IRIS Accounts Production v25.1.0.734 07241130 Board of Directors 30.9.24 1.10.23 30.9.24 30.9.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. industrial consumables and fluid power supplies. true true true false true true false false false false false false false true false Fair value model Preferred Ordinary 1.00000 Ordinary A 1.00000 Ordinary C 1.00000 Ordinary D 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh072411302023-09-30072411302024-09-30072411302023-10-012024-09-30072411302022-09-30072411302022-10-012023-09-30072411302023-09-3007241130ns15:EnglandWales2023-10-012024-09-3007241130ns14:PoundSterling2023-10-012024-09-3007241130ns10:Director12023-10-012024-09-3007241130ns10:Consolidated2024-09-3007241130ns10:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3007241130ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3007241130ns10:Consolidatedns10:MediumEntities2023-10-012024-09-3007241130ns10:Consolidatedns10:Audited2023-10-012024-09-3007241130ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3007241130ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3007241130ns10:Consolidated2023-10-012024-09-3007241130ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3007241130ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3007241130ns10:FullAccounts2023-10-012024-09-3007241130ns5:Subsidiary12023-10-012024-09-3007241130ns5:Subsidiary22023-10-012024-09-3007241130ns5:Subsidiary32023-10-012024-09-3007241130ns5:Subsidiary42023-10-012024-09-300724113012023-10-012024-09-3007241130ns10:PreferenceShareClass42023-10-012024-09-3007241130ns10:OrdinaryShareClass12023-10-012024-09-3007241130ns10:OrdinaryShareClass22023-10-012024-09-3007241130ns10:OrdinaryShareClass32023-10-012024-09-3007241130ns10:Director22023-10-012024-09-3007241130ns10:Director32023-10-012024-09-3007241130ns10:Director42023-10-012024-09-3007241130ns10:RegisteredOffice2023-10-012024-09-3007241130ns10:Consolidated2022-10-012023-09-3007241130ns5:CurrentFinancialInstruments2024-09-3007241130ns5:CurrentFinancialInstruments2023-09-3007241130ns5:Non-currentFinancialInstruments2024-09-3007241130ns5:Non-currentFinancialInstruments2023-09-3007241130ns5:ShareCapital2024-09-3007241130ns5:ShareCapital2023-09-3007241130ns5:RetainedEarningsAccumulatedLosses2024-09-3007241130ns5:RetainedEarningsAccumulatedLosses2023-09-3007241130ns5:ShareCapital2022-09-3007241130ns5:RetainedEarningsAccumulatedLosses2022-09-3007241130ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3007241130ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3007241130ns5:NetGoodwill2023-10-012024-09-3007241130ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3007241130ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-10-012024-09-3007241130ns5:ComputerSoftware2023-10-012024-09-3007241130ns5:PlantMachinery2023-10-012024-09-3007241130ns5:FurnitureFittings2023-10-012024-09-3007241130ns5:MotorVehicles2023-10-012024-09-3007241130ns5:ComputerEquipment2023-10-012024-09-3007241130ns5:ComputerSoftware2023-09-3007241130ns5:ComputerSoftware2024-09-3007241130ns5:ComputerSoftware2023-09-3007241130ns5:ComputerEquipment2023-09-3007241130ns5:ComputerEquipment2024-09-3007241130ns5:ComputerEquipment2023-09-3007241130ns5:CostValuation2023-09-30072411301ns5:Subsidiary12023-10-012024-09-3007241130ns5:Subsidiary12024-09-3007241130ns5:Subsidiary12023-09-3007241130ns5:Subsidiary12022-10-012023-09-3007241130ns5:Subsidiary232023-10-012024-09-30072411305ns5:Subsidiary32023-10-012024-09-30072411307ns5:Subsidiary42023-10-012024-09-3007241130ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3007241130ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3007241130ns10:PreferenceShareClass42024-09-3007241130ns5:DeferredTaxation2023-09-3007241130ns5:DeferredTaxation2023-10-012024-09-3007241130ns5:DeferredTaxation2024-09-3007241130ns10:OrdinaryShareClass12024-09-3007241130ns10:OrdinaryShareClass22024-09-3007241130ns5:RetainedEarningsAccumulatedLosses2023-09-30
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: Mr T J Cotterill
Mr R A Cotterill
Mr M J Cotterill
Mr P C Davies





REGISTERED OFFICE: Units 1-5 Sandwell Industrial Estate
Spon Lane South
Smethwick
Warley
West Midlands
B66 1QJ





REGISTERED NUMBER: 07241130 (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 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:





Mr T J Cotterill - Director


30 April 2025

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.

