Company Registration No. 00083425 (England and Wales)
John Horsfall & Sons (Greetland) Limited
Annual report and consolidated
financial statements
for the year ended 31 December 2024
John Horsfall & Sons (Greetland) Limited
Company Information
Directors
P H Benson
J A Benson
C H Benson
Secretary
R S Currie
Company number
00083425
Registered office
Birkby Grange
Birkby Hall Road
Huddersfield
West Yorkshire
HD2 2XB
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Bankers
Barclays Bank PLC
1 Park Row
Leeds
West Yorkshire
LS1 5AB
John Horsfall & Sons (Greetland) Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of cash flows
10
Notes to the financial statements
11 - 22
John Horsfall & Sons (Greetland) Limited
Strategic report
for the year ended 31 December 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The principal activities of the group are that of blanket and textile manufacturers, blade and wire manufacturers for the carpet industry and property rental. There have not been any significant changes in the group's principal activities in the year under review.

Analysis of turnover
2024
2023
Blankets and textiles to the airline industry
21,947,130
17,683,386
Blankets and textiles to the healthcare industry
8,423,579
8,440,661
Blades and wires
588,266
562,088
Rental income
297,971
301,277
Orvec Xiamen - external sales
4,904
134,256
31,261,850
27,121,669
Business review

The year ended 202 4 has been excellent year for the group, o verall the director’s are pleased with the groups performance and results for the year given the difficult circumstances.

Financial risk management objectives and policies

Competitor risk

Competition and threat to market share is a key risk to the company. The risk is alleviated by continuing to develop quality products at competitive prices and reacting efficiently to customer requirements.

Liquidity risk

The liquidity risk is managed by maintaining a positive bank balance sufficient to take full advantage of supplier terms and trade discounts. Trade debtors are managed by tight control of customer terms and by regular monitoring of the amounts outstanding.

Foreign currency risk

Foreign currency risk is mitigated by having foreign currency bank accounts allowing the group to continually monitor currency rates, transferring balances when they are at a satisfactory level.

Future outlook

The company continues to build its market share through close focus on, and delivery of, customer requirements. The prospects for the year to 31 December 20 2 5 are very encouraging with the directors looking to increase the company's overseas revenue.

There have been no events since the balance sheet date that materially affect the company.

This report was approved by the Board and signed on its behalf by

P H Benson
Director
27 August 2025
John Horsfall & Sons (Greetland) Limited
Directors' Report
for the year ended 31 December 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were declared for the year amounting to £1,139,841. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P H Benson
J A Benson
C H Benson
Auditor

The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management objectives and policies and future developments of the group.

John Horsfall & Sons (Greetland) Limited
Directors' Report (continued)
for the year ended 31 December 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
P H Benson
Director
27 August 2025
John Horsfall & Sons (Greetland) Limited
Independent Auditor's Report
to the members of John Horsfall & Sons (Greetland) Limited
- 4 -
Opinion

We have audited the financial statements of John Horsfall & Sons (Greetland) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of income and retained earnings, the group statement of financial position, the company statement of financial position, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

John Horsfall & Sons (Greetland) Limited
Independent Auditor's Report (continued)
to the members of John Horsfall & Sons (Greetland) Limited
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the group and the sectors in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

- Agreement of the financial statements disclosures to underlying supporting documentation;

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Challenging assumptions, accounting estimates and judgements made by Directors;

- Analytical review of rents received to ensure completeness of income.

- Identifying and testing journal entries to ensure they are appropriate.

- Sample testing of income and expenditure to ensure correct cut-off has been applied.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

John Horsfall & Sons (Greetland) Limited
Independent Auditor's Report (continued)
to the members of John Horsfall & Sons (Greetland) Limited
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Charles R Moorby (Senior Statutory Auditor)
For and on behalf of B M Howarth Ltd, Statutory Auditor
Chartered Accountants
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
27 August 2025
John Horsfall & Sons (Greetland) Limited
Group Statement of income retained earnings
for the year ended 31 December 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
31,261,850
27,121,669
Cost of sales
(20,861,078)
(17,669,803)
Gross profit
10,400,772
9,451,866
Distribution costs
(541,960)
(483,323)
Administrative expenses
(5,511,068)
(4,275,731)
Other operating income
9,915
13,539
Operating profit
3
4,357,659
4,706,351
Income from other fixed asset investments
35,657
18,895
Interest receivable
309,866
200,904
Interest payable
6
(132,590)
(93,783)
Other gains and losses
7
318,550
219,637
Fair value gains on investment properties
12
-
0
1,619,616
Profit before taxation
4,889,142
6,671,620
Tax on profit
8
(1,241,379)
(1,578,776)
Profit for the financial year
3,647,763
5,092,844
Retained earnings brought forward
22,267,928
18,745,149
Dividends
9
(1,139,841)
(1,570,065)
Retained earnings carried forward
24,775,850
22,267,928
Profit for the financial year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

