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Registration number: 12484774

Lister Horsfall Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2024

 

Lister Horsfall Holdings Limited

Contents

Strategic Report

1 to 2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 31

 

Lister Horsfall Holdings Limited

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Principal activity

The principal activity of the group is that of retail jewellers.

Fair review of the business

Lister Horsfall Holdings and its subsidiaries are an established family run business, now in its fourth generation, who specialise in fine jewellery and diamonds and pride themselves with quality and expertise. We have one of the best selections of quality Swiss watch brands in the North of England and an established after-sales and service department. Our aim is to ensure that our customers enjoy a memorable experience and as such we are honoured to share in many lifetime celebrations. We also continue to attract new customers with our strong ethos of quality and service.

The Lister Horsfall group is well established with two showrooms in Halifax town centre and one in Ilkley. In Halifax we have planned to close our second showroom which is a dedicated jewellery showroom and consolidate our jewellery and watch offering into our expanded Halifax flagship store. We are excited to open our significantly expanded redeveloped Halifax store in late 2024, which will feature a dedicated Rolex lounge, dedicated brand areas for Breitling and Tudor, a larger area to showcase wider range of iconic time pieces, greater range of high-end jewellery and the introduction of a new bridal suite where customers can relax and enjoy personalised shopping consultations. We are also creating a new exclusive event area with a unique environment for product launches and promotions. As part of our development in Halifax, we have invested in the creation of a Rolex accredited watch service centre of excellence. This workshop will allow us to service our customers’ timepieces in-house by our skilled craftspeople and will ensure an enhanced service experience for our customers.

Our Ilkley store is in process of having an expansion in their Rolex area to create a more personalised customer interaction. The store will over the next 12 months continue to have a redesign and refresh of our watch and jewellery shop floor.

The next 12 months will be the most exciting within the group’s history, marking a real ambition to develop our brand with the opening of our expanded Halifax store, putting customer experience at the forefront of our investment plans.

The group continues to improve its position in the market and establish itself as a destination store and we fully anticipate that growth will continue to be strong in the future.

The directors believe that the group is well placed and remain positive about the long-term growth prospects. Lister Horsfall remain strong in the marketplace. The ability to continue in growth is enabled by a continuous long-term focus.

Investment will continue in property, product, and staff, to ensure that customers are always provided with an exceptional jewellery and watch buying experience. We have invested in our workplace training and work closely with our brand partners, to deliver industry leading training opportunities and career development.

Our online presence has continued to deliver significant growth during the year and extends our ability to provide excellent product and service throughout the customer online journey. This success has strengthened our instore experience and our relationship with our customers, and we continue to focus on working as a whole business to ensure our future success. Lister Horsfall continues to anticipate future development planned within our growing marketing department. This is an extremely exciting time for Lister Horsfall and demonstrates our commitment to bringing customers a luxury retail experience.

The group’s year end position shows an increase profitability on the previous year. The group continues to trade profitability post year end.

The group's key financial and other performance indicators during the year were as follows:

 

Lister Horsfall Holdings Limited

Strategic Report for the Year Ended 30 April 2024

Financial KPIs

Unit

2024

2023

Turnover

£

14,167,788

15,049,244

Operating profit

£

2,413,577

2,964,164

Profit before tax

£

2,398,625

2,943,375

EBITDA

£

2,532,836

3,021,474

This tracks the change in the underlying activity of the group. Other KPI’s are around stock efficiency, gross profit percentages, and cost control.

Principal risks and uncertainties

The environment in which Lister Horsfall operates continue to be challenging. The group faces strong competition in the marketplace. An increase in political and economic uncertainties can lead to a decrease in consumer spending and consumers’ overall level of disposable income. Impacting on consumer demand for luxury watch and jewellery products.

The continuing decline on footfall on the high street and the accelerated growth in online shopping is challenging for town centre retailers. As is the consistent trend for out-of-town retail park style environments.

The manufacture and supply of key luxury watch brands is highly concentrated amongst a small number of brand partners with the production and availability of timepieces controlled by the brands. The continued demand on the pre-owned watch market having the potential to undermine sales with the demand outweighing the supply.

The volatility in commodity prices of gold, diamonds, and other precious stones suggests the group needs to constantly review its products that are subject to significant price fluctuations, this is due to the variation in currency interest rates.

Employee recruitment and retention in our industry is one of the key challenges facing our company, and whilst our staff turnover is below industry standard, there are challenges facing us where younger staff are concerned.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
N R T L Horsfall
Director

 

Lister Horsfall Holdings Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the for the year ended 30 April 2024.

