Registration number:
for the Year Ended
Lister Horsfall Holdings Limited
Contents
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Lister Horsfall Holdings Limited
Strategic Report for the Year Ended 30 April 2025
The directors present their strategic report for the year ended 30 April 2025.
Principal activity
The principal activity of the group is that of retail jewellers.
Fair review of the business
Lister Horsfall Holdings and its subsidiaries are an established family run business, now in its fourth generation, who specialise in fine jewellery and diamonds and pride themselves with quality and expertise. We have one of the best selections of quality Swiss watch brands in the North of England and an established after-sales and service department. Our aim is to ensure that our customers enjoy a memorable experience and as such we are honoured to share in many lifetime celebrations. We also continue to attract new customers with our strong ethos of quality and service.
The Lister Horsfall group is well established with two showrooms in Halifax town centre and one in Ilkley. In Halifax we have planned to close our second showroom which is a dedicated jewellery showroom and consolidate our jewellery and watch offering into our expanded Halifax flagship store. We are excited to open our significantly expanded redeveloped Halifax store in late 2024, which will feature a dedicated Rolex lounge, dedicated brand areas for Breitling and Tudor, a larger area to showcase wider range of iconic time pieces, greater range of high-end jewellery and the introduction of a new bridal suite where customers can relax and enjoy personalised shopping consultations. We are also creating a new exclusive event area with a unique environment for product launches and promotions. As part of our development in Halifax, we have invested in the creation of a Rolex accredited watch service centre of excellence. This workshop will allow us to service our customers’ timepieces in-house by our skilled craftspeople and will ensure an enhanced service experience for our customers.
Our Ilkley store is in process of having an expansion in their Rolex area to create a more personalised customer interaction. The store will over the next 12 months continue to have a redesign and refresh of our watch and jewellery shop floor.
The next 12 months will be the most exciting within the group’s history, marking a real ambition to develop our brand with the opening of our expanded Halifax store, putting customer experience at the forefront of our investment plans.
The group continues to improve its position in the market and establish itself as a destination store and we fully anticipate that growth will continue to be strong in the future.
The directors believe that the group is well placed and remain positive about the long-term growth prospects. Lister Horsfall remain strong in the marketplace. The ability to continue in growth is enabled by a continuous long-term focus.
Investment will continue in property, product, and staff, to ensure that customers are always provided with an exceptional jewellery and watch buying experience. We have invested in our workplace training and work closely with our brand partners, to deliver industry leading training opportunities and career development.
Our online presence has continued to deliver significant growth during the year and extends our ability to provide excellent product and service throughout the customer online journey. This success has strengthened our instore experience and our relationship with our customers, and we continue to focus on working as a whole business to ensure our future success. Lister Horsfall continues to anticipate future development planned within our growing marketing department. This is an extremely exciting time for Lister Horsfall and demonstrates our commitment to bringing customers a luxury retail experience.
The group’s year end position shows an increase profitability on the previous year. The group continues to trade profitability post year end.
The company's key financial and other performance indicators during the year were as follows:
Lister Horsfall Holdings Limited
Strategic Report for the Year Ended 30 April 2025
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Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
14,725,792 |
14,167,788 |
|
Operating profit |
£ |
1,975,746 |
2,413,577 |
|
Profit before tax |
£ |
1,893,577 |
2,398,625 |
|
EBITDA |
£ |
2,452,177 |
2,532,836 |
This tracks the change in the underlying activity of the group. Other KPI’s are around stock efficiency, gross profit percentages, and cost control.
Principal risks and uncertainties
The environment in which Lister Horsfall operates continue to be challenging. The group faces strong competition in the marketplace. An increase in political and economic uncertainties can lead to a decrease in consumer spending and consumers’ overall level of disposable income. Impacting on consumer demand for luxury watch and jewellery products.
The continuing decline on footfall on the high street and the accelerated growth in online shopping is challenging for town centre retailers. As is the consistent trend for out-of-town retail park style environments.
The manufacture and supply of key luxury watch brands is highly concentrated amongst a small number of brand partners with the production and availability of timepieces controlled by the brands. The continued demand on the pre-owned watch market having the potential to undermine sales with the demand outweighing the supply.
The volatility in commodity prices of gold, diamonds, and other precious stones suggests the group needs to constantly review its products that are subject to significant price fluctuations, this is due to the variation in currency interest rates.
Employee recruitment and retention in our industry is one of the key challenges facing our company, and whilst our staff turnover is below industry standard, there are challenges facing us where younger staff are concerned.
Lister Horsfall Holdings Limited
Strategic Report for the Year Ended 30 April 2025
Approved and authorised by the
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Lister Horsfall Holdings Limited
Directors' Report for the Year Ended 30 April 2025
The directors present their report and the for the year ended 30 April 2025.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
Financial risks are managed through strict internal management controls and accurate and timely management information. Stock levels and margins are closely monitored by management to identify potential issues and ensures the products are marketed appropriately.
