Registered number:Ā
For the Year EndedĀ
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John Hogg & Co, Limited
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Company Information
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John Hogg & Co, Limited
Ā
Contents
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John Hogg & Co, Limited
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Group Strategic Report
For the Year Ended 30 September 2024
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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.
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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 (āJHTSā) JHTS recorded a turnover of Ā£53.5m and pre-tax profits of Ā£7.6m in the financial year 2023/24, which represented a good trading performance in a year of transition for key markets. Ā 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 (āUWHā) UWH recorded a profit before tax of Ā£1.0m on turnover of Ā£56.8m as the business continued to grow in the developing household sector. Killylane Properties Limited (āKPLā) KPL recorded a loss before tax of Ā£0.2m on turnover of Ā£0.7m following a Ā£485k fair value reduction of its property portfolio the bulk of which is located in St Andrews, Scotland. Orrs Travel Limited (āOTLā) OTL recorded again recorded a small profit before tax on turnover up 10% from the previous year at Ā£5.0m. John Hogg Group of Companies ā 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 (āJHRBSā) Following close collaboration between the Group Board Directors and Trustees, culminating in deficit repair contributions of Ā£4.0m, the JHRBS FRS 102 valuation recorded a small surplus of Ā£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 directorsā 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 Groupās 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.
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Financial risk management
The Groupās 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 Groupās finance department. Price risk The Group is exposed to commodity price risk as a result of its operations. However, given the size of the Groupās 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 Groupās 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 Groupās 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
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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 Groupās operations change in size or nature.
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The directors consider the key performance indicators to be turnover and operating profit. The performance for 2024 and 2023 are summarised below:
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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
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The Directorsā of John Hogg and Co, Limited and its subsidiaries (āthe 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 Groupās 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 Groupās 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 Groupās employees.Ā (c) The need to foster the Groupās 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 Groupās 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
This report was approved by the board onĀ 6 March 2025Ā and signed on its behalf.
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John Hogg & Co, Limited
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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.
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 In preparing these financial statements, the directors are required to:
āselect suitableĀ accounting policies for the Group's financial statementsĀ and then apply them consistently;
āmakeĀ judgmentsĀ and accounting estimates that are reasonable and prudent;
āstate whether applicableĀ UK Accounting StandardsĀ have been followed, subject to any material departures disclosed and explained in the financial statements;
āprepare 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.
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).
TheĀ directorsĀ who served during theĀ yearĀ were:
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
The section on engagement with employees is contained in the Strategic report and is included in this report by cross reference.
The reporting on engagement with suppliers, customers and others is included the Strategic report and is included in this report by cross reference.
In establishing our tCO2e emissions we have excluded the groupās 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.
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John Hogg & Co, Limited
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Ā
Directors' Report (continued)
For the Year Ended 30 September 2024
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
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
Ā
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John Hogg & Co, Limited
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Ā
Independent Auditors' Report to the Members of John Hogg & Co, Limited
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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 āThe Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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)
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.
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InĀ ourĀ opinion, based on the work undertaken in the course of the audit:
āthe 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
ātheĀ Group Strategic Report and the Directors' ReportĀ haveĀ been prepared in accordance with applicable legal requirements.
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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.
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John Hogg & Co, Limited
Ā
Ā
Independent Auditors' Report to the Members of John Hogg & Co, Limited (continued)
Ā
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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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John Hogg & Co, Limited
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Ā
Independent Auditors' Report to the Members of John Hogg & Co, Limited (continued)
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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.
Ā Ā
for and on behalf of
Ā
Statutory Auditors
Ā Ā
6 Murray Street
BT1 6DN
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John Hogg & Co, Limited
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Consolidated Profit and Loss Account
For the Year EndedĀ 30 September 2024
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John Hogg & Co, Limited
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Consolidated Statement of Comprehensive Income
For the Year EndedĀ 30 September 2024
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John Hogg & Co, Limited
Registered number:Ā R0000419
Consolidated Balance Sheet
As atĀ
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John Hogg & Co, Limited
Registered number:Ā R0000419
Consolidated Balance SheetĀ (continued)
As atĀ 30 September 2024
TheĀ financial statementsĀ were approved and authorised for issue by theĀ boardĀ and were signed onĀ itsĀ behalfĀ onĀ 6 March 2025.
The notes on pages 22 to 55 form part of these financial statements.
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John Hogg & Co, Limited
Registered number:Ā R0000419
Company Balance Sheet
As atĀ
TheĀ financial statementsĀ were approved and authorised for issue by theĀ boardĀ and were signed onĀ itsĀ behalfĀ onĀ
The notes on pages 22 to 55 form part of these financial statements.
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John Hogg & Co, Limited
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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)
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John Hogg & Co, Limited
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Ā
Notes to the Financial Statements
For the Year Ended 30 September 2024
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John Hogg & Co, Limited
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Ā
Notes to the Financial Statements
For the Year Ended 30 September 2024
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John Hogg & Co, Limited
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Ā
Notes to the Financial Statements
For the Year Ended 30 September 2024
PageĀ 44
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John Hogg & Co, Limited
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Ā
Notes to the Financial Statements
For the Year Ended 30 September 2024
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.
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John Hogg & Co, Limited
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Ā
Notes to the Financial Statements
For the Year Ended 30 September 2024
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John Hogg & Co, Limited
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Ā
Notes to the Financial Statements
For the Year Ended 30 September 2024
21.Debtors (continued)
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John Hogg & Co, Limited
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Ā
Notes to the Financial Statements
For the Year Ended 30 September 2024
On 23 June 2023, the group entered into a loan facility of Ā£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. Ā At 30 September 2024 the amount oustanding was Ā£816k (2023 - Ā£2,780k).Ā
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.
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John Hogg & Co, Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2024
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John Hogg & Co, Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2024
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John Hogg & Co, Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2024
During the year the company redeemed the remaining 700,000 preference shares at par value.
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John Hogg & Co, Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2024
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:
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John Hogg & Co, Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2024
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30.Pension commitments (continued)
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John Hogg & Co, Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2024
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30.Pension commitments (continued)
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John Hogg & Co, Limited
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Notes to the Financial Statements
For the Year Ended 30 September 2024
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
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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