John Horsfall & Sons (Greetland) Limited
Group Statement of financial position
as at 31 December 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,557,292
2,595,605
Investment properties
12
3,440,000
3,440,000
Investments
13
3,973,907
2,602,530
9,971,199
8,638,135
Current assets
Stocks
15
4,914,880
3,487,384
Debtors
16
10,225,726
8,395,030
Cash at bank and in hand
7,347,817
7,914,440
22,488,423
19,796,854
Creditors: amounts falling due within one year
17
(7,070,929)
(5,606,618)
Net current assets
15,417,494
14,190,236
Total assets less current liabilities
25,388,693
22,828,371
Creditors: amounts falling due after more than one year
18
(13,930)
-
Provisions for liabilities
19
(563,913)
(525,443)
Net assets
24,810,850
22,302,928
Capital and reserves
Called up share capital
21
29,020
29,020
Capital redemption reserve
5,980
5,980
Profit and loss reserves
24,775,850
22,267,928
Total equity
24,810,850
22,302,928
The financial statements were approved by the board of directors and authorised for issue on 27 August 2025 and are signed on its behalf by:
27 August 2025
P H Benson
Director
Company Registration No. 00083425
John Horsfall & Sons (Greetland) Limited
Company Statement of financial position
as at 31 December 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,031,528
2,036,528
Investment properties
12
3,440,000
3,440,000
Investments
13
5,157,538
3,786,161
10,629,066
9,262,689
Current assets
Debtors
16
11,942,364
9,436,998
Cash at bank and in hand
5,916,935
6,377,790
17,859,299
15,814,788
Creditors: amounts falling due within one year
17
(4,361,005)
(3,366,321)
Net current assets
13,498,294
12,448,467
Total assets less current liabilities
24,127,360
21,711,156
Creditors: amounts falling due after more than one year
18
(96,865)
(96,865)
Provisions for liabilities
(545,015)
(497,628)
Net assets
23,485,480
21,116,663
Capital and reserves
Called up share capital
21
29,020
29,020
Capital redemption reserve
15,980
15,980
Profit and loss reserves
23,440,480
21,071,663
Total equity
23,485,480
21,116,663

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £3,508,658 (2023: £5,166,022 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 27 August 2025 and are signed on its behalf by:
27 August 2025
P H Benson
Director
Company Registration No. 00083425
John Horsfall & Sons (Greetland) Limited
Group Statement of Cash Flows
for the year ended 31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
3,344,546
5,769,942
Interest paid
(132,590)
(93,783)
Income taxes paid
(1,307,085)
(1,569,546)
Net cash inflow from operating activities
1,904,871
4,106,613
Investing activities
Purchase of tangible fixed assets
(180,137)
(189,004)
Proceeds from disposal of tangible fixed assets
28,655
70,159
Proceeds from disposal of investments
(1,052,827)
(515,709)
Interest received
309,866
200,904
Other income received from investments
35,657
18,895
Net cash used in investing activities
(858,786)
(414,755)
Financing activities
Payment of finance leases obligations
20,117
-
Dividends paid to equity shareholders
(1,586,685)
(1,588,158)
Net cash used in financing activities
(1,566,568)
(1,588,158)
Net (decrease)/increase in cash and cash equivalents
(520,483)
2,103,700
Cash and cash equivalents at beginning of year
7,868,300
5,764,600
Cash and cash equivalents at end of year
7,347,817
7,868,300
Relating to:
Cash at bank and in hand
7,347,817
7,914,440
Bank overdrafts included in creditors payable within one year
-
(46,140)
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements
for the year ended 31 December 2024
- 11 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared on the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Basis of consolidation

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of the exemptions available in relation to the disclosure requirements for parent company information.

The consolidated financial statements incorporate those of John Horsfall & Sons (Greetland) Limited and all of its subsidiaries (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised on the supply of goods to the customer.

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Branding & intellectual property
33% straight line
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies
(continued)
- 12 -
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line and 15% on written down value
Fixtures and fittings
33% straight line and 10% on straight line
Motor vehicles
25% written down value

Depreciation is provided on freehold properties where in the directors opinion, there is deemed to be a diminution in value. Depreciation is not provided on properties where the directors believe the properties are maintained to a sufficiently high standard resulting in no reduction in value.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Property rented to a group entity is accounted for as tangible fixed assets.

Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the year end date. Timing differences represents the accumulated difference between the company's taxable profit and its financial profit. These differences arise primarily from the difference between accelerated capital allowances and depreciation.

Retirement benefits

Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme.

