Company Registration No. 00083425 (England and Wales)
John Horsfall & Sons (Greetland) Limited
Annual report and consolidated
financial statements
for the year ended 31 December 2023
John Horsfall & Sons (Greetland) Limited
Company Information
Directors
P H Benson
J A Benson
C H Benson
Secretary
R S Currie
Company number
00083425
Registered office
Birkby Grange
Birkby Hall Road
Huddersfield
West Yorkshire
HD2 2XB
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Bankers
Barclays Bank PLC
39-47 Commercial Street
Halifax
West Yorkshire
HX1 1BG
John Horsfall & Sons (Greetland) Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of cash flows
10
Notes to the financial statements
11 - 22
John Horsfall & Sons (Greetland) Limited
Strategic report
for the year ended 31 December 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

 

Principal activities

The principal activities of the group are that of blanket and textile manufacturers, blade and wire manufacturers for the carpet industry and property rental. There have not been any significant changes in the group's principal activities in the year under review.

Analysis of turnover
2023
2022
Blankets and textiles to the airline industry
17,683,386
18,965,892
Blankets and textiles to the healthcare industry
8,440,661
10,033,979
Blades and wires
562,088
527,452
Rental income
301,277
323,577
Orvec Xiamen - external sales
134,256
19,946
27,121,669
29,870,846
Business review

The year ended 2023 has been excellent year for the group, overall the director’s are pleased with the groups performance and results for the year given the difficult circumstances.

Financial risk management objectives and policies

Competitor risk

Competition and threat to market share is a key risk to the company. The risk is alleviated by continuing to develop quality products at competitive prices and reacting efficiently to customer requirements.

 

Liquidity risk

The liquidity risk is managed by maintaining a positive bank balance sufficient to take full advantage of supplier terms and trade discounts. Trade debtors are managed by tight control of customer terms and by regular monitoring of the amounts outstanding.

 

Foreign currency risk

Foreign currency risk is mitigated by having foreign currency bank accounts allowing the group to continually monitor currency rates, transferring balances when they are at a satisfactory level.

Future outlook

The company continues to build its market share through close focus on, and delivery of, customer requirements. The prospects for the year to 31 December 2023 are very encouraging with the directors looking to increase the company's overseas revenue.

 

There have been no events since the balance sheet date that materially affect the company.

This report was approved by the Board and signed on its behalf by

P H Benson
Director
3 September 2024
John Horsfall & Sons (Greetland) Limited
Directors' Report
for the year ended 31 December 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were declared for the year amounting to £1,570,065. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P H Benson
J A Benson
C H Benson
Auditor

The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management objectives and policies and future developments of the group.

John Horsfall & Sons (Greetland) Limited
Directors' Report (continued)
for the year ended 31 December 2023
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
P H Benson
Director
3 September 2024
John Horsfall & Sons (Greetland) Limited
Independent auditor's report
to the members of John Horsfall & Sons (Greetland) Limited
- 4 -
Opinion

We have audited the financial statements of John Horsfall & Sons (Greetland) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of income and retained earnings, the group statement of financial position, the company statement of financial position, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

John Horsfall & Sons (Greetland) Limited
Independent auditor's report (continued)
to the members of John Horsfall & Sons (Greetland) Limited
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the group and the sectors in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

 

We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

 

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

John Horsfall & Sons (Greetland) Limited
Independent auditor's report (continued)
to the members of John Horsfall & Sons (Greetland) Limited
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Charles R Moorby (Senior Statutory Auditor)
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
3 September 2024
John Horsfall & Sons (Greetland) Limited
Group Statement of income retained earnings
for the year ended 31 December 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
27,121,669
29,870,846
Cost of sales
(17,667,465)
(19,578,656)
Gross profit
9,454,204
10,292,190
Distribution costs
(483,323)
(642,825)
Administrative expenses
(4,278,069)
(4,369,850)
Other operating income
13,539
48,999
Operating profit
3
4,706,351
5,328,514
Income from other fixed asset investments
18,895
24,711
Interest receivable
200,904
38,166
Interest payable
7
(93,783)
(30,521)
Other gains and losses
8
219,637
(264,399)
Fair value gains on investment properties
13
1,619,616
-
0
Profit before taxation
6,671,620
5,096,471
Tax on profit
9
(1,578,776)
(1,040,949)
Profit for the financial year
5,092,844
4,055,522
Retained earnings brought forward
18,745,149
16,277,785
Dividends
10
(1,570,065)
(1,588,158)
Retained earnings carried forward
22,267,928
18,745,149
Profit for the financial year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

