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REGISTERED NUMBER: 00591148 (England and Wales)





















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

JAMES LISTER & SONS LIMITED

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


JAMES LISTER & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr T J Cotterill
Mr R A Cotterill
Mr M J Cotterill
Mr P C Davies





REGISTERED OFFICE: Sandwell Industrial Estate
Spon Lane South
Smethwick
Warley
West Midlands
B66 1QJ





REGISTERED NUMBER: 00591148 (England and Wales)





AUDITORS: E R Grove & Co Limited
Chartered Accountants and Statutory Auditors
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and complexity of our business and is written in the context of the risks and uncertainties that we face. The principal activities of the company during the year remained that of the distribution of industrial consumables, fluid power and supplies and tube manipulation. We are now operating these three areas of the business as strategic business units. The main operating facility continues to be based in Smethwick.

At the year-end there were 6 branches offering the full portfolio of our products. The tube manipulation business continues to grow organically with major investments in machinery. Kewtube Limited was purchased in April 2024 and successfully relocated to our Tube Bending centre in Redditch. This acquisition has enhanced our offering of a one stop shop for tube manipulation and associated processes.

The Board is satisfied with the company performance which could not have been achieved without the outstanding contribution from our loyal staff. Sales have decreased by 3.1% compared with an increase of 8.0% in the previous year. This resulted in a return on capital employed of 2.1% compared to 11.5% the previous years. Return on capital is calculated as profit before interest and tax divided by the sum of total assets less current liabilities and long term finance.

Trading in the Midlands region, our principal area of operation, remains very competitive. Continuing fluctuations in exchange rates increased the administrative burden of maintaining margins. The Board remains confident that manufacturing companies in the West Midlands and South Wales will continue to be resilient even though increased energy costs remain a challenge, helping us to achieve turnover growth in 2025. Purchase prices continue to climb, but we have successfully mitigated this by passing them onto our diverse customer base. Outbound and inbound delivery delays have now eased. The Board is always looking for complimentary acquisitions to leverage our financially strong Balance Sheet. James Lister and Sons celebrated our 150th anniversary in 2024, something which our Board, shareholders and staff were extremely proud of.

Rising cost pressures from increased computer software charges, car leases and business rates continue to be a challenge which the Board factors in when forecasting future profitability and making investment decisions. We are confident that our renewed focus on customer service, revenue growth and efficiency improvements will allow additional income generation once trading returns to normal levels. A successful implementation of a new IT system is now complete which has helped the company be more productive.

The company's balance sheet as detailed on page 9 shows a satisfactory position with equity shareholders' funds amounting to £4,111,685 (2023: £4,338,359).

Post balance sheet events

We anticipate the business environment will remain competitive and believe that the company is in a good financial position and that the risks that have been identified and are being well managed. With careful focus on new markets and new products, as well as continuing review of the state of the market and the activities of competitors, we are confident in the company's ability to maintain and build on the current position.

Going concern

The directors have considered the financial position of the company which shows healthy reserves and cash balances. They have not identified any material uncertainties that may cast significant doubt over the ability of the company to continue as a going concern for the foreseeable future, which is deemed to be at least 12 months from the date of signing these accounts. Informing their opinion, they have considered current and anticipated turnover, profit and cashflow.


ON BEHALF OF THE BOARD:





Mr T J Cotterill - Director


30 April 2025

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of industrial consumables and fluid power supplies.

DIVIDENDS
An interim dividend of 10.2432 per share was paid on 15 May 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £ 285,786 .

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

Mr T J Cotterill
Mr R A Cotterill
Mr M J Cotterill
Mr P C Davies

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

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

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

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

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, E R Grove & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr T J Cotterill - Director


30 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JAMES LISTER & SONS LIMITED

Opinion
We have audited the financial statements of James Lister & Sons Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 30 September 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 Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JAMES LISTER & SONS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risks of acts by the Company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006, the principles of United Kingdom Generally Accepted Accounting Practice and tax legislation.

