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REGISTERED NUMBER: SC018340 (Scotland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

John Hogarth Limited

John Hogarth Limited (Registered number: SC018340)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Notice of Annual General Meeting 2

Strategic Report 3

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 16


John Hogarth Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: M C Hogg
J D Veitch
A Douglas Home
K E Kerr


SECRETARY: F M Duncan


REGISTERED OFFICE: Kelso Mills
Mill Wynd
Kelso
Roxburghshire
TD5 7HP


REGISTERED NUMBER: SC018340 (Scotland)


SENIOR STATUTORY AUDITOR: Caroline Tice BA CA


AUDITORS: Sumer Auditco Limited (Statutory Auditor)
47-49 The Square
Kelso
Roxburghshire
TD5 7HW


BANKERS: Bank of Scotland
8/9 The Square
Kelso
Roxburghshire
TD5 7HG

John Hogarth Limited (Registered number: SC018340)

Notice of Annual General Meeting
for the Year Ended 30 June 2024

Notice is hereby given that the eighty eighth general meeting for John hogarth Ltd (the Company) will be held at Ednam House on 11th November for the purpose of:-
a. Receiving the directors report and audited accounts for the year ended 30th June 2024
b. Re-appointing the auditors
c. Transacting any other competent business
A member of the Company entitled to attend and vote may appoint another person as his proxy to attend and vote instead of him. A proxy need not be a member of the Company.

John Hogarth Limited (Registered number: SC018340)

Strategic Report
for the Year Ended 30 June 2024

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

REVIEW OF BUSINESS
Sales at £14,002,574 were 3% higher than the previous year with the gross profit percentage slightly lower at 12.2% from 12.9 % in 2023. The net effect is a pre-tax profit decrease of £16,878.

PRINCIPAL RISKS AND UNCERTAINTIES
During the year the company faced significant increases in the cost of cereals, energy, labour and distribution. The impact of such has been reduced through price increases in customer sales.

Continued volatility in cereal and energy markets along with higher inflation pose challenges to future operations. The company has taken some cover for both energy and cereals to reduce the impact of market spikes.

In November the company was awarded AA+ accreditation against the BRC Global Food Safety Standard, the highest grade achievable.

Continued investment in plant and machinery during the year has allowed better efficiency and improved Health and Safety.

ON BEHALF OF THE BOARD:





J D Veitch - Director


31 October 2024

John Hogarth Limited (Registered number: SC018340)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of barley and oat millers and agricultural merchants.

DIVIDENDS
An interim dividend of 1.50p per share on the issued ordinary share capital amounting to £116,250 was paid during the year. The directors propose a final dividend of £1.50. per share (2023 - £1.50 per share) to be approved at this year's Annual General Meeting.

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

M C Hogg
J D Veitch
A Douglas Home
K E Kerr

Other changes in directors holding office are as follows:

J Stobo - resigned 2 August 2023

DIRECTORS INDEMNITY
Appropriate directors' and officers' liability insurance cover is in place in respect of the company's directors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

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.

John Hogarth Limited (Registered number: SC018340)

Report of the Directors
for the Year Ended 30 June 2024


AUDITORS
The auditors, Sumer Auditco Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J D Veitch - Director


31 October 2024

Report of the Independent Auditors to the Members of
John Hogarth Limited

Opinion
We have audited the financial statements of John Hogarth Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 30 June 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 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 Annual Report, 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
John Hogarth 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 four, 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
John Hogarth 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:

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 are detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, FRS102 and local tax legislation. The engagement partner ensured the engagement team had the necessary competence, capabilities and skills to Identified laws and regulations and they remained alert to such matters throughout the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the laws and regulations and enquired of management whether they were aware of any instances of non-compliance. We corroborated these through review of legal and professional fees, any correspondence with HMRC, and of board minutes.

In addition, we considered provisions of other laws and regulations that do not have a direct affect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The laws and regulations we considered in this context included UK Employment Law, Data Protection Act 2018, Health and Safety at Work Act 1974, and specific food standards.

Based on the results of this risk assessment we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the laws and regulation and enquired with management whether they were aware of any instances of non-compliance and what procedures were in place to ensure compliance. We corroborated this though review of correspondence with any regulators, reviewing company policy for health and safety procedures, and by carrying out gross to net pay checks.

We assessed the risks of material misstatement in respect of fraud via enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considered the internal controls in place to mitigate risks of fraud. The risk is mitigated mainly by the involvement of a qualified accountant in the day to day running of the business, including payroll and preparation of quarterly management and annual financial reports.

