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Registered number:Ā R0000419










John Hogg & Co, Limited










Annual Report and Financial Statements

For the Year EndedĀ 30 September 2024

Ā 
John Hogg & Co, Limited
Ā 

Company Information


Directors
IWL Webb (Chairman)Ā 
IK WebbĀ 
RM WebbĀ 
WR WebbĀ 
M JohnstonĀ 




Company secretary
M Johnston



Registered number
R0000419



Registered office
3 Portman Business Park

Lisburn

Co Antrim

BT28 2XF




Independent auditors
Sumer Auditco NI Limited
Chartered Accountants & Statutory Auditors

6 Murray Street

Belfast

BT1 6DN





Ā 
John Hogg & Co, Limited
Ā 

Contents



Page
Group Strategic Report
Ā 
1 - 4
Directors' Report
Ā 
5 - 7
Independent Auditors' Report
Ā 
8 - 11
Consolidated Profit and Loss Account
Ā 
12
Consolidated Statement of Comprehensive Income
Ā 
13
Consolidated Balance Sheet
Ā 
14 - 15
Company Balance Sheet
Ā 
16
Consolidated Statement of Changes in Equity
Ā 
17
Company Statement of Changes in Equity
Ā 
18
Consolidated Statement of Cash Flows
Ā 
19 - 20
Consolidated Analysis of Net Debt
Ā 
21
Notes to the Financial Statements
Ā 
22 - 55


Ā 
John Hogg & Co, Limited
Ā 

Group Strategic Report
For the Year Ended 30 September 2024

Introduction
Ā 
The directors present their Strategic report on the Group and company for the year ended 30 September 2024.
Principal activities
The principal activities of the Group remain the manufacture and marketing of dyestuffs and markers to the petroleum industry, the design and sale of household textiles, giftware, linen and soft furnishings, property rental, a Group treasury management company, and the provision of travel services.
The principal activities of the company are the provision of pensions and head office administration.

Business review and future developments
Ā 
The Group recorded pre-tax profits of £8.3m on turnover of £116.5m over the year under review. Net assets totalled £43.3m at the year end and included cash balances of £10.8m. The Group therefore produced a strong financial performance and was in a robust financial condition on 30th September 2024.
John Hogg Technical Solutions Limited (ā€œJHTSā€)
JHTS recorded a turnover of £53.5m and pre-tax profits of £7.6m in the financial year 2023/24, which represented a good trading performance in a year of transition for key markets.  The strategy of the business focuses on sustainable investment that delivers value to its customers and growth through developing new technologies and entering new markets.
Ulster Weavers Home Limited (ā€œUWHā€)
UWH recorded a profit before tax of £1.0m on turnover of £56.8m as the business continued to grow in the developing household sector.
Killylane Properties Limited (ā€œKPLā€)
KPL recorded a loss before tax of £0.2m on turnover of £0.7m following a £485k fair value reduction of its property portfolio the bulk of which is located in St Andrews, Scotland.
Orrs Travel Limited (ā€œOTLā€)
OTL recorded again recorded a small profit before tax on turnover up 10% from the previous year at £5.0m.
John Hogg Group of Companies – Going Concern
Given the above, the Group will meet its liabilities and obligations over a period of not less than 12 months from the date these financial statements are approved. For this reason, the Directors continue to adopt the going concern basis of preparation in these consolidated financial statements. Ā 
John Hogg Retirement Benefits Scheme (ā€œJHRBSā€)
Following close collaboration between the Group Board Directors and Trustees, culminating in deficit repair contributions of £4.0m, the JHRBS FRS 102 valuation recorded a small surplus of £0.2m and it is included in these accounts at this level.

Environment
The Group recognises its corporate responsibility to carry out its operations whilst minimising environmentalĀ 
impacts. The directors’ continued aim is to comply with all applicable environmental legislation, prevent pollution
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John Hogg & Co, Limited
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Group Strategic Report (continued)
For the Year Ended 30 September 2024

and reduce waste wherever possible.
Health and safety
The Group is committed to achieving the highest practicable standards in health and safety management and strives to make all sites and offices safe environments for employees and customers alike.
Human resources
The Group’s most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the group has invested in relevant employment training and development and has in place appropriate incentive and career progression arrangements.
Employees
Applications for employment by disabled persons are always fully considered bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Group continues and the appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of a disabled person should, as far as possible be identical to that of a person who does not suffer from a disability.
Consultation with employees or their representatives has continued at all levels, with the aim of ensuring that their views are taken into account when decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of their business units and of the Group as a whole.

Principal risks and uncertainties
Ā 
Financial risk management
The Group’s operations expose it to a variety of financial risks that include price risk, foreign exchange risk, credit risk, liquidity risk and interest rate risk. The Group has in place a risk management programme that seeks to limit their adverse effects on the financial performance of the Group.
Given the size of the Group, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee of the board. The policies set by the board of directors are implemented by the Group’s finance department.
Price risk
The Group is exposed to commodity price risk as a result of its operations. However, given the size of the Group’s operations, the costs of managing exposure to commodity price risk exceed any potential benefits. TheĀ 
directors will revisit the appropriateness of this policy should the Group’s operations change in size or nature. Ā Ā 
The Group has no exposure to equity securities price risk as it holds no listed or other equity investments.
Foreign exchange risk
While the greater part of the Group’s revenues and expenses are denominated in Sterling, the Group is exposed to some foreign exchange risk in the normal course of business, principally on purchases and sales in Euros and US Dollars. Group policy is to hedge such transactions using forward contracts.
Credit risk
Credit risk arises from cash and cash equivalents with banks and financial institutions, as well as credit exposures to customers. The Group has implemented policies that require appropriate credit checks on
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John Hogg & Co, Limited
Ā 

Group Strategic Report (continued)
For the Year Ended 30 September 2024

potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the Board. The Board regularly assess the financial position of banks and financial institutions utilised.

Liquidity risk
The Group has sufficient short term debt facilities that are designed to ensure the Group has sufficient available Ā  funds for operations and planned expansions.
Interest rate risk
The Group has both interest bearing assets and interest bearing liabilities. Interest bearing assets consist of cash balances which earn interest at variable rates and loans to related parties which earn interest at fixed rates. Interest bearing liabilities consist of bank loans and overdrafts on which the Group pays variable rates of interest and loans from related parties on which the Group pays fixed rates of interest. The Group has a policy of maintaining debt at a mixture of fixed and variable rates. The directors will revisit the appropriateness of this policy should the Group’s operations change in size or nature.

Financial key performance indicators
Ā 
The directors consider the key performance indicators to be turnover and operating profit. The performance for 2024 and 2023 are summarised below:

Summary of financial key performance indicators

2024
2023
      £000
      £000
Turnover

116,481

89,931
Ā 
Operating profit before exceptionals and fair value movements

11,323

5,255
Ā 
Operating profit

10,838

4,955
Ā 
Employee numbers

336

308
Ā 

Other key performance indicators
Ā 
Due to the nature and size of the Group no further key performance indicators are used at present.

