ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 01121516

JARVALE CONSTRUCTION LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

JARVALE CONSTRUCTION LIMITED

COMPANY INFORMATION

Directors	A J Lee
	H L Lee
	N W Lee
	R Lee


Registered number	01121516


Registered office	Unit 2 Navigation Way
	Dronfield
	Derbyshire
	S18 2YA


Independent auditors	Shorts
	Chartered Accountants & Statutory Auditor
	2 Ashgate Road
	Chesterfield
	Derbyshire
	S40 4AA


Bankers	HSBC Bank plc

JARVALE CONSTRUCTION LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Income and Retained Earnings	9
Balance Sheet	10
Statement of Cash Flows	11 - 12
Analysis of Net Debt	13
Notes to the Financial Statements	14 - 23

JARVALE CONSTRUCTION LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their strategic report for Jarvale Construction Ltd ("the Company") for the year ended 31 December 2024.
Principal activity
The principal activity of the Company is that of a building and construction company.

Business review

The Company recorded profits on ordinary activities before taxation of £895,086 (2023: £1,194,462).
The strong balance sheet and favourable cash position will enable the business to continue to perform strongly in the following year.

Principal risks and uncertainties

The main risks arising from the company's financial instruments are liquidity risk, interest rate risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest in cash assets safely and profitably.
The company policy throughout the period has been to utilise its cash held in the business whenever possible and to utilise credit terms provided.
Interest rate risk
The company finances its operations mainly through capital held in the business. Its exposure to interest rate fluctuations is restricted to finance terms agreed. These risks are managed by agreed interest levels set by the suppliers.
Credit risk
The company's principal current assets are cash, work in progress and trade debtors. The principal credit risk arises from its trade debtors. In order to manage credit risk, the directors base their customers on a combination of payment history and customers reputation.

Financial key performance indicators

The directors have monitored the progress of overall company strategy and individual strategic elements by reference to certain key performance indicators:
Turnover for the year amounted to £10,335,254 (2023: £17,367,687).
Gross profit margin was 21.1% (2023: 14.0%).
Operating profit for the year was £905,036 (2023: £1,206,445).

Page 1

JARVALE CONSTRUCTION LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board on 25 September 2025 and signed on its behalf.

A J Lee

Director

Page 2

JARVALE CONSTRUCTION LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who served during the year were:

A J Lee

H L Lee

N W Lee

R Lee

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 judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £671,314 (2023 - £911,179).

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies
Act 2006. This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

Page 3

JARVALE CONSTRUCTION LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Auditors

The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 September 2025 and signed on its behalf.

A J Lee

Director

Page 4

JARVALE CONSTRUCTION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARVALE CONSTRUCTION LIMITED

Opinion

We have audited the financial statements of Jarvale Construction Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 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 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

JARVALE CONSTRUCTION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARVALE CONSTRUCTION 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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 Directors' Report.

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

JARVALE CONSTRUCTION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARVALE CONSTRUCTION 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:

∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or
recognise non-compliance with applicable laws and regulations; and

∙through discussions with the directors and other management and from our commercial knowledge, we
identified the laws and regulations applicable to the company.

We assessed the susceptibility of the company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:

∙making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and

∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:

∙performed analytical procedures to identify any unusual or unexpected relationships;

∙reviewed the general ledger entries during the year to identify unusual transactions;

∙assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and

∙investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:

∙agreeing financial statement disclosures to underlying supporting documentation;

∙reading the minutes of meetings of those charged with governance;

∙enquiring of management as to actual and potential litigation and claims;

∙considering relationships with HMRC and other relevant regulators;

∙reviewing legal and professional costs to identify any indicators of litigation; and

∙reviewing accident logs maintained by the Company.

Page 7

JARVALE CONSTRUCTION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARVALE CONSTRUCTION LIMITED (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Irvine (Senior Statutory Auditor)

for and on behalf of

Shorts

Chartered Accountants

Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA

25 September 2025

Page 8

JARVALE CONSTRUCTION LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£

Turnover		10,335,254	17,367,687
Cost of sales		(8,156,665)	(14,942,836)
Gross profit		2,178,589	2,424,851
Administrative expenses		(1,273,553)	(1,218,406)
Operating profit	4	905,036	1,206,445
Interest receivable and similar income		4,633	3,428
Interest payable and similar expenses		(14,583)	(15,411)
Profit before tax		895,086	1,194,462
Tax on profit	8	(223,772)	(283,283)
Profit after tax		671,314	911,179

Retained earnings at the beginning of the year	2,278,684	1,767,505
Profit for the year	671,314	911,179
Dividends declared and paid	(450,000)	(400,000)
Retained earnings at the end of the year	2,499,998	2,278,684

The notes on pages 14 to 23 form part of these financial statements.

