REGISTERED NUMBER: 07241130 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
JAMES LISTER HOLDINGS LTD |
REGISTERED NUMBER: 07241130 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
JAMES LISTER HOLDINGS LTD |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
JAMES LISTER HOLDINGS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Grove House |
Coombs Wood Court |
Steel Park Road |
Halesowen |
West Midlands |
B62 8BF |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report of the company and the group 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 group 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 group 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 3.7% compared to 10.5% 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. Our subsidiary, 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 group be more productive. |
The consolidated balance sheet as detailed on page 9 shows a satisfactory position with equity shareholders' funds amounting to £3,734,732 (2023: £3,796,504) |
Post balance sheet events |
We anticipate the business environment will remain competitive and believe that the group 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 group's ability to maintain and build on the current position. |
Going concern |
The directors have considered the financial position of the group which shows healthy reserves and cash balances. They have not identified any material uncertainties that may cast significant doubt over the ability of the group 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: |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
DIVIDENDS |
An interim dividend of £0.84 per share was paid on the A Ordinary shares. |
An interim dividend of £0.84 per share was paid on the C Ordinary shares. |
An interim dividend of £0.035 per share was paid on the Preference shares. |
The total distribution of dividends on the Ordinary shares was £168,561 |
The total distribution of dividends on the Preference shares was £5,894 |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES LISTER HOLDINGS LTD |
Opinion |
We have audited the financial statements of James Lister Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES LISTER HOLDINGS LTD |
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 group's and the parent 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 group or the parent 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 HOLDINGS LTD |
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 |
Chartered Accountants and Statutory Auditors |
Grove House |
Coombs Wood Court |
Steel Park Road |
Halesowen |
West Midlands |
B62 8BF |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
CONSOLIDATED |
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 | 5,952,173 | 5,596,646 |
OPERATING PROFIT | 5 | 149,280 | 425,333 |
Interest receivable and similar income | 17,559 | 6,617 |
166,839 | 431,950 |
Interest payable and similar expenses | 6 | 7,113 | 5,542 |
PROFIT BEFORE TAXATION | 159,726 | 426,408 |
Tax on profit | 7 | 52,937 | 99,371 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 106,789 | 327,037 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 106,789 | 327,037 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
106,789 |
327,037 |
Total comprehensive income attributable to: |
Owners of the parent | 106,789 | 327,037 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
CONSOLIDATED BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | (253,519 | ) | (472,711 | ) |
Tangible assets | 11 | 1,006,776 | 893,704 |
Investments | 12 | 3 | 3 |
Investment property | 13 | - | - |
753,260 | 420,996 |
CURRENT ASSETS |
Stocks | 14 | 2,202,114 | 2,279,519 |
Debtors | 15 | 3,184,018 | 3,195,643 |
Cash at bank and in hand | 882,372 | 1,273,793 |
6,268,504 | 6,748,955 |
CREDITORS |
Amounts falling due within one year | 16 | 2,961,813 | 3,117,900 |
NET CURRENT ASSETS | 3,306,691 | 3,631,055 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,059,951 |
4,052,051 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(192,784 |
) |
(168,398 |
) |
PROVISIONS FOR LIABILITIES | 20 | (132,435 | ) | (87,149 | ) |
NET ASSETS | 3,734,732 | 3,796,504 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 200,000 | 200,000 |
Retained earnings | 22 | 3,534,732 | 3,596,504 |
SHAREHOLDERS' FUNDS | 3,734,732 | 3,796,504 |
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 HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
COMPANY BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 332,572 | 91,416 |
The financial statements were approved by the Board of Directors and authorised for issue on |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
CONSOLIDATED 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 | 200,000 | 3,352,800 | 3,552,800 |
Changes in equity |
Dividends | - | (83,333 | ) | (83,333 | ) |
Total comprehensive income | - | 327,037 | 327,037 |
Balance at 30 September 2023 | 200,000 | 3,596,504 | 3,796,504 |
Changes in equity |
Dividends | - | (168,561 | ) | (168,561 | ) |
Total comprehensive income | - | 106,789 | 106,789 |
Balance at 30 September 2024 | 200,000 | 3,534,732 | 3,734,732 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
COMPANY 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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2024 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 344,888 | 942,105 |
Interest paid | 16 | (490 | ) |
Interest element of hire purchase payments paid |
(1,235 |
) |
- |
Finance costs paid | (5,894 | ) | (5,052 | ) |
Tax paid | (90,206 | ) | (60,187 | ) |
Net cash from operating activities | 247,569 | 876,376 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (236,210 | ) | - |