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions, assessed the level of subjectivity and estimation within the account balances and investigated the rationale behind any significant or unusual transactions.

With regard to identification of material misstatements in relation to fraud, we considered income recognition in line with FRS102, reviewed the appropriateness of the accounting policies selected and reviewed disclosures for completeness and accuracy. We closely reviewed the stock valuation figures and the perpetual stock system in place. We also identified related parties and reviewed the completeness and accuracy of related party transactions.

The main factors of the audit process which may affect the likelihood of detection of irregularities includes the element of inherent difficulty always present in detecting irregularities due to fraud, the increase in the inherent difficulty due to remote audit testing and that conclusions on the design and implementation of internal controls focus only on those we have assessed as key controls.


Report of the Independent Auditors to the Members of
John Hogarth Limited

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/responsibilities. This description forms part of our Report of the Independent Auditors.

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.

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.




Caroline Tice BA CA (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited (Statutory Auditor)
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

31 October 2024

John Hogarth Limited (Registered number: SC018340)

Income Statement
for the Year Ended 30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   

REVENUE 4 14,002,574 13,603,062

Cost of sales 12,288,019 11,843,756
GROSS PROFIT 1,714,555 1,759,306

Distribution costs 502,823 498,272
Administrative expenses 518,132 483,695
1,020,955 981,967
693,600 777,339

Other operating income 5 15,584 14,109
OPERATING PROFIT 7 709,184 791,448

Interest receivable and similar income 73,207 7,821
PROFIT BEFORE TAXATION 782,391 799,269

Tax on profit 8 211,121 306,451
PROFIT FOR THE FINANCIAL YEAR 571,270 492,818

John Hogarth Limited (Registered number: SC018340)

Other Comprehensive Income
for the Year Ended 30 June 2024

30/6/24 30/6/23
Notes £    £   

PROFIT FOR THE YEAR 571,270 492,818


OTHER COMPREHENSIVE INCOME
Share option - 10,038
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

10,038
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

571,270

502,856

John Hogarth Limited (Registered number: SC018340)

Statement of Financial Position
30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - 1
Property, plant and equipment 11 3,315,008 3,491,877
Investment property 12 100,000 100,000
3,415,008 3,591,878

CURRENT ASSETS
Inventories 13 1,286,325 1,462,765
Debtors 14 1,921,320 1,584,246
Cash at bank and in hand 3,010,255 2,619,319
6,217,900 5,666,330
CREDITORS
Amounts falling due within one year 15 1,142,362 1,068,391
NET CURRENT ASSETS 5,075,538 4,597,939
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,490,546

8,189,817

PROVISIONS FOR LIABILITIES 16 (522,508 ) (551,073 )

ACCRUALS AND DEFERRED INCOME 17 (403,065 ) (412,541 )
NET ASSETS 7,564,973 7,226,203

CAPITAL AND RESERVES
Called up share capital 18 77,500 77,500
Share premium 65,000 65,000
Revaluation reserve 87,165 87,165
Other reserves 15,177 15,177
Retained earnings 7,320,131 6,981,361
SHAREHOLDERS' FUNDS 7,564,973 7,226,203

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





J D Veitch - Director


John Hogarth Limited (Registered number: SC018340)

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

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2022 77,500 6,682,293 65,000

Changes in equity
Dividends - (193,750 ) -
Total comprehensive income - 492,818 -
Balance at 30 June 2023 77,500 6,981,361 65,000

Changes in equity
Dividends - (232,500 ) -
Total comprehensive income - 571,270 -
Balance at 30 June 2024 77,500 7,320,131 65,000
Revaluation Other Total
reserve reserves equity
£    £    £   
Balance at 1 July 2022 87,165 5,139 6,917,097

Changes in equity
Dividends - - (193,750 )
Total comprehensive income - 10,038 502,856
Balance at 30 June 2023 87,165 15,177 7,226,203

Changes in equity
Dividends - - (232,500 )
Total comprehensive income - - 571,270
Balance at 30 June 2024 87,165 15,177 7,564,973

John Hogarth Limited (Registered number: SC018340)

Statement of Cash Flows
for the Year Ended 30 June 2024

30/6/24 30/6/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 868,273 554,292
Tax paid (171,966 ) (89,971 )
Net cash from operating activities 696,307 464,321

