
Bank loans
837,946
-
Bank overdrafts
1,096,173
1,006,801
Preference shares
304,246
304,246
2,238,365
1,311,047
Payable within one year
1,490,789
1,038,801
Payable after one year
747,576
272,246
The long-term loans are secured by a fixed and floating charge over the assets of the company.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
13
Loans and overdrafts
(Continued)
- 13 -
Included in bank loans is an amount of £503,036 which is payable in quarterly instalments. The interest rate applicable to the loan is 4.4%.
Included in bank loans is an amount of £334,910 which is payable in quarterly instalments. The interest rate applicable to the loan is 4.049190%.
14
Provisions for liabilities
2017
2016
Notes
£
£
Deferred tax liabilities
15
353,894
415,745
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2017
2016
Balances:
£
£
Accelerated capital allowances
-
43,225
Revaluations
353,894
372,520
353,894
415,745
The net deferred tax liability expected to reverse in 12 months is £18,626. This primarily relates to future changes in the corporation tax rate.
16
Share capital
2017
2016
£
£
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.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 14 -
17
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.
The senior statutory auditor was Dr R I Peters Gallagher OBE FCA.
The auditor was Moore Stephens (NI) LLP.
18
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.
19
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2017
2016
£
£
Within one year
20,120
34,647
Between two and five years
25,402
7,210
In over five years
65,500
65,500
111,022
107,357
20
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2017
2016
£
£
Aggregate compensation
58,954
93,431
During the year the company paid rent amounts of £
65,500
(201
6
- £
43,202
) to the trustees of the Cyril
Johnston Pension Fund, a fund which the directors are trustees of. There is no balance outstanding at
either year end.
21
Controlling party
The ultimate controlling party is Mr D W Johnston.
CYRIL JOHNSTON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 15 -
22
Prior period adjustment
The 2016 financial statements have been revised to incorporate the restatement of
amounts
contained within the following categories:-
Changes to the balance sheet
At 31 October 2016
As previously reported
Adjustment
As restated
£
£
£
Creditors due within one year
Loans and overdrafts
(1,054,585)
(230,212)
(1,284,797)
Other creditors
(807,251)
(85,285)
(892,536)
Net assets
3,611,428
(315,497)
3,295,931
Capital and reserves
Revaluation reserve
490,598
3,378
493,976
Other reserves
959,703
(111,095)
848,608
Profit and loss
2,151,127
(207,780)
1,943,347
Total equity
3,611,428
(315,497)
3,295,931
Changes to the profit and loss account
Period ended 31 October 2016
As previously reported
Adjustment
As restated
£
£
£
Cost of sales
(6,664,879)
(161,304)
(6,826,183)
Distribution costs
(1,277,494)
(13,400)
(1,290,894)
Administrative expenses
(1,184,812)
(140,793)
(1,325,605)
Loss for the financial period
(399,480)
(315,497)
(714,977)
2017-10-31
2016-11-01
false
CCH Software
CCH Accounts Production 2018.200
No description of principal activity
03 May 2018
This audit opinion is unqualified
Mr D. C. Johnston
Mrs M. E Johnston
Mr D. W. Johnston
Mr D. C. Johnston
NI003426
2016-11-01
2017-10-31
NI003426
2017-10-31
NI003426
2016-10-31
NI003426
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-10-31
NI003426
core:PlantMachinery
2017-10-31
NI003426
core:FurnitureFittings
2017-10-31
NI003426
core:MotorVehicles
2017-10-31
NI003426
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-10-31
NI003426
core:PlantMachinery
2016-10-31
NI003426
core:FurnitureFittings
2016-10-31
NI003426
core:MotorVehicles
2016-10-31
NI003426
core:CurrentFinancialInstruments
2017-10-31
NI003426
core:CurrentFinancialInstruments
2016-10-31
NI003426
core:Non-currentFinancialInstruments
2017-10-31
NI003426
core:Non-currentFinancialInstruments
2016-10-31
NI003426
core:ShareCapital
2017-10-31
NI003426
core:ShareCapital
2016-10-31
NI003426
core:RevaluationReserve
2017-10-31
NI003426
core:RevaluationReserve
2016-10-31
NI003426
core:ShareCapitalOrdinaryShares
2017-10-31
NI003426
core:ShareCapitalOrdinaryShares
2016-10-31
NI003426
bus:Director2
2016-11-01
2017-10-31
NI003426
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-11-01
2017-10-31
NI003426
core:PlantMachinery
2016-11-01
2017-10-31
NI003426
core:FurnitureFittings
2016-11-01
2017-10-31
NI003426
core:MotorVehicles
2016-11-01
2017-10-31
NI003426
2015-11-01
2016-10-31
NI003426
core:OwnedAssets
2016-11-01
2017-10-31
NI003426
core:OwnedAssets
2015-11-01
2016-10-31
NI003426
core:LeasedAssets
2016-11-01
2017-10-31
NI003426
core:LeasedAssets
2015-11-01
2016-10-31
NI003426
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-10-31
NI003426
core:PlantMachinery
2016-10-31
NI003426
core:FurnitureFittings
2016-10-31
NI003426
core:MotorVehicles
2016-10-31
NI003426
2016-10-31
NI003426
bus:OrdinaryShareClass1
2016-11-01
2017-10-31
NI003426
bus:OrdinaryShareClass1
2017-10-31
NI003426
core:ContinuingOperations
2015-11-01
2016-10-31
NI003426
bus:PrivateLimitedCompanyLtd
2016-11-01
2017-10-31
NI003426
bus:FRS102
2016-11-01
2017-10-31
NI003426
bus:Audited
2016-11-01
2017-10-31
NI003426
bus:SmallCompaniesRegimeForAccounts
2016-11-01
2017-10-31
NI003426
bus:Director1
2016-11-01
2017-10-31
NI003426
bus:Director3
2016-11-01
2017-10-31
NI003426
bus:CompanySecretary1
2016-11-01
2017-10-31
NI003426
bus:FullAccounts
2016-11-01
2017-10-31
xbrli:pure
xbrli:shares
iso4217:GBP