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 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:





Mr T J Cotterill - Director


30 April 2025

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.




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 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 106,789 327,037
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 38,663 45,931
Tangible assets 11 - -
Investments 12 3,358,638 3,358,638
Investment property 13 800,000 800,000
4,197,301 4,204,569

CURRENT ASSETS
Debtors 15 54,682 50,721
Cash at bank 66,964 7,513
121,646 58,234
CREDITORS
Amounts falling due within one year 16 331,645 439,590
NET CURRENT LIABILITIES (209,999 ) (381,356 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,987,302

3,823,213

CREDITORS
Amounts falling due after more than one
year

17

(168,398

)

(168,398

)

PROVISIONS FOR LIABILITIES 20 (2,619 ) (2,541 )
NET ASSETS 3,816,285 3,652,274

CAPITAL AND RESERVES
Called up share capital 21 200,000 200,000
Retained earnings 22 3,616,285 3,452,274
SHAREHOLDERS' FUNDS 3,816,285 3,652,274

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 30 April 2025 and were signed on its behalf by:





Mr T J Cotterill - Director


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 200,000 3,444,191 3,644,191

Changes in equity
Dividends - (83,333 ) (83,333 )
Total comprehensive income - 91,416 91,416
Balance at 30 September 2023 200,000 3,452,274 3,652,274

Changes in equity
Dividends - (168,561 ) (168,561 )
Total comprehensive income - 332,572 332,572
Balance at 30 September 2024 200,000 3,616,285 3,816,285

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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.

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.

Website development are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of ten 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 - 33% on cost and 20% on cost

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
101 100

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 72,674
AMORTISATION
At 1 October 2023 26,743
Amortisation for year 7,268
At 30 September 2024 34,011
NET BOOK VALUE
At 30 September 2024 38,663
At 30 September 2023 45,931

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 11,306
DEPRECIATION
At 1 October 2023
and 30 September 2024 11,306
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 3,358,638
NET BOOK VALUE
At 30 September 2024 3,358,638
At 30 September 2023 3,358,638

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

James Lister & Sons Limited
Registered office: Sandwell Industrial Estate, Spon Lane South, Smethwick Warley, West Midlands, B66 1QJ
Nature of business: Trading
%
Class of shares: holding
Ordinary shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,111,685 4,338,359
Profit for the year 59,112 414,388

JLS (Smethwick) Engineering Ltd
Registered office: Sandwell Industrial Estate, Spon Lane South, Smethwick Warley, West Midlands, B66 1QJ
Nature of business: Dormant
%
Class of shares: holding
Ordinary shares 100.00

Lister Supplies Limited
Registered office: Sandwell Industrial Estate, Spon Lane South, Smethwick Warley, West Midlands, B66 1QJ
Nature of business: Dormant
%
Class of shares: holding
Ordinary shares 100.00

Lister Tube Limited
Registered office: Sandwell Industrial Estate, Spon Lane South, Smethwick Warley, West Midlands, B66 1QJ
Nature of business: Dormant
%
Class of shares: holding
Ordinary shares 100.00

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 800,000
NET BOOK VALUE
At 30 September 2024 800,000
At 30 September 2023 800,000

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 1,698 1,298
Prepayments 275,152 290,274 52,984 49,423
3,184,018 3,195,643 54,682 50,721

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 57,874 54,135
Amounts owed to group undertakings 1 1 192,047 213,633
Tax 7,651 90,206 7,651 -
Social security and other taxes 96,555 133,869 23,665 64,163
VAT 259,501 262,354 - -
Other creditors 120,245 38,304 11,630 38,304
Directors' current accounts 34,878 65,555 34,878 65,555
Accrued expenses 419,579 380,175 3,900 3,800
2,961,813 3,117,900 331,645 439,590

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Preference shares (see note 18) 168,398 168,398 168,398 168,398
Hire purchase contracts (see note 19) 24,386 - - -
192,784 168,398 168,398 168,398

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: £    £   
168,398 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 2,541
Charge to Income Statement during year 78
Balance at 30 September 2024 2,619

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
150,000 Ordinary A £1 150,000 100,000
50,000 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 3,452,274
Profit for the year 332,572
Dividends (168,561 )
At 30 September 2024 3,616,285


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 .