Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-292024-12-29truefalsetruetruetrue432024-01-01false46false 01196875 2024-01-01 2024-12-29 01196875 2023-01-01 2023-12-31 01196875 2024-12-29 01196875 2023-12-31 01196875 2023-01-01 01196875 1 2024-01-01 2024-12-29 01196875 1 2023-01-01 2023-12-31 01196875 d:CompanySecretary1 2024-01-01 2024-12-29 01196875 d:Director1 2024-01-01 2024-12-29 01196875 d:Director2 2024-01-01 2024-12-29 01196875 d:Director3 2024-01-01 2024-12-29 01196875 d:Director4 2024-01-01 2024-12-29 01196875 d:RegisteredOffice 2024-01-01 2024-12-29 01196875 e:PlantMachinery 2024-01-01 2024-12-29 01196875 e:PlantMachinery 2024-12-29 01196875 e:PlantMachinery 2023-12-31 01196875 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-29 01196875 e:OfficeEquipment 2024-01-01 2024-12-29 01196875 e:OfficeEquipment 2024-12-29 01196875 e:OfficeEquipment 2023-12-31 01196875 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-29 01196875 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-29 01196875 e:CurrentFinancialInstruments 2024-12-29 01196875 e:CurrentFinancialInstruments 2023-12-31 01196875 e:CurrentFinancialInstruments 2 2024-12-29 01196875 e:CurrentFinancialInstruments 2 2023-12-31 01196875 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-29 01196875 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 01196875 f:UnitedKingdom 2024-01-01 2024-12-29 01196875 f:UnitedKingdom 2023-01-01 2023-12-31 01196875 f:RestWorldOutsideUK 2024-01-01 2024-12-29 01196875 f:RestWorldOutsideUK 2023-01-01 2023-12-31 01196875 e:UKTax 2024-01-01 2024-12-29 01196875 e:UKTax 2023-01-01 2023-12-31 01196875 e:ShareCapital 2024-12-29 01196875 e:ShareCapital 2023-12-31 01196875 e:ShareCapital 2023-01-01 01196875 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-29 01196875 e:RetainedEarningsAccumulatedLosses 2024-12-29 01196875 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01196875 e:RetainedEarningsAccumulatedLosses 2023-12-31 01196875 e:RetainedEarningsAccumulatedLosses 2023-01-01 01196875 e:AcceleratedTaxDepreciationDeferredTax 2024-12-29 01196875 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01196875 e:OtherDeferredTax 2024-12-29 01196875 e:OtherDeferredTax 2023-12-31 01196875 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-29 01196875 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-29 01196875 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 01196875 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-29 01196875 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2024-12-29 01196875 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-12-31 01196875 d:OrdinaryShareClass1 2024-01-01 2024-12-29 01196875 d:OrdinaryShareClass1 2024-12-29 01196875 d:OrdinaryShareClass1 2023-12-31 01196875 d:PreferenceShareClass1 2024-01-01 2024-12-29 01196875 d:PreferenceShareClass1 2024-12-29 01196875 d:PreferenceShareClass1 2023-12-31 01196875 d:FRS102 2024-01-01 2024-12-29 01196875 d:Audited 2024-01-01 2024-12-29 01196875 d:FullAccounts 2024-01-01 2024-12-29 01196875 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-29 01196875 e:WithinOneYear 2024-12-29 01196875 e:WithinOneYear 2023-12-31 01196875 e:BetweenOneFiveYears 2024-12-29 01196875 e:BetweenOneFiveYears 2023-12-31 01196875 e:MoreThanFiveYears 2024-12-29 01196875 e:MoreThanFiveYears 2023-12-31 01196875 2 2024-01-01 2024-12-29 01196875 g:PoundSterling 2024-01-01 2024-12-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01196875










LARSON-JUHL UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

 
LARSON-JUHL UK LIMITED
 
 
COMPANY INFORMATION


Directors
Michael John Brown 
Arie Cornelis Bijsterveld 
Paolo Botrugno 
Deborah Marion Fraser 




Company secretary
Deborah Marion Fraser



Registered number
01196875



Registered office
Unit 5 Bedford Logistics Park
Bell Farm Way

Kempston

Bedfordshire

MK43 9SS




Independent auditors
MHA
Chartered Accountants & Statutory Auditors

The Pinnacle

150 Midsummer Boulevard

Milton Keynes

Buckinghamshire

MK9 1LZ





 
LARSON-JUHL UK LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 29

 
LARSON-JUHL UK LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024

Introduction
 
The Directors have pleasure in presenting their report and the financial statements of the company for the period ended 29 December 2024.