Purchase of tangible fixed assets | (321,733 | ) | (145,801 | ) |
Sale of tangible fixed assets | 69,465 | 2,688 |
Interest received | 17,559 | 6,617 |
Net cash from investing activities | (470,919 | ) | (136,496 | ) |
Cash flows from financing activities |
Amounts owed by group undertaking | (399 | ) | (498 | ) |
Capital repayments in year | 31,566 | - |
Amount introduced by directors | 20,501 | 24,929 |
Amount withdrawn by directors | (51,178 | ) | (105,000 | ) |
Equity dividends paid | (168,561 | ) | (83,333 | ) |
Net cash from financing activities | (168,071 | ) | (163,902 | ) |
(Decrease)/increase in cash and cash equivalents | (391,421 | ) | 575,978 |
Cash and cash equivalents at beginning of year |
2 |
1,273,793 |
697,815 |
Cash and cash equivalents at end of year | 2 | 882,372 | 1,273,793 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 159,726 | 426,408 |
Depreciation charges | 168,091 | 131,059 |
Profit on disposal of fixed assets | (11,878 | ) | (2,688 | ) |
Finance costs | 7,113 | 5,542 |
Finance income | (17,559 | ) | (6,617 | ) |
305,493 | 553,704 |
Decrease in stocks | 77,405 | 155,272 |
Decrease in trade and other debtors | 12,025 | 102,710 |
(Decrease)/increase in trade and other creditors | (50,035 | ) | 130,419 |
Cash generated from operations | 344,888 | 942,105 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 882,372 | 1,273,793 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 1,273,793 | 697,815 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,273,793 | (391,421 | ) | 882,372 |
1,273,793 | (391,421 | ) | 882,372 |
Debt |
Finance leases | - | (31,566 | ) | (31,566 | ) |
Debts falling due after 1 year | (168,398 | ) | - | (168,398 | ) |
(168,398 | ) | (31,566 | ) | (199,964 | ) |
Total | 1,105,395 | (422,987 | ) | 682,408 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
James Lister Holdings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
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 group 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 amounts paid on the cost of a business combination and the acquirers interest in the fair value of the group's share of its identifiable assets and liabilities 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 profit and loss over its useful economic life. |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED 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. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at 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 Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED 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 group. |
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 | 3,515,962 | 3,397,573 |
Social security costs | 363,594 | 396,166 |
Other pension costs | 187,019 | 196,986 |
4,066,575 | 3,990,725 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Distribution staff | 77 | 76 |
Administration staff | 24 | 24 |
The average number of employees by undertakings that were proportionately consolidated during the year was 95 (2023 - 94 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 418,118 | 512,710 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 169,019 | 199,989 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 146,886 | 137,664 |
Depreciation - assets on hire purchase contracts | 4,188 | - |
Profit on disposal of fixed assets | (11,878 | ) | (2,688 | ) |
Goodwill amortisation | 9,750 | (13,870 | ) |
Computer software amortisation | 7,268 | 7,267 |
Auditors' remuneration | 19,546 | 18,800 |
Foreign exchange differences | 851 | 7,553 |
Other operating leases | 430,509 | 363,428 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other interest | (16 | ) | 490 |
Hire purchase | 1,235 | - |
Preference dividend | 5,894 | 5,052 |
7,113 | 5,542 |
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 | 7,651 | 90,206 |
Deferred tax | 45,286 | 9,165 |
Tax on profit | 52,937 | 99,371 |
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 | 159,726 | 426,408 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
39,932 |
106,602 |
Effects of: |
Expenses not deductible for tax purposes | (2,593 | ) | 6,777 |
Capital allowances in excess of depreciation | (29,688 | ) | (10,910 | ) |
Deferred tax charge | 45,286 | 9,165 |
Marginal relief | - | (12,263 | ) |
Total tax charge | 52,937 | 99,371 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary A shares of £1 each |
Interim | 126,421 | 50,000 |
Ordinary C shares of £1 each |
Interim | 42,140 | 25,000 |
Ordinary D shares of £1 each |
Interim | - | 8,333 |
168,561 | 83,333 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Website | Computer |
Goodwill | development | software | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 | (3,466,359 | ) | 30,460 | 72,674 | (3,363,225 | ) |
Additions | 236,210 | - | - | 236,210 |
At 30 September 2024 | (3,230,149 | ) | 30,460 | 72,674 | (3,127,015 | ) |
AMORTISATION |
At 1 October 2023 | (2,947,717 | ) | 30,460 | 26,743 | (2,890,514 | ) |
Amortisation for year | 9,750 | - | 7,268 | 17,018 |
At 30 September 2024 | (2,937,967 | ) | 30,460 | 34,011 | (2,873,496 | ) |
NET BOOK VALUE |
At 30 September 2024 | (292,182 | ) | - | 38,663 | (253,519 | ) |
At 30 September 2023 | (518,642 | ) | - | 45,931 | (472,711 | ) |
Company |
Computer |
software |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
Amortisation for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 October 2023 | 648,889 | 999,285 | 720,192 |
Additions | - | 99,183 | 46,493 |
Disposals | - | (37,000 | ) | (999 | ) |
At 30 September 2024 | 648,889 | 1,061,468 | 765,686 |
DEPRECIATION |
At 1 October 2023 | 168,713 | 776,114 | 656,645 |
