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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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JOHN BROWN (STRONE) LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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JOHN BROWN (STRONE) LIMITED |
JOHN BROWN (STRONE) LIMITED (REGISTERED NUMBER: SC029516) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2022 |
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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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JOHN BROWN (STRONE) LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 March 2022 |
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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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Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
JOHN BROWN (STRONE) LIMITED (REGISTERED NUMBER: SC029516) |
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BALANCE SHEET |
31 March 2022 |
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31.3.21 | 31.3.22 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
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Tangible assets | 5 |
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CURRENT ASSETS |
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Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
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Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
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Amounts falling due after more than one
year |
8 |
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) | PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
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Called up share capital | 11 |
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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. |
JOHN BROWN (STRONE) LIMITED (REGISTERED NUMBER: SC029516) |
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BALANCE SHEET - continued |
31 March 2022 |
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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 and authorised for issue on
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JOHN BROWN (STRONE) LIMITED (REGISTERED NUMBER: SC029516) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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John Brown (Strone) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Going concern |
In light of the ongoing global health crisis caused by COVID-19, the directors have assessed the impact that this could have on the business the company is continuing to trade as normal and accordingly the directors continue to adopt the going concern basis of accounting in preparing these financial statements. |
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Related party exemption |
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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Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. |
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In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the cost at the balance sheet date plus a contribution to profit dependent on the status of services completed. |
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Tangible fixed assets |
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Plant & machinery | - |
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Motor vehicles | - |
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Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
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Stocks |
Stocks and work in progress 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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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
JOHN BROWN (STRONE) LIMITED (REGISTERED NUMBER: SC029516) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Taxation |
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis. |
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The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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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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Cash & cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
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Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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JOHN BROWN (STRONE) LIMITED (REGISTERED NUMBER: SC029516) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2022 |
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5. | TANGIBLE FIXED ASSETS |
Plant & | Motor |
Totals | machinery | vehicles |
£ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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Disposals | ( |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant & |
machinery |
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COST |
At 1 April 2021 |
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Transfer to ownership | (15,400 | ) |
At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Transfer to ownership | (7,022 | ) |
At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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JOHN BROWN (STRONE) LIMITED (REGISTERED NUMBER: SC029516) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2022 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans |
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9. | SECURED DEBTS |
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G Brown & Mrs E Brown jointly hold a bond and floating charge over the whole assets of the company. In addition, the company has given a guarantee to both to support the deferred consideration due to them from the John Brown (Strone) Holdings Limited Employee Ownership Trust, in connection with the sale of the immediate parent company's shares to the Trust. |
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10. | PROVISIONS FOR LIABILITIES |
31.3.22 | 31.3.21 |
£ | £ |
Deferred tax | 18,711 | 21,654 |
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Deferred |
tax |
£ |
Balance at 1 April 2021 |
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Provided during year | ( |
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Balance at 31 March 2022 |
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This is in respect of accelerated capital allowances. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
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Ordinary | £1 | 105,000 | 105,000 |
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12. | ULTIMATE CONTROLLING PARTY |
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John Brown (Strone) Holdings Limited Employee Ownership Trust is the ultimate controlling party, |
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13. | IMMEDIATE PARENT COMPANY |
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The immediate parent company is John Brown (Strone) Holdings Limited, a company registered in Scotland and whose registered office is Strone Place, 5 Hamilton Street, Dunoon, Argyll, PA23 7RG. |