Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2023
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LARSON-JUHL UK LIMITED
COMPANY INFORMATION
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LARSON-JUHL UK LIMITED
CONTENTS
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LARSON-JUHL UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors have pleasure in presenting their report and the financial statements of the company for the period ended 31 December 2023.
Sales in Larson Juhl UK Ltd in 2023 saw a 3.4% year on year sales decline. UK sales were only slightly down but export sales reversed the increase seen in 2022 with an 18% decline. Margins were also weaker with a drop of 1.4%.
In 2022 the business dealt with problem with the supply chain and the onset of inflation and in 2023 the tightening in the UK economy through increases in interest rates had a marked effect on business volumes especially in Q2 and Q3. All segments have been affected by this market downturn although the balance in Larson Juhl’s portfolio helped the company weather this storm. With reduced market volume competition put pressure on prices and this can be seen in the small reduction in overall margin. Although 2023 proved to be challenging for most businesses, Larson Juhl were still able to develop our key metrics such as driving service performance over 95% “on time in full”. Continuous improvement is a major element of our business ethos and gives the company much more control of its performance. Overall, the Directors believe that in spite of difficult trading conditions in 2023 the performance of the Company in the period ended 31st December 2023 was satisfactory.
The main risk for the business is the UK business environment in 2024 which is uncertain. However, the company will continue to focus on building greater value in the sales proposition to customers alongside improving its relationship with all the market segments within its customer base.
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LARSON-JUHL UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
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LARSON-JUHL UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,380,941 (2022 - £1,743,233).
Dividends paid and declared in the period amounted to £1,956,303 (Period ended 1 January 2023 - £100,000).
The directors who served during the year were:
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LARSON-JUHL UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The broad strategic direction for the Company remains the same as in prior years and that is to consolidate the current already strong market position through continued investment in new products, salesforce training and enhancements to the service model for the Company.
During the year regular meetings are held between management and employees to allow a free flow of information and ideas. The Directors recognise the benefits by keeping employees informed on the progress of the Company and its performance.
Health & Safety of employees is paramount and it is our policy to consider the skills of disabled persons fully and fairly. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the Company’s policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training if required.
There have been no significant events affecting the Company since the year end.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LARSON-JUHL UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LARSON-JUHL UK LIMITED
We have audited the financial statements of Larson-Juhl UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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LARSON-JUHL UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LARSON-JUHL UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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LARSON-JUHL UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LARSON-JUHL UK LIMITED (CONTINUED)
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 Auditors' 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:
• enquiry of management and those charged with governance around actual and potential litigation and claims; • enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; • performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias; • reviewing minutes of meetings of those charged with governance; • reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations.
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 Auditors' 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 Auditors' 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.
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LARSON-JUHL UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LARSON-JUHL UK LIMITED (CONTINUED)
for and on behalf of
Statutory Auditors
Date:
MHA is the trading name of MacIntyre Hudson LLp, a limited liability partnership in England and Wales (registered number OC312313).
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LARSON-JUHL UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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LARSON-JUHL UK LIMITED
REGISTERED NUMBER: 01196875
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 28 form part of these financial statements.
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LARSON-JUHL UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Larson-Juhl UK Limited is a limited liability company, incorporated in England & Wales.
The Registered Office and principal place of business is Unit 5 Bedford Logistics Park, Bell Farm Way, Kempston, Bedfordshire, MK43 9SS. The financial statements are prepared and rounded to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Berkshire Hathaway Inc, a company incorporated in the USA as at 31 December 2023 and these financial statements may be obtained from 1440 Kiewit Plaza, Omaha, Nebraska, USA.
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The Directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the cost of living crisis and other external economic factors. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
assumptions that affect the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no judgments that have had a significant effect on amounts recognised in the Financial Statements. i) Debtors An allowance for doubtful debts is maintained for potential credit losses based upon managements assessment of expected collectability of all accounts receivable. The allowance for doubtful accounts is reviewed periodically to access the adequacy of the allowance. In making this assessment, management takes into consideration any circumstances of which they are aware regarding a customers inability to meet its financial obligations. ii) Useful economic lives of tangible fixed assets The useful economic lives used by the company in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of tangible fixed assets as at 31 December 2023 was £1,027,060 after a depreciation charge in the period of £441,213. iii) Provision for slow moving and obsolete stock The provision is made in accordance with Company guidelines and based on past experiences. This involves an assessment of the continuability of each stock line (eg discontinued) alongside a projection of future sales based on management judgements. The stock provision recognised as at 31 December 2023 was £393,068 (as at 1 January 2023: £361,947).
The whole of the turnover is attributable to the one principle activity of the Company.
Analysis of turnover by country of destination:
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
On 1 April 2023 the Corporation Tax rate increased to 25%.
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Financial instruments are held at amortised cost.
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
The comparatives stated in Creditors: amounts falling due within one year, note 17, and Provisions, note 20, have been restated to correctly present balances in the financial statements. The effect of this restatement is shown below. There has been no impact on retained earnings.
Creditors Accruals and deferred income Decreased £687,260 Provisions Dilapidations Increased £487,212 Onerous lease Increased £200,048
The Company is part of a registered VAT group. In accordance with VAT group registration rules there is automatically a cross guarantee given to H.M. Revenue and Customs in respect of the combined VAT liability of the group companies.
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company is party to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £104,704 (Period ended 1 January 2023: £149,250).
At the period end, there were balances outstanding to the scheme of £18,141 (Period ended 1 January 2023: £11,627).
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LARSON-JUHL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Undertaking of the largest group of which Larson-Juhl UK Limited is a member and for which consolidated financial statements are drawn up. The principal place of business of Berkshire Hathaway Inc. is 1440 Kiewit Plaza, Omaha, Nebraska 68121, USA. The financial statements of the Group are available to the public from this address.
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