Page 9

JARVALE CONSTRUCTION LIMITED

REGISTERED NUMBER: 01121516

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	9		321,877		394,032
Current assets
Debtors: amounts falling due within one year	10	4,906,654		4,566,683
Cash at bank and in hand		397,439		1,693,901
		5,304,093		6,260,584
Creditors: amounts falling due within one year	11	(2,913,880)		(4,066,412)
Net current assets			2,390,213		2,194,172
Total assets less current liabilities			2,712,090		2,588,204
Creditors: amounts falling due after more than one year			(159,560)		(239,904)
Provisions for liabilities
Deferred tax	13		(50,532)		(67,616)
Net assets			2,501,998		2,280,684

Capital and reserves
Called up share capital	1,000	1,000
Capital redemption reserve	1,000	1,000
Profit and loss account	2,499,998	2,278,684
	2,501,998	2,280,684

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.

A J Lee	N W Lee
Director	Director

The notes on pages 14 to 23 form part of these financial statements.

Page 10

JARVALE CONSTRUCTION LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	671,314	911,179
Adjustments for:
Depreciation of tangible assets	156,363	152,999
Profit on disposal of tangible assets	(17,282)	(51,819)
Interest paid	14,583	15,411
Interest received	(4,633)	(3,428)
Taxation charge	223,772	283,283
Increase in debtors	(70,400)	(357,320)
Increase in amounts owed by groups	(412,427)	(137,916)
(Decrease)/increase in creditors	(982,211)	536,826
Corporation tax paid	(251,729)	(64,675)
Net cash generated from operating activities	(672,650)	1,284,540

Cash flows from investing activities
Purchase of tangible fixed assets	(126,646)	(74,580)
Sale of tangible fixed assets	59,720	89,279
Interest received	4,633	3,428
HP interest paid	(14,206)	(15,411)
Net cash from investing activities	(76,499)	2,716

Page 11

JARVALE CONSTRUCTION LIMITED

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash flows from financing activities
Repayment of/new finance leases	(96,936)	(106,032)
Dividends paid	(450,000)	(400,000)
Interest paid	(377)	-
Net cash used in financing activities	(547,313)	(506,032)
Net (decrease)/increase in cash and cash equivalents	(1,296,462)	781,224
Cash and cash equivalents at beginning of year	1,693,901	912,677
Cash and cash equivalents at the end of year	397,439	1,693,901

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	397,439	1,693,901
	397,439	1,693,901

The notes on pages 14 to 23 form part of these financial statements.

Page 12

JARVALE CONSTRUCTION LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	Repayment of finance leases	At 31 December 2024
£	£	£	£

Cash at bank and in hand	1,693,901	(1,296,462)	-	397,439
Finance leases	(284,417)	54,497	42,439	(187,481)
	1,409,484	(1,241,965)	42,439	209,958

The notes on pages 14 to 23 form part of these financial statements.

Page 13

JARVALE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Jarvale Construction Limited is a private company limited by shares, incorporated in England and Wales
(registered number: 01121516). Its registered office is Unit 2 Navigation Way, Dronfield, Derbyshire,
S18 2YA. The principal activity throughout the year continued to be that of a construction company.

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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

2.2

Going concern

The Directors have concluded the Company has adequate resources to continue in operational existence for the foreseeable future, which is considered to be at least twelve months from the date of approval of these financial statements. They therefore continue to adapt the going concern basis in preparing the financial statements.

2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

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.

Page 14

JARVALE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.6

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.

2.7

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current 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.

2.8

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.

Page 15

JARVALE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	10%
Motor vehicles	-	25%
Office equipment	-	33%

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.

2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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

JARVALE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements involves, in certain areas, the use of accounting estimates and management judgement. The areas where there is a level of estimation and management judgement that have the greatest level of uncertainty are addressed below:
(i) Amounts recoverable on long term contracts
Management make estimates regarding the value of amounts recoverable relating to construction contracts. Such estimates are based on the stage of completion of a particular contract which are valued by a qualified surveyor. The amount related to such estimates is £1,088,690 (2023: £1,132,186) and is included within debtors.
(ii) Accrued expenses
Management make estimates regarding the value of future expenses payable relating to construction contracts. Such estimates are based on the stage of completion of a particular contract which are valued by a qualified surveyor. The amount related to such estimates is £584,084 (2023: £455,529) and is included within creditors.