Cash flows from investing activities
Purchase of tangible fixed assets (162,987 ) (151,919 )
Sale of tangible fixed assets 16,909 74,841
Interest received 73,207 7,821
Net cash from investing activities (72,871 ) (69,257 )

Cash flows from financing activities
Equity dividends paid (232,500 ) (193,750 )
Net cash from financing activities (232,500 ) (193,750 )

Increase in cash and cash equivalents 390,936 201,314
Cash and cash equivalents at beginning of
year

2

2,619,319

2,418,005

Cash and cash equivalents at end of year 2 3,010,255 2,619,319

John Hogarth Limited (Registered number: SC018340)

Notes to the Statement of Cash Flows
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30/6/24 30/6/23
£    £   
Profit before taxation 782,391 799,269
Depreciation charges 263,518 264,372
Loss/(profit) on disposal of fixed assets 59,429 (42,446 )
Share based payment - 10,038
Government grants (9,476 ) (9,734 )
Finance income (73,207 ) (7,821 )
1,022,655 1,013,678
Decrease/(increase) in inventories 176,440 (343,233 )
Increase in trade and other debtors (337,074 ) (164 )
Increase/(decrease) in trade and other creditors 6,252 (115,989 )
Cash generated from operations 868,273 554,292

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 3,010,255 2,619,319
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 2,619,319 2,418,005


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank and in hand 2,619,319 390,936 3,010,255
2,619,319 390,936 3,010,255
Total 2,619,319 390,936 3,010,255

John Hogarth Limited (Registered number: SC018340)

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

1. STATUTORY INFORMATION

John Hogarth Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentation currency is £ sterling.

Turnover
Revenue is the amount derived from ordinary activities and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

Revenue is recognised when all the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

John Hogarth Limited (Registered number: SC018340)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

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.

Land & Buildings- 2% on cost
Plant & Machinery- At varying rates

Impairment of assets

Where there is an indication of impairment, the estimated recoverable amount is compared with the net book value, and if the recoverable amount is less than the book value, an impairment loss is recognised in the profit and loss account.

Subsequent reversals of an impairment loss will increases the book value of the asset(s) up to the original recognition value, with the gain shown in the profit and loss account.

Investment property
Investment property is carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Stocks
Inventories are valued at the lower of cost and estimated selling price less costs to sell. The average cost method is used and comprises; cost of products manufactured by the company, consists of direct material and labour costs and relevant production overheads.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, other creditors and accrued expenses.

Trade debtors, trade creditors, other creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at 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 Income Statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


John Hogarth Limited (Registered number: SC018340)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Government grants
Government grants received are accounted for under the accrual model and recognised as income on a systematic basis over the periods in which the related costs are recognised or over the expected useful life of the asset to which the grant relates.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern
The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

4. REVENUE

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

An analysis of revenue by geographical market is given below:

30/6/24 30/6/23
£    £   
United Kingdom 13,937,199 13,519,672
Rest of Europe 65,375 83,390
14,002,574 13,603,062

5. OTHER OPERATING INCOME
30/6/24 30/6/23
£    £   
Rents received 3,750 4,375
Other income 2,358 -
Government grant amortisation 9,476 9,734
15,584 14,109

John Hogarth Limited (Registered number: SC018340)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. EMPLOYEES AND DIRECTORS
30/6/24 30/6/23
£    £   
Wages and salaries 1,273,070 1,165,518
Social security costs 122,984 140,697
Other pension costs 141,736 136,200
1,537,790 1,442,415

The average number of employees during the year was as follows:
30/6/24 30/6/23

Office and other departments 33 32

30/6/24 30/6/23
£    £   
Directors' remuneration 253,637 255,988
Directors' pension contributions to money purchase schemes 52,134 51,445

Information regarding the highest paid director is as follows:
30/6/24 30/6/23
£    £   
Emoluments etc 127,683 124,264
Pension contributions to money purchase schemes 26,504 26,113

7. OPERATING PROFIT

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

30/6/24 30/6/23
£    £   
Depreciation - owned assets 263,519 264,373
Loss/(profit) on disposal of fixed assets 59,429 (42,446 )
Computer software amortisation 1 -
Auditors' remuneration 11,856 10,250
Share options - 10,038

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/6/24 30/6/23
£    £   
Current tax:
UK corporation tax 231,714 172,079
Previous year under/over 7,972 -
Total current tax 239,686 172,079