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John Hogg & Co, Limited
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Group Strategic Report (continued)
For the Year Ended 30 September 2024

Directors' statement of compliance with duty to promote the success of the Group
Ā 
The Directors’ of John Hogg and Co, Limited and its subsidiaries (ā€œthe Groupā€) acknowledge their responsibilities under section 172(1) of the Companies Act 2006. Ā The below sets out the key processes and considerations that demonstrate how the Directors promote the success of the Group. Ā 
The Directors meet on a monthly basis to discuss the activities of the Group. Ā These discussions are wide ranging and cover such matters as financial performance, financial position, employee matters including health and safety and customer or supplier matters. Ā Each decision that is made by the Directors gives due consideration to how it best promotes the success of the Group and considers the impact on the wider stakeholder group. Ā The following factors have been considered: Ā Ā 
(a) The likely consequences of any decision in the long term
Each year the Company sets an annual budget and objectives which is in place to promote the long term viability of the Group. This is reviewed on a monthly basis with consideration of both financial and non-financial metrics and the impact on the Group’s stakeholders. Ā As decisions are made at the Board meetings, the Board are given access to management papers which set out the impact of these decisions as well as the impact on the Group strategy. Ā 
(b) The interests of the Group’s employees
The Directors consider the interest of employees in all major decisions, with a particular focus on their health, safety and wellbeing. Ā Due to the nature of the business and its size, the directors are heavily involved in the day to day operations of the group and therefore have regular interactions with employees. Appropriate forums are in place to promote regular communication and to ensure that there are appropriate levels of engagement with the Group’s employees.Ā 
(c) The need to foster the Group’s business relationships with suppliers, customers, lenders and others
The Directors have identified the stakeholders in the Company and ensure adequate communication and engagement is ongoing with each group. Ā This communication ensures that regular dialogue is held with our customers, suppliers and lenders at the right levels to foster strong working relationships that benefit all parties.
(d) The impact of the Group’s operations on the environment and on the communityĀ 
The Group places a strong emphasis on its environmental responsibility, which is reviewed on a regular basis by the board. Ā Reducing our carbon footprint and limiting our impact on the environment are key focuses of the Group. Ā Ā 
(e) The desirability of the Group maintaining a reputation for high standards of business conductĀ 
The Group has developed a reputation of high standards of business conduct over its many years of trading. The board regularly reinforces the ongoing need to maintain these standards and ensure that the staff have sufficient resources to be able to continue to demonstrate these in all aspects of the business.
(f) Ā  Ā  Ā Other stakeholders
In making any decisions the directors ensure that any other stakeholders are given due consideration and where appropriate relevant consultation is held with those parties. Ā 
Ā 


This report was approved by the board onĀ 6 March 2025Ā and signed on its behalf.



M Johnston
Director

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John Hogg & Co, Limited
Ā 

Ā 
Directors' Report
For the Year Ended 30 September 2024

TheĀ directorsĀ presentĀ theirĀ report and theĀ financial statementsĀ for theĀ yearĀ endedĀ 30 September 2024.

Directors' responsibilities statement

TheĀ directorsĀ areĀ responsible for preparing theĀ Group Strategic Report, the Directors' Report and theĀ consolidatedĀ financial statementsĀ in accordance withĀ applicable law and regulations.
Ā 
Company lawĀ requiresĀ theĀ directorsĀ to prepareĀ financial statementsĀ for each financialĀ year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ā€˜The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they giveĀ a true and fair view of the state of affairs of theĀ Company and the GroupĀ and of theĀ profit or lossĀ of theĀ GroupĀ for that period.

Ā In preparing these financial statements, the directors are required to:


āˆ™select suitableĀ accounting policies for the Group's financial statementsĀ and then apply them consistently;

āˆ™makeĀ judgmentsĀ and accounting estimates that are reasonable and prudent;

āˆ™state whether applicableĀ UK Accounting StandardsĀ have been followed, subject to any material departures disclosed and explained in the financial statements;

āˆ™prepare theĀ financial statementsĀ on the going concern basisĀ unless it is inappropriate to presume that the Group will continue in business.

TheĀ directorsĀ areĀ responsible for keepingĀ adequateĀ accounting records that are sufficient to show and explain the Company's transactions andĀ disclose with reasonable accuracy at any time the financial position of theĀ Company and the GroupĀ and to enableĀ themĀ to ensure that theĀ financial statementsĀ comply with the Companies Act 2006.Ā They areĀ also responsible for safeguarding the assets of theĀ Company and the GroupĀ and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £6,253,000 (2023 - £3,922,000).

An interim dividend of £995,000 (2023 - £498,000) was paid during the year.  The directors do not recommend the payment of a final dividend (2023 -  £nil).

Directors

TheĀ directorsĀ who served during theĀ yearĀ were:

IWL Webb (Chairman)Ā 
IK WebbĀ 
RM WebbĀ 
WR WebbĀ 
M JohnstonĀ 

Future developments

The section on future developments is contained in the Strategic report and is included in this report by cross reference.

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John Hogg & Co, Limited
Ā 

Ā 
Directors' Report (continued)
For the Year Ended 30 September 2024

Engagement with employees

The section on engagement with employees is contained in the Strategic report and is included in this report by cross reference.

Engagement with suppliers, customers and others

The reporting on engagement with suppliers, customers and others is included the Strategic report and is included in this report by cross reference.

Greenhouse gas emissions, energy consumption and energy efficiency action

TheĀ Group's greenhouse gas emissions and energy consumption are as follows:Ā 


2024
2023

Emissions resulting from activities for which the Group is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
155.81
184.71

Emissions resulting from the purchase of the electricity by the Group for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
186.43
163.54

Energy consumed from activities for which the Group is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Group for its own use, including for the purposes of transport, in kWh
1755371
1857585

In establishing our tCO2e emissions we have excluded the group’s sources of renewable energy.
The methodology used to generate the information below has been derived from the UK Government GHG conversion factors for company reporting and applied the conversion factors outlined to supplier statements covering the groups consumption of Gas (Scope 1), Kerosene (Scope 1), Wood Pellets (Scope 1) and Electricity (Scope 2).

From October 2023, one of the subsidiary companies has purchased electricity on a renewable energy for business tariff. All the electricity consumed at this site comes from renewable sources such as solar and wind power. These energy sources do not produce carbon emissions.

The group note that energy intensity ratio measuring the kwh of energy consumed per £1,000 of group revenue generated, has reduced from 20.65 kwh to 15.07 kwh, reflecting the amount of energy consumed per unit of economic output.

Disclosure of information to auditors

Each of the persons who areĀ directorsĀ at the time when thisĀ Directors' ReportĀ is approved has confirmed that:
Ā 
āˆ™so far asĀ the directorĀ is aware, there is no relevant audit information of which theĀ Company and the Group's auditorsĀ areĀ unaware, and

āˆ™the directorĀ has taken all the steps that ought to have been taken as aĀ directorĀ in order to be aware of any relevant audit information and to establish that theĀ Company and the Group's auditorsĀ areĀ aware of that information.

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John Hogg & Co, Limited
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Ā 
Directors' Report (continued)
For the Year Ended 30 September 2024

Post balance sheet events

Following the year end the group completed a hive up of the trade, assets and liabilities of John Hogg Finance Limited and GOT JH Limited and the hive up of certain assets and liabilities of Killylane Properties Limited into John Hogg & Co, Limited. Ā 
In addition, the group, by way of subsidiary company John Hogg Technical Solutions Limited, acquired Avocet Dye and Chemical Co. Limited, a company registered in England and Wales. Ā 
Finally, the group investment in associated undertaking Galgorm Castle Holdings Limited, was realised following the recent sale to Galgorm Collection.Ā 

Auditors

The auditors,Ā Sumer Auditco NI Limited,Ā will be proposed for reappointment in accordance withĀ section 485 of the Companies Act 2006.

This report was approved by theĀ BoardĀ onĀ 6 March 2025Ā and signed onĀ itsĀ behalf.
Ā 





M Johnston
Director

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John Hogg & Co, Limited
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Ā 
Independent Auditors' Report to the Members of John Hogg & Co, Limited
Ā 

Opinion


WeĀ have audited theĀ financial statementsĀ ofĀ John Hogg & Co, Limited (the 'parent Company') and its subsidiaries (the 'Group')Ā for theĀ yearĀ endedĀ 30 September 2024, which compriseĀ the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in EquityĀ and the related notes, including a summary of significant accounting policies.Ā The financial reporting framework that has been applied in their preparation is applicable lawĀ and United Kingdom Accounting Standards,Ā including Financial Reporting Standard 102 ā€˜The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


InĀ ourĀ opinionĀ the financial statements:


āˆ™give a true and fair view of the state of theĀ Group's and of the parent Company'sĀ affairs as atĀ 30 September 2024Ā and ofĀ the Group'sĀ profitĀ for theĀ yearĀ then ended;
āˆ™have been properly prepared in accordance withĀ United KingdomĀ Generally Accepted Accounting Practice; and
āˆ™have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


WeĀ conductedĀ ourĀ audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.Ā OurĀ responsibilities under those standards are further described in theĀ Auditors'Ā responsibilities for the audit of theĀ financial statementsĀ section ofĀ ourĀ report.Ā WeĀ areĀ independent of theĀ GroupĀ in accordance with the ethical requirements that are relevant toĀ ourĀ audit of theĀ financial statementsĀ in the United Kingdom, including the Financial Reporting Council's Ethical StandardĀ andĀ weĀ have fulfilledĀ ourĀ other ethical responsibilities in accordance with these requirements.Ā WeĀ believe that the audit evidenceĀ weĀ have obtained is sufficient and appropriate to provide a basis forĀ ourĀ opinion.