John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies
(continued)
- 13 -
Leases

Assets held under hire purchase are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover

Turnover attributable to geographical markets outside the United Kingdom amounted to 47% (2021: 26%) for the year.

3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(17,006)
(117,152)
Fees payable to the group's auditor for the audit of the group's financial statements
16,300
14,800
Depreciation of owned tangible fixed assets
192,490
102,080
Profit on disposal of tangible fixed assets
(2,695)
(41,489)
Amortisation of intangible assets
-
16,666
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

2024
2023
Number
Number
Directors
8
3
Administration
33
30
Production
28
28
69
61
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
4
Employees
(continued)
- 14 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,566,012
2,631,442
Social security costs
380,464
271,991
Pension costs
439,002
359,569
4,385,478
3,263,002
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,019,172
440,938
Company pension contributions to defined contribution schemes
72,726
76,175
1,091,898
517,113

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
629,511
239,965
6
Interest payable
2024
2023
£
£
Interest on bank overdrafts and loans
112,059
76,889
Other interest
20,531
16,894
Total finance costs
132,590
93,783
7
Other gains and losses
2024
2023
£
£
Change in fair value of listed investments
189,547
202,132
(Loss)/gain on disposal of listed investments
129,003
17,505
318,550
219,637
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 15 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,202,909
1,138,953
Adjustments in respect of prior periods
-
0
(2,848)
Total current tax
1,202,909
1,136,105
Deferred tax
Origination and reversal of timing differences
38,470
442,671
Total tax charge
1,241,379
1,578,776

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,889,142
6,671,620
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
1,222,286
1,569,165
Tax effect of expenses that are not deductible in determining taxable profit
34,393
(16,087)
Tax effect of income not taxable in determining taxable profit
-
0
(10,256)
Change in unrecognised deferred tax assets
8,724
-
0
Adjustments in respect of prior years
-
0
(2,848)
Permanent capital allowances in excess of depreciation
-
(579)
Depreciation on assets not qualifying for tax allowances
1,789
-
Chargeable gain
-
0
294
Overseas trade not subject to UK tax
(25,813)
39,087
Taxation charge
1,241,379
1,578,776
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,139,841
1,570,065
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 16 -
10
Intangible fixed assets
Group
Branding & intellectual property
£
Cost
At 1 January 2024 and 31 December 2024
50,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
50,000
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

More information on impairment movements in the year is given in note .

11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
2,093,211
869,092
211,857
203,745
3,377,905
Additions
-
0
-
0
-
0
180,137
180,137
Disposals
-
0
-
0
-
0
(45,900)
(45,900)
At 31 December 2024
2,093,211
869,092
211,857
337,982
3,512,142
Depreciation and impairment
At 1 January 2024
57,398
484,082
154,917
85,903
782,300
Depreciation charged in the year
215
97,368
24,490
70,417
192,490
Eliminated in respect of disposals
-
0
-
0
-
0
(19,940)
(19,940)
At 31 December 2024
57,613
581,450
179,407
136,380
954,850
Carrying amount
At 31 December 2024
2,035,598
287,642
32,450
201,602
2,557,292
At 31 December 2023
2,035,813
385,010
56,940
117,842
2,595,605
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
11
Tangible fixed assets
(continued)
- 17 -
Company
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
2,031,528
50,000
2,081,528
Depreciation and impairment
At 1 January 2024
-
0
45,000
45,000
Depreciation charged in the year
-
0
5,000
5,000
At 31 December 2024
-
0
50,000
50,000
Carrying amount
At 31 December 2024
2,031,528
-
0
2,031,528
At 31 December 2023
2,031,528
5,000
2,036,528
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
3,440,000
3,440,000

The fair value of the investment properties at 31 December 202 4 being £593,201 (202 3: £593,201) has been arrived at on the basis of a valuation carried out at that date by the directors. The investment properties have a historical cost of £289,663 (202 3: £289,663).

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,183,631
1,183,631
Listed investments
3,973,907
2,602,530
3,973,907
2,602,530
3,973,907
2,602,530
5,157,538
3,786,161
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
13
Fixed asset investments
(continued)
- 18 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024
2,602,530
Additions
1,528,985
Valuation changes
189,547
Disposals
(347,155)
At 31 December 2024
3,973,907
Carrying amount
At 31 December 2024
3,973,907
At 31 December 2023
2,602,530
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
1,183,631
2,602,530
3,786,161
Additions
-
1,528,985
1,528,985
Valuation changes
-
189,547
189,547
Disposals
-
(347,155)
(347,155)
At 31 December 2024
1,183,631
3,973,907
5,157,538
Carrying amount
At 31 December 2024
1,183,631
3,973,907
5,157,538
At 31 December 2023
1,183,631
2,602,530
3,786,161
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 19 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
F K Adcock & Co Ltd
1
Ordinary
100.00
-
Interweave Textiles Ltd
1
Ordinary
100.00
-
John Horsfall & Sons Ltd
1
Ordinary
100.00
-
William B Swift Ltd
1
Ordinary
100.00
-
Orvec (Xiamen) Textile Converting Co. Limited
2
Ordinary
0
100.00

