IRIS Accounts Production v24.2.0.383 00419975 Board of Directors 1.1.23 31.12.23 31.12.23 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh004199752022-12-31004199752023-12-31004199752023-01-012023-12-31004199752021-12-31004199752022-01-012022-12-31004199752022-12-3100419975ns15:EnglandWales2023-01-012023-12-3100419975ns14:PoundSterling2023-01-012023-12-3100419975ns10:Director12023-01-012023-12-3100419975ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3100419975ns10:FRS1022023-01-012023-12-3100419975ns10:Audited2023-01-012023-12-3100419975ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3100419975ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3100419975ns10:FullAccounts2023-01-012023-12-3100419975ns10:OrdinaryShareClass12023-01-012023-12-3100419975ns10:Director22023-01-012023-12-3100419975ns10:Director32023-01-012023-12-3100419975ns10:Director42023-01-012023-12-3100419975ns10:Director52023-01-012023-12-3100419975ns10:CompanySecretary12023-01-012023-12-3100419975ns10:RegisteredOffice2023-01-012023-12-3100419975ns5:CurrentFinancialInstruments2023-12-3100419975ns5:CurrentFinancialInstruments2022-12-3100419975ns5:Non-currentFinancialInstruments2023-12-3100419975ns5:Non-currentFinancialInstruments2022-12-3100419975ns5:ShareCapital2023-12-3100419975ns5:ShareCapital2022-12-3100419975ns5:SharePremium2023-12-3100419975ns5:SharePremium2022-12-3100419975ns5:RetainedEarningsAccumulatedLosses2023-12-3100419975ns5:RetainedEarningsAccumulatedLosses2022-12-3100419975ns5:ShareCapital2021-12-3100419975ns5:RetainedEarningsAccumulatedLosses2021-12-3100419975ns5:SharePremium2021-12-3100419975ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3100419975ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3100419975ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3100419975ns5:PlantMachinery2023-01-012023-12-3100419975ns5:FurnitureFittings2023-01-012023-12-3100419975ns5:MotorVehicles2023-01-012023-12-3100419975ns10:HighestPaidDirector2023-01-012023-12-3100419975ns10:HighestPaidDirector2022-01-012022-12-3100419975ns5:OwnedAssets2023-01-012023-12-3100419975ns5:OwnedAssets2022-01-012022-12-3100419975ns10:OrdinaryShareClass12022-01-012022-12-3100419975ns5:LandBuildings2022-12-3100419975ns5:PlantMachinery2022-12-3100419975ns5:FurnitureFittings2022-12-3100419975ns5:MotorVehicles2022-12-3100419975ns5:LandBuildings2023-01-012023-12-3100419975ns5:LandBuildings2023-12-3100419975ns5:PlantMachinery2023-12-3100419975ns5:FurnitureFittings2023-12-3100419975ns5:MotorVehicles2023-12-3100419975ns5:LandBuildings2022-12-3100419975ns5:PlantMachinery2022-12-3100419975ns5:FurnitureFittings2022-12-3100419975ns5:MotorVehicles2022-12-3100419975ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3100419975ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3100419975ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3100419975ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3100419975ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3100419975ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3100419975ns5:HirePurchaseContracts2023-12-3100419975ns5:HirePurchaseContracts2022-12-3100419975ns5:DeferredTaxation2022-12-3100419975ns5:DeferredTaxation2023-01-012023-12-3100419975ns5:DeferredTaxation2023-12-3100419975ns10:OrdinaryShareClass12023-12-3100419975ns5:RetainedEarningsAccumulatedLosses2022-12-3100419975ns5:SharePremium2022-12-31
REGISTERED NUMBER: 00419975 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

H. Jarvis Ltd

H. Jarvis Ltd (Registered number: 00419975)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


H. Jarvis Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C Jarvis
R C Hall
P M Christon
Mrs G Ing
A Tindale





SECRETARY: G I J Southgate





REGISTERED OFFICE: Longbeck Trading Estate
Marske By The Sea
Redcar
TS11 6HH





REGISTERED NUMBER: 00419975 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

H. Jarvis Ltd (Registered number: 00419975)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Turnover has increased this year to £11,374,593 (2022: £10,535,188) and made a pre-tax profit of £1,481,810 (2022: £1,248,974). Net assets have also increased to £5,005,106 (2022: £4,028,407).

