Company registration number 00596405 (England and Wales)
C.HEMMINGS & CO. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2024
C.HEMMINGS & CO. LIMITED
COMPANY INFORMATION
Directors
W K Hemmings
P J Hemmings
T G Hemmings
A Painter
Secretary
A Painter
Company number
00596405
Registered office
509 - 510 Cotton Exchange
Bixteth Street
Liverpool
L3 9LQ
Auditor
Lonsdale & Marsh
509 - 510 Cotton Exchange
Bixteth Street
Liverpool
L3 9LQ
Business address
Stoney Lane
Rainhill
Prescot
Merseyside
L35 9LL
C.HEMMINGS & CO. LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group and Company balance sheets
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 34
C.HEMMINGS & CO. LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 1 -

The directors present the strategic report for the period ended 30 December 2024.

Review of the business

C Hemmings & Co. is a family-owned group that has been a reputable manufacturer within the construction industry since 1928, celebrating 96 years of trading this period.

The company and its subsidiaries operates two core product ranges across two manufacturing sites. Steel manufacturing is based at the Rainhill site, while SIPs manufacturing takes place at the Huyton facility. The group serves a diverse customer base across multiple industries and building types, particularly where energy efficiency and thermal performance are critical.

The business benefits from a broad and diversified revenue stream, supporting customers in both residential and commercial sectors.

Subsidiary Hemsec Manufacturing Limited is proud to hold the ‘Made in Britain’ trademark and is accredited to ISO 9001:2015 standards, certified by BRE Global Ltd, reflecting its commitment to quality and operational excellence.

Principal risks and uncertainties

The Board has undertaken a review of the principal risks and uncertainties facing the group and c ompany and considers the following to be the most significant factors that may impact performance, financial position, and future prospects.

Market and Economic Risks

The group and company operates within the construction sector and is therefore exposed to fluctuations in market demand. Changes in economic conditions, including interest rate movements and inflationary pressures, may influence customer spending and the timing of projects. In addition, delays or cancellations of construction projects could reduce order volumes and impact revenue.

Mitigation:
The group and company maintains a diversified customer base across multiple sectors and end markets, reducing reliance on any single segment. Market trends are monitored closely to enable proactive planning and adjustment of production levels.

Input Cost and Supply Chain Risks

The group and company is exposed to volatility in the cost and availability of key raw materials, including steel, chemicals and insulation components. Increases in input costs or disruptions within the supply chain may adversely affect margins and production schedules.

Mitigation:
The group and company work closely with established suppliers to ensure continuity of supply and regularly reviews pricing. Where possible, cost increases are managed through pricing strategies and operational efficiencies.

Operational Risks

The group and company's manufacturing activities are dependent on the efficient operation of its production facilities. Equipment failure, unplanned downtime, or process inefficiencies could impact production capacity and the ability to meet customer delivery commitments.

Mitigation:
A planned preventative maintenance programme is in place across all sites, supported by ongoing investment in plant and equipment. Operational performance is monitored regularly to identify and address potential issues promptly.

C.HEMMINGS & CO. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 2 -

Financial Risks

The group and company is exposed to financial risks including interest rate fluctuations, which may affect borrowing costs, and credit risk arising from customer non-payment. Liquidity risk is also monitored to ensure the group and company can meet its financial obligations as they fall due.

Mitigation:
The group and company maintain appropriate financial controls, including regular cash flow forecasting and credit control procedures. Borrowing arrangements are reviewed periodically to ensure they remain suitable for the group and company's needs.

Regulatory and Compliance Risks

The group and company operate within a regulated environment and must comply with relevant building standards, quality certifications, and environmental requirements. Failure to meet these obligations could result in reputational damage or financial penalties.

Mitigation:
The group and company maintain ISO 9001:2015 accreditation and adheres to established quality management systems. Regulatory developments are monitored to ensure ongoing compliance.

People and Resource Risks

The group and company's performance depends on the skills and experience of its workforce. Challenges in recruiting and retaining suitably qualified personnel could impact operational efficiency and growth.

Mitigation:
The group and company invest in training and development and seeks to maintain a positive working environment to support employee retention and engagement.

