ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 02844015

JORDAN REFLECTORS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

JORDAN REFLECTORS LIMITED

COMPANY INFORMATION

Directors	Ulrich Jordan
	Paul Michael Shoobridge
	Maria Baker (resigned 20 September 2024)


Registered number	02844015


Registered office	10 Seax Way
	Southfields Industrial Park
	London
	Essex
	SS15 6SW


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Charles Lake House
	Claire Causeway
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA


Bankers	National Westminster Bank Plc
	29 East Walk
	Basildon
	Essex
	SS14 1HQ

JORDAN REFLECTORS LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 10
Consolidated statement of comprehensive income	11
Consolidated balance sheet	12 - 13
Company balance sheet	14 - 15
Consolidated statement of changes in equity	16
Company statement of changes in equity	17
Consolidated statement of cash flows	18 - 19
Notes to the financial statements	20 - 38

JORDAN REFLECTORS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their group strategic report to accompany the financial statements for the year ended 31 December 2024.

Business review

The UK building sector, on which both businesses heavily rely, showed little signs of recovery compared to 2023. The July general election, the collapse of construction giant ISG in September, and anticipated increases in employer National Insurance contributions and the National Living Wage all contributed to sustained low confidence throughout 2024. These challenges significantly impacted both the volume and value of incoming orders, creating particularly tough trading conditions for the commercial lighting sector.
Cost-saving measures implemented at Jordan Reflectors in 2023 helped offset some of the impact of reduced turnover. However, the business took further steps in 2024 by continuing to rigorously assess all operational expenses, with a strong emphasis on manufacturing efficiency and workforce optimization.
Local supply chains have remained stable, with multiple UK suppliers offering comparable components. This availability has supported the negotiation of improved trading terms.
Supply chains from Far Eastern suppliers have stabilised after the upheaval of recent years, albeit with slightly longer transit times due to the ongoing issues in the Red sea. ELP continues to hold sufficiently high stock levels to mitigate and unforeseen supply chain risks.

Principal risks and uncertainties

To mitigate supply chain risks, Jordan Reflectors remains committed to its strategy of onshoring key components wherever practical. This approach not only reduces reliance on international suppliers but also helps to improve lead times and supply chain resilience. At the same time, the business continues to assess opportunities for selective outsourcing where there are clear cost or efficiency advantages without compromising quality or reliability.
The challenges in recruiting and retaining skilled workers within the manufacturing sector is a concern and may hamper the ability to respond quickly to increase in demand. Jordan Reflectors therefore continues to consider solutions to match capacity with demand, by investing in staff training and upgrading plant and machinery to improve efficiency and flexibility.
ELP’s range of emergency control gear utilising next generation I.C. chips is now on-line, mitigating the risk of obsolescence identified with previous versions of electronics.
Export trade levels remain mostly stable at present although opportunities to increase export customer base remain limited for the foreseeable future, resulting in exposure to risk of falling sales should any current supply chain projects come to an end.

Financial key performance indicators

The Jordan businesses remained active within trade associations and are very close to all suppliers. Both operations monitor customer retention and carry out thorough competitor analysis. Therefore, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance, or position of the business.

Page 1

JORDAN REFLECTORS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Other key performance indicators

The directors are of the opinion that analysis using other KPIs is not necessary for an understanding of the development, performance or position of the business.

This report was approved by the board on 15 September 2025 and signed on its behalf.

P M Shoobridge Esq

Director

Page 2

JORDAN REFLECTORS 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' responsibilities statement

The directors are responsible for preparing the group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £301,998 (2023 - £965,628).

Dividends amounting to £600,000 (2023: £817,707) were voted during the year.

Directors

The directors who served during the year were:

Ulrich Jordan

Paul Michael Shoobridge

Maria Baker (resigned 20 September 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 and the Group'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 and the Group's auditors are aware of that information.

Page 3

JORDAN REFLECTORS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 15 September 2025 and signed on its behalf.

P M Shoobridge Esq

Director

Page 4

JORDAN REFLECTORS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JORDAN REFLECTORS LIMITED

Opinion

We have audited the financial statements of Jordan Reflectors Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 December 2024 and of the Group's 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 Group 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 Group's or the parent 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

JORDAN REFLECTORS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JORDAN REFLECTORS 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 Group 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 Group 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent company 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.

