REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
John Hogarth Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
47-49 The Square |
Kelso |
Roxburghshire |
TD5 7HW |
BANKERS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
47-49 The Square |
Kelso |
Roxburghshire |
TD5 7HW |
John Hogarth Limited (Registered number: SC018340) |
Income Statement |
for the Year Ended 30 June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ | £ | £ |
REVENUE | 4 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
1,020,955 | 981,967 |
693,600 | 777,339 |
Other operating income | 5 |
OPERATING PROFIT | 7 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
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 |
OTHER COMPREHENSIVE INCOME |
Share option |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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 |
Property, plant and equipment | 11 |
Investment property | 12 |
CURRENT ASSETS |
Inventories | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium |
Revaluation reserve |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 30 June 2024 |
Revaluation | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 30 June 2024 |
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 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Share based payment | - | 10,038 |
Government grants | ( |
) | ( |
) |
Finance income | (73,207 | ) | (7,821 | ) |
1,022,655 | 1,013,678 |
Decrease/(increase) in inventories | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 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 |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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 |
5. | OTHER OPERATING INCOME |
30/6/24 | 30/6/23 |
£ | £ |
Rents received |
Other income | 2,358 | - |
Government grant amortisation |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30/6/24 | 30/6/23 |
Office and other departments |
30/6/24 | 30/6/23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
30/6/24 | 30/6/23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30/6/24 | 30/6/23 |
£ | £ |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Computer software amortisation |
Auditors' remuneration |
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 |
Previous year under/over | 7,972 | - |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods |
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 |
9. | DIVIDENDS |
30/6/24 | 30/6/23 |
£ | £ |
Ordinary Shares shares of £1 each |
Final |
Interim |
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 |
AMORTISATION |
At 1 July 2023 |
Amortisation for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
11. | PROPERTY, PLANT AND EQUIPMENT |
Land & | Plant and |
Buildings | machinery | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
12. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Finished goods |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
16. | PROVISIONS FOR LIABILITIES |
30/6/24 | 30/6/23 |
£ | £ |
Deferred tax | 522,508 | 551,073 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Provided during year | ( |
) |
Balance at 30 June 2024 |
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: | £ | £ |
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. |