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REGISTERED NUMBER: 08089338 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

EMERY BROTHERS LIMITED

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


EMERY BROTHERS LIMITED

Company Information
for the year ended 31 December 2023







DIRECTORS: D Blackman
J R Emery
P W Rendell
M H Stewart
S G Emery
J S E Emery
J H Emery
I C B James
F J Emery





REGISTERED OFFICE: Bathford Works
34 Box Road
Bathford
Bath
BA1 7QH





REGISTERED NUMBER: 08089338 (England and Wales)





AUDITORS: Richardson Swift Audit Ltd
Chartered Accountants
Statutory Auditor
11 Laura Place
Bath
BA2 4BL

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Strategic Report
for the year ended 31 December 2023

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

REVIEW OF BUSINESS
The company's principal activity is that of building contractors and joinery manufacturers in Bath and the surrounding areas.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks to the prosperity of the business remain the variability of consumer demand and any downturn in the property market. The effects of inflation and material price volatility have lessened in the last year.

Scarcity of both skilled labour and technical staff continued to hamper any efforts to increase turnover, however, with the new housing market now slowing down, this is starting to release both trades and technical staff back into the general contracting market.

The company continues to look for a balanced portfolio of work coming from both residential, commercial and where available the public sector.

The company's senior management team and commercial department continue to strive to deliver profitable and high-quality construction projects and have good visibility of ongoing profitability.

KEY PERFORMANCE INDICATORS
The directors consider that the company's key performance indicators are turnover and gross and net operating margins which combined show significant drop on the previous years.

In the financial year to December 2023 turnover fell by £1,306,689 to £11.41m and net margin fell by £260k to £113k. The reduction in turnover has meant with overheads increasing slightly it has been more difficult to drive profitability.

However, the outlook for 2024 with several postponed contracts now starting, looks brighter, with turnover expected to return to more normal levels.

ON BEHALF OF THE BOARD:





J R Emery - Director


29 August 2024

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The company's principal activity is that of building contractors and joinery manufacturers.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 was £nil (2022 - £183,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D Blackman
J R Emery
P W Rendell
M H Stewart
S G Emery

Other changes in directors holding office are as follows:

R J Griffin - resigned 19 January 2023
J S E Emery - appointed 1 January 2023
J H Emery - appointed 1 January 2023
I C B James - appointed 19 June 2023
F J Emery - appointed 19 June 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Report of the Directors
for the year ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J R Emery - Director


29 August 2024

Report of the Independent Auditors to the Members of
Emery Brothers Limited

Opinion
We have audited the financial statements of Emery Brothers Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Emery Brothers Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Emery Brothers Limited


Auditors' 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 a Report of the Auditors 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:

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by discussion with a director and consideration of our experience of clients in similar sectors.

We determined that the most significant laws and regulations which have a direct impact on the form and content of the financial statements of the entity are the Companies Act and UK GAAP, specifically FRS102.

We determined that the most significant operational laws and regulations for the entity are those governing the construction industry, including health and safety legislation and employment law. Significant laws and regulations with a financial impact include the Construction Industry Scheme and VAT reverse charges for subcontracting.

Based on the results or our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, with no issues arising.

We gained an understating of the entity's policy and procedures by discussion with a director and substantive audit work.

We assessed the risk of material misstatement in respect of fraud through our planning processes, and no significant risks were identified.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Emery Brothers Limited


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 a Report of the Auditors 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.




Catherine Edwards Bsc FCA (Senior Statutory Auditor)
for and on behalf of Richardson Swift Audit Ltd
Chartered Accountants
Statutory Auditor
11 Laura Place
Bath
BA2 4BL

29 August 2024

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Statement of Comprehensive
Income
for the year ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 11,414,837 12,721,526

Cost of sales 10,220,653 11,236,403
GROSS PROFIT 1,194,184 1,485,123

Administrative expenses 1,129,218 1,133,193
64,966 351,930

Other operating income 33,898 21,534
Gain/loss on revaluation of investments - (1,685 )
OPERATING PROFIT 5 98,864 371,779

Income from fixed asset investments 2,481 906
Interest receivable and similar income 11,598 -
14,079 906
112,943 372,685

Interest payable and similar expenses 6 - 996
PROFIT BEFORE TAXATION 112,943 371,689