Price risk, credit risk, liquidity risk and cash flow risk
The business' principal financial instruments comprise bank balances and trade creditors. The main purpose of these instruments is to finance the business' operations.
Its exposure to price risk, credit risk, liquidity risk and cash flow risk is minimised by retaining sufficient liquid funds to enable it to meet its day to day requirements.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Information included in the Strategic Report
All items required under Sch. 7 of Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors’ report are set out in the strategic report in accordance with s.414C(11) CA 2006.
Approved and authorised by the
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Lister Horsfall Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the 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 the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Lister Horsfall Holdings Limited
Independent Auditor's Report to the Members of Lister Horsfall Holdings Limited
Opinion
We have audited the financial statements of Lister Horsfall Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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 group's affairs as at 30 April 2025 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Lister Horsfall Holdings Limited
Independent Auditor's Report to the Members of Lister Horsfall Holdings Limited
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 5], 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.
Auditor 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.
Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the stock and cash balances.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
Lister Horsfall Holdings Limited
Independent Auditor's Report to the Members of Lister Horsfall Holdings Limited
We then performed audit procedures after consideration of the above risks which included the following:
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performing testing to confirm existence of stock to ensure the stock report is accurate; |
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obtaining a detailed understanding of the methodology adopted by management and the key assumptions underpinning the valuation of stock; |
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obtaining a detailed understanding of the methodology adopted by management and the key assumptions underpinning the calculation of stock provisions; |
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performing a retrospective review of the previous year’s stock provision to aid the consideration of the suitability of the methodology for the current year; |
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performing cut off testing to gain assurance that stock and revenue is included in the correct period; |
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reviewing bank transactions for occurrence and reasonableness; |
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performing reconciliations of the bank accounts to confirm the closing balance agrees to the bank; |
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enquiring of management concerning actual and potential litigation and claims; |
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reviewing correspondence with HMRC and the group's legal advisors; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
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reading minutes of meetings of those charged with governance; and; |
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in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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.
Lister Horsfall Holdings Limited
Independent Auditor's Report to the Members of Lister Horsfall Holdings Limited
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For and on behalf of
Statutory Auditors & Chartered Accountants
Lister Horsfall Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 30 April 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
- |
|
|
Interest payable and similar expenses |
( |
( |
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
|
|
Lister Horsfall Holdings Limited
(Registration number: 12484774)
Consolidated Balance Sheet as at 30 April 2025
|
Note |
2025 |
2024 |
|||
|
Fixed assets |
|||||
|
Tangible assets |
|
|
|||
|
Negative goodwill |
- |
(81,214) |
|||
|
|
|
||||
|
Current assets |
|||||
|
Stocks |
|
|
|||
|
Debtors |
|
|
|||
|
Cash at bank and in hand |
|
|
|||
|
|
|
||||
|
Creditors: Amounts falling due within one year |
( |
( |
|||
|
Net current assets |
|
|
|||
|
Total assets less current liabilities |
|
|
|||
|
Creditors: Amounts falling due after more than one year |
( |
( |
|||
|
Provisions for liabilities |
( |
( |
|||
|
Net assets |
|
|
|||
|
Capital and reserves |
|||||
|
Called up share capital |
3,857 |
3,857 |
|||
|
Revaluation reserve |
41,457 |
43,014 |
|||
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Other reserves |
966,665 |
966,665 |
|||
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Retained earnings |
6,157,604 |
4,911,805 |
|||
|
Equity attributable to owners of the company |
7,169,583 |
5,925,341 |
|||
|
Shareholders' funds |
7,169,583 |
5,925,341 |
|||
Approved and authorised by the
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Lister Horsfall Holdings Limited
(Registration number: 12484774)
Balance Sheet as at 30 April 2025
|
Note |
2025 |
2024 |
|||
|
£ |
£ |
£ |
£ |
||
|
Fixed assets |
|||||
|
Tangible assets |
|
- |
|||
|
Investments |
|
|
|||
|
|
|
||||
|
Current assets |
|||||
|
Debtors |
- |
|
|||
|
Creditors: Amounts falling due within one year |
( |
( |
|||
|
Net current liabilities |
( |
( |
|||
|
Total assets less current liabilities |
|
|
|||
|
Provisions for liabilities |
( |
- |
|||
|
Net assets |
|
|
|||
|
Capital and reserves |
|||||
|
Called up share capital |
|
3,857 |
|||
|
Revaluation reserve |
|
- |
|||
|
Other reserves |
|
966,665 |
|||
|
Profit and loss account |
|
2,851,692 |
|||
|
Total equity |
|
3,822,214 |
|||
The exemption under section 408 of the Companies Act has been taken therefore a Company Profit and Loss Account is not included. The company made a profit after tax for the financial year of £5,266,109 (2024 - profit of £1,367,718).