Business review
 
Sales in Larson-Juhl UK Limited in 2024 were 8.9% down on 2023, this downturn was in both UK and export markets. The key issues were generally weak markets in key territories. Margins increased by 2.3% of sales as product mix improved significantly.
The Company continued its programme of building connectivity to its customer base backed up by very strong service performance. This work has proved very effective in maintaining and gaining market share and will continue in the coming years.
Larson-Juhl UK Limited is committed to protecting its IT infrastructure against cyber-attacks and has installed significant reliance in this area to safeguard the company’s systems, its customers and shareholders against the effect of malicious cyber attacks. This work is ongoing.
Overall, despite revenues being down 8.9% operating incomes exceeded expectations due to sophisticated control of costs and balance sheet strength.Therefore, despite adverse trading conditions the directors are satisfied with the overall performance of the business.   

Principal risks and uncertainties
 
The main risks for the company are associated with the growth profile for the UK economy and in turn from global issues such as the Ukraine war and international trade barriers.  In addition, there are UK specific issues that are of concern including the increase in Employers NI and Business Rates. These affect the company and of course its customers.

Financial key performance indicators
 

.


P/e 29 December 2024
P/e 31 December 2023
P/e 1 January 2023
P/e 2 January 2022
Stock turn

1.8

2.2

2.4
 
2.4
 
Debtor days

50

46

53
 
68
 
Creditor days

28

25

26
 
32
 
Fill rates (%)

95.1

95

93
 
89
 
Stock days

201

169

149
 
153
 

Page 1

 
LARSON-JUHL UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024


This report was approved by the board and signed on its behalf.





Michael John Brown
Director

Date: 6 August 2025
Page 2

 
LARSON-JUHL UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024

The directors present their report and the financial statements for the period ended 29 December 2024.

Directors' responsibilities statement

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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

Larson-Juhl UK Limited distributes framing materials principally moulding, mountboard and ready made frames to bespoke and contract framers. Geographically the main market for the Company is the British Isles but the Company also exports to over 40 countries worldwide.

Results and dividends

The profit for the period, after taxation, amounted to £1,817,869 (2023 - £1,380,941).

Dividends paid and declared in the period amounted to £1,775,786 (Period ended 31 December 2023 - £1,956,303).

Directors

The directors who served during the period were:

Michael John Brown 
Arie Cornelis Bijsterveld 
Paolo Botrugno 
Deborah Marion Fraser 

Page 3

 
LARSON-JUHL UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024

Future developments

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.

Engagement with employees

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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. 
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.
 





Michael John Brown
Director

Date: 6 August 2025

Page 4

 
LARSON-JUHL UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LARSON-JUHL UK LIMITED
 

Opinion


We have audited the financial statements of Larson-Juhl UK Limited (the 'Company') for the period ended 29 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including significant accounting policiesThe 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 29 December 2024 and of its profit 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 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.


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.


Page 5

 
LARSON-JUHL UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LARSON-JUHL UK LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 Directors' Report 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.


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.


Matters on which we are required to report by exception
 

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, 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 Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 6

 
LARSON-JUHL UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LARSON-JUHL UK LIMITED (CONTINUED)


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 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 specific procedures for this engagement and the extent to which these 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 reviewing 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.


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. This 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 Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.


Page 7

 
LARSON-JUHL UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LARSON-JUHL UK LIMITED (CONTINUED)





Neil Stern FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditors
Milton Keynes, United Kingdom

 
Date:
6 August 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
Page 8

 
LARSON-JUHL UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 DECEMBER 2024

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
Note
£
£

  

Turnover
 4 
14,259,027
15,658,041

Cost of sales
  
(7,926,746)
(9,065,438)

Gross profit
  
6,332,281
6,592,603

Distribution costs
  
(884,607)
(834,602)

Administrative expenses
  
(3,291,471)
(3,930,171)

Operating profit
 5 
2,156,203
1,827,830

Interest receivable and similar income
 9 
24,821
5,097

Interest payable and similar expenses
 10 
-
(411)

Profit before tax
  
2,181,024
1,832,516

Tax on profit
 11 
(363,155)
(451,575)

Profit for the financial period
  
1,817,869
1,380,941

There was no other comprehensive income for the period ended 29 December 2024 (31 December 2023:£NIL).

The notes on pages 12 to 29 form part of these financial statements.