Tax on profit 7 27,646 82,302
PROFIT FOR THE FINANCIAL YEAR 85,297 289,387

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

85,297

289,387

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 295,379 303,292
Investments 10 - 778,653
295,379 1,081,945

CURRENT ASSETS
Stocks 11 15,000 15,000
Debtors 12 1,272,988 807,777
Cash at bank and in hand 1,744,381 646,445
3,032,369 1,469,222
CREDITORS
Amounts falling due within one year 13 1,981,425 1,272,416
NET CURRENT ASSETS 1,050,944 196,806
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,346,323

1,278,751

CREDITORS
Amounts falling due after more than one
year

14

(47,572

)

(66,855

)

PROVISIONS FOR LIABILITIES 17 (72,436 ) (70,878 )
NET ASSETS 1,226,315 1,141,018

CAPITAL AND RESERVES
Called up share capital 18 122 122
Share premium 11,966 11,966
Capital redemption reserve 18 18
Retained earnings 1,214,209 1,128,912
SHAREHOLDERS' FUNDS 1,226,315 1,141,018

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





J R Emery - Director


EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Statement of Changes in Equity
for the year ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 122 1,022,525 11,966 18 1,034,631

Changes in equity
Dividends - (183,000 ) - - (183,000 )
Total comprehensive income - 289,387 - - 289,387
Balance at 31 December 2022 122 1,128,912 11,966 18 1,141,018

Changes in equity
Total comprehensive income - 85,297 - - 85,297
Balance at 31 December 2023 122 1,214,209 11,966 18 1,226,315

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Cash Flow Statement
for the year ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 440,562 492,153
Interest element of hire purchase
payments paid

-

(996

)
Tax paid/refund (39,421 ) -
Net cash from operating activities 401,141 491,157

Cash flows from investing activities
Purchase of tangible fixed assets (95,762 ) (82,805 )
Purchase of fixed asset investments (448,884 ) (850,312 )
Sale of tangible fixed assets - 12,751
Sale of fixed asset investments 1,257,147 68,902
Interest received 11,598 -
Dividends received 2,481 906
Net cash from investing activities 726,580 (850,558 )

Cash flows from financing activities
Capital repayments/advances in year (29,785 ) (40,287 )
Equity dividends paid - (183,000 )
Net cash from financing activities (29,785 ) (223,287 )

Increase/(decrease) in cash and cash equivalents 1,097,936 (582,688 )
Cash and cash equivalents at
beginning of year

2

646,445

1,229,133

Cash and cash equivalents at end of
year

2

1,744,381

646,445

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Notes to the Cash Flow Statement
for the year ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 112,943 371,689
Depreciation charges 103,275 110,365
Profit on disposal of fixed assets (29,210 ) (6,671 )
Loss on revaluation of fixed assets - 1,685
Finance costs - 996
Finance income (14,079 ) (906 )
172,929 477,158
(Increase)/decrease in trade and other debtors (490,084 ) 649,296
Increase/(decrease) in trade and other creditors 757,717 (634,301 )
Cash generated from operations 440,562 492,153

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,744,381 646,445
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 646,445 1,229,133


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 646,445 1,097,936 1,744,381
646,445 1,097,936 1,744,381
Debt
Finance leases (107,141 ) 29,785 (77,356 )
(107,141 ) 29,785 (77,356 )
Total 539,304 1,127,721 1,667,025

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Emery Brothers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In accounting for construction contracts, the stage of completion, amounts recoverable on contracts and relevant contract costs involve an element of estimation and use of judgement.

There are no other critical accounting judgements or estimates made by the directors in preparing the financial statements.

Turnover
Revenue is recognised to the extent that it is probably that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- The amount of revenue can be measured reliably;
- It is probable that the company will receive the consideration due under the contract;
- The stage of completion of the contract can be measured reliably; and
- The costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total costs will exceed total contract turnover, the expected loss is recognised as a loss immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognized to the extent of contract costs incurred where it is probable that they will be recoverable.