Conclusions relating to going concern


In auditing the financial statements,Ā weĀ have concluded that theĀ directors'Ā use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the workĀ weĀ have performed,Ā weĀ have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on theĀ Group's or the parent Company'sĀ ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


OurĀ responsibilities and the responsibilities of theĀ directorsĀ with respect to going concern are described in the relevant sections of this report.


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John Hogg & Co, Limited
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Ā 
Independent Auditors' Report to the Members of John Hogg & Co, Limited (continued)


Other information


The other information comprises the information included in theĀ Annual ReportĀ other than the financial statements andĀ ourĀ Auditors' ReportĀ thereon. TheĀ directorsĀ areĀ responsible for the other information contained within theĀ Annual Report.Ā OurĀ opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report,Ā weĀ do not express any form of assurance conclusion thereon.Ā OurĀ responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements orĀ ourĀ knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. IfĀ weĀ identify such material inconsistencies or apparent material misstatements,Ā weĀ areĀ required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the workĀ weĀ have performed,Ā weĀ conclude that there is a material misstatement of this other information,Ā weĀ areĀ required to report that fact.


WeĀ have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
Ā 

InĀ ourĀ opinion, based on the work undertaken in the course of the audit:


āˆ™the information given in theĀ Group Strategic Report and the Directors' ReportĀ for the financialĀ yearĀ for which theĀ financial statementsĀ are prepared is consistent with theĀ financial statements; and
āˆ™theĀ Group Strategic Report and the Directors' ReportĀ haveĀ been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
Ā 

In the light of the knowledge and understanding of theĀ Group and the parent CompanyĀ and its environment obtained in the course of the audit,Ā weĀ have not identified material misstatements in theĀ Group Strategic Report or the Directors' Report.


WeĀ have nothing to report in respect of the following matters in relation to whichĀ the Companies Act 2006Ā requiresĀ usĀ to report to you if, inĀ ourĀ opinion:


āˆ™adequate accounting records have not beenĀ kept by the parent Company, or returns adequate forĀ ourĀ audit have not been received from branches not visited byĀ us; or
āˆ™theĀ parent Company financial statementsĀ are not in agreement with the accounting records and returns; or
āˆ™certain disclosures ofĀ directors'Ā remuneration specified by law are not made; or
āˆ™weĀ have not received all the information and explanationsĀ weĀ require forĀ ourĀ audit.


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PageĀ 9

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Independent Auditors' Report to the Members of John Hogg & Co, Limited (continued)


Responsibilities of directors
Ā 

As explained more fully in theĀ Directors' Responsibilities StatementĀ set out on page 5, theĀ directorsĀ areĀ responsible for the preparation of theĀ financial statementsĀ and for being satisfied that they give a true and fair view, and for such internal control as theĀ directorsĀ determineĀ is necessary to enable the preparation ofĀ financial statementsĀ that are free from material misstatement, whether due to fraud or error.


In preparing theĀ financial statements, theĀ directorsĀ areĀ responsible for assessing theĀ 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 theĀ directorsĀ eitherĀ intendĀ to liquidate theĀ Group or the parent CompanyĀ or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
Ā 

OurĀ objectives are to obtain reasonable assurance about whether theĀ financial statementsĀ as a whole are free from material misstatement, whether due to fraud or error, and to issue anĀ Auditors' ReportĀ that includesĀ ourĀ 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 theseĀ Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations.Ā WeĀ design procedures in line withĀ ourĀ responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to whichĀ ourĀ procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Group and the Company and the industries in which they operate, and considered the risk of acts by the Group and the Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Group and the Company for fraud and identified the greatest potential for fraud in the following areas: management override of controls and fraud risk relating to revenue.
We designed audit procedures to respond to these risks, 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 or intentional misrepresentations, or through collusion. Our
audit procedures included: enquiries of management about their own identification and assessment of risks of
irregularities, testing the design and implementation of controls relating to the risks, sample testing of journals
posted during the year, revenue cut off testing and undertaking tests of detail over relevant assertions in relation to revenue.


Because of the inherent limitations of an audit, there is a risk thatĀ weĀ will not detect all irregularities, including those leading to a material misstatement in theĀ financial statementsĀ or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in theĀ financial statements, asĀ weĀ will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description ofĀ ourĀ responsibilities for the audit of theĀ financial statementsĀ is located on the Financial Reporting Council's website at:Ā www.frc.org.uk/auditorsresponsibilities. This description forms part ofĀ ourĀ Auditors' Report.


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PageĀ 10

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Independent Auditors' Report to the Members of John Hogg & Co, Limited (continued)


Use of our report
Ā 

This report is made solely to theĀ Company'sĀ members, as a body,Ā in accordance with Chapter 3 of Part 16 of the Companies Act 2006.Ā OurĀ audit work has been undertaken so thatĀ weĀ might state to theĀ Company'sĀ membersĀ those mattersĀ weĀ areĀ required to state to them in anĀ Auditors' ReportĀ and for no other purpose. To the fullest extent permitted by law,Ā weĀ do not accept or assume responsibility to anyone other than theĀ CompanyĀ and theĀ Company'sĀ members, as a body,Ā forĀ ourĀ audit work, for this report, or for the opinionsĀ weĀ have formed.





Brian ClerkinĀ (Senior Statutory Auditor)
Ā Ā 
for and on behalf of
Sumer Auditco NI Limited
Ā 
Statutory Auditors
Ā Ā 
6 Murray Street
Belfast
BT1 6DN

6 March 2025
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PageĀ 11

Ā 
John Hogg & Co, Limited
Ā 

Consolidated Profit and Loss Account
For the Year EndedĀ 30 September 2024

2024
2023
Note
Ā£000
Ā£000

Ā Ā 

Turnover
Ā 4Ā 
116,481
89,931

Cost of sales
Ā Ā 
(79,424)
(63,448)

Gross profit
Ā Ā 
37,057
26,483

Distribution costs
Ā Ā 
(9,770)
(6,534)

Administrative expenses
Ā Ā 
(16,005)
(14,720)

Other operating income
Ā 5Ā 
41
26

Fair value movements
Ā Ā 
(485)
(300)

Operating profit
Ā 6Ā 
10,838
4,955

Income / (loss) Ā from other participating interests
Ā Ā 
-
65

Amounts written off investments
Ā Ā 
(2,000)
(352)

Interest receivable and similar income
Ā 11Ā 
109
64

Interest payable and similar expenses
Ā 12Ā 
(617)
(610)

Other finance costs
Ā 13Ā 
(24)
(116)

Profit before tax
Ā Ā 
8,306
4,006

Tax on profit
Ā 14Ā 
(2,053)
(84)

Profit for the financial year
Ā Ā 
6,253
3,922

Profit for the year attributable to:
Ā Ā 

Owners of the parent
Ā Ā 
6,253
3,922

Ā Ā 
6,253
3,922

The notes on pages 22 to 55 form part of theseĀ financial statements.