The Board believes that the above measures provide a reasonable framework to manage the risks faced by the group and company; however, it recognises that no system of control can eliminate risk entirely.

Development and performance

The group and company continue to build on its established strengths, with a clear focus on its core products and markets, which have underpinned the business over many years. Maintaining this focus remains central to the group and company s strategy for sustainable growth and long-term value creation.

Alongside this, the group and company is committed to strengthening its position within the manufacturing and construction sectors. Ongoing investment in product development and market research supports the identification of opportunities to introduce complementary products that align with the existing portfolio and evolving customer requirements.

During the period, the structural insulated panel (SIPs) market experienced a gradual increase in activity. However, continued delays in policy development relating to modern methods of construction (MMC) have limited the pace of growth within this sector, presenting ongoing challenges in increasing capacity utilisation and revenue.

The group and company remain actively engaged in supporting the advancement of MMC and is well positioned to respond as the market develops. At the same time, it continues to maintain a strong and consistent performance within its established steel insulated panel market, ensuring a balanced and resilient approach across its product ranges.

The group and company recognise that its employees are fundamental to its continued success. The skill, experience, and commitment of the workforce play a critical role in enabling the group and company to achieve its strategic objectives and deliver consistent performance.

The group and company remain committed to fostering a positive and supportive working environment, where employees are encouraged to develop their skills and contribute to the ongoing success of the business. Investment in training and development continues to be a priority, ensuring that the workforce is equipped to meet both current operational demands and future challenges.

C.HEMMINGS & CO. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 3 -
Key performance indicators

Key performance indicators monitored by the Board include turnover, gross margin, production volumes, and capacity utilisation. While turnover remained broadly in line with expectations, margin performance continued to be influenced by input cost pressures and market pricing dynamics. Production volumes and capacity utilisation improved modestly during the year, reflecting a gradual recovery in demand.

The Board remains confident that the group and company's balanced approach—combining operational discipline, market focus, and strategic development—positions it well for future growth as sector conditions continue to evolve.

The Board also acknowledges the continued efforts of all employees and recognises their importance in achieving the group and company's goals and long-term growth.

On behalf of the board

W K Hemmings
Director
1 June 2026
C.HEMMINGS & CO. LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the period ended 30 December 2024.

Principal activities

The principal activity of the company and group continued to be that of the manufacture of insulated panels and associated products.

Results and dividends

The results for the period are set out on page 9.

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

Directors

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

W K Hemmings
P J Hemmings
T G Hemmings
A Painter
Auditor

Lonsdale & Marsh were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

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

On behalf of the board
W K Hemmings
Director
1 June 2026
C.HEMMINGS & CO. LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 5 -

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent company, and of the profit or loss of the group for that period.

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

- select suitable accounting policies and then apply them consistently;

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

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

C.HEMMINGS & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF C.HEMMINGS & CO. LIMITED
- 6 -
Opinion

We have audited the financial statements of C.Hemmings & Co. Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 December 2024 and of the group's loss for the period 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial period 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.

C.HEMMINGS & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF C.HEMMINGS & CO. LIMITED
- 7 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and group and determined that the most significant are those that relate to Health and Safety and those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

- t he engagement partner ensured the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- d iscussions with senior management;

- i dentified laws and regulations were communicated within the audit team who remained alert to instances of non-compliance throughout the audit.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including override of controls) and addressed the risk through:

- making enquires of th ose charged with governance as to their knowledge of actual, suspected and alleged instances of fraud;

- consider ing the internal controls in place to mitigate the risks of fraud.

C.HEMMINGS & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF C.HEMMINGS & CO. LIMITED
- 8 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed our audit procedures which included, but was not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- re viewing the minutes of meetings of those charge d with governance;

- r eviewing for any transactions undertaken with related part ies such as directors;

- c hecking expenses are bon a fide transactions of the Company.

