| REGISTERED NUMBER: |
| H.A. Emerson & Son Limited |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| REGISTERED NUMBER: |
| 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: |
| Secretary: |
| Registered office: |
| Registered number: |
| Auditors: |
| Statutory Auditor |
| Chartered Accountants |
| Armagh Business Centre |
| 2 Loughgall Road |
| Armagh |
| BT61 7NH |
| Solicitors: |
| 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 |
| Investments | 6 |
| Current assets |
| Inventories | 7 |
| Receivables | 8 |
| Cash at bank |
| Payables |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Payables |
| Amounts falling due after more than one year |
10 |
( |
) |
| Provisions for liabilities | 12 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 13 |
| Revaluation reserve | 14 |
| Retained earnings | 14 |
| Shareholders' funds |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| 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. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 |
| 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 |
| Amortisation |
| At 1 January 2024 |
| and 31 December 2024 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 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. |
| 2024 | 2023 |
| £ | £ |
| Cost | 2,620,701 | 2,620,701 |
| Accumulated depreciation based on cost | (873,658 | ) | (841,244 | ) |
| Net book value based on cost | 1,747,043 | 1,779,457 |
| 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 |
| Disposals | ( |
) |
| At 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | Fixed asset investments |
| Interest in |
| associate |
| £ |
| Cost |
| At 1 January 2024 |
| and 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| The nominal value of the company's own shares included within interest in associates totals £600,000. |
| 7. | Inventories |
| 2024 | 2023 |
| £ | £ |
| Goods for resale |
| 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 |
| Other receivables |
| 9. | Payables: amounts falling due |
| within one year |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 11) |
| Trade payables |
| Taxation and social security |
| Other payables |
| 10. | Payables: amounts falling due |
| after more than one year |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 11) |
| Other payables |
| 11. | Leasing agreements |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 12. | Provisions for liabilities |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| 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 |
| Credit to Income statement during year | ( |
) |
| Balance at 31 December 2024 |
| 13. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 14. | Reserves |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 3,172,232 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Transfer | (8,914 | ) | 8,914 | - |
| At 31 December 2024 | 3,122,046 |
| 15. | Disclosure under Section 444(5B) of the Companies Act 2006 |
| The Report of the auditors was unqualified. |
| for and on behalf of |
| 16. | Directors' advances, credits and guarantees |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | (143,298 | ) | (200,893 | ) |
| Amounts advanced | 137,556 | 196,552 |
| 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. |