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PageĀ 12

Ā 
John Hogg & Co, Limited
Ā 

Consolidated Statement of Comprehensive Income
For the Year EndedĀ 30 September 2024

2024
2023
Note
Ā£000
Ā£000


Profit for the financial year

Ā Ā 

6,253
3,922

Other comprehensive income
Ā Ā 


Actuarial loss on defined benefit schemes
Ā Ā 
(377)
(497)

Movement on deferred tax relating to pension losses
Ā Ā 
(400)
(482)

Change in fair value of hedging instruments
Ā Ā 
(138)
(152)

Other comprehensive income for the year
Ā Ā 
(915)
(1,131)

Total comprehensive income for the year
Ā Ā 
5,338
2,791

Profit for the year attributable to:
Ā Ā 


Owners of the parent Company
Ā Ā 
6,253
3,922

Ā Ā 
6,253
3,922

Total comprehensive income attributable to:
Ā Ā 


Owners of the parent Company
Ā Ā 
5,338
2,791

Ā Ā 
5,338
2,791

The notes on pages 22 to 55 form part of theseĀ financial statements.

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PageĀ 13

Ā 
John Hogg & Co, Limited
Registered number:Ā R0000419

Consolidated Balance Sheet
As atĀ 30 September 2024

2024
2024
2023
2023
Note
Ā£000
Ā£000
Ā£000
Ā£000

Fixed assets
Ā Ā 

Intangible assets
Ā 16Ā 
557
726

Tangible assets
Ā 17Ā 
4,320
5,012

Investments
Ā 18Ā 
3,061
5,061

Investment property
Ā 19Ā 
17,975
18,440

Ā Ā 
25,913
29,239

Current assets
Ā Ā 

Stocks
Ā 20Ā 
26,313
23,337

Debtors: amounts falling due after more than one year
Ā 21Ā 
59
62

Debtors: amounts falling due within one year
Ā 21Ā 
21,342
21,675

Cash at bank and in hand
Ā 22Ā 
10,835
10,455

Ā Ā 
58,549
55,529

Creditors: amounts falling due within one year
Ā 23Ā 
(41,343)
(41,520)

Net current assets
Ā Ā 
Ā 
Ā 
17,206
Ā 
Ā 
14,009

Total assets less current liabilities
Ā Ā 
43,119
43,248

Creditors: amounts falling due after more than one year
Ā 24Ā 
-
(2,873)

Net assets excluding pension liability/asset
Ā Ā 
43,119
40,375

Pension asset/(liability)
Ā Ā 
174
(1,425)

Net assets
Ā Ā 
43,293
38,950

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PageĀ 14

Ā 
John Hogg & Co, Limited
Registered number:Ā R0000419

Consolidated Balance SheetĀ (continued)
As atĀ 30 September 2024

2024
2024
2023
2023
Note
Ā£000
Ā£000
Ā£000
Ā£000

Capital and reserves
Ā Ā 

Called up share capitalĀ 
Ā 28Ā 
132
132

Share premium account
Ā Ā 
1,636
1,636

Other reserves
Ā Ā 
1,034
1,034

Profit and loss account
Ā Ā 
40,491
36,148

Equity attributable to owners of the parent Company
Ā Ā 
43,293
38,950

Ā Ā 
43,293
38,950


TheĀ financial statementsĀ were approved and authorised for issue by theĀ boardĀ and were signed onĀ itsĀ behalfĀ onĀ 6 March 2025.




IK Webb
M Johnston
Director
Director

The notes on pages 22 to 55 form part of these financial statements.

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PageĀ 15

Ā 
John Hogg & Co, Limited
Registered number:Ā R0000419

Company Balance Sheet
As atĀ 30 September 2024

2024
2024
2023
2023
Note
Ā£000
Ā£000
Ā£000
Ā£000

Fixed assets
Ā Ā 

Tangible assets
Ā 17Ā 
1
2

Investments
Ā 18Ā 
7,985
8,485

Investment property
Ā 19Ā 
1,020
-

Ā Ā 
9,006
8,487

Current assets
Ā Ā 

Debtors: amounts falling due within one year
Ā 21Ā 
3,438
5,259

Cash at bank and in hand
Ā 22Ā 
1,795
1,851

Ā Ā 
5,233
7,110

Creditors: amounts falling due within one year
Ā 23Ā 
(2,752)
(797)

Net current assets
Ā Ā 
Ā 
Ā 
2,481
Ā 
Ā 
6,313

Total assets less current liabilities
Ā Ā 
11,487
14,800

Ā Ā 

Creditors: amounts falling due after more than one year
Ā 24Ā 
-
(700)

Provisions for liabilities
Ā Ā 

Deferred taxation
Ā 27Ā 
(5)
-

Net assets excluding pension liability/asset
Ā Ā 
11,482
14,100

Pension asset/(liability)
Ā Ā 
174
(1,425)

Net assets
Ā Ā 
11,656
12,675


Capital and reserves
Ā Ā 

Called up share capitalĀ 
Ā 28Ā 
132
132

Share premium account
Ā Ā 
1,636
1,636

Other reserves
Ā Ā 
1,034
1,034

Profit and loss account
Ā Ā 
8,854
9,873

Ā Ā 
11,656
12,675


TheĀ financial statementsĀ were approved and authorised for issue by theĀ boardĀ and were signed onĀ itsĀ behalfĀ onĀ 6 March 2025.


IK Webb
M Johnston
Director
Director

The notes on pages 22 to 55 form part of these financial statements.

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PageĀ 16
Ā 

Ā 
John Hogg & Co, Limited


Ā 

Consolidated Statement of Changes in Equity
For the Year EndedĀ 30 September 2024



Called up share capital
Share premium account
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


Ā£000
Ā£000
Ā£000
Ā£000
Ā£000
Ā£000



At 1 October 2022
132
1,636
1,034
33,855
36,657
36,657





Profit for the year
-
-
-
3,922
3,922
3,922


Actuarial losses on pension scheme
-
-
-
(979)
(979)
(979)


Change in fair value of hedging instruments
-
-
-
(152)
(152)
(152)


Dividends: Equity capital
-
-
-
(498)
(498)
(498)





At 1 October 2023
132
1,636
1,034
36,148
38,950
38,950





Profit for the year
-
-
-
6,253
6,253
6,253


Actuarial losses on pension scheme
-
-
-
(777)
(777)
(777)


Change in fair value of hedging instruments
-
-
-
(138)
(138)
(138)


Dividends: Equity capital
-
-
-
(995)
(995)
(995)



At 30 September 2024
132
1,636
1,034
40,491
43,293
43,293



The notes on pages 22 to 55 form part of theseĀ financial statements.

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PageĀ 17
Ā 
John Hogg & Co, Limited
Ā 

Company Statement of Changes in Equity
For the Year EndedĀ 30 September 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

Ā£000
Ā£000
Ā£000
Ā£000
Ā£000


At 1 October 2022
132
1,636
1,034
9,542
12,344



Profit for the year
-
-
-
1,808
1,808

Actuarial losses on pension scheme
-
-
-
(979)
(979)

Dividends: Equity capital
-
-
-
(498)
(498)



At 1 October 2023
132
1,636
1,034
9,873
12,675



Profit for the year
-
-
-
753
753

Actuarial losses on pension scheme
-
-
-
(777)
(777)

Dividends: Equity capital
-
-
-
(995)
(995)


At 30 September 2024
132
1,636
1,034
8,854
11,656


The notes on pages 22 to 55 form part of theseĀ financial statements.

img243a.png
PageĀ 18

Ā 
John Hogg & Co, Limited
Ā 

Consolidated Statement of Cash Flows
For the Year Ended 30 September 2024

2024
2023
Ā£000
Ā£000

Cash flows from operating activities

Profit for the financial year
6,253
3,922

Adjustments for:

Amortisation of intangible assets
215
240

Depreciation of tangible assets
476
463

Impairments of fixed assets
2,485
352

(Profit)/loss on disposal of tangible assets
(1,049)
323

Interest paid
617
610

Interest received
(109)
(64)