Page 6

JORDAN REFLECTORS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JORDAN REFLECTORS LIMITED (CONTINUED)

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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 7

JORDAN REFLECTORS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JORDAN REFLECTORS 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 Group 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 law and regulations, was as follows:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;
o Companies Act 2006.
o FRS102.
o ISO standard 9001.
o Health and Safety legislation.
o Employment legislation
o Tax legislation
o Product Standards BS EN 60598, BS EN 55015, BS EN 61000, BS EN 611547 & BS EN 62493.
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; and

Page 8

JORDAN REFLECTORS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JORDAN REFLECTORS LIMITED (CONTINUED)

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.
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.

Page 9

JORDAN REFLECTORS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JORDAN REFLECTORS LIMITED (CONTINUED)

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.

Mario Cientanni (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA

Date: 30 September 2025

Page 10

JORDAN REFLECTORS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	11,026,873	12,561,774
Cost of sales		(7,512,661)	(8,476,072)
Gross profit		3,514,212	4,085,702
Administrative expenses		(3,057,640)	(2,779,450)
Operating profit	5	456,572	1,306,252
Interest receivable and similar income	9	960	17,063
Interest payable and similar expenses	10	(26,322)	(10,653)
Profit before taxation		431,210	1,312,662
Tax on profit	11	(129,212)	(347,034)
Profit for the financial year		301,998	965,628

Profit for the year attributable to:
Owners of the parent company	301,998	965,628
	301,998	965,628

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 20 to 38 form part of these financial statements.

Page 11

JORDAN REFLECTORS LIMITED

REGISTERED NUMBER: 02844015

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	13		482,697		505,380
			482,697		505,380
Current assets
Stocks	15	2,683,515		2,786,670
Debtors: amounts falling due within one year	16	1,982,625		2,435,244
Cash at bank and in hand	17	332,628		1,470,725
		4,998,768		6,692,639
Creditors: amounts falling due within one year	18	(1,728,190)		(1,725,384)
Net current assets			3,270,578		4,967,255
Total assets less current liabilities			3,753,275		5,472,635
Creditors: amounts falling due after more than one year	19		(191,340)		(281,369)
Provisions for liabilities
Deferred taxation	21	(115,102)		(117,025)
Other provisions	22	-		(33,294)
			(115,102)		(150,319)
Net assets			3,446,833		5,040,947

Capital and reserves
Called up share capital	23	211,111	211,111
Capital redemption reserve		200,001	200,001
Profit and loss account		3,035,721	4,629,835
		3,446,833	5,040,947

Page 12

JORDAN REFLECTORS LIMITED

REGISTERED NUMBER: 02844015

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

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

P M Shoobridge Esq

Director

Date: 15 September 2025

The notes on pages 20 to 38 form part of these financial statements.

Page 13

JORDAN REFLECTORS LIMITED

REGISTERED NUMBER: 02844015

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	13		426,733		433,670
Investments	14		736,892		736,892
			1,163,625		1,170,562
Current assets
Stocks	15	489,729		569,610
Debtors: amounts falling due within one year	16	295,471		454,306
Cash at bank and in hand	17	21,058		113,186
		806,258		1,137,102
Creditors: amounts falling due within one year	18	(431,915)		(1,332,143)
Net current assets/(liabilities)			374,343		(195,041)
Total assets less current liabilities			1,537,968		975,521

Creditors: amounts falling due after more than one year	19		(191,340)		(281,369)
Provisions for liabilities
Deferred taxation	21	(104,714)		(102,998)
Other provisions	22	-		(33,294)
			(104,714)		(136,292)
Net assets			1,241,914		557,860

Capital and reserves
Called up share capital	23	211,111	211,111
Capital redemption reserve		200,001	200,001
Profit and loss account carried forward		830,802	146,748
		1,241,914	557,860

Page 14

JORDAN REFLECTORS LIMITED

REGISTERED NUMBER: 02844015

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

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

P M Shoobridge Esq

Director

Date: 15 September 2025

The notes on pages 20 to 38 form part of these financial statements.

Page 15

JORDAN REFLECTORS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	211,111	200,001	4,629,835	5,040,947

Profit for the year	-	-	301,998	301,998
Dividends: Equity capital	-	-	(1,896,112)	(1,896,112)
At 31 December 2024	211,111	200,001	3,035,721	3,446,833

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	211,111	200,001	4,481,914	4,893,026

Profit for the year	-	-	965,628	965,628
Dividends: Equity capital	-	-	(817,707)	(817,707)
At 31 December 2023	211,111	200,001	4,629,835	5,040,947

The notes on pages 20 to 38 form part of these financial statements.