The business maintained a similar level of activity to 2022. The number of new homes registered in the UK was lower than 2022 and this reduced demand will likely affect turnover going forward into 2024.

Price increases from suppliers, though not as frequent as recent years, continues to impact on margins. Increases from suppliers have been passed onto customers where possible, enabling the company to grow its turnover.

The company continues to be restrictive with its customer base based on their type and location.

Production staff efficiencies and use of sub contractors have been closely monitored which has resulted in margins of 25.1% (2022: 23.4%).

PRINCIPAL RISKS AND UNCERTAINTIES
In common with other businesses, the company aims to minimize financial risk wherever possible, The measures used include regular monitoring of actual performance and ensuring adequate sources of finance are in place to meet the requirement of the business.

The company's principal financial instruments comprise bank balances, trade creditors and trade debtors to raise funds for, and finance, the company's operations.

The company regularly monitors amounts outstanding for both time and credit limit.

Management continues to consider competitor pressures within the window manufacturing and glazing sector and has done so especially throughout 2023 due to inflationary economic pressures.

Price increases have remained site specific to essentially mitigate risks of losing potential turnover from current customers.

The company is not dependant upon any single customer, retaining current customers by continuing to maintain the quality of products and services provided.

KEY PERFORMANCE INDICATORS
Key Performance Indicators used to measure progress are turnover, gross profit and profit before tax.

Material costs have been closely monitored throughout the year due to inflationary pressures.

Manufacturing and fitting labour, form a substantial proportion of the underlying cost base which requires constant monitoring for the maintenance of the company's profitability. In addition to the above stock holding levels are also recorded and used to assess both profitability and liquidity.

Production, processing and installation errors are investigated to improve on problems which may have become recurring.


H. Jarvis Ltd (Registered number: 00419975)

Strategic Report
for the Year Ended 31 December 2023

FUTURE DEVELOPMENTS
The directors aim to maintain the management policies which have led to the company's profits over recent years.

The directors have continued to monitor staff levels closely and believe the company now has the correct mix and number of employees to meet the turnover goals for the next financial year.

ON BEHALF OF THE BOARD:





Mrs G Ing - Director


4 September 2024

H. Jarvis Ltd (Registered number: 00419975)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture of PVCu products.

DIVIDENDS
Interim dividends totalling 75p per share were paid on the Ordinary £1 shares during the year.

The total distribution of dividends for the year ended 31 December 2023 will be £150,000 (2022: £100,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

C Jarvis
R C Hall
P M Christon
Mrs G Ing

Other changes in directors holding office are as follows:

A Tindale - appointed 1 January 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently;
-make judgements 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

H. Jarvis Ltd (Registered number: 00419975)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs G Ing - Director


4 September 2024

Report of the Independent Auditors to the Members of
H. Jarvis Ltd

Opinion
We have audited the financial statements of H. Jarvis Ltd (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
H. Jarvis Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.


Report of the Independent Auditors to the Members of
H. Jarvis Ltd


Auditors' responsibilities for the audit of the financial statements (continued)
Audit procedures performed by the engagement team included:

- Enquiry of management, those charged with governance and the entity's solicitors around actual and potential
litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.
- Challenging estimates and judgements made by management in their significant accounting estimates.
- Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and
accuracy of revenue and also to ensure revenue has been recognised in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Helen Wilson FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

4 September 2024

H. Jarvis Ltd (Registered number: 00419975)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 11,374,593 10,535,188

Cost of sales 8,517,410 8,064,038
GROSS PROFIT 2,857,183 2,471,150

Distribution costs 90,448 90,592
Administrative expenses 1,292,324 1,124,278
1,382,772 1,214,870
OPERATING PROFIT 4 1,474,411 1,256,280

Interest receivable and similar income 15,903 511
1,490,314 1,256,791

Interest payable and similar expenses 5 8,504 7,817
PROFIT BEFORE TAXATION 1,481,810 1,248,974