Page 9

 
LARSON-JUHL UK LIMITED
REGISTERED NUMBER: 01196875

BALANCE SHEET
AS AT 29 DECEMBER 2024

29 December 2024
29 December 2024
31 December 2023
31 December 2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 13 
1,034,215
1,027,060

  
1,034,215
1,027,060

Current assets
  

Stocks
 14 
3,994,626
4,034,158

Debtors: amounts falling due within one year
 15 
3,587,629
3,523,319

Cash at bank and in hand
 16 
1,623,316
1,750,456

  
9,205,571
9,307,933

Creditors: amounts falling due within one year
 17 
(4,869,436)
(4,601,342)

Net current assets
  
 
 
4,336,135
 
 
4,706,591

Total assets less current liabilities
  
5,370,350
5,733,651

Provisions for liabilities
  

Provisions
 20 
(289,057)
(694,441)

  
 
 
(289,057)
 
 
(694,441)

Net assets
  
5,081,293
5,039,210


Capital and reserves
  

Called up share capital 
 21 
1,709,998
1,709,998

Profit and loss account
 22 
3,371,295
3,329,212

  
5,081,293
5,039,210


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Michael John Brown
Director

Date: 6 August 2025

The notes on pages 12 to 29 form part of these financial statements.
Page 10

 
LARSON-JUHL UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
1,709,998
3,904,574
5,614,572



Profit for the year
-
1,380,941
1,380,941

Dividends: Equity capital
-
(1,956,303)
(1,956,303)



At 31 December 2023
1,709,998
3,329,212
5,039,210



Profit for the period
-
1,817,869
1,817,869

Dividends: Equity capital
-
(1,775,786)
(1,775,786)


At 29 December 2024
1,709,998
3,371,295
5,081,293


The notes on pages 12 to 29 form part of these financial statements.

Page 11

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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 29 December 2024 and these financial statements may be obtained from 1440 Kiewit Plaza, Omaha, Nebraska, USA.

 
2.3

Going concern

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.

Page 12

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 13

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Plant and machinery
-
10% - 33% per annum
Office equipment
-
20% per annum

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.

Page 15

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.
 

Page 16

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
 
Page 17

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


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

Derecognition of financial instruments

Derecognition of financial liabilities

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

 
2.19

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the Financial Statements requires management to make judgments, estimates and
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 29 December 2024 was £1,034,215 after a depreciation charge in the period of £30,018.
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 29 December 2024 was £359,597 (as at 31 December 2023: £393,068).

Page 18

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to the one principle activity of the Company.

Analysis of turnover by country of destination:

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£

United Kingdom
12,784,826
13,897,820

Rest of the world
1,474,201
1,760,221

14,259,027
15,658,041



5.


Operating profit

The operating profit is stated after charging:

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£

Exchange differences
(174,978)
(427,107)

Bad debt (reversal) / expense
19,408
(8,059)

Depreciation
30,018
441,213

Operating lease rentals - Lessee
546,681
746,837

Operating lease rentals - Lessor
(133,414)
(266,731)


6.


Auditors' remuneration

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
43,000
37,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 19

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£

Wages and salaries
1,356,517
1,510,398

Social security costs
771,241
583,046

Cost of defined contribution scheme
97,390
120,751

2,225,148
2,214,195


The average monthly number of employees, including the directors, during the period was as follows:


52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
            No.
            No.







Selling and distribution
8
8



Administrative staff
10
12



Warehouse staff
25
26

43
46


8.


Directors' remuneration

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£

Directors' emoluments
90,885
80,097

Company contributions to defined contribution pension schemes
17,220
16,047

108,105
96,144


During the period retirement benefits were accruing to 1 director (2023 - NIL) in respect of defined contribution pension schemes.

Page 20

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

9.


Interest receivable

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£


Other interest receivable
24,821
5,097

24,821
5,097


10.


Interest payable and similar expenses

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£


Interest payable on overdue taxes
-
411

-
411

Page 21

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

11.


Taxation


52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£

Corporation tax


Current tax on profits for the year
377,808
490,883

Adjustments in respect of previous periods
41,173
(195,649)


418,981
295,234


Total current tax
418,981
295,234

Deferred tax


Origination and reversal of timing differences
63,279
(34,169)

Changes to tax rates
-
(2,324)

Adjustments in respect of previous periods
(119,105)
192,834

Total deferred tax
(55,826)
156,341


Taxation on profit on ordinary activities
363,155
451,575
Page 22

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£


Profit on ordinary activities before tax
2,181,024
1,832,516


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
545,256
431,008

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,464
43,664

Adjustments to tax charge in respect of prior periods
(160,278)
(20,773)

Changes to tax rates
-
(2,324)

Other differences
(23,287)
-

Total tax charge for the period/year
363,155
451,575


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£


Dividends
1,775,786
1,956,303

Page 23

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

13.