Taxation charge
2,053
84

(Increase) in stocks
(2,976)
(1,320)

(Increase) in debtors
(439)
(2,127)

(Increase)/decrease in amounts owed by associates and related parties
-
(104)

Increase in creditors
1,818
3,792

(Decrease) in net pension deficit
(1,976)
(2,424)

Net fair value losses recognised in P&L
-
300

Share of operating profit/(loss)) in associates
-
(65)

Corporation tax (paid)
(2,297)
(123)

Net cash generated from operating activities

5,071
3,859


Cash flows from investing activities

Purchase of intangible fixed assets
(45)
(225)

Purchase of tangible fixed assets
(1,333)
(92)

Sale of tangible fixed assets
1,917
852

Purchase of investment properties
(1,020)
-

Sale of investment properties
1,681
1,850

Interest received
109
64

Net cash from investing activities

1,309
2,449
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PageĀ 19

Ā 
John Hogg & Co, Limited
Ā 

Consolidated Statement of Cash Flows (continued)
For the Year Ended 30 September 2024


2024
2023

Ā£000
Ā£000



Cash flows from financing activities

New secured loans
-
3,000

Repayment of loans
(3,495)
(1,892)

Other new loans
839
1,093

Repayment of other loans
(1,093)
(5,614)

HP repayments
(48)
(12)

Shares treated as debt - redeemed
(700)
-

Dividends paid
(995)
(498)

Non-equity dividends paid
(21)
(21)

Interest paid
(596)
(589)

Net cash used in financing activities
(6,109)
(4,533)

Net increase in cash and cash equivalents
271
1,775

Cash and cash equivalents at beginning of year
4,204
2,429

Cash and cash equivalents at the end of year
4,475
4,204


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,835
10,455

Bank overdrafts
(6,360)
(6,251)

4,475
4,204


The notes on pages 22 to 55 form part of theseĀ financial statements.

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PageĀ 20

Ā 
John Hogg & Co, Limited
Ā 

Consolidated Analysis of Net Debt
For the Year Ended 30 September 2024




At 1 October 2023
Cash flows
At 30 September 2024
Ā£000

Ā£000

Ā£000

Cash at bank and in hand

10,455

380

10,835

Bank overdrafts

(1,420)

1,041

(379)

Debt due after 1 year

(2,873)

2,873

-

Debt due within 1 year

(8,895)

1,575

(7,320)

Invoice discounting accounts treated as overdrafts

(4,830)

(1,151)

(5,981)

Finance leases

(131)

48

(83)


(7,694)
4,766
(2,928)

The notes on pages 22 to 55 form part of theseĀ financial statements.

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PageĀ 21

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

1.


General information

John Hogg & Co, Limited ('the Company') and its subsidiaries (together "the Group") operate in the manufacture and marketing of dyestuffs and markers to the petroleum industry, the design and sale of household textiles, giftware, linen and soft furnishings, property rental, a finance Company and the provision of travel services.
The principal activities of the Company are the provision of pension and head office administration.
The Company is a private Company limited by shares and is incorporated in Northern Ireland and domiciled in the United Kingdom. The address of its registered office is 3 Portman Business Park, Lisburn, Co Antrim, BT28 2XF.Ā 

2.Accounting policies

Ā 
2.1

Basis of preparation of financial statements

TheĀ financial statementsĀ have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance withĀ Financial Reporting Standard 102, the Financial Reporting Standard applicable inĀ the UK and the Republic of Ireland and the Companies Act 2006.

The preparation ofĀ financial statementsĀ in compliance with FRSĀ 102Ā requires the use of certain critical accounting estimates. It also requiresĀ GroupĀ management to exerciseĀ judgmentĀ in applying theĀ Group'sĀ accounting policiesĀ (see note 3).

TheĀ CompanyĀ has taken advantage of the exemption allowed underĀ section 408 of theĀ Companies Act 2006Ā and has not presented its ownĀ Profit and Loss AccountĀ in theseĀ financial statements.

The following principalĀ accounting policiesĀ have been applied:

Ā Ā 
2.2

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 Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

img061d.png
PageĀ 22

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

Ā 
2.3

Foreign currency translation

Functional and presentation currency

TheĀ Company's functional and presentational currency isĀ GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transactionĀ and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or lossĀ except when deferred in other comprehensive income as qualifying cash flow hedges.

Ā 
2.4

Revenue

RevenueĀ is recognised to the extent that it is probable that the economic benefits will flow to theĀ GroupĀ and theĀ revenueĀ can be reliably measured.Ā RevenueĀ is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met beforeĀ revenueĀ is recognised:

Sale of goods

RevenueĀ from the sale of goods is recognised when all of the following conditions are satisfied:
āˆ™theĀ GroupĀ has transferred the significant risks and rewards of ownership to the buyer;
āˆ™theĀ GroupĀ retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
āˆ™the amount ofĀ revenueĀ can be measured reliably;
āˆ™it is probable that theĀ GroupĀ will receive the consideration due under the transaction; and
āˆ™the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

RevenueĀ from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
āˆ™the amount ofĀ revenueĀ can be measured reliably;
āˆ™it is probable that theĀ GroupĀ will receive the consideration due under the contract;
āˆ™the stage of completion of the contract at the end of the reporting period can be measured reliably; and
āˆ™the costs incurred and the costs to complete the contract can be measured reliably.

img47d2.png
PageĀ 23

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

Ā 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Ā 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Ā 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Ā 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Ā 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in theĀ yearĀ in which they are incurred.

Borrowing costs in respect of assets under construction are capitalised as part of the asset until
such times as the asset is brought into use.

img7ac5.png
PageĀ 24

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

Ā 
2.10

Pensions

Defined contribution pension plan

TheĀ GroupĀ operates a number of defined contribution plans for its employees. A defined contribution plan is a pension plan under which theĀ GroupĀ pays fixed contributions into a separate entity. Once the contributions have been paid theĀ GroupĀ has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in theĀ Balance Sheet. The assets of the plan are held separately from theĀ GroupĀ in independently administered funds.

Defined benefit pension plan

TheĀ GroupĀ operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The net pension asset or liability recognised in theĀ Balance SheetĀ in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of theĀ balance sheet dateĀ less the fair value of plan assets at theĀ balance sheet dateĀ (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method.Ā Annually the company engages independent actuaries to calculate the obligation.Ā The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated inĀ sterlingĀ and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with theĀ FRS102Ā fair value hierarchy and in accordance with theĀ Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited toĀ other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

img1d27.png
PageĀ 25

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

Ā 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.Ā Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by theĀ balance sheet dateĀ in the countries where theĀ Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by theĀ balance sheet date, except that:
āˆ™The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
āˆ™Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
āˆ™Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and theĀ GroupĀ can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by theĀ balance sheet date.


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PageĀ 26

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

Ā 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value ofĀ the Group's share of itsĀ identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to theĀ Consolidated Profit and Loss AccountĀ over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Ā The estimated useful lives range as follows:

Brand name
-
over 10 years
Goodwill
-
not exceeding 10 years
Computer software
-
over 2 - 3 years

Ā 
2.13

Tangible fixed assets

Tangible fixed assets under the cost modelĀ are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

At each reporting date theĀ GroupĀ assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

TheĀ GroupĀ adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to theĀ Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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PageĀ 27

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Land is not depreciated.Ā DepreciationĀ on other assetsĀ is charged so as to allocate the cost of assets less their residual value over their estimated useful lives,Ā using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Long-term leasehold property
-
Over the life of the lease
Plant and machinery
-
2 - 25%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Assets under construction
-
Not subject to depreciation until they are available for use

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Ā 
2.14

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Ā 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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PageĀ 28

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

Ā 
2.16

Associates and joint ventures

An entity is treated as a joint venture where theĀ GroupĀ is a party to a contractual agreement with one or more parties from outside theĀ GroupĀ to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where theĀ GroupĀ exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. TheĀ Consolidated Profit and Loss AccountĀ includes theĀ Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applyingĀ accounting policiesĀ consistent with those of theĀ Group. In theĀ Consolidated Balance Sheet, the interests in associated undertakings are shown as theĀ Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

Ā 
2.17

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 aĀ first in, first outĀ basis. Work in progress and finished goods include labour and attributable overheads.