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 regulations. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Nicholas James O'Donovan (Senior Statutory Auditor)
For and on behalf of Lonsdale & Marsh
1 June 2026
Chartered Accountants
Statutory Auditor
509 - 510 Cotton Exchange
Bixteth Street
Liverpool
L3 9LQ
C.HEMMINGS & CO. LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 9 -
Period
Period
ended
ended
30 December
31 December
2024
2023
Notes
£
£
Turnover
3
12,514,175
17,322,682
Cost of sales
(9,266,193)
(13,114,874)
Gross profit
3,247,982
4,207,808
Distribution costs
(223,094)
(269,043)
Administrative expenses
(3,276,163)
(3,942,195)
Operating loss
4
(251,275)
(3,430)
Interest receivable and similar income
8
23,327
16,035
Interest payable and similar expenses
9
(103,767)
(80,336)
Amounts written off investments
10
(98)
(145)
Loss before taxation
(331,813)
(67,876)
Tax on loss
11
86,448
55,328
Loss for the financial period
(245,365)
(12,548)
Other comprehensive income
Revaluation of tangible fixed assets
735,000
-
0
Tax relating to other comprehensive income
(183,750)
-
0
Total comprehensive income for the period
305,885
(12,548)
Loss for the financial period is attributable to:
- Owners of the parent company
28
(200,315)
249,505
- Non-controlling interests
(45,050)
(262,053)
(245,365)
(12,548)
C.HEMMINGS & CO. LIMITED
GROUP AND COMPANY BALANCE SHEETS
AS AT
30 DECEMBER 2024
30 December 2024
30 December 2024
- 10 -
Group
Company
30 December
31 December
30 December
31 December
2024
2023
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
-
0
11,845
-
0
-
0
Tangible assets
14
3,793,089
3,178,923
2,165,434
1,450,723
Investments
15
1,980
2,078
642,824
642,922
3,795,069
3,192,846
2,808,258
2,093,645
Current assets
Stocks
17
536,190
442,553
-
-
Debtors
18
4,840,663
4,163,158
323,199
655,754
Cash at bank and in hand
1,989,290
1,382,466
1,255,955
656,977
7,366,143
5,988,177
1,579,154
1,312,731
Creditors: amounts falling due within one year
19
(2,840,611)
(2,511,387)
(553,790)
(166,172)
Net current assets
4,525,532
3,476,790
1,025,364
1,146,559
Total assets less current liabilities
8,320,601
6,669,636
3,833,622
3,240,204
Creditors: amounts falling due after more than one year
20
(2,218,209)
(904,916)
-
0
-
0
Provisions for liabilities
(469,630)
(437,843)
(183,750)
-
Net assets
5,632,762
5,326,877
3,649,872
3,240,204
Capital and reserves
Called up share capital
26
50,030
50,030
50,030
50,030
Share premium account
-
0
-
0
581,419
581,419
Revaluation reserve
27
1,598,404
1,047,252
1,598,404
1,047,252
Profit and loss reserves
28
2,799,904
3,000,121
1,420,019
1,561,503
Equity attributable to owners of the parent company
4,448,338
4,097,403
3,649,872
3,240,204
Non-controlling interests
1,184,424
1,229,474
-
-
Total equity
5,632,762
5,326,877
3,649,872
3,240,204
C.HEMMINGS & CO. LIMITED
GROUP AND COMPANY BALANCE SHEETS (CONTINUED)
AS AT
30 DECEMBER 2024
30 December 2024
- 11 -

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £141,583 (2023 - £(365,022) profit).