Directors of the group

The directors who held office during the year were as follows:

N R T L Horsfall

R E Horsfall

C Haley

G Moody

Financial instruments

Objectives and policies

Financial risks are managed through strict internal management controls and accurate and timely management information. Stock levels and margins are closely monitored by management to identify potential issues and ensures the products are marketed appropriately.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances and trade creditors. The main purpose of these instruments is to finance the business' operations.

Its exposure to price risk, credit risk, liquidity risk and cash flow risk is minimised by retaining sufficient liquid funds to enable it to meet its day to day requirments.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Information included in the Strategic Report

All items required under Sch. 7 of Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors’ report are set out in the strategic report in accordance with s.414C(11) CA 2006.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
N R T L Horsfall
Director

 

Lister Horsfall Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Lister Horsfall Holdings Limited

Independent Auditor's Report to the Members of Lister Horsfall Holdings Limited

Opinion

We have audited the financial statements of Lister Horsfall Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 group's affairs as at 30 April 2024 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Lister Horsfall Holdings Limited

Independent Auditor's Report to the Members of Lister Horsfall Holdings Limited

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 4], 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 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.

Auditor 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the stock and cash balances.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

 

Lister Horsfall Holdings Limited

Independent Auditor's Report to the Members of Lister Horsfall Holdings Limited

We then performed audit procedures after consideration of the above risks which included the following:

performing testing to confirm existence of stock to ensure the stock report is accurate;

obtaining a detailed understanding of the methodology adopted by management and the key assumptions underpinning the valuation of stock;

obtaining a detailed understanding of the methodology adopted by management and the key assumptions underpinning the calculation of stock provisions;

performing a retrospective review of the previous year’s stock provision to aid the consideration of the suitability of the methodology for the current year;

performing cut off testing to gain assurance that stock and revenue is included in the correct period;

reviewing bank transactions for occurrence and reasonableness;

performing reconciliations of the bank accounts to confirm the closing balance agrees to the bank;

enquiring of management concerning actual and potential litigation and claims;

reviewing correspondence with HMRC and the group's legal advisors;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

reading minutes of meetings of those charged with governance; and;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 auditor's report.

Other matter
The financial statements of Lister Horsfall Holdings Limited for the year ended 30 April 2023 were not audited.

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.

 

Lister Horsfall Holdings Limited

Independent Auditor's Report to the Members of Lister Horsfall Holdings Limited

......................................
Andrew Padgett BFP ACA FCCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
Bradford

6 November 2024

 

Lister Horsfall Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

14,167,788

15,049,244

Cost of sales

 

(9,758,890)

(10,235,451)

Gross profit

 

4,408,898

4,813,793

Administrative expenses

 

(2,072,042)

(1,956,840)

Other operating income

4

76,721

107,211

Operating profit

5

2,413,577

2,964,164

Interest payable and similar expenses

6

(14,952)

(20,789)

Profit before tax

 

2,398,625

2,943,375

Tax on profit

10

(621,286)

(589,491)

Profit for the financial year

 

1,777,339

2,353,884

Profit/(loss) attributable to:

 

Owners of the company

 

1,777,339

2,353,884

 

Lister Horsfall Holdings Limited

(Registration number: 12484774)
Consolidated Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

12

 

3,092,802

 

1,725,166

Negative goodwill

11

 

(81,214)

 

(220,442)

   

3,011,588

 

1,504,724

Current assets

   

 

Stocks

14

4,858,975

 

4,845,253

 

Debtors

15

210,749

 

161,739

 

Cash at bank and in hand

 

511,147

 

587,414

 

 

5,580,871

 

5,594,406

 

Creditors: Amounts falling due within one year

17

(2,390,891)

 

(2,110,219)

 

Net current assets

   

3,189,980

 

3,484,187

Total assets less current liabilities

   

6,201,568

 

4,988,911

Creditors: Amounts falling due after more than one year

17

 

(107,227)

 

-

Provisions for liabilities

19

 

(169,000)

 

(106,000)

Net assets

   

5,925,341

 

4,882,911

Capital and reserves

   

 

Called up share capital

21

3,857

 

3,857

 

Revaluation reserve

22

43,014

 

44,571

 

Other reserves

22

966,665

 

966,665

 

Retained earnings

22

4,911,805

 

3,867,818

 

Equity attributable to owners of the company

 

5,925,341

 

4,882,911

 

Shareholders' funds

   

5,925,341

 

4,882,911

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
N R T L Horsfall
Director

 

Lister Horsfall Holdings Limited

(Registration number: 12484774)
Balance Sheet as at 30 April 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Investments

13

 

3,897,073

 