	Other operating lease rentals	14,138	11,173
	Profit on disposal of fixed assets	(17,282)	(51,819)

5.	Auditors' remuneration
		2024	2023
		£	£

	Fees payable to the Company's auditors for the audit of the Company's financial statements	18,430	17,550
	All other services	15,120	14,400

Page 17

JARVALE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Wages and salaries	1,309,276	1,334,161
Social security costs	138,900	138,090
Cost of defined contribution scheme	131,934	32,428
	1,580,110	1,504,679

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

	2024	2023
	No.	No.

Employees	36	35

7.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	38,785	37,864
Company contributions to defined contribution pension schemes	100,000	111
	138,785	37,975

	Corporation tax
	Current tax on profits for the year	240,856	251,698

	Deferred tax
	Origination and reversal of timing differences	(17,084)	31,585

Tax on profit

223,772

283,283

Page 18

JARVALE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.Taxation (continued)

Profit before tax

895,086

1,194,462

Profit multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	223,772	280,944
Effects of:
Expenses not deductible for tax purposes	-	1,325
Capital allowances for year in excess of depreciation	-	(752)
Remeasurement of deferred tax for changes in tax rate	-	1,766
Total tax charge for the year	223,772	283,283

Page 19

JARVALE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£
Cost
At 1 January 2024	52,661	597,294	73,269	723,224
Additions	-	118,148	8,498	126,646
Disposals	-	(113,688)	-	(113,688)
At 31 December 2024	52,661	601,754	81,767	736,182
Depreciation
At 1 January 2024	35,408	238,781	55,003	329,192
Charge for the year on owned assets	2,314	62,674	12,838	77,826
Charge for the year on financed assets	-	78,537	-	78,537
Disposals	-	(71,250)	-	(71,250)
At 31 December 2024	37,722	308,742	67,841	414,305
Net book value
At 31 December 2024	14,939	293,012	13,926	321,877
At 31 December 2023	17,253	358,513	18,266	394,032

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£

Motor vehicles

148,593

269,569

Page 20

JARVALE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.

Debtors

					2024	2023
					£	£

Trade debtors	1,447,991	1,329,770
Amounts owed by associated undertakings	2,319,304	2,049,732
Other debtors	-	8,000
Prepayments and accrued income	50,670	46,995
Amounts recoverable on long-term contracts	1,088,689	1,132,186
	4,906,654	4,566,683

11.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	1,557,299	1,810,427
Amounts owed to group undertakings	132,991	275,846
Corporation tax	240,824	251,697
Other taxation and social security	244,669	1,084,845
Obligations under finance lease and hire purchase contracts	27,921	44,513
Other creditors	55,122	24,675
Accruals and deferred income	655,054	574,409
	2,913,880	4,066,412

Amounts included within obligations under finance lease and hire purchase contracts totalling £27,921 (2023: £44,513) are secured against the underlying assets. There is also a fixed and floating charge over the assets of the company in relation to any bank debt and a charge over contract monies.

12.	Creditors: Amounts falling due after more than one ye
		2024	2023
		£	£

	Net obligations under finance leases and hire purchase contracts	159,560	239,904

Amounts included within obligations under finance lease and hire purchase contracts totalling £159,560 (2023: £239,904) are secured against the underlying assets. There is also a fixed and floating charge over the assets of the company in relation to any bank debt.

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JARVALE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Deferred taxation

	2024	2023
	£	£
At beginning of year	67,616	36,031
Charged to profit or loss	(17,084)	31,585
At end of year	50,532	67,616

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	50,964	68,266
Movements in pension creditor	(432)	(650)
	50,532	67,616

14.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

500 (2023 - 500) Ordinary A shares of £1.00 each	500	500
350 (2023 - 350) Ordinary B shares of £1.00 each	350	350
150 (2023 - 150) Ordinary C shares of £1.00 each	150	150

	1,000	1,000

15.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contribution payable by the Company to the fund and amounted to £31,934 (2023: £32,317). Contributions totalling £8,778 (2023: £8,119) were payable to the fund at the Balance Sheet date and are included in other creditors.

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JARVALE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	84,517	97,819
Later than 1 year and not later than 5 years	88,569	165,092
	173,086	262,911

17.

Related party transactions

Jarvale Construction Limited has built several commerical units on a plot of land owned by Jarvale Properties Limited, a Company under common control. One unit was sold to a third party and the remaining units were transferred to Jarvale Properties during the year ended 31 December 2022 at a total value of £2,459,079. At the year end, there is a balance outstanding owed from Jarvale Properties of total value £2,319,300 (2023: £2,049,732).
All other related party transactions were carried out under normal market conditions.

18.	Controlling party

Jarvale Construction Limited is a subsidiary of Jarvale Holdings (AR) Limited and Jarvale Holdings (NH) Limited. The holding companies each own 50% of Jarvale Construction Limited and as such, the results of Jarvale Construction Limited are not consolidated into either of the holding company accounts.

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