Deferred tax (28,565 ) 134,372
Tax on profit 211,121 306,451

John Hogarth Limited (Registered number: SC018340)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. 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:

30/6/24 30/6/23
£    £   
Profit before tax 782,391 799,269
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.496%)

195,598

163,818

Effects of:
Expenses not deductible for tax purposes 388 2,514
Income not taxable for tax purposes (2,821 ) (1,995 )
Depreciation in excess of capital allowances 23,692 16,443
Adjustments to tax charge in respect of previous periods 7,972 -
Gains/Losses on Disposals of Assets 14,857 (8,701 )
Movement on deferred tax (28,565 ) 134,372
Total tax charge 211,121 306,451

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 June 2024.

30/6/23
Gross Tax Net
£    £    £   
Share option 10,038 - 10,038

9. DIVIDENDS
30/6/24 30/6/23
£    £   
Ordinary Shares shares of £1 each
Final 116,250 96,875
Interim 116,250 96,875
232,500 193,750

The directors have proposed a final dividend for 2024 of £1.50 per share. This dividend is subject to approval by shareholders at the Annual General Meeting in November 2024 and has not therefore been recognised as a liability in these financial statements.

John Hogarth Limited (Registered number: SC018340)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 July 2023
and 30 June 2024 44,594
AMORTISATION
At 1 July 2023 44,593
Amortisation for year 1
At 30 June 2024 44,594
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 1

11. PROPERTY, PLANT AND EQUIPMENT
Land & Plant and
Buildings machinery Totals
£    £    £   
COST
At 1 July 2023 1,694,102 4,086,587 5,780,689
Additions - 162,987 162,987
Disposals (36,289 ) (191,259 ) (227,548 )
At 30 June 2024 1,657,813 4,058,315 5,716,128
DEPRECIATION
At 1 July 2023 338,552 1,950,260 2,288,812
Charge for year 33,115 230,404 263,519
Eliminated on disposal (26,540 ) (124,671 ) (151,211 )
At 30 June 2024 345,127 2,055,993 2,401,120
NET BOOK VALUE
At 30 June 2024 1,312,686 2,002,322 3,315,008
At 30 June 2023 1,355,550 2,136,327 3,491,877

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 100,000
NET BOOK VALUE
At 30 June 2024 100,000
At 30 June 2023 100,000

John Hogarth Limited (Registered number: SC018340)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

12. INVESTMENT PROPERTY - continued

The directors' estimate of fair value is based on information obtained as part of the grant application process in 2013, regarding the valuation of the property once work completed and has been updated in 2018.

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2018 25,000
Cost 75,000
100,000

13. INVENTORIES
30/6/24 30/6/23
£    £   
Raw materials & consumables 737,549 1,020,295
Finished goods 548,776 442,470
1,286,325 1,462,765

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade debtors 1,813,060 1,475,211
VAT 50,239 47,385
Prepayments and accrued income 58,021 61,650
1,921,320 1,584,246

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade creditors 661,667 668,690
Tax 231,714 163,994
Social security and other taxes 36,273 37,772
Other creditors 126,701 135,087
Accrued expenses 86,007 62,848
1,142,362 1,068,391

16. PROVISIONS FOR LIABILITIES
30/6/24 30/6/23
£    £   
Deferred tax 522,508 551,073

Deferred
tax
£   
Balance at 1 July 2023 551,073
Provided during year (28,565 )
Balance at 30 June 2024 522,508

John Hogarth Limited (Registered number: SC018340)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

17. ACCRUALS AND DEFERRED INCOME


Gov'tGrant
s
£

At 1 July 2023 412,541
Received during the year -
Released to profit for the year (9,476 )
At 30 June 2024 403,065





18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/24 30/6/23
value: £    £   
77,500 Ordinary Shares £1 77,500 77,500

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to vote at meetings of the company.

All ordinary shares rank equally with regard to the Company's residual assets.

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the following dividends were paid to the company directors -


M C Hogg, K E Kerr, J D Veitch and A Douglas Home collectively received dividends totalling £61,038.

20. SHARE-BASED PAYMENT TRANSACTIONS

In 2021, the company granted 7,750 equity settled share options at an exercise price of £27, with a maximum term of 10 years before exercise. The total fair value of these options have been calculated at £15,177 using the Black-Scholes model. The options vested immediately and the full value has therefore been recognised as an expense in the profit and loss account, with a corresponding entry to reserves.