Approved and authorised by the
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Lister Horsfall Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 April 2025
Equity attributable to the parent company
|
Share capital |
Revaluation reserve |
Other reserves |
Profit and loss account |
Total |
|
|
At 1 May 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Transfers |
- |
(1,557) |
- |
1,557 |
- |
|
At 30 April 2025 |
|
|
|
|
|
|
Share capital |
Revaluation reserve |
Other reserves |
Profit and loss account |
Total |
|
|
At 1 May 2023 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Transfers |
- |
(1,557) |
- |
1,557 |
- |
|
At 30 April 2024 |
|
|
|
|
|
Lister Horsfall Holdings Limited
Statement of Changes in Equity for the Year Ended 30 April 2025
|
Share capital |
Revaluation reserve |
Merger reserve |
Retained earnings |
Total |
|
|
At 1 May 2024 |
|
- |
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Hive up transfer |
- |
|
- |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
|
Transfers |
- |
(1,557) |
- |
1,557 |
- |
|
At 30 April 2025 |
|
|
|
|
|
|
Share capital |
Merger reserve |
Retained earnings |
Total |
|
|
At 1 May 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 30 April 2024 |
3,857 |
966,665 |
2,851,692 |
3,822,214 |
Lister Horsfall Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
|
|
|
Finance income |
( |
- |
|
|
Finance costs |
|
|
|
|
Corporation tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease/(increase) in stocks |
|
( |
|
|
Increase in trade debtors |
( |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Corporation taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
- |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Repayment of other borrowing |
( |
( |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 May |
( |
523,922 |
|
|
Cash and cash equivalents at 30 April |
16,487 |
(52,944) |
|
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company's functional and presentation currency is pound sterling.
Summary of disclosure exemptions
The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 33 Related Party Disclosures from disclosing transactions and balances with fellow group undertakings that are wholly owned.
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2025.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as 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 provision
The company makes an estimate of the recoverability of the cost of stock. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of the stock. The carrying amount is £4,402,476 (2024 -£4,858,975).
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount is £6,690,862 (2024 -£3,092,802).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the group retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold property |
2% straight line |
|
Fixtures and fittings |
10%, 20% and 33% straight line |
|
Motor vehicles |
20% reducing balance |
|
Leasehold improvements |
10% and 20% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Amortisation
|
Asset class |
Amortisation method and rate |
|
Negative goodwill |
5 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average (AVCO) method.
The cost of goods is comprised on the purchase cost less any discounts received. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Financial instruments
Basic financial assets, including trade and other receivables, 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 for a similar asset. 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 and any subsequent 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) 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.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
|
|
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Grants receivable |
|
- |
|
Miscellaneous other operating income |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
( |
( |
|
Loss on disposal of property, plant and equipment |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
- |
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
- |
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
187,052 |
140,263 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
5,000 |
5,000 |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
|
|
188,375 |
558,286 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase in current tax from adjustment for prior periods |
|
|
|
Effect of expense not deductible in determining taxable profit |
|
|
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated capital allowances |
|
|
|
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
|
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £
Company
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated capital allowances |
|
|
|
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Intangible assets |
Group
|
Negative goodwill |
2025 |
|
At 1 May 2024 |
( |
|
Recognised in profit or loss |
|
|
At 30 April 2025 |
- |
|
|
|
|
Tangible assets |
Group
|
Freehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Leasehold improvements |
Total |
|
|
Cost or valuation |
|||||
|
At 1 May 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
( |
( |
( |
( |
( |
|
At 30 April 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 May 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
( |
( |
( |
( |
( |
|
At 30 April 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 April 2025 |
|
|
|
|
|
|
At 30 April 2024 |
|
|
|
|
|
Included within the net book value of land and buildings above is £5,725,949 (2024 - £2,295,130) in respect of freehold land and buildings.
Revaluation
The fair value of the group's land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the cost would have been £667,315 (2024 - £667,315), the aggregate accumulated depreciation would have been £163,100 (2024 - £149,800) and the aggregate carrying amount would have been £
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Company
|
Land and buildings |
Total |
|
|
Cost or valuation |
||
|
At 1 May 2024 |
- |
- |
|
Hive up transfer |
|
|
|
Additions |
|
|
|
Disposals |
( |
( |
|
At 30 April 2025 |
|
|
|
Depreciation |
||
|
At 1 May 2024 |
- |
- |
|
Hive up transfer |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
|
At 30 April 2025 |
|
|
|
Carrying amount |
||
|
At 30 April 2025 |
|
|
|
At 30 April 2024 |
- |
- |
Included within the net book value of land and buildings above is £5,720,975 (2024 - £Nil) in respect of freehold land and buildings.