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

We focused on laws and regulations that could give rise to a material misstatement in the Company financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- review of minutes of Directors' board meetings throughout the year; and
- obtaining an understanding of the control environment in monitoring compliance with laws and regulations.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We also addressed the risk of management override of internal controls, including testing journals, assessing and challenging the accounting estimates made and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JAMES LISTER & SONS LIMITED


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




Jonathan Stafford (Senior Statutory Auditor)
for and on behalf of E R Grove & Co Limited
Chartered Accountants and Statutory Auditors
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF

30 April 2025

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 3 14,930,299 15,400,580

Cost of sales 8,828,846 9,378,601
GROSS PROFIT 6,101,453 6,021,979

Administrative expenses 6,013,494 5,514,395
OPERATING PROFIT 5 87,959 507,584

Interest receivable and similar income 17,559 6,617
105,518 514,201

Interest payable and similar expenses 6 1,198 (13 )
PROFIT BEFORE TAXATION 104,320 514,214

Tax on profit 7 45,208 99,826
PROFIT FOR THE FINANCIAL YEAR 59,112 414,388

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 59,112 414,388


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

59,112

414,388

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 212,590 -
Tangible assets 10 539,578 413,529
752,168 413,529

CURRENT ASSETS
Stocks 11 2,202,114 2,279,519
Debtors 12 3,321,382 3,358,554
Cash at bank and in hand 815,408 1,266,280
6,338,904 6,904,353
CREDITORS
Amounts falling due within one year 13 2,822,213 2,891,943
NET CURRENT ASSETS 3,516,691 4,012,410
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,268,859

4,425,939

CREDITORS
Amounts falling due after more than one
year

14

(24,386

)

-

PROVISIONS FOR LIABILITIES 16 (132,788 ) (87,580 )
NET ASSETS 4,111,685 4,338,359

CAPITAL AND RESERVES
Called up share capital 17 27,900 27,900
Retained earnings 18 4,083,785 4,310,459
SHAREHOLDERS' FUNDS 4,111,685 4,338,359

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:





Mr T J Cotterill - Director


JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 27,900 4,048,571 4,076,471

Changes in equity
Dividends - (152,500 ) (152,500 )
Total comprehensive income - 414,388 414,388
Balance at 30 September 2023 27,900 4,310,459 4,338,359

Changes in equity
Dividends - (285,786 ) (285,786 )
Total comprehensive income - 59,112 59,112
Balance at 30 September 2024 27,900 4,083,785 4,111,685

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(ion), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

This information is included in the consolidated statements of James Lister Holdings Limited as at 30 September 2021 and these financial statements may be obtained from Sandwell Industrial Estate, Spon Lane South, Smethwick Warley, West Midlands, B66 1QJ.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

The following judgements/estimates have had the most significant effect on amounts recognised in the financial statements:

Obsolete stock provision

At each balances sheet date, stocks are reviewed for impairment. If stock is impaired the carrying value is reduced. The provision is based upon a percentage linked to when the stock was last used, and whether any future contracts need the items of stock.

Impairment of debtors

The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management consider them individually reviewing the ageing profit of the balances and the historical experience.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

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.

Website Development is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss.

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 balance sheet date.

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. TURNOVER

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

An analysis of turnover by geographical market for the year ended 30 September 2023 is given below:

£   
United Kingdom 15,145,840
Europe 192,115
Rest of World 62,625
15,400,580

This analysis is not considered to be applicable to the year ended 30 September 2024.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,989,461 2,814,159
Social security costs 297,948 322,688
Other pension costs 95,720 90,642
3,383,129 3,227,489

The average number of employees during the year was as follows:
2024 2023

Distribution 77 76
Administrative 18 18
95 94

2024 2023
£    £   
Directors' remuneration 29,168 27,217

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 133,908 122,485
Depreciation - assets on hire purchase contracts 4,188 -
Profit on disposal of fixed assets (11,878 ) (2,688 )
Goodwill amortisation 23,620 -
Auditors' remuneration 15,621 15,000
Foreign exchange differences 851 7,553
Operating lease charges 496,794 432,764