Charge for year | 12,978 | 64,525 | 15,134 |
Eliminated on disposal | - | (4,317 | ) | (333 | ) |
At 30 September 2024 | 181,691 | 836,322 | 671,446 |
NET BOOK VALUE |
At 30 September 2024 | 467,198 | 225,146 | 94,240 |
At 30 September 2023 | 480,176 | 223,171 | 63,547 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2023 | 913,386 | 800,438 | 4,082,190 |
Additions | 171,006 | 5,051 | 321,733 |
Disposals | (131,697 | ) | (213 | ) | (169,909 | ) |
At 30 September 2024 | 952,695 | 805,276 | 4,234,014 |
DEPRECIATION |
At 1 October 2023 | 807,280 | 779,734 | 3,188,486 |
Charge for year | 49,646 | 8,791 | 151,074 |
Eliminated on disposal | (107,665 | ) | (7 | ) | (112,322 | ) |
At 30 September 2024 | 749,261 | 788,518 | 3,227,238 |
NET BOOK VALUE |
At 30 September 2024 | 203,434 | 16,758 | 1,006,776 |
At 30 September 2023 | 106,106 | 20,704 | 893,704 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
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 |
Company |
Computer |
equipment |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
12. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertaking |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | 3 |
NET BOOK VALUE |
At 30 September 2024 | 3 |
At 30 September 2023 | 3 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Sandwell Industrial Estate, Spon Lane South, Smethwick Warley, West Midlands, B66 1QJ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Sandwell Industrial Estate, Spon Lane South, Smethwick Warley, West Midlands, B66 1QJ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Sandwell Industrial Estate, Spon Lane South, Smethwick Warley, West Midlands, B66 1QJ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Sandwell Industrial Estate, Spon Lane South, Smethwick Warley, West Midlands, B66 1QJ |
Nature of business: |
% |
Class of shares: | holding |
JLS (Smethwick) Engineering Limited acquired 100% of the issued share capital of Kewtube Limited during the year. Since acquisition Kewtube Limited has remained dormant. The registered address is the same as its parent company. |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
13. | INVESTMENT PROPERTY - continued |
13. | INVESTMENT PROPERTY |
Company |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Fair value at 30 September 2024 is represented by: |
£ |
Valuation in 2016 | 151,111 |
Cost | 648,889 |
800,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 648,889 | 648,889 |
Aggregate depreciation | (181,691 | ) | (168,713 | ) |
Investment properties were valued on an open market basis on 30 September 2016 by the directors . |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 2,202,114 | 2,279,519 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,907,168 | 2,904,071 |
Amounts owed by group undertakings | 1,698 | 1,298 |
Prepayments | 275,152 | 290,274 |
3,184,018 | 3,195,643 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts (see note 19) | 7,180 | - |
Trade creditors | 2,016,223 | 2,147,436 |
Amounts owed to group undertakings | 1 | 1 |
Tax | 7,651 | 90,206 |
Social security and other taxes | 96,555 | 133,869 |
VAT | 259,501 | 262,354 | - | - |
Other creditors | 120,245 | 38,304 |
Directors' current accounts | 34,878 | 65,555 | 34,878 | 65,555 |
Accrued expenses | 419,579 | 380,175 |
2,961,813 | 3,117,900 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Preference shares (see note 18) | 168,398 | 168,398 |
Hire purchase contracts (see note 19) | 24,386 | - |
192,784 | 168,398 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Preference shares | 168,398 | 168,398 | 168,398 | 168,398 |
Details of shares shown as liabilities are as follows: |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Preferred Ordinary | £1 | 168,398 | 168,398 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
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 | - |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 355,316 | 245,815 |
Between one and five years | 346,979 | 278,065 |
702,295 | 523,880 |
Rent receivable under operating leases |
At 30 September 2023 the company had future rentals receivable under non-cancellable operating leases as follows: |
2024 | 2023 |
£ | £ |
Not later than 1 year | 69,336 | 69,336 |
Later than 1 year and not later than 5 years | - | - |
69,336 | 50,778 |
The group had no future rentals receivables under non-cancellable leases. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 132,435 | 87,149 | 2,619 | 2,541 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 87,149 |
Charge to Income Statement during year | 45,286 |
Balance at 30 September 2024 | 132,435 |
Company |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Charge to Income Statement during year |
Balance at 30 September 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 150,000 | 100,000 |
Ordinary C | £1 | 50,000 | 50,000 |
NIL | Ordinary D | £1 | - | 50,000 |
200,000 | 200,000 |
During this financial year Ordinary D shares were reclassified to Ordinary A shares on 1 May 2024. |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 October 2023 | 3,596,504 |
Profit for the year | 106,789 |
Dividends | (168,561 | ) |
At 30 September 2024 | 3,534,732 |
Company |
Retained |
earnings |
£ |
At 1 October 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 September 2024 |
JAMES LISTER HOLDINGS LTD (REGISTERED NUMBER: 07241130) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
23. | 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 £194,589 (2023: £185,142). Contributions totalling £23,934 (2023: £41,691) were payable to the fund at the balance sheet date. |
24. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £168,561 (2023 - £83,333) were paid to the directors . |