3,897,073

Current assets

   

 

Debtors

15

135,639

 

-

 

Creditors: Amounts falling due within one year

17

(210,498)

 

(707,668)

 

Net current liabilities

   

(74,859)

 

(707,668)

Net assets

   

3,822,214

 

3,189,405

Capital and reserves

   

 

Called up share capital

3,857

 

3,857

 

Other reserves

966,665

 

966,665

 

Profit and loss account

2,851,692

 

2,218,883

 

Total equity

   

3,822,214

 

3,189,405

The exemption under section 408 of the Companies Act has been taken therefore a Company Profit and Loss Account is not included. The company made a profit after tax for the financial year of £1,367,718 (2023 - profit of £1,499,457).

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
N R T L Horsfall
Director

 

Lister Horsfall Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 April 2024
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 May 2023

3,857

44,571

966,665

3,867,818

4,882,911

Profit for the year

-

-

-

1,777,339

1,777,339

Total comprehensive income

-

-

-

1,777,339

1,777,339

Dividends

-

-

-

(734,909)

(734,909)

Transfers

-

(1,557)

-

1,557

-

At 30 April 2024

3,857

43,014

966,665

4,911,805

5,925,341

Share capital
£

Revaluation reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 May 2022

3,857

46,128

966,665

2,014,377

3,031,027

Profit for the year

-

-

-

2,353,884

2,353,884

Total comprehensive income

-

-

-

2,353,884

2,353,884

Dividends

-

-

-

(502,000)

(502,000)

Transfers

-

(1,557)

-

1,557

-

At 30 April 2023

3,857

44,571

966,665

3,867,818

4,882,911

 

Lister Horsfall Holdings Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Merger reserve
£

Profit and loss account
£

Total
£

At 1 May 2023

3,857

966,665

2,218,883

3,189,405

Profit for the year

-

-

1,367,718

1,367,718

Total comprehensive income

-

-

1,367,718

1,367,718

Dividends

-

-

(734,909)

(734,909)

At 30 April 2024

3,857

966,665

2,851,692

3,822,214

Share capital
£

Merger reserve
£

Retained earnings
£

Total
£

At 1 May 2022

3,857

966,665

1,221,426

2,191,948

Profit for the year

-

-

1,499,457

1,499,457

Dividends

-

-

(502,000)

(502,000)

At 30 April 2023

3,857

966,665

2,218,883

3,189,405

 

Lister Horsfall Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,777,339

2,353,884

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

116,509

55,804

Loss on disposal of tangible assets

2,750

1,506

Finance costs

6

14,952

20,789

Income tax expense

10

621,286

589,491

 

2,532,836

3,021,474

Working capital adjustments

 

Increase in stocks

14

(13,722)

(1,138,042)

Increase in trade debtors

15

(49,010)

(13,296)

Decrease in trade creditors

17

(63,450)

(359,873)

Cash generated from operations

 

2,406,654

1,510,263

Income taxes paid

10

(597,286)

(507,029)

Net cash flow from operating activities

 

1,809,368

1,003,234

Cash flows from investing activities

 

Acquisitions of tangible assets

(1,600,997)

(284,291)

Proceeds from sale of tangible assets

 

100,463

-

Net cash flows from investing activities

 

(1,500,534)

(284,291)

Cash flows from financing activities

 

Interest paid

6

(14,952)

(20,789)

Repayment of bank borrowing

 

(126,029)

(211,782)

Repayment of other borrowing

 

(5,220)

(541,490)

Payments to finance lease creditors

 

(4,590)

-

Dividends paid

(734,909)

(502,000)

Net cash flows from financing activities

 

(885,700)

(1,276,061)

Net decrease in cash and cash equivalents

 

(576,866)

(557,118)

Cash and cash equivalents at 1 May

 

523,922

1,081,040

Cash and cash equivalents at 30 April

 

(52,944)

523,922

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
14-16 Corn Market
Halifax
HX1 1TH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 33 Related Party Disclosures from disclosing transactions and balances with fellow group undertakings that are wholly owned.

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expeses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock provision
The company makes an estimate of the recoverability of the cost of stock. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of the stock. The carrying amount is £4,858,975 (2023 -£4,845,253).

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount is £3,092,802 (2023 -£1,725,166).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the group retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Leasehold property

10% and 20% straight line

Fixtures and fittings

10% and 33% straight line

Motor vehicles

20% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Negative goodwill

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Asset class

Amortisation method and rate

Negative goodwill

5 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average (AVCO) method.