Revaluation
The fair value of the company's land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the cost would have been £667,315 (2024 - £667,315), the aggregate accumulated depreciation would have been £163,100 (2024 - £149,800 and the aggregate carrying amount would have been £
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 May 2024 |
|
|
At 30 April 2025 |
|
|
Carrying amount |
|
|
At 30 April 2025 |
|
|
At 30 April 2024 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
14-16 Corn Market
England |
|
|
|
|
|
1 Brook Street, Ilkley, West Yorkshire, LS29 8AA England |
|
|
|
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Other stocks |
|
|
- |
- |
Group
Impairment of inventories
The amount of reversal of impairment recognised in profit or loss is £45,807 (2024 - £(31,013)).
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Debtors |
|
Group |
Company |
|||
|
Current |
2025 |
2024 |
2025 |
2024 |
|
Amounts owed by related parties |
- |
- |
- |
|
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
- |
- |
|
|
|
- |
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
- |
- |
|
|
|
- |
- |
|
|
Bank overdrafts |
( |
( |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
16,487 |
(52,944) |
- |
- |
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other creditors |
|
|
|
|
|
|
Accruals |
|
|
- |
|
|
|
Corporation tax liability |
- |
276,000 |
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
- |
- |
- |
|
Bank overdrafts |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
- |
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
- |
- |
|
Group
Bank borrowings
|
The bank loan and overdraft are secured by a fixed and floating charge over the assets of the company. |
Other borrowings
Hire purchase agreements is denominated in sterling with a nominal interest rate of 1.45%, and the final instalment is due on 31 January 2028. The carrying amount at year end is £266,952 (2024 - £120,999).
The hire purchase is secured against the asset to which it relates.
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 May 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 30 April 2025 |
|
|
|
|
||
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Company
|
Deferred tax |
Total |
|
|
Increase (decrease) in existing provisions |
|
|
|
At 30 April 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,700 |
|
2,700 |
|
|
|
887 |
|
887 |
|
|
|
39 |
|
39 |
|
|
|
39 |
|
39 |
|
|
|
193 |
|
193 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Reserves |
Group
Share capital
Represents the nominal value of issued shares
Revaluation reserve
Represents the amount recognised on the revaluation of the freehold property.
Other reserves
Represents the difference in value of shares acquired compared to their nominal value.
Profit and loss account
Includes all current and prior periods distributable profits and losses.
|
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Commitments |
Group
Capital commitments
The total amount contracted for but not provided in the financial statements was £
|
Analysis of changes in net debt |
Group
|
At 1 May 2024 |
Financing cash flows |
New finance leases |
At 30 April 2025 |
|
|
Cash and cash equivalents |
||||
|
Cash |
511,147 |
(101,064) |
- |
410,083 |
|
Overdrafts |
- |
(393,596) |
- |
(393,596) |
|
511,147 |
(494,660) |
- |
16,487 |
|
|
Borrowings |
||||
|
Long term borrowings |
- |
152,095 |
(1,860,000) |
(1,707,905) |
|
Short term borrowings |
(160,730) |
136,317 |
- |
(24,413) |
|
Lease liabilities |
(120,999) |
21,435 |
(167,388) |
(266,952) |
|
(281,729) |
309,847 |
(2,027,388) |
(1,999,270) |
|
|
|
||||
|
|
( |
( |
( |
|
|
Related party transactions |
Group
|
Transactions with directors |
|
2025 |
At 1 May 2024 |
Advances to director |
Repayments by director |
At 30 April 2025 |
|
|
||||
|
Interest free loan repayable on demand |
|
|
( |
|
|
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
At 30 April 2024 |
|
|
||||
|
Interest free loan repayable on demand |
- |
|
( |
|
Summary of transactions with other related parties
Lister Horsfall Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Expenditure with and payables to related parties
|
2025 |
Key management |
Other related parties |
|
Amounts payable to related party |
|
|
|
|
||
|
2024 |
Key management |
Other related parties |
|
Amounts payable to related party |
|
|
|
|
||
Company
|
Transactions with directors |
|
2025 |
At 1 May 2024 |
Advances to director |
Repayments by director |
At 30 April 2025 |
|
|
||||
|
Interest free loan repayable on demand |
|
|
( |
|
|
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
At 30 April 2024 |
|
|
||||
|
Interest free loan repayable on demand |
- |
|
( |
|
Summary of transactions with other related parties
Expenditure with and payables to related parties
|
2025 |
Key management |
Other related parties |
|
Amounts payable to related party |
|
|
|
|
||
|
2024 |
Key management |
Other related parties |
|
Amounts payable to related party |
|
|
|
|
||
|
Parent and ultimate parent undertaking |
The ultimate controlling party is