The percentage of completion method is used to determine the appropriate amount to recognised in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract cost in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

Listed investments
Investments in shares and other similar financial assets held for investment are held at fair value, with gains and losses taken to the profit and loss.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 11,414,837 12,721,526
11,414,837 12,721,526

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,620,618 2,617,541
Social security costs 269,444 283,125
Other pension costs 83,625 83,840
2,973,687 2,984,506

The average number of employees during the year was as follows:
2023 2022

Management 7 6
Administration 20 20
Workforce 45 45
72 71

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 350,188 370,634
Directors' pension contributions to money purchase schemes 30,731 33,314

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 75,594 93,589
Pension contributions to money purchase schemes 1,321 -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 199,102 217,145
Other operating leases 79,600 79,600
Depreciation - owned assets 103,275 110,365
Profit on disposal of fixed assets (29,210 ) (6,671 )
Auditors' remuneration 10,200 10,000
Accountancy fees 2,575 945

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase - 996

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 25,890 64,096
Prior year under/over prov. 198 (24,873 )
Total current tax 26,088 39,223

Deferred tax 1,558 43,079
Tax on profit 27,646 82,302

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 112,943 371,689
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

26,542

70,621

Effects of:
Expenses not deductible for tax purposes 931 1,867
Income not taxable for tax purposes (555 ) (172 )
Depreciation in excess of capital allowances 2,951 2,921
Utilisation of tax losses - (11,141 )
Adjustments to tax charge in respect of previous periods 198 (24,873 )
Investment income (3,979 ) -
Deferred tax 1,558 43,079
Total tax charge 27,646 82,302

8. DIVIDENDS
2023 2022
£    £   
A shares shares of £1 each
Final - 144,000
B shares shares of £1 each
Final - 39,000
- 183,000

9. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 36,606 843,725 880,331
Additions 624 95,138 95,762
Disposals - (3,000 ) (3,000 )
At 31 December 2023 37,230 935,863 973,093
DEPRECIATION
At 1 January 2023 27,183 549,856 577,039
Charge for year 6,024 97,251 103,275
Eliminated on disposal - (2,600 ) (2,600 )
At 31 December 2023 33,207 644,507 677,714
NET BOOK VALUE
At 31 December 2023 4,023 291,356 295,379
At 31 December 2022 9,423 293,869 303,292

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

9. TANGIBLE FIXED ASSETS - continued

Motor vehicles with a carrying net book value of £95,239 (2022 - £149,665) are held under HP agreements.

10. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST
At 1 January 2023 778,653
Additions 448,884
Disposals (1,227,537 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 778,653


11. STOCKS
2023 2022
£    £   
Raw materials 15,000 15,000

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 579,354 195,185
Amounts owed by group undertakings - 46
Amounts recoverable on contract 650,064 553,763
Other debtors 12,958 17,009
Corporation tax - 24,873
Prepayments and accrued income 30,612 16,901
1,272,988 807,777

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 29,784 40,286
Trade creditors 941,887 695,441
Corporation tax 25,890 64,096
Social security and other taxes 126,182 87,157
VAT 475,159 205,118
Other creditors 66,775 62,828
Directors' current accounts 23,802 23,802
Accruals and deferred income 291,946 93,688
1,981,425 1,272,416

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 47,572 66,855

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 29,784 40,286
Between one and five years 47,572 66,855
77,356 107,141

Non-cancellable operating leases
2023 2022
£    £   
Within one year 70,000 70,000
Between one and five years 110,833 180,833
180,833 250,833

16. SECURED DEBTS

Obligations under hire purchase contracts are secured on the assets concerned and are all repayable in less than five years.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 72,436 70,878

Deferred
tax
£   
Balance at 1 January 2023 70,878
Accelerated capital allowances 1,162
Revaluation of investments 396
Balance at 31 December 2023 72,436

EMERY BROTHERS LIMITED (REGISTERED NUMBER: 08089338)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
96 A shares £1 96 96
26 B shares £1 26 26
122 122

A and B shares rank pari passu, except that on a poll each holder of A shares has two votes for each A share held and each holder of B shares has one vote for each B share held.

19. RELATED PARTY DISCLOSURES

During the year the company paid £70,000 (2022 - £70,000) to a pension fund of which some of the directors of Emery Brothers Limited are trustees.

During the year rent of £9,600 (2022 - £9,600) was paid to an LLP of which some of the directors of Emery Brothers Limited are partners.