Tax on profit 6 355,111 262,332
PROFIT FOR THE FINANCIAL YEAR 1,126,699 986,642

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,126,699

986,642

H. Jarvis Ltd (Registered number: 00419975)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 957,617 958,114

CURRENT ASSETS
Stocks 9 822,305 776,858
Debtors 10 2,868,255 2,997,813
Cash at bank and in hand 1,640,873 603,675
5,331,433 4,378,346
CREDITORS
Amounts falling due within one year 11 1,104,762 1,069,313
NET CURRENT ASSETS 4,226,671 3,309,033
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,184,288

4,267,147

CREDITORS
Amounts falling due after more than one
year

12

(37,182

)

(103,440

)

PROVISIONS FOR LIABILITIES 15 (142,000 ) (135,300 )
NET ASSETS 5,005,106 4,028,407

CAPITAL AND RESERVES
Called up share capital 16 200,000 200,000
Share premium 17 100,000 100,000
Retained earnings 17 4,705,106 3,728,407
SHAREHOLDERS' FUNDS 5,005,106 4,028,407

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:





Mrs G Ing - Director


H. Jarvis Ltd (Registered number: 00419975)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 200,000 2,841,765 100,000 3,141,765

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 986,642 - 986,642
Balance at 31 December 2022 200,000 3,728,407 100,000 4,028,407

Changes in equity
Dividends - (150,000 ) - (150,000 )
Total comprehensive income - 1,126,699 - 1,126,699
Balance at 31 December 2023 200,000 4,705,106 100,000 5,005,106

H. Jarvis Ltd (Registered number: 00419975)

Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,601,939 683,313
Interest paid (8,504 ) (7,817 )
Tax paid (243,411 ) (133,032 )
Net cash from operating activities 1,350,024 542,464

Cash flows from investing activities
Purchase of tangible fixed assets (125,848 ) (94,656 )
Sale of tangible fixed assets 14,499 20,855
Interest received 15,903 511
Net cash from investing activities (95,446 ) (73,290 )

Cash flows from financing activities
Capital repayments in year (67,380 ) (22,141 )
Equity dividends paid (150,000 ) (100,000 )
Net cash from financing activities (217,380 ) (122,141 )

Increase in cash and cash equivalents 1,037,198 347,033
Cash and cash equivalents at beginning of
year

2

603,675

256,642

Cash and cash equivalents at end of year 2 1,640,873 603,675

H. Jarvis Ltd (Registered number: 00419975)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,481,810 1,248,974
Depreciation charges 115,120 118,594
Profit on disposal of fixed assets (3,274 ) (11,987 )
Finance costs 8,504 7,817
Finance income (15,903 ) (511 )
1,586,257 1,362,887
(Increase)/decrease in stocks (45,447 ) 18,645
Decrease/(increase) in trade and other debtors 129,558 (589,349 )
Decrease in trade and other creditors (68,429 ) (108,870 )
Cash generated from operations 1,601,939 683,313

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,640,873 603,675
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 603,675 256,642


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 603,675 1,037,198 1,640,873
603,675 1,037,198 1,640,873
Debt
Finance leases (170,822 ) 67,382 (103,440 )
(170,822 ) 67,382 (103,440 )
Total 432,853 1,104,580 1,537,433

H. Jarvis Ltd (Registered number: 00419975)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

H. Jarvis Ltd is a private company, limited by shares , registered in England and Wales. 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, rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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 - 5% on cost
Plant and machinery - 25% on cost and 10% on cost
Fixtures and fittings - 33% on cost and 10% on cost
Motor vehicles - 25% on reducing balance

Tangible fixed assets are held at cost.

Freehold land is not depreciated.

Where assets are acquired with the aid of specific grants, they are capitalised and depreciated in accordance with the above. The related grants are credited to a deferred capital grant account and are released to the profit and loss over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.

Stocks
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


H. Jarvis Ltd (Registered number: 00419975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable to the scheme are charged to the profit and loss on a payments basis.

Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.
Debtors and Creditors Receivable/Payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Government Grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

H. Jarvis Ltd (Registered number: 00419975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,847,502 1,758,057
Social security costs 158,108 147,871
Other pension costs 55,646 50,073
2,061,256 1,956,001

The average number of employees during the year was as follows:
2023 2022

Factory 47 47
Office 22 22
Directors 5 4
74 73

2023 2022
£    £   
Directors' remuneration 277,011 231,138
Directors' pension contributions to money purchase schemes 22,652 17,463

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 66,701 66,294

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 115,120 118,594
Profit on disposal of fixed assets (3,274 ) (11,987 )
Auditors remuneration 15,600 15,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HP interest 8,504 7,817

H. Jarvis Ltd (Registered number: 00419975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 349,000 244,000
Over provision in prior year (589 ) (1,968 )
Total current tax 348,411 242,032

Deferred taxation 6,700 20,300
Tax on profit 355,111 262,332

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,481,810 1,248,974
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

348,522

237,305

Effects of:
Expenses not deductible for tax purposes 13,274 23,848
Capital allowances in excess of depreciation (6,096 ) -
Depreciation in excess of capital allowances - 3,147
Adjustments to tax charge in respect of previous periods (589 ) (1,968 )
Total tax charge 355,111 262,332

The rate of Corporation Tax shown this year is the effective rate upon the increase from 19% to 25% during the year.

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 150,000 100,000

H. Jarvis Ltd (Registered number: 00419975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 719,202 991,146 314,874 209,750 2,234,972
Additions - 71,513 18,156 36,179 125,848
Disposals - - - (25,208 ) (25,208 )
At 31 December 2023 719,202 1,062,659 333,030 220,721 2,335,612
DEPRECIATION
At 1 January 2023 315,256 563,607 288,576 109,419 1,276,858
Charge for year 12,147 65,160 6,491 31,322 115,120
Eliminated on disposal - - - (13,983 ) (13,983 )
At 31 December 2023 327,403 628,767 295,067 126,758 1,377,995
NET BOOK VALUE
At 31 December 2023 391,799 433,892 37,963 93,963 957,617
At 31 December 2022 403,946 427,539 26,298 100,331 958,114

Included in cost of land and buildings is freehold land of £ 310,099 (2022 - £ 310,099 ) which is not depreciated.

Included in the above note are Motor Vehicles with a net book value of £8,238 (2022: £10,984) and Plant & Machinery with a net book value of £256,835 (2022: £296,055) that are financed via hire purchase.

9. STOCKS
2023 2022
£    £   
Raw materials and consumables 574,629 642,170
Work-in-progress 247,676 134,688
822,305 776,858

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,736,422 2,884,467
VAT 72,780 73,118
Prepayments and accrued income 59,053 40,228
2,868,255 2,997,813

H. Jarvis Ltd (Registered number: 00419975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 66,258 67,382
Trade creditors 571,513 608,639
Taxation 349,000 244,000
Social security and other taxes 56,106 50,807
Other creditors 660 5,892
Accrued expenses 61,225 92,593
1,104,762 1,069,313

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 37,182 103,440

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 66,258 67,382
Between one and five years 37,182 103,440
103,440 170,822

14. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase agreements 103,439 170,821

Hire purchase agreements are secured on the assets to which they relate.

The company also has securities held by the bank comprising of legal charges and a debenture over the freehold property and all assets of the company.

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred taxation 142,000 135,300

H. Jarvis Ltd (Registered number: 00419975)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 135,300
Provided during year 6,700
Balance at 31 December 2023 142,000

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200,000 Ordinary £1 200,000 200,000

17. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 3,728,407 100,000 3,828,407
Profit for the year 1,126,699 1,126,699
Dividends (150,000 ) (150,000 )
At 31 December 2023 4,705,106 100,000 4,805,106

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for the benefit of its employees. The company's contributions are charged to the profit and loss account in the year in which they relate. The charge for the year was £55,646 (2022: £50,073). There were £638 (2022: £5,680) contributions outstanding at 31 December 2023.

19. ULTIMATE CONTROLLING PARTY

The company is considered to be under the control of the directors.