ACCOUNTS - Final Accounts

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

Registered number: 01573582

JOHN GEORGE & SONS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

JOHN GEORGE & SONS LIMITED

COMPANY INFORMATION

Directors	D S Lambert
	J M Lambert
	J L Lambert


Registered number	01573582


Registered office	2/4 Deacon Way
	Reading
	Berkshire
	RG30 6AZ


Independent auditor	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	Reading Bridge House
	George Street
	Reading
	Berkshire
	RG1 8LS

JOHN GEORGE & SONS LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditor's report	4 - 7
Statement of comprehensive income	8
Balance sheet	9
Statement of changes in equity	10
Notes to the financial statements	11 - 21

JOHN GEORGE & SONS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

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

Business review

The company’s turnover reduced in 2024 compared to 2023 by 8.8%.

The company generated a profit before tax of £44k in 2024 compared to an loss of £137k in 2023.

This decrease in turnover was due to the loss of a significant customer andf the profit was generated by a relative reduction in overheads within the business.

Principal risks and uncertainties

The directors consider that the main risks to which the group is exposed are:

∙bad debts, managed by strong credit control procedures: and

∙exchange rate movements, managed by currency hedging

Financial key performance indicators

The key performance indicators are noted above.

Future developments

The company continues to invest in its own brands whilst creating strategic partnerships with manufacturers to broaden the product ranges that are distributed.

This report was approved by the board on 1 July 2025 and signed on its behalf.

J M Lambert

Director

Page 1

JOHN GEORGE & SONS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £29,348 (2023 - loss £120,648).

Directors

The directors who served during the year were:

D S Lambert

J M Lambert

J L Lambert

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 2

JOHN GEORGE & SONS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

J M Lambert

Director

Date: 1 July 2025

Page 3

JOHN GEORGE & SONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOHN GEORGE & SONS LIMITED

Opinion

We have audited the financial statements of John George & Sons Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of 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 Company's affairs as at 31 December 2024 and of its 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 United Kingdom, including the Financial Reporting Council'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 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.

Page 4

JOHN GEORGE & SONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOHN GEORGE & SONS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic report and the Directors' report 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the 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' responsibilities statement set out on page 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.

Page 5

JOHN GEORGE & SONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOHN GEORGE & SONS LIMITED (CONTINUED)

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.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements 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 the financial statements, as we 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.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 6

JOHN GEORGE & SONS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOHN GEORGE & SONS LIMITED (CONTINUED)

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.

Darren O'Connor BSc (Hons) FCCA ACA (Senior statutory auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS

3 July 2025

Page 7

JOHN GEORGE & SONS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	13,946,131	15,296,457
Cost of sales		(8,915,848)	(10,137,137)
Gross profit		5,030,283	5,159,320
Distribution costs		(2,094,533)	(2,152,663)
Administrative expenses		(2,949,763)	(3,168,088)
Other operating income		-	57,541
Operating loss	5	(14,013)	(103,890)
Interest receivable and similar income		502	599
Interest payable and similar expenses		(793)	(11,962)
Other finance income		57,872	(23,684)
Profit/(loss) before tax		43,568	(138,937)
Tax on profit/(loss)	9	(14,220)	18,289
Profit/(loss) for the financial year		29,348	(120,648)

Total comprehensive income for the year

29,348

(120,648)

The notes on pages 11 to 21 form part of these financial statements.

Page 8

JOHN GEORGE & SONS LIMITED

REGISTERED NUMBER: 01573582

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	10		719,165		552,987
			719,165		552,987
Current assets
Stocks	11	5,587,537		5,950,227
Debtors: amounts falling due within one year	12	1,889,127		1,909,551
Cash at bank and in hand	13	56,543		37,326
		7,533,207		7,897,104
Creditors: amounts falling due within one year	14	(3,637,323)		(3,877,503)
Net current assets			3,895,884		4,019,601
Total assets less current liabilities			4,615,049		4,572,588
Creditors: amounts falling due after more than one year	15		-		(1,403)
Provisions for liabilities
Deferred tax	18	(55,868)		(41,352)
			(55,868)		(41,352)
Net assets			4,559,181		4,529,833

Capital and reserves
Called up share capital	19	90,000	90,000
Share premium account		732,583	732,583
Profit and loss account		3,736,598	3,707,250
		4,559,181	4,529,833

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 July 2025.

J M Lambert

Director

The notes on pages 11 to 21 form part of these financial statements.

Page 9

JOHN GEORGE & SONS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	90,000	732,583	3,827,898	4,650,481

Loss for the year	-	-	(120,648)	(120,648)

At 1 January 2024	90,000	732,583	3,707,250	4,529,833

Profit for the year	-	-	29,348	29,348
At 31 December 2024	90,000	732,583	3,736,598	4,559,181

The notes on pages 11 to 21 form part of these financial statements.

Page 10

JOHN GEORGE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The company is a private limited company which is incorporated and domiciled in the UK. The address of the registered office is 2-4 Deacon Way, Reading, Berkshire, RG30 6AZ.
The principal activity of the company is that of importation, distribution and wholesale of products to merchants in the building, roofing, fencing and agricultural trades.

2.Accounting policies

2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Deacon Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

2.3

Revenue

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

Revenue represents the sale of ironmongery parts to merchants in the building, roofing, fencing and agriculture trade. Revenue on the supply of goods is recognised on the date of delivery to the customer.

2.4

Operating leases: the Company as lessee

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

Page 11

JOHN GEORGE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.6

Finance costs

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

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

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

2.8

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

Page 12

JOHN GEORGE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	33.3% Reducing balance
				Fixtures and fittings	-	10% - 33.3% Straight line

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

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

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

Debtors

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

2.12

Cash and cash equivalents

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

2.13

Creditors

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

Page 13

JOHN GEORGE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Provisions for liabilities

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

Increases in provisions are generally charged as an expense to profit or loss.