At eachĀ 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 profit or loss.

Ā 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Ā 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In theĀ Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of theĀ Group's cash management.

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PageĀ 29

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

Ā 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Ā 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Ā 
Increases in provisions are generally charged as an expense to profit or loss.

Ā 
2.22

Financial instruments

Financial instruments are recognised in theĀ Group'sĀ Balance SheetĀ when theĀ GroupĀ becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. TheĀ Group'sĀ cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.Ā 
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PageĀ 30

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)


2.22
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of theĀ GroupĀ after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans,Ā other loansĀ and loans due to fellow group companiesĀ are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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PageĀ 31

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

Ā 
2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Dividends on shares recognised as liabilities are recognised as expenses and classified withinĀ interest payable.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below.
Defined benefit scheme
The Group has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. See note 30 for the disclosures of the defined benefit pension scheme.
Chemical registrations
The nature of the company's activities result in it handling chemicals which are required to be registered with the regulatory bodies. The process of registering these chemicals and maintaining the registration requires estimates to be made of the types of scientific tests required and the expected costs of completing these tests. The selection of these tests, work performed by laboratories and interactions with the regulatory bodies could result in changes to these estimates which could increase or decrease the eventual outcomes of these registrations. In making these estimates, the directors have drawn on their knowledge of the industry, prior experience of registering similar chemicals and on-going discussions with relevant parties.
Ā 
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PageĀ 32

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

3.Judgments in applying accounting policies (continued)


Stock provisioning
One of the key accounting estimate in the preparation of the financial statements is the valuation of stock provisions. Ā The company hold a number of stock lines and these may be held for a number of years. Ā At the year end stock is reviewed on a product / line basis and criteria are applied to arrive at the provision depending on the age of the stock, the level of demand, and other relevant factors. Ā  Managment have considered the criteria applied at 30 September 2024 and are satisfied that these are appropriate and the resulting provision value is reasonable.
Critical judgements in applying the Group's accounting policies
There are no judgements in applying the group's accounting polices.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
Ā£000
Ā£000

Textiles
56,951
52,157

Marking systems
53,517
32,016

Land and property letting
1,029
1,236

Travel agency
4,984
4,521

Other
-
1

116,481
89,931


The directors believe it would be seriously prejudicial to present the geographical split of turnover due to
the market sensitivity of trading relationships.


5.


Other operating income

2024
2023
Ā£000
Ā£000

Royalty income
28
24

Sundry income
13
2

41
26


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PageĀ 33

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
Ā£000
Ā£000

Exchange differences
68
548

Other operating lease rentals
674
678

Amortisation of intangible assets
215
240

Depreciation of tangible assets
476
463

Stock recognised as an expense
2,729
2,416

(Profit) / loss on disposal of investment property
(681)
187

(Profit) / loss on disposal of tangible assets
(368)
130


7.


Auditors' remuneration

During theĀ year, theĀ GroupĀ obtained the following services from theĀ Company'sĀ auditors and their associates:


2024
2023
Ā£000
Ā£000

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
101
113

Fees payable to the Company's auditors and their associates in respect of:

Audit-related assurance services
3
-

Taxation compliance services
37
28

All taxation advisory services not included above
24
10

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PageĀ 34

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

8.


Employees

Staff costs, including directors' remuneration,Ā were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
Ā£000
Ā£000
Ā£000
Ā£000


Wages and salaries
13,746
10,396
1,321
532

Social security costs
1,334
899
-
-

Cost of defined contribution scheme
596
553
155
152

15,676
11,848
1,476
684


The averageĀ monthlyĀ number ofĀ employees, including the directors,Ā during theĀ yearĀ was as follows:



Group
Group
Company
Company
Ā Ā  Ā  Ā  Ā 2024
Ā Ā  Ā  Ā  Ā 2023
Ā Ā  Ā  Ā  Ā 2024
Ā Ā  Ā  Ā  Ā 2023
Ā Ā  Ā  Ā  Ā  Ā  Ā No.
Ā Ā  Ā  Ā  Ā  Ā  Ā No.
Ā Ā  Ā  Ā  Ā  Ā  Ā No.
Ā Ā  Ā  Ā  Ā  Ā  Ā No.









Production
160
180
-
-



Administrative
131
92
14
14



Sales
45
36
-
-

336
308
14
14


9.


Directors' remuneration

2024
2023
Ā£000
Ā£000

Directors salaries
1,609
1,087

Directors pension costs
98
117

1,707
1,204


During theĀ yearĀ retirement benefits were accruing toĀ 3Ā directorsĀ (2023 -Ā 4)Ā in respect of defined contribution pension schemes.

The highest paid director received remuneration of £626,000 (2023 - £289,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £40,800 (2023 - £NIL).

The value of the Group's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

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PageĀ 35

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

10.


Income from other participating interest

2024
2023
Ā£000
Ā£000
Share of profit from associated undertaking

-

65
Ā 
-

65
Ā 


11.


Interest receivable

2024
2023
Ā£000
Ā£000


Other interest receivable
109
64

109
64


12.


Interest payable and similar expenses

2024
2023
Ā£000
Ā£000


Bank interest payable
596
589

Preference share dividends
21
21

617
610


13.


Other finance costs

2024
2023
Ā£000
Ā£000

Net interest on net defined benefit liability
(24)
(116)

(24)
(116)


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PageĀ 36

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

14.


Taxation


2024
2023
Ā£000
Ā£000

Corporation tax


Current tax on profits for the year
1,659
278

Adjustments in respect of previous periods
19
(96)


1,678
182

Foreign tax


Foreign tax on income for the year
-
13

-
13

Total current tax
1,678
195

Deferred tax


Origination and reversal of timing differences
375
(111)

Total deferred tax
375
(111)


Tax on profit
2,053
84
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PageĀ 37

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024
Ā 
14.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for theĀ yearĀ isĀ lower thanĀ (2023 - lower than)Ā the standard rate of corporation taxĀ in the UK ofĀ 25%Ā (2023 -Ā 22%). The differences are explained below:

2024
2023
Ā£000
Ā£000


Profit on ordinary activities before tax
8,306
4,006


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
2,077
882

Effects of:


Expenses not deductible for tax purposes
171
17

Capital allowances for year in excess of depreciation
(274)
(7)

Utilisation of tax losses
-
(454)

Adjustments to tax charge in respect of prior periods
19
(96)

Non-taxable income
(163)
-

Adjustment in research and development tax credit
(152)
(161)

Foreign tax paid
-
13

Deferred tax movement
375
(110)

Total tax charge for the year
2,053
84


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


15.


Dividends

2024
2023
Ā£000
Ā£000


Dividends paid
996
498


Dividends paid on shares treated as debt
21
21

1,017
519

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PageĀ 38

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

16.


Intangible assets

Group





Brand name
Computer software
Goodwill
Total

Ā£000
Ā£000
Ā£000
Ā£000



Cost


At 1 October 2023
85
1,140
5,977
7,202


Additions
-
45
-
45



At 30 September 2024

85
1,185
5,977
7,247



Amortisation


At 1 October 2023
51
835
5,590
6,476


Charge for the yearĀ 
8
147
60
215



At 30 September 2024

59
982
5,650
6,691



Net book value



At 30 September 2024
26
203
327
556



At 30 September 2023
34
305
387
726



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PageĀ 39
Ā 


Ā 
John Hogg & Co, Limited


Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024


17.