John Horsfall & Sons (Greetland) Limited
Group Statement of financial position
as at 31 December 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
-
0
16,666
Tangible assets
12
2,595,605
3,764,534
Investment properties
13
3,440,000
593,201
Investments
14
2,602,530
1,867,184
8,638,135
6,241,585
Current assets
Stocks
16
3,487,384
4,845,742
Debtors
17
8,395,030
8,585,799
Cash at bank and in hand
7,914,440
5,799,056
19,796,854
19,230,597
Creditors: amounts falling due within one year
18
(5,606,618)
(6,609,261)
Net current assets
14,190,236
12,621,336
Total assets less current liabilities
22,828,371
18,862,921
Provisions for liabilities
20
(525,443)
(82,772)
Net assets
22,302,928
18,780,149
Capital and reserves
Called up share capital
22
29,020
29,020
Capital redemption reserve
5,980
5,980
Profit and loss reserves
22,267,928
18,745,149
Total equity
22,302,928
18,780,149
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
03 September 2024
P H Benson
Director
Company Registration No. 00083425
John Horsfall & Sons (Greetland) Limited
Company Statement of financial position
as at 31 December 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,036,528
3,268,711
Investment properties
13
3,440,000
593,201
Investments
14
3,786,161
3,050,815
9,262,689
6,912,727
Current assets
Debtors
17
9,436,998
10,675,528
Cash at bank and in hand
6,377,790
3,345,854
15,814,788
14,021,382
Creditors: amounts falling due within one year
18
(3,366,321)
(3,250,364)
Net current assets
12,448,467
10,771,018
Total assets less current liabilities
21,711,156
17,683,745
Creditors: amounts falling due after more than one year
19
(96,865)
(96,865)
Provisions for liabilities
(497,628)
(66,174)
Net assets
21,116,663
17,520,706
Capital and reserves
Called up share capital
22
29,020
29,020
Capital redemption reserve
15,980
15,980
Profit and loss reserves
21,071,663
17,475,706
Total equity
21,116,663
17,520,706

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £5,166,022 (2022: £4,033,248 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
03 September 2024
P H Benson
Director
Company Registration No. 00083425
John Horsfall & Sons (Greetland) Limited
Group Statement of Cash Flows
for the year ended 31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
5,769,942
3,600,124
Interest paid
(93,783)
(30,521)
Income taxes paid
(1,569,546)
(371,824)
Net cash inflow from operating activities
4,106,613
3,197,779
Investing activities
Purchase of tangible fixed assets
(189,004)
(85,677)
Proceeds from disposal of tangible fixed assets
70,159
69,546
Proceeds from disposal of investments
(515,709)
(16,751)
Interest received
200,904
38,166
Other income received from investments
18,895
24,711
Net cash (used in)/generated from investing activities
(414,755)
29,995
Financing activities
Dividends paid to equity shareholders
(1,588,158)
(495,201)
Net cash used in financing activities
(1,588,158)
(495,201)
Net increase in cash and cash equivalents
2,103,700
2,732,573
Cash and cash equivalents at beginning of year
5,764,600
3,032,027
Cash and cash equivalents at end of year
7,868,300
5,764,600
Relating to:
Cash at bank and in hand
7,914,440
5,799,056
Bank overdrafts included in creditors payable within one year
(46,140)
(34,456)
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements
for the year ended 31 December 2023
- 11 -
1
Accounting policies
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.

The financial statements have been prepared on the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Basis of consolidation

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of the exemptions available in relation to the disclosure requirements for parent company information.

The consolidated financial statements incorporate those of John Horsfall & Sons (Greetland) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Turnover is recognised on the supply of goods to the customer.

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Branding & intellectual property
33% straight line
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 12 -
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 of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line and 15% on written down value
Fixtures and fittings
33% straight line and 10% on straight line
Motor vehicles
25% written down value

Depreciation is provided on freehold properties where in the directors opinion, there is deemed to be a diminution in value. Depreciation is not provided on properties where the directors believe the properties are maintained to a sufficiently high standard resulting in no reduction in value.

 

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 recognised in the income statement.

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 at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Property rented to a group entity is accounted for as tangible fixed assets.

Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 group’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 is recognised in respect of all timing differences that have originated but not reversed at the year end date. Timing differences represents the accumulated difference between the company's taxable profit and its financial profit. These differences arise primarily from the difference between accelerated capital allowances and depreciation.

Retirement benefits

Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme.

John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 13 -
Leases

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.

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 in the period are included in profit or loss.

2
Turnover

Turnover attributable to geographical markets outside the United Kingdom amounted to 47% (2021: 26%) for the year.