2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgments, estimates and assumptions that effect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements(apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock

Stock is not considered to be perishable or go out of date, however it is deemed reasonable to put in place a policy for slow moving stock.

	Sales	13,946,131	15,296,457

All turnover arose within the United Kingdom.

Page 14

JOHN GEORGE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Exchange differences	-	(57,541)
Depreciation	240,883	242,632
Defined contribution pension cost	50,900	72,400

Fees payable to the Company's auditor for the audit of the Company's financial statements

23,100

22,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Wages and salaries	2,516,206	2,686,348
Social security costs	231,920	233,029
Cost of defined contribution scheme	50,900	72,400
	2,799,026	2,991,777

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Administration	25	28
Distribution	58	77

	83	105

Page 15

JOHN GEORGE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Directors' remuneration

The company's key management personel comprise entirely of the directors of the business. Directors remuneration is disclosed in the consolidated accounts of the parent company.

Corporation tax
Adjustments in respect of previous periods	(296)	(296)
	(296)	(296)

Total current tax	(296)	(296)

Deferred tax
Origination and reversal of timing differences	14,516	(17,993)
Total deferred tax	14,516	(17,993)


		14,220	(18,289)

Profit/(loss) on ordinary activities before tax

43,568

(138,937)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	10,892	(32,679)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,624	1,831
Capital allowances for year in excess of depreciation	-	(539)
Adjustment to tax in respect of prior periods	(296)	(295)
Remeasurement of deffered tax for changes in tax rates	-	(1,974)
Other timing differences leading to an increase (decrease) in taxation	-	15,367
Total tax charge for the year	14,220	(18,289)

Page 16

JOHN GEORGE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.Taxation (continued)

Factors that may affect future tax charges

There are no factors that may effect future tax charges

10.	Tangible fixed assets

	Motor vehicles	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 January 2024	1,219,350	802,263	2,021,613
Additions	419,471	12,110	431,581
Disposals	(118,256)	-	(118,256)
At 31 December 2024	1,520,565	814,373	2,334,938
Depreciation
At 1 January 2024	799,593	669,033	1,468,626
Charge for the year on owned assets	182,258	58,625	240,883
Disposals	(93,736)	-	(93,736)
At 31 December 2024	888,115	727,658	1,615,773
Net book value
At 31 December 2024	632,450	86,715	719,165
At 31 December 2023	419,757	133,230	552,987

The remaining net book value of assets held under hire purchase agreements was £27,418 (2023:
£42,676).

11.	Stocks
		2024	2023
		£	£

	Finished goods and goods for resale	5,587,537	5,950,227

Page 17

JOHN GEORGE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.

Debtors

					2024	2023
					£	£


Trade debtors	1,675,313	1,789,564
Prepayments and accrued income	213,814	119,987
	1,889,127	1,909,551

13.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	56,543	37,326
Less: bank overdrafts	-	(137)
	56,543	37,189

14.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	-	137
Trade creditors	884,080	722,778
Amounts owed to group undertakings	2,193,437	2,523,437
Other taxation and social security	266,193	298,242
Obligations under finance lease and hire purchase contracts	3,196	37,378
Other creditors	13,186	-
Accruals and deferred income	277,231	295,531
	3,637,323	3,877,503

15.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

	Net obligations under finance leases and hire purchase contracts	-	1,403

Page 18

JOHN GEORGE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Within one year	3,031	37,378
Between 1-5 years	-	1,403
	3,031	38,781

17.	Financial instruments
		2024	2023
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	56,543	37,326
Financial assets that are debt instruments measured at ammortised cost	2,431,820	1,789,564
	2,488,363	1,826,890

	Financial liabilities
	Financial liabilities measured at amortised cost	(3,354,748)	(3,539,900)

	Financial assets measured at fair value through profit or loss comprise cash and trade debtors.
	Financial liabilities measured at amortised cost compromise trade creditors, amounts due to group undertakings and connected companies, other creditors and accruals.

Page 19

JOHN GEORGE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Deferred taxation

		2024
		£

	At beginning of year	(41,352)
	Charged to profit or loss	(14,516)
	At end of year	(55,868)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	(98,058)	(66,250)
Tax losses carried forward	42,190	24,898
	(55,868)	(41,352)

19.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

90,000 (2023 - 90,000) Ordinary shares of £1.00 each	90,000	90,000

20.	Pension commitments

The company operates a defined contributions pension scheme . The assets of the scheme are held separately from those of the company in an independently administered fund.
The pension cost charge represents contributions payable by the company to the fund and amounted to £50,900 (2023: £72,400). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

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JOHN GEORGE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	160,000	160,000
Later than 1 year and not later than 5 years	338,333	498,333
	498,333	658,333

22.Other financial commitments

At the year end the company had forward contracts as follows to purchase EUR €400,000 and US $2,638,940 (2023: EUR €350,000 and US $2,034,719) with a fair value of £2,431,820 (2023: £1,899,553). The effect of the revluation was a loss of £57,872 (2023: Loss of £23,684) which has been recognised in the profit and loss.

23.	Related party transactions
	The directors of John George & Sons Limited are also directors of another company. During the year sales were made of £28,491 (2023: £18,264) and purchases were made of £966 (2023: £719). At the balance sheet date the total due to the company was £13,186 (2023: owed from £4,852).

24.	Controlling party

The parent company is Deacon Holdings Limited, a company incorporated in the UK, whose registered office is Grove House, Icknield Road, Goring, Berkshire, RG8 0LT.
The ultimate controlling party is a Trust, in which there is no controlling party.

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