Tangible fixed assets


Group







Freehold property
Leasehold property
AUC
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

Ā£000
Ā£000
Ā£000
Ā£000
Ā£000
Ā£000
Ā£000



Cost or valuation


At 1 October 2023
1,796
4,316
-
3,004
-
-
9,116


Additions
-
1
902
240
46
144
1,333


Disposals
-
(1,655)
-
(73)
-
(1)
(1,729)


Transfers between classes
-
-
(295)
-
-
295
-



At 30 September 2024

1,796
2,662
607
3,171
46
438
8,720



Depreciation


At 1 October 2023
584
688
-
2,832
-
-
4,104


Charge for the yearĀ 
44
143
-
268
2
19
476


Disposals
-
(107)
-
(73)
-
-
(180)



At 30 September 2024

628
724
-
3,027
2
19
4,400



Net book value



At 30 September 2024
1,168
1,938
607
144
44
419
4,320



At 30 September 2023
1,212
3,628
-
172
-
-
5,012

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PageĀ 40
Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

Ā Ā  Ā  Ā  Ā  Ā Ā 17.Tangible fixed assets (continued)


Company






Plant and machinery

Ā£000

Cost or valuation


At 1 October 2023
209



At 30 September 2024

209



Depreciation


At 1 October 2023
207


Charge for the yearĀ 
1



At 30 September 2024

208



Net book value



At 30 September 2024
1



At 30 September 2023
2






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PageĀ 41

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

18.


Fixed asset investments

Group





Investments in associates

Ā£000



Cost or valuation


At 1 October 2023
5,061



At 30 September 2024

5,061



Impairment


Charge for the period
2,000



At 30 September 2024

2,000



Net book value



At 30 September 2024
3,061



At 30 September 2023
5,061

The directors have provided for an impairment in the value of one of the associates based on current performance and future estimated cashflow in the amount of £2,000,000.

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PageĀ 42

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024
Company





Investments in subsidiary companies
Investments in associates
Total

Ā£000
Ā£000
Ā£000



Cost or valuation


At 1 October 2023
3,424
5,061
8,485


Additions
1,500
-
1,500



At 30 September 2024
4,924
5,061
9,985



Impairment


Charge for the period
-
2,000
2,000



At 30 September 2024

-
2,000
2,000



Net book value



At 30 September 2024
4,924
3,061
7,985



At 30 September 2023
3,424
5,061
8,485

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PageĀ 43

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

Subsidiary undertakings


The followingĀ were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

John Hogg Technical Solutions Limited
See notes below for details of registered office addresses
Manufacture of dyestuffs and markers
Ordinary
100%
John Hogg Finance Limited
Financing activities
Ordinary
100%
Ulster Weavers Home Limited
Design and sale of household textiles, giftware, linen and soft furnishings
Ordinary
100%
Orr's Travel Limited
Travel agents
Ordinary
100%
Killylane Properties Limited
Rental of investment properties
Ordinary
100%
GOT JH Limited
Rental of investment property
Ordinary
100%
Value Interiors Limited
Supply of household textiles
Ordinary
100%
Appletree Fabrics Limited
Non trading
Ordinary
100%
Curtina Limited
Non trading
Ordinary
100%
Dreams and Drapes Limited
Non trading
Ordinary
100%
John Hogg Pension Trustee Limited
Non trading
Ordinary
100%
Vivendi d.o.o.
Non trading
Ordinary
100%

The address of the registered office for these subsidiary undertakings with the exception of the following noted below is 3 Portman Business Park, Lisburn, BT28 2XF.
The address of the registered office for John Hogg Technical Solutions Limited is Mellors Road, Newbridge, Trafford Park, Manchester, M17 1PB.
The address of the registered office for Value Interiors Limited and Dreams and Drapes is Unit 34, Cleggs Lane Industrial site, Ravenscraig Road, Little Hulton, Manchester, M38 9PU
The address of the registered office for Vivendi d.o.o. is Giardini 15 52100, Pula, Istarska zupanija Croatia.


Associates


The followingĀ wereĀ associatesĀ of theĀ Company:


Name

Registered office

Class of shares

Holding

Linen Mill Studios Limited
245 Castlewellan Road, Banbridge, BT32 3SG
Ordinary
16.2%
Galgorm Castle Holdings Limited
Mills Selig, 21 Arthur Street, Belfast, BT1 4GA
Ordinary
21.95%

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PageĀ 44

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

19.


Investment property

Group


Freehold investment property
Long term leasehold investment property
Total

Ā£000
Ā£000
Ā£000



Valuation


At 1 October 2023
18,440
-
18,440


Additions at cost
-
1,020
1,020


Disposals
(1,000)
-
(1,000)


Fair value adjustment
(485)
-
(485)



At 30 September 2024
16,955
1,020
17,975

TheĀ 2024Ā valuations were madeĀ as noted below, on an open market value for existing use basis.

Certain of the investment properties totalling £12.84m were valued by Jones Lang LaSalle (member firm of the Royal Institution of Chartered Surveyors) at 30 September 2024 on an open market value for existing use basis. On the basis of this valuation a fair value adjustment has been recognised.
The remaining properties were subject to valuation in 2020 and these valuations have been reviewed by the directors.Ā 
The directors have reviewed this valuation as at 30 September 2024, and have concluded this reflects the current Ā market conditions.

Ā 





Company





Freehold investment property
Long term leasehold investment property
Total

Ā£000
Ā£000
Ā£000



Valuation


Additions at cost
-
1,020
1,020



At 30 September 2024
-
1,020
1,020




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PageĀ 45

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

20.


Stocks

Group
Group
2024
2023
Ā£000
Ā£000

Raw materials and consumables
4,673
5,145

Finished goods and goods for resale
21,640
18,192

26,313
23,337


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Stocks are stated after provisions for impairment of £1,979,000 (2023: £2,416,000).


21.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
Ā£000
Ā£000
Ā£000
Ā£000

Due after more than one year

Other debtors
59
62
-
-

59
62
-
-




Ā 

Group
Group
Company
Company
2024
2023
2024
2023
Ā£000
Ā£000
Ā£000
Ā£000

Due within one year

Trade debtors
17,858
16,544
-
-

Amounts owed by group undertakings
-
-
2,670
4,590

Amounts owed by related parties
104
192
29
82

Other debtors
2,123
3,086
76
91

Prepayments and accrued income
852
673
22
35

Tax recoverable
-
-
641
59

Deferred taxation
405
1,180
-
402

21,342
21,675
3,438
5,259


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PageĀ 46

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

21.Debtors (continued)

Amounts due from group undertakings are unsecured, pay interest of 3.5% (2023: 1%) and are repayable on demand.Ā 
Trade debtors are stated after provisions for impairment of £88,000 (2023: £323,000).


22.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
Ā£000
Ā£000
Ā£000
Ā£000

Cash at bank and in hand
10,835
10,455
1,795
1,851

Less: bank overdrafts
(379)
(1,420)
-
-

10,456
9,035
1,795
1,851



23.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
Ā£000
Ā£000
Ā£000
Ā£000

Bank overdrafts
379
1,420
-
-

Bank loans
6,481
7,802
-
-

Other loans
839
1,093
-
-

Amounts owed under Invoice Discounting facilities
5,981
4,831
-
-

Trade creditors
14,553
16,309
18
31

Amounts owed to related parties
3,258
1,912
-
-

Corporation tax
129
748
-
-

Other taxation and social security
2,269
2,254
235
357

Obligations under finance lease and hire purchase contracts
83
131
-
-

Other creditors
1,972
1,422
-
-

Accruals and deferred income
5,399
3,598
2,499
409

41,343
41,520
2,752
797


Disclosure of the terms and conditions attached to the non-equity shares is made in note 28.

Amounts owed to related party undertakings are unsecured, pay interest at 4.25% (2023: 2.2%) and are repayable on demand.

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PageĀ 47

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

24.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
Ā£000
Ā£000
Ā£000
Ā£000

Bank loans
-
2,173
-
-

Share capital treated as debt
-
700
-
700

-
2,873
-
700


Disclosure of the terms and conditions attached to the non-equity shares is made in note 28.

