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Financial Statements For The Year Ended 28 February 2018 |
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Johnston & Scott Limited |
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REGISTERED NUMBER:
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Financial Statements For The Year Ended 28 February 2018 |
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for |
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Johnston & Scott Limited |
Johnston & Scott Limited (Registered number: SC046452) |
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Contents of the Financial Statements |
For The Year Ended 28 February 2018 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Johnston & Scott Limited |
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Company Information |
For The Year Ended 28 February 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Johnston & Scott Limited (Registered number: SC046452) |
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Abridged Statement of Financial Position |
28 February 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 |
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Investments |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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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 |
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( |
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PROVISIONS FOR LIABILITIES | 6 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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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. |
Johnston & Scott Limited (Registered number: SC046452) |
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Abridged Statement of Financial Position - continued |
28 February 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Johnston & Scott Limited (Registered number: SC046452) |
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Notes to the Financial Statements |
For The Year Ended 28 February 2018 |
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1. | STATUTORY INFORMATION |
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Johnston & Scott 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 |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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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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Computer equipment | - |
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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. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible |
preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit |
or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes |
recognised in profit or loss. |
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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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position 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 |
statement of financial position 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. |
Johnston & Scott Limited (Registered number: SC046452) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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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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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 March 2017 |
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Additions |
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Disposals | ( |
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At 28 February 2018 |
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DEPRECIATION |
At 1 March 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 28 February 2018 |
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NET BOOK VALUE |
At 28 February 2018 |
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At 28 February 2017 |
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Johnston & Scott Limited (Registered number: SC046452) |
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Notes to the Financial Statements - continued |
For The Year Ended 28 February 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Totals |
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COST |
At 1 March 2017 | 64,188 |
Additions | 47,199 |
Transfer to ownership | (16,500 | ) |
At 28 February 2018 | 94,887 |
DEPRECIATION |
At 1 March 2017 | 39,862 |
Charge for year | 17,147 |
Transfer to ownership | (13,563 | ) |
At 28 February 2018 | 43,446 |
NET BOOK VALUE |
At 28 February 2018 | 51,441 |
At 28 February 2017 | 24,326 |
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5. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Hire purchase contracts | 35,574 | 17,865 |
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The hire purchase creditor is secured over the assets to which it relates. |
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6. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 8,351 | 7,803 |
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Deferred |
tax |
£ |
Balance at 1 March 2017 |
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Accelerated capital allowances | 548 |
Balance at 28 February 2018 |
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7. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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