Tangible fixed assets







Plant and machinery
Office equipment
Total

£
£
£



Cost


At 1 January 2024
1,541,400
3,110,423
4,651,823


Additions
4,490
32,683
37,173


Disposals
(53,997)
(152,914)
(206,911)



At 29 December 2024

1,491,893
2,990,192
4,482,085



Depreciation


At 1 January 2024
658,452
2,966,311
3,624,763


Charge for the period on owned assets
134,718
(104,700)
30,018


Disposals
(53,997)
(152,914)
(206,911)



At 29 December 2024

739,173
2,708,697
3,447,870



Net book value



At 29 December 2024
752,720
281,495
1,034,215



At 31 December 2023
882,948
144,112
1,027,060


14.


Stocks

29 December 2024
31 December 2023
£
£

Finished goods and goods for resale
3,994,626
4,034,158


Page 24

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

15.


Debtors

29 December
31 December
29 December 2024
31 December 2023
£
£


Trade debtors
2,216,281
2,267,938

Amounts owed by group undertakings
418,808
408,901

Other debtors
130,655
297,611

Prepayments and accrued income
717,925
500,735

Deferred taxation
103,960
48,134

3,587,629
3,523,319



16.


Cash and cash equivalents

29 December 2024
31 December 2023
£
£

Cash at bank and in hand
1,623,316
1,750,456



17.


Creditors: Amounts falling due within one year

29 December 2024
31 December 2023
£
£

Trade creditors
809,684
783,320

Amounts owed to group undertakings
145,236
143,625

Corporation tax
104,494
95,883

Other taxation and social security
455,497
200,006

Other creditors
93,320
94,433

Accruals and deferred income
386,205
409,075

Share capital treated as debt
2,875,000
2,875,000

4,869,436
4,601,342



18.


Financial instruments

Financial instruments are held at amortised cost.
Page 25

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

19.


Deferred taxation






2024
2023


£

£






At beginning of year
48,134
204,475


Charged to profit or loss
55,826
(156,341)



At end of year
103,960
48,134

The deferred tax asset is made up as follows:

29 December 2024
31 December 2023
£
£


Accelerated capital allowances
97,210
42,957

Short term timing differences
6,750
5,177

103,960
48,134


20.


Provisions






Dilapidations
Onerous lease
Total

£
£
£





At 1 January 2024
649,987
44,454
694,441


Charged to profit or loss
(427,612)
22,228
(405,384)



At 29 December 2024
222,375
66,682
289,057

Page 26

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

21.


Share capital

29 December 2024
31 December 2023
£
£
Shares classified as equity

Allotted, called up and fully paid



1,709,998 (2023 - 1,709,998) Ordinary shares of £1.00 each
1,709,998
1,709,998

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



2,875,000 (2023 - 2,875,000) Redeemable preference shares of £1.00 each
2,875,000
2,875,000


The redeemable preference shares carry no voting rights and are redeemable at par at the option of the holder at two weeks notice to the Company. 


22.


Reserves

Profit and loss account

Profit and Loss account includes all current and previous period retained profits and losses.


23.


Contingent liabilities

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.


24.


Pension commitments

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 £97,390 (Period ended 31 December 2023: £120,751).
At the period end, there were balances outstanding to the scheme of £18,847 (Period ended 31 December 2023: £18,141).

Page 27

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

25.


Commitments under operating leases

At 29 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 December 2024
31 December 2023
£
£


Not later than 1 year
528,787
746,729

Later than 1 year and not later than 5 years
1,568,276
1,684,487

Later than 5 years
3,688,467
4,067,263

5,785,530
6,498,479

Lease payments recognised as an expense during the period amounted to £546,681 for the period ended 29 December 2024 (Period ended 31 December 2023: £746,837)


26.

Receivable under operating leases

At 29 December 2024 the Company had future minimum lease receivables under non-cancellable operating leases as follows:

29 December 2024
31 December 2023
        £
        £
Not later than 1 year

-

266,731
 
Later than 1 year and not later than 5 years

-

44,455
 
Later than 5 years

-

-
 

-

311,186
 

Lease receipts recognised as income during the period amounted to £133,414 for the period ended 29 December 2024 (Period ended 31 December 2023: £266,731).
Lease receipts are recognised within rent expense in administration expenses to net off with the associated rental expense recognised under the original lease, which is being sub-let.


27.


Related party transactions

As a subsidiary undertaking of Berkshire Hathaway Inc, the Company has taken advantage of the exemption in FRS102 from disclosing transactions with other members of the group headed by Berkshire Hathaway Inc. Transactions with other group companies are not disclosed since the ultimate parent company has prepared consolidated financial statements which are publicly available. 

Page 28

 
LARSON-JUHL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

28.


Controlling party

Northampton Acquisition Limited is the immediate parent undertaking of Larson-Juhl UK Limited. 
Berkshire Hathaway Inc, a company incorporated in the USA, is the controlling party and Ultimate Parent 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. 
 
Page 29