The cost of goods is comprised on the purchase cost less any discounts received. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

13,399,545

14,273,844

Rendering of services

768,243

775,400

14,167,788

15,049,244

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

76,721

107,211

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

255,737

195,032

Amortisation expense

(139,228)

(139,228)

Operating lease expense - plant and machinery

6,062

4,597

Loss on disposal of property, plant and equipment

2,750

1,506

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

8,987

17,153

Interest on obligations under finance leases and hire purchase contracts

2,574

-

Interest expense on other finance liabilities

3,391

3,636

14,952

20,789

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

762,937

731,612

Social security costs

72,920

88,162

Pension costs, defined contribution scheme

16,249

14,426

Other post-employment benefit costs

4,945

4,782

857,051

838,982

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

4

3

Sales

17

18

Other departments

4

2

25

23

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

137,779

137,535

Contributions paid to money purchase schemes

2,484

2,498

140,263

140,033

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

2

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

5,000

-


 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

556,000

585,000

UK corporation tax adjustment to prior periods

2,286

491

558,286

585,491

Deferred taxation

Arising from origination and reversal of timing differences

63,000

4,000

Tax expense in the income statement

621,286

589,491

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,398,625

2,943,375

Corporation tax at standard rate

599,656

735,844

Increase in current tax from adjustment for prior periods

2,286

491

Tax decrease from effect of capital allowances and depreciation

-

(507)

Effect of expense not deductible in determining taxable profit

19,344

18,878

Tax decrease from other tax effects

-

(165,215)

Total tax charge

621,286

589,491

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

169,000

169,000

2023

Liability
£

Accelerated capital allowances

106,000

106,000

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £(187,786) (2023 - £3,268).

11

Intangible assets

Group

Negative goodwill

2024
£

At 1 May 2023

(220,442)

Recognised in profit or loss

139,228

At 30 April 2024

(81,214)

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Leasehold improvements
£

Total
£

Cost or valuation

At 1 May 2023

1,176,906

572,324

237,817

877,229

2,864,276

Additions

1,364,693

98,197

248,109

15,587

1,726,586

Disposals

-

(49,141)

(100,000)

-

(149,141)

At 30 April 2024

2,541,599

621,380

385,926

892,816

4,441,721

Depreciation

At 1 May 2023

195,837

479,797

84,311

379,165

1,139,110

Charge for the year

50,632

50,637

65,186

89,282

255,737

Eliminated on disposal

-

(45,928)

-

-

(45,928)

At 30 April 2024

246,469

484,506

149,497

468,447

1,348,919

Carrying amount

At 30 April 2024

2,295,130

136,874

236,429

424,369

3,092,802

At 30 April 2023

981,070

92,527

153,506

498,063

1,725,166

Included within the net book value of land and buildings above is £2,295,130 (2023 - £981,070) in respect of freehold land and buildings.
 

Revaluation

The fair value of the group's land and buildings was revalued on 15 August 2017 by an independent valuer on an open market basis. The directors do not believe that the current fair value of land and buildings is materially different to the carrying amount.

Had this class of asset been measured on a historical cost basis, the cost would have been £667,315 (2023 - £667,315), the aggregate accumulated depreciation would have been £149,800 (2023 - £136,499) and the aggregate carrying amount would have been £517,515 (2023 - £530,815).
 

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

3,897,073

3,897,073

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Subsidiaries

£

Cost or valuation

At 1 May 2023

3,897,073

At 30 April 2024

3,897,073

Carrying amount

At 30 April 2024

3,897,073

At 30 April 2023

3,897,073

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Lister Horsfall Limited

14-16 Corn Market
Halifax
HX1 1TH

England

Ordinary

100%

100%

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other stocks

4,858,975

4,845,253

-

-

Group

Impairment of inventories

The amount of reversal of impairment recognised in profit or loss is £(31,013) (2023 - £(66,170)).

15

Debtors

 

Group

Company

Current

2024
£

2023
£

2024
£

2023
£

Trade debtors

-

16,397

-

-

Amounts owed by related parties

-

-

135,639

-

Other debtors

58,144

26,546

-

-

Prepayments

152,605

118,796

-

-

 

210,749

161,739

135,639

-

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

40,383

49,546

-

-

Cash at bank

470,764

537,868

-

-

511,147

587,414

-

-

Bank overdrafts

(564,091)

(63,492)

-

-

Cash and cash equivalents in statement of cash flows

(52,944)

523,922

-

-

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

738,593

355,471

160,730

165,950

Trade creditors

 

1,023,351

1,083,335

-

-

Amounts due to related parties

 

-

-

-

538,859

Social security and other taxes

 

13,688

180,142

-

-

Outstanding defined contribution pension costs

 