The financial statements were approved by the board of directors and authorised for issue on 1 June 2026 and are signed on its behalf by:
01 June 2026
W K Hemmings
Director
Company registration number 00596405 (England and Wales)
C.HEMMINGS & CO. LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2022
50,030
1,047,397
2,928,787
4,026,214
1,491,527
5,517,741
Period ended 31 December 2023:
Loss and total comprehensive income for the period
-
-
249,505
249,505
(262,053)
(12,548)
Dividends
12
-
-
(178,316)
(178,316)
-
(178,316)
Transfers
-
-
145
145
-
145
Other movements
-
(145)
-
(145)
-
(145)
Balance at 31 December 2023
50,030
1,047,252
3,000,121
4,097,403
1,229,474
5,326,877
Period ended 30 December 2024:
Loss for the period
-
-
(200,315)
(200,315)
(45,050)
(245,365)
Other comprehensive income:
Revaluation of tangible fixed assets
-
735,000
-
735,000
-
735,000
Tax relating to other comprehensive income
-
(183,750)
-
0
(183,750)
-
(183,750)
Total comprehensive income for the period
-
551,250
(200,315)
350,935
(45,050)
305,885
Transfers
-
-
98
98
-
98
Other movements
-
(98)
-
(98)
-
(98)
Balance at 30 December 2024
50,030
1,598,404
2,799,904
4,448,338
1,184,424
5,632,762
C.HEMMINGS & CO. LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
50,030
581,419
1,047,397
1,374,653
3,053,499
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
-
-
365,021
365,021
Dividends
12
-
-
-
(178,316)
(178,316)
Transfers
-
-
-
145
145
Other movements
-
-
(145)
-
(145)
Balance at 31 December 2023
50,030
581,419
1,047,252
1,561,503
3,240,204
Period ended 30 December 2024:
Profit for the period
-
-
-
(141,582)
(141,582)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
735,000
-
735,000
Tax relating to other comprehensive income
-
-
(183,750)
-
0
(183,750)
Total comprehensive income
-
-
551,250
(141,582)
409,668
Transfers
-
-
-
98
98
Other movements
-
-
(98)
-
(98)
Balance at 30 December 2024
50,030
581,419
1,598,404
1,420,019
3,649,872
C.HEMMINGS & CO. LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
31
(619,601)
(152,977)
Interest paid
(103,767)
(80,336)
Income taxes paid
(115,288)
(64,110)
Net cash outflow from operating activities
(838,656)
(297,423)
Investing activities
Purchase of tangible fixed assets
696,921
(1,727,629)
Interest received
23,570
14,505
Dividends received
43
69
Net cash generated from/(used in) investing activities
720,535
(1,713,055)
Financing activities
Proceeds of new bank loans
1,000,000
-
Repayment of bank loans
(113,514)
(300,000)
Payment of finance leases obligations
(161,541)
711,666
Dividends paid to equity shareholders
-
(178,316)
Net cash generated from financing activities
724,945
233,350
Net increase/(decrease) in cash and cash equivalents
606,824
(1,777,128)
Cash and cash equivalents at beginning of period
1,382,466
3,159,594
Cash and cash equivalents at end of period
1,989,290
1,382,466
C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

C.Hemmings & Co. Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is c/o Lonsdale & Marsh, 509-510 Cotton Exchange, Bixteth Street, Liverpool, L3 9LQ. The principal place of business is Stoney Lane, Rainhill, Prescot, Merseyside, L35 9LL.

The group consists of C.Hemmings & Co. Limited and all of its subsidiaries.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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

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

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries are accounted for at cost less impairment.

C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

The consolidated group financial statements consist of the financial statements of the parent company C.Hemmings & Co. Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

1.3
Going concern

Management is not aware of any material uncertainties regarding events or conditions which may cast doubt on the company's ability to continue as a going concern.

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

1.4
Reporting period

These financial statements are for the period ended 3 0 December 2024. The previous financial statements were for the period ended 3 1 December 202 3 which was an 18 month period. As such, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. The change in the reporting period is due to less demanding manufacturing requirements during the December period.

1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised upon delivery of goods to the customer.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.

1.8
Tangible fixed assets

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

C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

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

Freehold land and buildings
2% on cost
Leasehold land and buildings
20% on cost
Plant and machinery
10% - 20% on cost
Fixtures, fittings and equipment
20% - 33% on cost
Computers
33% on cost

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

1.9
Fixed asset investments

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

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

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made fo r any obsolete, damaged or slow moving stock.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, 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. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Where material, t he cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Where relevant, t ermination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Assets owned by the parent company and used for the purpose of generating income as a lessor are included in tangible fixed assets and are depreciated over their useful lives.

1.19
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 21 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,131,116
16,557,267
Europe and Ireland
383,059
765,415
12,514,175
17,322,682
2024
2023
£
£
Other significant revenue
Interest income
23,284
15,966
Dividends received
43
69
4
Operating loss
2024
2023
£
£
Operating loss for the period is stated after charging:
Exchange losses
5,884
5,098
Depreciation of tangible fixed assets
229,793
307,087
Amortisation of intangible assets
11,845
11,845
Operating lease charges
4,881
7,620
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,500
3,500
Audit of the financial statements of the company's subsidiaries
12,000
18,000
15,500
21,500
For other services
All other non-audit services
6,000
6,000
C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 22 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
33
29
-
-
Sales
7
9
-
-
Admin and directors
12
15
6
6
Total
52
53
6
6

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,130,961
2,587,967
161,287
239,707
Social security costs
214,048
289,171
15,625
26,055
Pension costs
75,576
175,563
-
0
-
0
2,420,585
3,052,701
176,912
265,762
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
158,714
233,800

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

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
144,241

As total directors' remuneration was less than £200,000 in the current period, no disclosure is provided for that period.