The R egistered O ffice addresses of all of the company's subsidiaries is:

1
Birkby Grange, Birkby Hall Road, Huddersfield, West Yorkshire, HD2 2XB
2
No.6 South Yanghe Road, Xinyang Industry Zone, Haicang, Xiamen 361022 China
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
64,802
88,787
-
-
Finished goods and goods for resale
4,850,078
3,398,597
-
0
-
0
4,914,880
3,487,384
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,237,194
4,360,948
87,046
38,309
Amounts owed by subsidiary undertakings
-
0
-
0
8,284,428
5,598,618
Amounts owed by connected companies
3,519,199
3,599,199
3,519,199
3,599,199
Other debtors
18,124
16,231
-
0
-
0
Prepayments and accrued income
451,209
418,652
51,691
200,872
10,225,726
8,395,030
11,942,364
9,436,998
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 20 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
-
0
46,140
-
0
-
0
Obligations under finance leases
6,187
-
0
-
0
-
0
Trade creditors
1,184,736
552,388
7,151
10,101
Amounts owed to group undertakings
-
0
-
0
36,000
66,000
Corporation tax payable
554,384
658,560
4,474
111,475
Other taxation and social security
438,302
778,136
129,279
71,200
Dividends payable
1,123,221
1,570,065
1,123,221
1,570,065
Other creditors
2,674,442
1,014,519
2,653,415
996,884
Accruals and deferred income
1,089,657
986,810
407,465
540,596
7,070,929
5,606,618
4,361,005
3,366,321
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Amounts due to subsidiaries
-
0
-
0
96,865
96,865
Obligations under finance leases
13,930
-
0
-
0
-
0
13,930
-
96,865
96,865
19
Deferred taxation

The following is the analysis of the deferred tax balances for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
18,898
27,815
Investment property
415,821
415,821
Investments
129,194
81,807
563,913
525,443
John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
19
Deferred taxation
(continued)
- 21 -
Liabilities
Liabilities
2024
2023
Company
£
£
Investment property
415,821
415,821
Investments
129,194
81,807
545,015
497,628
20
Retirement benefit schemes
2024
2023
Group
£
£
Charge to profit and loss
439,002
359,569

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and Company
2024
2023
Ordinary share capital
£
£
Issued and fully paid equity shares
27,020 Ordinary shares of £1 each
27,020
27,020
Preference share capital
Issued and fully paid equity shares
2,000 Preference shares of £1 each
2,000
2,000

The preference shares have a variable rate of dividend which is cumulative. The preference shareholders carry one vote for every five shares held and in the event of a winding up, they have a right to receive £1 per share plus any accrued dividends in preference to any payments to the ordinary shareholders.

22
Related party transactions

The following amounts were due at the reporting date from a company controlled by P H Benson:

2024
2023
Balance
Balance
£
£
Group and Company
John Horsfall (Properties) Ltd
3,519,199
3,599,199
23
Directors' transactions

Dividends totalling £650,729 (2023 - £985,097) were paid in the year in respect of shares held by the company's directors.

John Horsfall & Sons (Greetland) Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 22 -
24
Controlling party

The company was controlled throughout the year by the directors and their immediate families who own the majority of the issued share capital.

25
Cash generated from group operations
2024
2023
£
£
Profit after taxation
3,647,763
5,092,844
Adjustments for:
Taxation charged
1,241,379
1,578,776
Finance costs
132,590
93,783
Investment income
(345,523)
(219,799)
Gain on disposal of tangible fixed assets
(2,695)
(41,489)
Fair value gain on investment properties
-
0
(1,619,616)
Amortisation and impairment of intangible assets
-
16,666
Depreciation and impairment of tangible fixed assets
192,490
102,080
Other gains and losses
(318,550)
(219,637)
Movements in working capital:
(Increase)/decrease in stocks
(1,427,496)
1,358,358
(Increase)/decrease in debtors
(1,830,696)
190,769
Increase/(decrease) in creditors
2,055,284
(562,793)
Cash generated from operations
3,344,546
5,769,942
26
Company information

John Horsfall & Sons (Greetland) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Birkby Grange, Birkby Hall Road, Huddersfield, West Yorkshire, HD2 2XB.

The group consists of John Horsfall & Sons (Greetland) Limited and all of its subsidiaries.

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