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest (37 ) (13 )
Hire purchase 1,235 -
1,198 (13 )

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 90,206

Deferred tax 45,208 9,620
Tax on profit 45,208 99,826

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:

2024 2023
£    £   
Profit before tax 104,320 514,214
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

26,080

128,554

Effects of:
Expenses not deductible for tax purposes 804 641
Capital allowances in excess of depreciation (29,387 ) (11,143 )
Deferred tax charge 45,208 9,620
Group relief 2,503 (15,583 )
Marginal relief - (12,263 )
Total tax charge 45,208 99,826

8. DIVIDENDS
2024 2023
£    £   
Ordinary Shares shares of 1 each
Interim 285,786 152,500

9. INTANGIBLE FIXED ASSETS
Website
Goodwill Development Totals
£    £    £   
COST
At 1 October 2023 238,900 30,460 269,360
Additions 236,210 - 236,210
At 30 September 2024 475,110 30,460 505,570
AMORTISATION
At 1 October 2023 238,900 30,460 269,360
Amortisation for year 23,620 - 23,620
At 30 September 2024 262,520 30,460 292,980
NET BOOK VALUE
At 30 September 2024 212,590 - 212,590
At 30 September 2023 - - -

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 999,285 720,192 913,386 789,132 3,421,995
Additions 99,183 46,493 171,006 5,050 321,732
Disposals (37,000 ) (999 ) (131,697 ) (213 ) (169,909 )
At 30 September 2024 1,061,468 765,686 952,695 793,969 3,573,818
DEPRECIATION
At 1 October 2023 776,114 656,645 807,280 768,427 3,008,466
Charge for year 64,525 15,134 49,646 8,791 138,096
Eliminated on disposal (4,317 ) (333 ) (107,665 ) (7 ) (112,322 )
At 30 September 2024 836,322 671,446 749,261 777,211 3,034,240
NET BOOK VALUE
At 30 September 2024 225,146 94,240 203,434 16,758 539,578
At 30 September 2023 223,171 63,547 106,106 20,705 413,529

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 35,899
At 30 September 2024 35,899
DEPRECIATION
Charge for year 4,188
At 30 September 2024 4,188
NET BOOK VALUE
At 30 September 2024 31,711

11. STOCKS
2024 2023
£    £   
Stocks 2,202,114 2,279,519

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,907,168 2,904,071
Amounts owed by group undertakings 192,046 213,632
Prepayments 222,168 240,851
3,321,382 3,358,554

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 7,180 -
Trade creditors 1,958,346 2,093,302
Tax - 90,206
Social security and other taxes 72,891 69,706
VAT 259,501 262,354
Other creditors 108,616 -
Accrued expenses 415,679 376,375
2,822,213 2,891,943

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 24,386 -

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 9,298 -
Between one and five years 31,767 -
41,065 -

Finance charges repayable:
Within one year 2,118 -
Between one and five years 7,381 -
9,499 -

Net obligations repayable:
Within one year 7,180 -
Between one and five years 24,386 -
31,566 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 424,652 315,151
Between one and five years 346,979 278,065
771,631 593,216

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 132,788 87,580

JAMES LISTER & SONS LIMITED (REGISTERED NUMBER: 00591148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 October 2023 87,580
Charge to Income Statement during year 45,208
Balance at 30 September 2024 132,788

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
27,900 Ordinary Shares 1 27,900 27,900

18. RESERVES
Retained
earnings
£   

At 1 October 2023 4,310,459
Profit for the year 59,112
Dividends (285,786 )
At 30 September 2024 4,083,785

19. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounted to £83,291 (2023: £78,798). Contributions totalling £15,849 (2023: £14,140) were payable to the fund at the balance sheet date.

20. ULTIMATE PARENT COMPANY

James Lister & Sons Limited is a wholly owed subsidiary of James Lister Holdings Limited, its ultimate parent company. James Lister Holdings Limited produces consolidated group accounts which can be obtained at Sandwell Industrial Estate, Spon Lane South, Smethwick Warley, West Midlands, B66 1QJ.