C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 23 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
22,552
14,170
Interest on the net defined benefit asset
-
0
1,461
Other interest income
732
335
Total interest revenue
23,284
15,966
Other income from investments
Dividends received
43
69
Total income
23,327
16,035
2024
2023
Investment income includes the following:
£
£
Dividends from financial assets measured at fair value through profit or loss
43
69
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
58,985
59,030
Interest on finance leases and hire purchase contracts
44,782
10,036
Other interest
-
11,270
Total finance costs
103,767
80,336
10
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Loss on financial assets held at fair value through profit or loss
(98)
(145)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(46,676)
101,836
Adjustments in respect of prior periods
-
0
(112,798)
Total current tax
(46,676)
(10,962)
C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
11
Taxation
2024
2023
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
(7,107)
246,433
Tax losses carried forward
(32,665)
(290,799)
Total deferred tax
(39,772)
(44,366)
Total tax credit
(86,448)
(55,328)

On 1 April 2023, the Corporation Tax main rate for companies with profits exceeding £250,000 increased from 19% to 25%. A small profits rate of 19% applies for companies with profits of £50,000 or less. Marginal relief is available or companies with profits between £50,000 and £250,000.

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

2024
2023
£
£
Loss before taxation
(331,813)
(67,876)
Expected tax credit based on the standard rate of corporation tax in the UK of 25% (2023: 25%)
(82,953)
(16,969)
Effects of:
Expenses that are not deductible in determining taxable profit
(3,515)
(218,069)
Unutilised tax losses carried forward
-
0
290,799
Change in corporation tax rate
-
1,681
Revaluation of investments
25
32
Dividend income
(5)
(4)
Tax losses carried back
-
0
(112,798)
Taxation credit in the financial statements
(86,448)
(55,328)

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
183,750
-
C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 25 -
12
Dividends
2024
2023
2024
2023
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
-
3.56
-
178,316
13
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2024
59,225
35,000
94,225
Disposals
-
0
(35,000)
(35,000)
At 30 December 2024
59,225
-
0
59,225
Amortisation and impairment
At 1 January 2024
47,380
35,000
82,380
Amortisation charged for the period
11,845
-
0
11,845
Disposals
-
0
(35,000)
(35,000)
At 30 December 2024
59,225
-
0
59,225
Carrying amount
At 30 December 2024
-
0
-
0
-
0
At 31 December 2023
11,845
-
0
11,845
The company had no intangible fixed assets at 30 December 2024 or 31 December 2023.
C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 26 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Computers
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,600,000
611,251
3,470,426
367,432
865
6,049,974
Additions
-
0
13,851
18,481
76,627
-
0
108,959
Revaluation
565,000
-
0
-
0
-
0
-
0
565,000
At 30 December 2024
2,165,000
625,102
3,488,907
444,059
865
6,723,933
Depreciation and impairment
At 1 January 2024
150,000
94,068
2,303,597
323,144
242
2,871,051
Depreciation charged in the period
20,000
64,630
113,086
31,788
289
229,793
Revaluation
(170,000)
-
0
-
0
-
0
-
0
(170,000)
At 30 December 2024
-
0
158,698
2,416,683
354,932
531
2,930,844
Carrying amount
At 30 December 2024
2,165,000
466,404
1,072,224
89,127
334
3,793,089
At 31 December 2023
1,450,000
517,183
1,166,829
44,288
623
3,178,923
Company
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Computers
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,600,000
1,527,500
30,443
865
3,158,808
Revaluation
565,000
-
0
-
0
-
0
565,000
At 30 December 2024
2,165,000
1,527,500
30,443
865
3,723,808
Depreciation and impairment
At 1 January 2024
150,000
1,527,500
30,343
242
1,708,085
Depreciation charged in the period
20,000
-
0
-
0
289
20,289
Revaluation
(170,000)
-
0
-
0
-
0
(170,000)
At 30 December 2024
-
0
1,527,500
30,343
531
1,558,374
Carrying amount
At 30 December 2024
2,165,000
-
0
100
334
2,165,434
At 31 December 2023
1,450,000
-
0
100
623
1,450,723

P ropert y rented to a group entity ha s been accounted for using the valuation model. The carrying value of this propert y included within company and group tangible fixed assets is £2,165,000 (2023 - £1,450,000).

