Registration number:
Henry Jervis and Partners Limited
for the Year Ended 31 December 2024
Henry Jervis and Partners Limited
(Registration number: 03398529)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Henry Jervis and Partners Limited
(Registration number: 03398529)
Balance Sheet as at 31 December 2024 (continued)
Approved and authorised by the
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Henry Jervis and Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Henry Jervis and Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The relevant assets are work in progress and the value of the investment property. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover represents amounts receivable from the sale of properties, goods and services net of VAT and trade discounts. Turnover is recognised when either contracts are exchanged over the sale of properties, or if the final outcome of a property development can be assessed with reasonable certainty, by including in the profit and loss account, turnover and related costs as contract activity progresses.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised as income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Henry Jervis and Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
10% straight line |
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Plant and machinery |
15% reducing balance |
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Fixtures, fittings and equipment |
25% reducing balance |
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Motor vehicles |
25% reducing balance |
Henry Jervis and Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Work in progress is valued at the lower of cost and net realisable value. Cost includes all directly attributable overheads.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Henry Jervis and Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit and loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Henry Jervis and Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Henry Jervis and Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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Disposals |
- |
- |
( |
( |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Investment properties |
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2024 |
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At 1 January |
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At 31 December |
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The investment property was valued by surveyors on 31 December 2020. In their opinion the property was valued at £450,000. In the opinion of the directors the value of the investment property at 31 December 2024 was not significantly different to the 2020 valuation.
There has been no valuation of investment property by an independent valuer.
Henry Jervis and Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Stocks |
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2024 |
2023 |
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Work in progress |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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The Lloyds bank loans are secured by:
1) a debenture from Henry Jervis and Partners Limited
2) A legal charge from Henry Jervis and Partners Limited over the freehold at The Royal Oak, 2 Upper Farm Barn, Whatcote, Shipston on Stour, Warwickshire, CV36 5EF
Henry Jervis and Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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8 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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- |
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Other borrowings |
- |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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- |
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Henry Jervis and Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Related party transactions |
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Transactions with directors |
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2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
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Loan with director 1 - repayable on demand, interest charged at the official rate |
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( |
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Loan with director 2 - repayable on demand, interest charged at the official rate |
( |
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( |
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(33,273) |
191,893 |
(109,936) |
48,684 |
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2023 |
At 1 January 2023 |
Advances to director |
At 31 December 2023 |
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Loan with director 1 - repayable on demand, interest charged at the official rate |
- |
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- |
24,616 |
24,616 |
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