false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2018-08-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
NI625644
2018-08-01
2019-07-31
NI625644
2019-07-31
NI625644
2018-07-31
NI625644
2017-08-01
2018-07-31
NI625644
2018-07-31
NI625644
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-08-01
2019-07-31
NI625644
core:PlantMachinery
2018-08-01
2019-07-31
NI625644
core:FurnitureFittings
2018-08-01
2019-07-31
NI625644
core:MotorVehicles
2018-08-01
2019-07-31
NI625644
bus:Director1
2018-08-01
2019-07-31
NI625644
bus:Director2
2018-08-01
2019-07-31
NI625644
bus:Director3
2018-08-01
2019-07-31
NI625644
core:WithinOneYear
2019-07-31
NI625644
core:WithinOneYear
2018-07-31
NI625644
core:ShareCapital
2019-07-31
NI625644
core:ShareCapital
2018-07-31
NI625644
core:RetainedEarningsAccumulatedLosses
2019-07-31
NI625644
core:RetainedEarningsAccumulatedLosses
2018-07-31
NI625644
bus:SmallEntities
2018-08-01
2019-07-31
NI625644
bus:AuditExemptWithAccountantsReport
2018-08-01
2019-07-31
NI625644
bus:AbridgedAccounts
2018-08-01
2019-07-31
NI625644
bus:SmallCompaniesRegimeForAccounts
2018-08-01
2019-07-31
NI625644
bus:PrivateLimitedCompanyLtd
2018-08-01
2019-07-31
NI625644
core:AllAssociates
2018-08-01
2019-07-31
COMPANY REGISTRATION NUMBER:
NI625644
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Statement of Financial Position |
|
31 July 2019
Fixed assets
|
Tangible assets |
5 |
|
959,716 |
1,061,120 |
|
|
|
|
|
Current assets
|
Stocks |
44,880 |
|
31,345 |
|
Debtors |
369,899 |
|
402,894 |
|
Cash at bank and in hand |
1,915,684 |
|
1,421,484 |
|
------------ |
|
------------ |
|
2,330,463 |
|
1,855,723 |
|
|
|
|
|
Creditors: amounts falling due within one year |
780,058 |
|
716,398 |
|
------------ |
|
------------ |
|
Net current assets |
|
1,550,405 |
1,139,325 |
|
|
------------ |
------------ |
|
Total assets less current liabilities |
|
2,510,121 |
2,200,445 |
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
24,847 |
33,862 |
|
|
------------ |
------------ |
|
Net assets |
|
2,485,274 |
2,166,583 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
1,500,001 |
1,500,001 |
|
Profit and loss account |
|
985,273 |
666,582 |
|
|
------------ |
------------ |
|
Shareholders funds |
|
2,485,274 |
2,166,583 |
|
|
------------ |
------------ |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 July 2019 in accordance with Section 444(2A) of the Companies Act 2006.
|
Abridged Statement of Financial Position (continued) |
|
31 July 2019
These abridged financial statements were approved by the
board of directors
and authorised for issue on
25 February 2020
, and are signed on behalf of the board by:
|
Mr W J Johnston |
Mrs V J Johnston |
|
Director |
Director |
|
|
Company registration number:
NI625644
|
Notes to the Abridged Financial Statements |
|
Year ended 31 July 2019
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 11 Leverogue Road, Lisburn, BT27 5PP.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold Property |
- |
10% straight line |
|
Fixed Quarry Plant & Electrics |
- |
10% reducing balance |
|
Mobile Quarry Plant |
- |
10% reducing balance |
|
Commercial Vehicles |
- |
10% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
13
(2018:
12
).
5.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 August 2018 |
1,519,233 |
|
Additions |
6,100 |
|
------------ |
|
At 31 July 2019 |
1,525,333 |
|
------------ |
|
Depreciation |
|
|
At 1 August 2018 |
458,113 |
|
Charge for the year |
107,504 |
|
------------ |
|
At 31 July 2019 |
565,617 |
|
------------ |
|
Carrying amount |
|
|
At 31 July 2019 |
959,716 |
|
------------ |
|
At 31 July 2018 |
1,061,120 |
|
------------ |
|
|
6.
Related party transactions
The company is a wholly owned subsidiary of MW Johnston & Son Holdings Ltd. An inter-company loan balance exists between MW Johnston & Son Ltd and MW Johnston & Son Holdings Ltd at an interest rate of 0% which is repayable on demand. The inter-company loan balance stands at £37,610 as at 31 July 2019 (£49,022 as at 31 July 2018) and in included within 'Creditors: amounts falling due within one year.' The company is connected to MW Johnston & Son Properties Ltd as both companies are under the common control of MW Johnston & Son Holdings Ltd. An inter-company loan exists between MW Johnston & Son and MW Johnston & Son Properties Ltd at an interest rate of 0% which is repayable on demand. The intercompany loan balance stands at £405,766 as at 31 July 2019 (£325,535 as at 31 July 2018) and is included within 'Creditors: amounts falling due within one year.'