C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
14
Tangible fixed assets
(Continued)
- 27 -

Freehold land and buildings with a carrying amount of £2,165,000 (2023 - £1,450,000) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Land and buildings with a carrying amount of £1,430,000 were revalued at 3 December 2024 by Legat Owen, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The revaluation surplus is disclosed in note 27.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £1,430,000 (2023 - £1,450,000), being cost £1,600,000(2023 - £1,600,000) and depreciation £170,000 (2023 - £150,000).

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
640,844
640,844
Listed investments
1,980
2,078
1,980
2,078
1,980
2,078
642,824
642,922
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2024
2,078
Valuation changes
(98)
At 30 December 2024
1,980
Carrying amount
At 30 December 2024
1,980
At 31 December 2023
2,078
C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
15
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
640,844
2,078
642,922
Valuation changes
-
(98)
(98)
At 30 December 2024
640,844
1,980
642,824
Carrying amount
At 30 December 2024
640,844
1,980
642,824
At 31 December 2023
640,844
2,078
642,922
16
Subsidiaries

Details of the company's subsidiaries at 30 December 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Hemsec Manufacturing Limited
see * below
Manufacture of insulated panels
Ordinary
51.00
Hemsec SIPS Limited
see * below
Dormant
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

*
c/o Lonsdale & Marsh, 509-510 Cotton Exchange, Bixteth Street, Liverpool, L3 9LQ

The investments in subsidiaries are all stated at cost. All active subsidiaries are included in the consolidated accounts.

17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
404,525
288,022
-
-
Finished goods and goods for resale
131,665
154,531
-
0
-
0
536,190
442,553
-
-
C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 29 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,663,348
1,534,526
-
0
341,919
Corporation tax recoverable
172,639
112,798
59,841
-
0
Amounts owed by group undertakings
-
0
-
0
54,517
45,431
Other debtors
59,190
58,571
2,509
5,948
Prepayments and accrued income
2,593,603
2,131,855
732
691
4,488,780
3,837,750
117,599
393,989
Deferred tax asset (note 24)
28,419
34,609
28,419
34,609
4,517,199
3,872,359
146,018
428,598
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
0
-
0
177,181
227,156
Deferred tax asset (note 24)
323,464
290,799
-
0
-
0
323,464
290,799
177,181
227,156
Total debtors
4,840,663
4,163,158
323,199
655,754
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
270,270
200,000
-
0
-
0
Obligations under finance leases
22
254,012
106,750
-
0
-
0
Trade creditors
1,901,287
1,678,575
1,541
1,895
Amounts owed to undertakings in which the group has a participating interest
-
0
-
0
100
100
Corporation tax payable
-
0
101,836
-
0
101,836
Other taxation and social security
135,720
156,265
29,757
29,300
Dividends payable
60
60
60
60
Other creditors
14,990
24,793
353
14,227
Accruals and deferred income
264,272
243,108
521,979
18,754
2,840,611
2,511,387
553,790
166,172
C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 30 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,116,216
300,000
-
0
-
0
Obligations under finance leases
22
1,101,993
604,916
-
0
-
0
2,218,209
904,916
-
-
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,386,486
500,000
-
0
-
0
Payable within one year
270,270
200,000
-
0
-
0
Payable after one year
1,116,216
300,000
-
0
-
0

The group's long-term loan is secured over the freehold property.

Bank loans are repayable by instalments.

Interest is calculated as follows:

- on a floating rate basis under which the interest will never be less than 2.85% per annum

- 2% above Bank of England base rate.