3,420

-

-

-

Other creditors

 

127,436

127,824

46,909

-

Accruals

 

208,403

48,447

2,859

2,859

Corporation tax liability

 

276,000

315,000

-

-

 

2,390,891

2,110,219

210,498

707,668

Due after one year

 

Loans and borrowings

18

107,227

-

-

-

18

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

-

126,029

-

-

Bank overdrafts

564,091

63,492

-

-

Hire purchase contracts

13,772

-

-

-

Other borrowings

160,730

165,950

160,730

165,950

738,593

355,471

160,730

165,950

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Hire purchase contracts

107,227

-

-

-

Group

Bank borrowings

Bank loans and borrowings is denominated in sterling with a nominal interest rate of various commercial rates, and the final instalment is due on 29 August 2023. The carrying amount at year end is £Nil (2023 - £126,029).

The bank loan and overdraft are secured by a fixed and floating charge over the assets of the company.

Other borrowings

Hire purchase agreements is denominated in sterling with a nominal interest rate of 1.45%, and the final instalment is due on 31 January 2028. The carrying amount at year end is £120,999 (2023 - £Nil).

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

The hire purchase is secured against the asset to which it relates.

19

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 May 2023

106,000

106,000

Increase (decrease) in existing provisions

63,000

63,000

At 30 April 2024

169,000

169,000

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £16,249 (2023 - £14,426).

Contributions totalling £3,420 (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £0.01 each

269,990

2,700

269,990

2,700

Ordianry B Shares of £0.01 each

88,711

887

88,711

887

Ordinary C Shares of £0.01 each

3,857

39

3,857

39

Ordinary D Shares of £0.01 each

3,857

39

3,857

39

Ordinary E Shares of £0.01 each

19,285

193

19,285

193

385,700

3,857

385,700

3,857

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
All shares rank pari passu for income, capital and voting rights.

Dividends at variable rates can be paid on the different classes of ordinary shares.

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

22

Reserves

Group

Share capital

Represents the nominal value of issued shares

Revaluation reserve

Represents the amount recognised on the revaluation of the freehold property.

Merger reserve

Represents the difference in value of shares acquired compared to their nominal value.

Profit and loss account

Includes all current and prior periods distributable profits and losses.

23

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

13,772

-

Later than one year and not later than five years

107,227

-

120,999

-

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

70,076

92,000

Later than one year and not later than five years

212,000

242,583

Later than five years

318,000

399,000

600,076

733,583

The amount of non-cancellable operating lease payments recognised as an expense during the year was £93,742 (2023 - £94,446).

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

24

Commitments

Group

Capital commitments

The company had capital commitments in respect of freehold property development and refurbishment.
The total amount contracted for but not provided in the financial statements was £3,199,070 (2023 - £2,571,205).

25

Analysis of changes in net debt

Group

At 1 May 2023
£

Financing cash flows
£

New finance leases
£

At 30 April 2024
£

Cash and cash equivalents

Cash

523,922

(12,775)

-

511,147

Overdrafts

-

(564,091)

-

(564,091)

523,922

(576,866)

-

(52,944)

Borrowings

Long term borrowings

(126,029)

126,029

-

-

Short term borrowings

(165,950)

5,220

-

(160,730)

Lease liabilities

-

4,590

(125,589)

(120,999)

(291,979)

135,839

(125,589)

(281,729)

 

231,943

(441,027)

(125,589)

(334,673)

26

Related party transactions

Group

Transactions with directors

2024

At 1 May 2023
£

Advances to directors
£

Repayments by director
£

Other payments made to company by director
£

At 30 April 2024
£

Interest free loan repayable on demand

-

858

(715)

-

143

           
         

 

Lister Horsfall Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

 

Summary of transactions with other related parties

A company shareholder.
 

Expenditure with and payables to related parties

2024

Key management
£

Other related parties
£

Amounts payable to related party

160,730

46,909

2023

Key management
£

Amounts payable to related party

165,950

Company

Transactions with directors

2024

At 1 May 2023
£

Advances to directors
£

Repayments by director
£

Other payments made to company by director
£

At 30 April 2024
£

Interest free loan repayable on demand

-

858

(715)

-

143

           
         

 

Summary of transactions with other related parties

A company shareholder.
 

Expenditure with and payables to related parties

2024

Key management
£

Other related parties
£

Amounts payable to related party

160,731

46,909

2023

Key management
£

Amounts payable to related party

165,950

27

Non adjusting events after the financial period

Post year end, the company entered into an agreement with its subdsidiary undertaking in which it has received £904,509 of land and buildings as part of a restructuring arrangement.