3
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Losses on financial exchange
(117,152)
80,634
Depreciation of owned tangible fixed assets
102,080
71,150
(Profit)/loss on disposal of tangible fixed assets
(41,489)
5,265
Amortisation of intangible assets
16,666
16,667
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,800
14,650
Audit of the financial statements of the company's subsidiaries
25,000
24,150
39,800
38,800
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

2023
2022
Number
Number
Directors
3
3
Administration
30
29
Production
28
21
61
53
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
5
Employees
(continued)
- 14 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,629,104
2,505,083
Social security costs
271,991
261,914
Pension costs
361,907
496,039
3,263,002
3,263,036
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
440,938
405,867
Company pension contributions to defined contribution schemes
76,175
234,745
517,113
640,612

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
239,965
291,078
7
Interest payable
2023
2022
£
£
Interest on bank overdrafts and loans
76,889
30,521
Other interest
16,894
-
Total finance costs
93,783
30,521
8
Other gains and losses
2023
2022
£
£
Change in fair value of listed investments
202,132
(248,143)
(Loss)/gain on disposal of listed investments
17,505
(16,256)
219,637
(264,399)
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 15 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,138,953
1,092,001
Adjustments in respect of prior periods
(2,848)
(5,525)
Total current tax
1,136,105
1,086,476
Deferred tax
Origination and reversal of timing differences
442,671
(45,527)
Total tax charge
1,578,776
1,040,949

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
6,671,620
5,096,471
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,569,165
968,329
Tax effect of expenses that are not deductible in determining taxable profit
(16,087)
58,754
Adjustments in respect of prior years
(2,848)
(5,525)
Permanent capital allowances in excess of depreciation
(579)
(2,293)
Dividend income
(10,256)
-
Chargeable gain
294
-
0
Overseas losses not available for group relief
39,087
21,684
Taxation charge
1,578,776
1,040,949
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
1,570,065
1,588,158
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 16 -
11
Intangible fixed assets
Group
Branding & intellectual property
£
Cost
At 1 January 2023 and 31 December 2023
50,000
Amortisation and impairment
At 1 January 2023
33,334
Amortisation charged for the year
16,666
At 31 December 2023
50,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
16,666
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
3,320,394
858,160
156,762
146,203
4,481,519
Additions
-
0
23,352
55,095
110,557
189,004
Disposals
-
0
(12,420)
-
0
(53,015)
(65,435)
Transfer to investment property
(1,227,183)
-
0
-
0
-
0
(1,227,183)
At 31 December 2023
2,093,211
869,092
211,857
203,745
3,377,905
Depreciation and impairment
At 1 January 2023
57,173
447,841
130,218
81,753
716,985
Depreciation charged in the year
225
36,241
24,699
40,915
102,080
Eliminated in respect of disposals
-
0
-
0
-
0
(36,765)
(36,765)
At 31 December 2023
57,398
484,082
154,917
85,903
782,300
Carrying amount
At 31 December 2023
2,035,813
385,010
56,940
117,842
2,595,605
At 31 December 2022
3,263,221
410,319
26,544
64,450
3,764,534
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
12
Tangible fixed assets
(continued)
- 17 -
Company
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
3,258,711
50,000
3,308,711
Transfer to investment property
(1,227,183)
-
0
(1,227,183)
At 31 December 2023
2,031,528
50,000
2,081,528
Depreciation and impairment
At 1 January 2023
-
0
40,000
40,000
Depreciation charged in the year
-
0
5,000
5,000
At 31 December 2023
-
0
45,000
45,000
Carrying amount
At 31 December 2023
2,031,528
5,000
2,036,528
At 31 December 2022
3,258,711
10,000
3,268,711
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023
593,201
593,201
Transfers from owner-occupied property
1,227,183
1,227,183
Net gains or losses through fair value adjustments
1,619,616
1,619,616
At 31 December 2023
3,440,000
3,440,000

The fair value of the investment properties at 31 December 2023 being £593,201 (2022: £593,201) has been arrived at on the basis of a valuation carried out at that date by the directors. The investment properties have a historical cost of £289,663 (2022: £289,663).