The bank borrowing is secured as follows:

- a debenture i n favour of a lender creating a fixed and floating charge over all its present and future assets.

- by a cross guarantee with C. Hemmings & Co. Limited, the ultimate parent company.

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
Amounts due:
£
£
£
£
Current liabilities
254,012
106,750
-
0
-
0
Non-current liabilities
1,101,993
604,916
-
0
-
0
1,356,005
711,666
-
-
C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
22
Finance lease obligations
(Continued)
- 31 -
Group
Company
2024
2023
2024
2023
Future minimum lease payments due:
£
£
£
£
Within one year
254,012
106,750
-
0
-
0
In two to five years
993,143
426,999
-
0
-
0
In over five years
108,850
177,917
-
0
-
0
1,356,005
711,666
-
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery and computer equipment. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 6 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Provisions for liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Dilapidations
-
138,666
-
-
Deferred tax liabilities
24
469,630
299,177
183,750
-
0
469,630
437,843
183,750
-
0
Movements on provisions apart from deferred tax liabilities:
Dilapidations
Group
£
At 1 January 2024
138,666
Utilisation of provision
(138,666)
At 30 December 2024
-

The dilapidation provision relates to expected costs of making good all infrastructure added to the new facility at the end of the lease, along with repairs to existing infrastructure.

C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 32 -
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
285,880
299,177
28,419
34,609
Tax losses
-
-
323,464
290,799
Revaluations
183,750
-
-
-
469,630
299,177
351,883
325,408
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
-
-
28,419
34,609
Revaluations
183,750
-
-
-
183,750
-
28,419
34,609
Group
Company
2024
2024
Movements in the period:
£
£
Asset at 1 January 2024
(26,231)
(34,609)
(Credit)/charge to profit or loss
(39,772)
6,190
Charge to equity
183,750
183,750
Liability at 30 December 2024
117,747
155,331

The deferred tax asset and the deferred tax liability set out above are expected to reverse over a number of years and relates to accelerated capital allowances that are expected to mature within the same period.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
79,014
181,996

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

C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 33 -
26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,030
50,030
50,030
50,030
27
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the period
1,047,252
1,047,397
1,047,252
1,047,397
Revaluation surplus arising in the period
735,000
-
0
735,000
-
0
Deferred tax on revaluation of tangible assets
(183,750)
-
(183,750)
-
Other movements
(98)
(145)
(98)
(145)
At the end of the period
1,598,404
1,047,252
1,598,404
1,047,252
28
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the period
3,000,121
2,928,787
1,561,503
1,374,653
Profit/(loss) for the period
(200,315)
249,505
(141,582)
365,021
Dividends
-
(178,316)
-
(178,316)
Transfer to reserves
98
145
98
145
At the end of the period
2,799,904
3,000,121
1,420,019
1,561,503
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
375,000
-
-
30
Directors' transactions

Dividends totalling £0 (2023 - £178,316) were paid in the period in respect of shares held by the company's directors.

C.HEMMINGS & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 34 -
31
Cash absorbed by group operations
2024
2023
£
£
Loss after taxation
(245,365)
(12,548)
Adjustments for:
Taxation credited
(86,448)
(55,328)
Finance costs
103,767
80,336
Investment income
(23,327)
(16,035)
Amortisation and impairment of intangible assets
11,845
11,845
Depreciation and impairment of tangible fixed assets
229,793
307,087
Other gains and losses
98
145
Pension scheme non-cash movement
-
1,461
Decrease in provisions
(138,666)
(228,097)
Movements in working capital:
(Increase)/decrease in stocks
(93,637)
329,689
(Increase)/decrease in debtors
(591,189)
374,806
Increase/(decrease) in creditors
213,528
(934,887)
Decrease in deferred income
-
(11,451)
Cash absorbed by operations
(619,601)
(152,977)
32
Analysis of changes in net funds/(debt) - group
1 January 2024
Cash flows
New leases
30 December 2024
£
£
£
£
Cash at bank and in hand
1,382,466
606,824
-
1,989,290
Borrowings excluding overdrafts
(500,000)
(886,486)
-
(1,386,486)
Payment of finance leases obligations
(711,666)
161,541
(805,880)
(1,356,005)
170,800
(118,121)
(805,880)
(753,201)
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