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REGISTERED NUMBER: NI011548 (Northern Ireland)













H.A. Emerson & Son Limited

Financial Statements

for the Year Ended 31 December 2024






H.A. Emerson & Son Limited (Registered number: NI011548)

Contents of the Financial Statements
for the Year Ended 31 December 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 9


H.A. Emerson & Son Limited

Company Information
for the Year Ended 31 December 2024







Directors: Mr G H Emerson
Mr G Emerson
Mrs A Magowan



Secretary: Mr G H Emerson



Registered office: 55 - 57 Scotch Street
Armagh
Co Armagh
BT61 7DF



Registered number: NI011548 (Northern Ireland)



Auditors: Wylie Ruddell
Statutory Auditor
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH



Solicitors: JPH Law
Montrose House
17/21 Church Street
Portadown
Co Armagh
BT62 3LN

H.A. Emerson & Son Limited (Registered number: NI011548)

Statement of Financial Position
31 December 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 4 - -
Property, plant and equipment 5 2,989,412 3,154,255
Investments 6 600,000 600,000
3,589,412 3,754,255

Current assets
Inventories 7 832,738 829,932
Receivables 8 199,820 223,188
Cash at bank 289,996 291,361
1,322,554 1,344,481
Payables
Amounts falling due within one year 9 (1,515,255 ) (1,564,280 )
Net current liabilities (192,701 ) (219,799 )
Total assets less current liabilities 3,396,711 3,534,456

Payables
Amounts falling due after more than one
year

10

-

(60,712

)

Provisions for liabilities 12 (273,665 ) (300,512 )
Net assets 3,123,046 3,173,232

Capital and reserves
Called up share capital 13 1,000 1,000
Revaluation reserve 14 357,457 348,543
Retained earnings 14 2,764,589 2,823,689
Shareholders' funds 3,123,046 3,173,232

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

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




Mr G H Emerson - Director



Mr G Emerson - Director


H.A. Emerson & Son Limited (Registered number: NI011548)

Notes to the Financial Statements
for the Year Ended 31 December 2024


1. Statutory information

H.A. Emerson & Son Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The directors consider the accounting estimates and assumptions below to be its critical accounting judgements and estimates:

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note for the carrying amount for each class of assets and note for the useful economic lives for each class of assets.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, was amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 20% on reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


H.A. Emerson & Son Limited (Registered number: NI011548)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

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

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

H.A. Emerson & Son Limited (Registered number: NI011548)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


2. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

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.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting
Financial assets and liabilities are offset and 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 lability simultaneously.

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 within interest payable.

3. Employees and directors

The average number of employees during the year was 99 (2023 - 95 ) .

H.A. Emerson & Son Limited (Registered number: NI011548)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


4. Intangible fixed assets
Patents and
Goodwill licences Totals
£ £ £
Cost
At 1 January 2024
and 31 December 2024 15,000 156,943 171,943
Amortisation
At 1 January 2024
and 31 December 2024 15,000 156,943 171,943
Net book value
At 31 December 2024 - - -
At 31 December 2023 - - -

5. Property, plant and equipment
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
Cost or valuation
At 1 January 2024 2,175,000 1,848,896 190,590 4,214,486
Additions - 32,742 - 32,742
Disposals - (8,985 ) (151,385 ) (160,370 )
At 31 December 2024 2,175,000 1,872,653 39,205 4,086,858
Depreciation
At 1 January 2024 47,000 910,813 102,418 1,060,231
Charge for year 23,500 96,665 3,730 123,895
Eliminated on disposal - (4,818 ) (81,862 ) (86,680 )
At 31 December 2024 70,500 1,002,660 24,286 1,097,446
Net book value
At 31 December 2024 2,104,500 869,993 14,919 2,989,412
At 31 December 2023 2,128,000 938,083 88,172 3,154,255

Cost or valuation at 31 December 2024 is represented by:

Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
Valuation in 2021 (1,978 ) - - (1,978 )
Valuation in 2017 (443,723 ) - - (443,723 )
Cost 2,620,701 1,872,653 39,205 4,532,559
2,175,000 1,872,653 39,205 4,086,858

H.A. Emerson & Son Limited (Registered number: NI011548)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


5. Property, plant and equipment - continued

Freehold property was revalued on the basis of existing use by the directors. The resulting revaluation adjustment has been taken to the revaluation reserve. No deferred tax provision is required due to the historical cost of the property. Freehold property was previously revalued by CPS Property Consultants during 2019 at a market value of £2.4 million including Mallview valued at £225,000 which was disposed of in the prior year, leaving a market value of £2.175 million. Had the revaluation not occurred, freehold property would have been included at the following amounts.

20242023
£   £   

Cost2,620,7012,620,701
Accumulated depreciation based on cost(873,658)(841,244)
Net book value based on cost1,747,0431,779,457

The annual depreciation charge for the period based on cost would have been £32,414 (2023: £32,414).

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost or valuation
At 1 January 2024 106,820
Disposals (106,820 )
At 31 December 2024 -
Depreciation
At 1 January 2024 52,128
Eliminated on disposal (52,128 )
At 31 December 2024 -
Net book value
At 31 December 2024 -
At 31 December 2023 54,692

6. Fixed asset investments
Interest in
associate
£
Cost
At 1 January 2024
and 31 December 2024 600,000
Net book value
At 31 December 2024 600,000
At 31 December 2023 600,000

The nominal value of the company's own shares included within interest in associates totals £600,000.

7. Inventories
2024 2023
£ £
Goods for resale 832,738 829,932

H.A. Emerson & Son Limited (Registered number: NI011548)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


8. Receivables: amounts falling
due within one year
2024 2023
£ £
Trade receivables 18,188 18,842
Other receivables 181,632 204,346
199,820 223,188

9. Payables: amounts falling due
within one year
2024 2023
£ £
Hire purchase contracts (see note 11) - 8,986
Trade payables 1,015,564 1,040,490
Taxation and social security 138,905 158,860
Other payables 360,786 355,944
1,515,255 1,564,280

10. Payables: amounts falling due
after more than one year
2024 2023
£ £
Hire purchase contracts (see note 11) - 49,453
Other payables - 11,259
- 60,712

11. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year - 8,986
Between one and five years - 49,453
- 58,439

Non-cancellable
operating leases
2024 2023
£ £
Within one year 23,949 -
Between one and five years 40,422 -
64,371 -

12. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances 273,665 300,512

H.A. Emerson & Son Limited (Registered number: NI011548)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


12. Provisions for liabilities - continued

Deferred tax
£
Balance at 1 January 2024 300,512
Credit to Income statement during year (26,847 )
Balance at 31 December 2024 273,665

13. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,000 Ordinary £1 1,000 1,000

14. Reserves
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 January 2024 2,823,689 348,543 3,172,232
Profit for the year 137,560 137,560
Dividends (187,746 ) (187,746 )
Transfer (8,914 ) 8,914 -
At 31 December 2024 2,764,589 357,457 3,122,046

15. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

David Ruddell (Senior Statutory Auditor)
for and on behalf of Wylie Ruddell

16. Directors' advances, credits and guarantees

20242023
£   £   
Balance outstanding at start of year(143,298)(200,893)
Amounts advanced137,556196,552
Amounts repaid(138,542)(138,957)
Balance outstanding at end of year(144,284)(143,298)

No interest is charged on this balance.

17. Related party disclosures

Other payables includes a loan of £85,345 (2023: £103,135) from Mrs H Ryan and a loan of £7,853 (2023: £3,431) from Mrs A Emerson. Mrs H Ryan is a daughter of Mr G H Emerson (Director) while Mrs A Emerson is the wife of Mr G Emerson (Director) and holds shares in the company.

Both loans are interest free and repayable on demand.

18. Ultimate controlling party

By virtue of the shareholding there is no ultimate controlling party.