14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,183,631
1,183,631
Listed investments
2,602,530
1,867,184
2,602,530
1,867,184
2,602,530
1,867,184
3,786,161
3,050,815
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
14
Fixed asset investments
(continued)
- 18 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023
1,867,184
Additions
1,003,512
Valuation changes
202,132
Disposals
(470,298)
At 31 December 2023
2,602,530
Carrying amount
At 31 December 2023
2,602,530
At 31 December 2022
1,867,184
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
1,183,631
1,867,184
3,050,815
Additions
-
1,003,512
1,003,512
Valuation changes
-
202,132
202,132
Disposals
-
(470,298)
(470,298)
At 31 December 2023
1,183,631
2,602,530
3,786,161
Carrying amount
At 31 December 2023
1,183,631
2,602,530
3,786,161
At 31 December 2022
1,183,631
1,867,184
3,050,815
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 19 -
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
F K Adcock & Co Ltd
1
Ordinary
100.00
-
Interweave Textiles Ltd
1
Ordinary
100.00
-
John Horsfall & Sons Ltd
1
Ordinary
100.00
-
William B Swift Ltd
1
Ordinary
100.00
-
Orvec (Xiamen) Textile Converting Co. Limited
2
Ordinary
-
100.00

The Registered Office addresses of all of the company's subsidiaries is:

1
Birkby Grange, Birkby Hall Road, Huddersfield, West Yorkshire, HD2 2XB
2
No.6 South Yanghe Road, Xinyang Industry Zone, Haicang, Xiamen 361022 China
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
88,787
86,600
-
-
Finished goods and goods for resale
3,398,597
4,759,142
-
0
-
0
3,487,384
4,845,742
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,360,948
3,907,001
38,309
359,637
Amounts owed by subsidiary undertakings
-
0
-
0
5,598,618
6,374,789
Amounts owed by connected companies
3,599,199
3,699,199
3,599,199
3,699,199
Other debtors
16,231
141,159
-
0
-
0
Prepayments and accrued income
418,652
838,440
200,872
241,903
8,395,030
8,585,799
9,436,998
10,675,528
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 20 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
46,140
34,456
-
0
-
0
Trade creditors
552,388
1,345,446
10,101
13,038
Amounts owed to group undertakings
-
0
-
0
66,000
46,000
Corporation tax payable
658,560
1,092,001
111,475
158,914
Other taxation and social security
778,136
513,444
71,200
118,791
Dividends payable
1,570,065
1,588,158
1,570,065
1,588,158
Other creditors
1,014,519
625,594
996,884
602,274
Accruals and deferred income
986,810
1,410,162
540,596
723,189
5,606,618
6,609,261
3,366,321
3,250,364
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Amounts due to subsidiaries
-
0
-
0
96,865
96,865
20
Deferred taxation

The following is the analysis of the deferred tax balances for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
27,815
16,598
Investment property
415,821
43,261
Investments
81,807
22,913
525,443
82,772
Liabilities
Liabilities
2023
2022
Company
£
£
Investment property
415,821
43,261
Investments
81,807
22,913
497,628
66,174
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 21 -
21
Retirement benefit schemes
2023
2022
Group
£
£
Charge to profit and loss
361,907
496,039

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and Company
2023
2022
Ordinary share capital
£
£
Issued and fully paid equity shares
27,020 Ordinary shares of £1 each
27,020
27,020
Preference share capital
Issued and fully paid equity shares
2,000 Preference shares of £1 each
2,000
2,000

The preference shares have a variable rate of dividend which is cumulative. The preference shareholders carry one vote for every five shares held and in the event of a winding up, they have a right to receive £1 per share plus any accrued dividends in preference to any payments to the ordinary shareholders.

23
Related party transactions

The following amounts were due at the reporting date from a company controlled by P H Benson:

2023
2022
Balance
Balance
£
£
Group and Company
John Horsfall (Properties) Ltd
3,599,199
3,699,199
24
Controlling party

The company was controlled throughout the year by the directors and their immediate families who own the majority of the issued share capital.

25
Directors' transactions

Dividends totalling £799,016 (2022 - £996,448) were paid in the year in respect of shares held by the company's directors.

John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 22 -
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
5,092,844
4,055,522
Adjustments for:
Taxation charged
1,578,776
1,040,949
Finance costs
93,783
30,521
Investment income
(219,799)
(62,877)
(Gain)/loss on disposal of tangible fixed assets
(41,489)
5,265
Fair value gains and losses on foreign exchange contracts and investment properties
(1,619,616)
-
Amortisation and impairment of intangible assets
16,666
16,667
Depreciation and impairment of tangible fixed assets
102,080
71,150
Realised and unrealised gains on fixed asset investments
(219,637)
264,399
Movements in working capital:
Decrease/(increase) in stocks
1,358,358
(1,839,263)
Decrease/(increase) in debtors
190,769
(1,408,592)
(Decrease)/increase in creditors
(562,793)
1,426,383
Cash generated from operations
5,769,942
3,600,124
27
Company information

John Horsfall & Sons (Greetland) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Birkby Grange, Birkby Hall Road, Huddersfield, West Yorkshire, HD2 2XB.

 

The group consists of John Horsfall & Sons (Greetland) Limited and all of its subsidiaries.

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