On 23 June 2023, the group entered into a loan facility of £3.0m. The term loan is repayable in monthly instalments with interest charged 2.75% over base rate. The facility is secured by fixed and floating charges over the assets and undertakings of Ulster Weavers Home Limited.  At 30 September 2024 the amount oustanding was £816k (2023 - £2,780k). 
In addition, the group has other import loans of £839k (2023 - £1.093m) which incur interest charges of 2.1% and are repayable on demand. The loans are secured over the assets and undertakings of Ulster Weavers Home Limited.
Bank loans in the amount of £5,665k (2023 - £6,245k) carry interest rates linked to the base rate and are secured on the investment properties Killylane Properties Limited.
At 30 September 2023 the group had other bank loans of £950k which were fully repaid in the current year.  These loans had a market rate of interest and were secured on the assets and undertakings of Ulster Weavers Home Limited.


25.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
Ā£000
Ā£000

Amounts falling due within one year

Bank loans
6,481
7,802

Other loans
839
1,093

Amounts falling due 1-2 years

Bank loans
-
1,253

Amounts falling due 2-5 years

Bank loans
-
920

Amounts falling due after more than 5 years

7,320
11,068


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PageĀ 48

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

26.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
Ā£000
Ā£000
Ā£000
Ā£000

Financial assets

Financial assets measured at fair value through profit or loss
10,835
10,455
1,795
1,851

Financial assets that are debt instruments measured at amortised cost
19,981
19,630
670
141

30,816
30,085
2,465
1,992


Financial liabilities

Financial liabilities that are debt instruments measured at amortised cost
38,945
(38,518)
(2,517)
(440)


Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors, tax recoverable and amounts owed by group undertakings.


Financial liabilities that are debt instruments measured at amortised cost comprise bank loans and overdrafts, other loans, amounts owed re invoice discounting, trade creditors, amounts owed to group undertakings, amounts owed to related parties, other creditors, cumulative preference shares treated as debt and accruals.

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PageĀ 49

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

27.


Deferred taxation


Group



2024
2023


Ā£000

Ā£000






At beginning of year
1,180
1,551


Charged to profit or loss
(375)
111


Charged to other comprehensive income
(400)
(482)



At end of year
405
1,180

Company


2024
2023


Ā£000

Ā£000






At beginning of year
402
797


Charged to profit or loss
(7)
87


Charged to other comprehensive income
(400)
(482)



At end of year
(5)
402

Group
Group
Company
Company
2024
2023
2024
2023
Ā£000
Ā£000
Ā£000
Ā£000

Decelerated/(Accelerated) capital allowances
(619)
194
36
42

Tax losses carried forward
1,328
1,084
-
-

Pension (surplus) /deficit
(44)
356
(44)
356

Other timing differences
(260)
(454)
3
4

405
1,180
(5)
402

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PageĀ 50

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

28.


Share capital

2024
2023
Ā£
Ā£
Shares classified as equity

Allotted, called up and fully paid



124,340 (2023 - 124,340) Ordinary shares of £1 each
124,340
124,340
7,500 (2023 - 7,500) Ordinary 'A' shares of £1 each
7,500
7,500

131,840

131,840

Shares classified as debt

Allotted, called up and fully paid



Enter number (2023 - 700,000) Preference shares shares of £1 each
-
700,000


During the year the company redeemed the remaining 700,000 preference shares at par value.


29.


Capital commitments




AtĀ 30 September 2024Ā theĀ Group and CompanyĀ had capital commitments as follows:


Group
Group
2024
2023
Ā£000
Ā£000

Contracted for but not provided in these financial statements
56
363

56
363

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PageĀ 51

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

30.


Pension commitments

The Group operates a Defined Benefit Pension Scheme, which is closed to new entrants and a defined contribution scheme. Ā Details of each scheme are contained below:



Defined contribution scheme:
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £596,000 (2023 - £553,000). Contributions totaling £50,000 (2023: £48,000) were payable to the fund at the balance sheet date and are included in creditors.
Defined benefit scheme:



Reconciliation of present value of plan liabilities:


2024
2023
Ā£000
Ā£000

Reconciliation of present value of plan liabilities


At the beginning of the year
12,870
13,939

Interest cost
686
735

Actuarial (gains) / losses
476
(621)

Benefits paid
(1,230)
(1,183)

At the end of the year
12,802
12,870



Reconciliation of present value of plan assets:


2024
2023
Ā£000
Ā£000


At the beginning of the year
11,445
10,587

Actuarial gains / (losses)
99
(1,118)

Contributions
2,000
2,540

Benefits paid
(1,230)
(1,183)

Expected return
662
619

At the end of the year
12,976
11,445

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PageĀ 52

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024
Ā 
30.Pension commitments (continued)


Composition of plan assets:


2024
2023
Ā£000
Ā£000


Multi asset funds
5,696
4,354

Corporate bonds
4,859
2,578

Annuities
884
1,022

Property
1,030
1,330

Cash
507
2,161

Total plan assets
12,976
11,445

2024
2023
Ā£000
Ā£000


Fair value of plan assets
12,976
11,445

Present value of plan liabilities
(12,802)
(12,870)

Net pension scheme asset / (liability)
174
(1,425)


The amounts recognised in profit or loss are as follows:

2024
2023
Ā£000
Ā£000


Interest on obligation
(24)
(116)

Total
(24)
(116)


The cumulative amount of actuarial gains and losses recognised in the Consolidated Statement of Comprehensive Income was losses of £377,000 (2023 - £497,000).



The Group expects to contribute £NIL to its Defined Benefit Pension Scheme, which is closed to new entrants and a defined contribution scheme.  Details of each scheme are contained below: in 2025, in accordance with the current schedule of contributions.



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PageĀ 53

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024
Ā 
30.Pension commitments (continued)


Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024
2023
%
%
Discount rate


5.0%

5.6%
Ā 
Future pension increases


3.2%

3.4%
Ā 
Inflation assumption


3.2%

3.4%
Ā 
Mortality rates



Ā 
- for a male aged 65 now


20.3 years

20.1 years
Ā 
- at 65 for a male aged 45 now


21.5 years

21.3 years
Ā 
- for a female aged 65 now


22.8 years

22.6 years
Ā 
- at 65 for a female member aged 45 now


24.2 years

24.0 years
Ā 






31.


Commitments under operating leases

AtĀ 30 September 2024Ā theĀ Group and the CompanyĀ had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
Ā£000
Ā£000

Not later than 1 year
528
531

Later than 1 year and not later than 5 years
1,868
1,845

Later than 5 years
2,917
3,375

5,313
5,751
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PageĀ 54

Ā 
John Hogg & Co, Limited
Ā 

Ā 
Notes to the Financial Statements
For the Year Ended 30 September 2024

32.


Related party transactions

Details of transactions with related parties are listed below:


2024
2023
Ā£000
Ā£000

Transactions with key management personnel of the entity or its parent:
Amounts owed by key management personnel
62
579
Interest charged on loans to key management personnel
11
17
Transactions with other related parties:
Loans advanced to directors & other related parties
1,149
770
Loans repaid from directors and other related parties
2,446
806
Amounts owed to other related parties
3,258
1,912
Interest charged on loans due to other related parties
73
38


33.


Post balance sheet events

Following the year end the group completed a hive up of the trade, assets and liabilities of John Hogg Finance Limited and GOT JH Limited and the hive up of certain assets and liabilities of Killylane Properties Limited into John Hogg & Co, Limited. Ā 
In addition, the group, by way of subsidiary company John Hogg Technical Solutions Limited, acquired Avocet Dye and Chemical Co. Limited, a company registered in England and Wales. Ā 
Finally, the group investment in associated undertaking Galgorm Castle Holdings Limited, was realised following the recent sale to Galgorm Collection.Ā 


34.


Controlling party

The ultimate controlling parties are I W L Webb and R M Webb, who are directors, and their close family members.

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PageĀ 55