REGISTERED NUMBER: NI011548 (Northern Ireland)

H.A. Emerson & Son Limited

Unaudited Financial Statements

for the Year Ended 31 December 2025

Page

Company information

1

Statement of financial position

2

to

3

Notes to the financial statements

4

to

10

Directors:

Mr G H Emerson

Mr G Emerson

Mrs A Magowan

Secretary:

Mr G H Emerson

Registered office:

55 - 57 Scotch Street

Armagh

Co Armagh

BT61 7DF

Registered number:

NI011548 (Northern Ireland)

Accountants:

Wylie Ruddell

Chartered Accountants

Armagh Business Centre

2 Loughgall Road

Armagh

BT61 7NH

Solicitors:

JPH Law

Montrose House

17/21 Church Street

Portadown

Co Armagh

BT62 3LN

Fixed assets

Intangible assets

4

-

-

Property, plant and equipment

5

2,986,677

2,989,412

Investments

6

600,000

600,000

3,586,677

3,589,412

Current assets

Inventories

7

842,840

832,738

Receivables

8

192,158

199,820

Cash at bank

380,028

289,996

1,415,026

1,322,554

Payables

Amounts falling due within one year

9

(1,552,136

)

(1,515,255

)

Net current liabilities

(137,110

)

(192,701

)

Total assets less current liabilities

3,449,567

3,396,711

Provisions for liabilities

11

(279,482

)

(273,665

)

Net assets

3,170,085

3,123,046

Capital and reserves

Called up share capital

12

1,000

1,000

Revaluation reserve

13

366,371

357,457

Retained earnings

13

2,802,714

2,764,589

Shareholders' funds

3,170,085

3,123,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

Mr G H Emerson - Director

Mr G Emerson - Director

1.	Statutory information

H.A. Emerson & Son Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

The directors consider the accounting estimates and assumptions below to be its critical accounting judgements and estimates:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note for the carrying amount for each class of assets and note for the useful economic lives for each class of assets.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, was amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

20% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

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

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

(iii) Offsetting

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

3.	Employees and directors

The average number of employees during the year was 94 (2024 - 99 ) .

4.	Intangible fixed assets

Patents and

Goodwill

licences

Totals

£

£

£

Cost

At 1 January 2025

and 31 December 2025

15,000

156,943

171,943

Amortisation

At 1 January 2025

and 31 December 2025

15,000

156,943

171,943

Net book value

At 31 December 2025

-

-

-

At 31 December 2024

-

-

-

5.	Property, plant and equipment

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Cost or valuation

At 1 January 2025

2,175,000

1,872,653

39,205

4,086,858

Additions

-

112,057

25,500

137,557

Disposals

-

(3,135

)

(24,305

)

(27,440

)

At 31 December 2025

2,175,000

1,981,575

40,400

4,196,975

Depreciation

At 1 January 2025

70,500

1,002,660

24,286

1,097,446

Charge for year

23,500

97,923

6,093

127,516

Eliminated on disposal

-

(314

)

(14,350

)

(14,664

)

At 31 December 2025

94,000

1,100,269

16,029

1,210,298

Net book value

At 31 December 2025

2,081,000

881,306

24,371

2,986,677

At 31 December 2024

2,104,500

869,993

14,919

2,989,412

Cost or valuation at 31 December 2025 is represented by:

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Valuation in 2021

(1,978

)

-

-

(1,978

)

Valuation in 2017

(443,723

)

-

-

(443,723

)

Cost

2,620,701

1,981,575

40,400

4,642,676

2,175,000

1,981,575

40,400

4,196,975

Freehold property was revalued on the basis of existing use by the directors. The resulting revaluation adjustment has been taken to the revaluation reserve. No deferred tax provision is required due to the historical cost of the property. Freehold property was previously revalued by CPS Property Consultants during 2019 at a market value of £2.4 million including Mallview valued at £225,000 which was disposed of in the year ended 31 December 2023, leaving a market value of £2.175 million. Had the revaluation not occurred, freehold property would have been included at the following amounts.

2024

2023

£

£

Cost

2,620,701

2,620,701

Accumulated depreciation based on cost

(906,072

)

(873,658

)

Net book value based on cost

1,714,629

1,747,043

The annual depreciation charge for the period based on cost would have been £32,414 (2024: £32,414).

6.	Fixed asset investments

Interest in

associate

£

Cost

At 1 January 2025

and 31 December 2025

600,000

Net book value

At 31 December 2025

600,000

At 31 December 2024

600,000

The nominal value of the company's own shares included within interest in associates totals £600,000.

7.	Inventories

2025

2024

£

£

Goods for resale

842,840

832,738

8.	Receivables: amounts falling

due within one year

2025

2024

£

£

Trade receivables

11,006

18,188

Other receivables

181,152

181,632

192,158

199,820

9.	Payables: amounts falling due

within one year

2025

2024

£

£

Trade payables

947,083

1,015,564

Taxation and social security

224,715

138,905

Other payables

380,338

360,786

1,552,136

1,515,255

10.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

23,949

23,949

Between one and five years

16,472

40,422

40,421

64,371

11.	Provisions for liabilities

2025

2024

£

£

Deferred tax

Accelerated capital allowances

279,482

273,665

Deferred tax

£

Balance at 1 January 2025

273,665

Charge to Income statement during year

5,817

Balance at 31 December 2025

279,482

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1,000

Ordinary

£1

1,000

1,000

13.

Reserves

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2025

2,764,589

357,457

3,122,046

Profit for the year

230,884

230,884

Dividends

(183,845

)

(183,845

)

Transfer

(8,914

)

8,914

-

At 31 December 2025

2,802,714

366,371

3,169,085

14.	Directors' advances, credits and guarantees

2025

2024

£

£

Balance outstanding at start of year

(144,284

)

(143,298

)

Amounts advanced

207,154

137,556

Amounts repaid

(226,051

)

(138,542

)

Balance outstanding at end of year

(163,181

)

(144,284

)

No interest is charged on this balance.

15.	Related party disclosures

Other payables includes a loan of £84,120 (2024: £85,345) from Mrs H Ryan and a loan of £36,250 (2024: £7,853) from Mrs A Emerson. Mrs H Ryan is a daughter of Mr G H Emerson (Director) while Mrs A Emerson is the wife of Mr G Emerson (Director) and holds shares in the company.

Both loans are interest free and repayable on demand.

16.	Ultimate controlling party

By virtue of the shareholding there is no ultimate controlling party.