Page 16

JORDAN REFLECTORS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	211,111	200,001	146,748	557,860

Profit for the year	-	-	2,580,166	2,580,166
Dividends: Equity capital	-	-	(1,896,112)	(1,896,112)
At 31 December 2024	211,111	200,001	830,802	1,241,914

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	211,111	200,001	536,841	947,953

Profit for the year	-	-	427,614	427,614
Dividends: Equity capital	-	-	(817,707)	(817,707)
At 31 December 2023	211,111	200,001	146,748	557,860

The notes on pages 20 to 38 form part of these financial statements.

Page 17

JORDAN REFLECTORS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	301,998	965,628
Adjustments for:
Depreciation of tangible assets	111,460	89,852
Interest paid	26,322	10,653
Interest received	(960)	(17,063)
Taxation charge	129,212	347,034
Decrease in stocks	103,155	364,204
Decrease in debtors	18,421	101,714
(Increase) in amounts owed by groups	(850,000)	(446,112)
Increase in creditors	130,802	261,718
(Decrease) in provisions	(33,294)	(15,928)
Corporation tax (paid)	(257,038)	(258,863)
Net cash generated from operating activities	(319,922)	1,402,837

Cash flows from investing activities
Purchase of tangible fixed assets	(88,776)	(369,987)
Interest received	960	17,063
HP interest paid	(2,010)	(463)
Net cash from investing activities	(89,826)	(353,387)
Cash flows from financing activities
New secured loans	-	298,112
Repayment of loans	(90,960)	-
Repayment of/new finance leases	(13,077)	25,166
Dividends paid	(600,000)	(817,707)
Interest paid	(24,312)	(10,190)
Net cash used in financing activities	(728,349)	(504,619)
Net (decrease)/increase in cash and cash equivalents	(1,138,097)	544,831
Cash and cash equivalents at beginning of year	1,470,725	925,894
Cash and cash equivalents at the end of year	332,628	1,470,725

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	332,628	1,470,725

Page 18

JORDAN REFLECTORS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£

	332,628	1,470,725

The notes on pages 20 to 38 form part of these financial statements.

Page 19

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Jordan Reflectors Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements.
The principal activity of the group continued to be that of the manufacture of lighting louvres and the production of emergency lighting products.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

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JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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.

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JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

2.6

Operating leases: the Group 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.

2.7

Interest income

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

2.8

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.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 22

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year 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 and the Group operate and generate 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 23

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:.

Leasehold property	-	8.3/10% - Straight line
Plant and machinery	-	10/20% - Straight line
Fixtures and fittings	-	20% - Straight line
Office equipment	-	20/33% - Straight line
Other fixed assets	-	33% - Straight line

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.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

Stocks and Work in Progress

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.

2.15

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.

2.16

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 24

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.17

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.

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit and loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are made, they are charged to the provision carried in the balance sheet.

2.19

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.20

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.

Page 25

JORDAN REFLECTORS 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 requires management to make judgements, estimates and assumptions that affect the values reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
- Stock Valuation
The group exercises judgement regarding any slow moving stock held at the year end based on the last date that specific items were sold and whether they are still items that are in use or are likely to be in the future.
- Bad Debt Provision
Estimates relating to outstanding trade debtor balances from customers that management believes are unlikely to pay their debts. Their determination is based on discussions with customers and their knowledge of their payment plans and business situation.
- Useful economic lives of tangible assets
Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. The group exercises judgement to determine these useful lives and residual values. The depreciation policy is as stated in Note 2.12. There has been no change to the policies used during the year.

Turnover

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	9,360,779	10,526,929
Rest of Europe	1,442,684	1,747,751
Rest of the world	223,410	287,094
	11,026,873	12,561,774

Page 26

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Depreciation of tangible fixed assets	-	86,514
Exchange differences	574	(21,043)
Other operating lease rentals	228,067	208,042


Fees payable to the company's auditors in relation to the audit of the consolidated and parent company's financial statements	14,134	14,062
Fees payable to the group's auditors in respect of all other services	6,642	10,123

Page 27

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Wages and salaries	2,656,333	2,618,055	1,007,432	1,149,014
Social security costs	83,871	81,358	-	-
Cost of defined contribution scheme	92,289	88,434	45,405	49,291
	2,832,493	2,787,847	1,052,837	1,198,305

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

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Production	53	53	24	26
Sales and Distribution	11	11	3	3
Administration	13	13	7	6

	77	77	34	35

8.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	389,646	379,882
Group contributions to defined contribution pension schemes	1,259	11,177
	390,905	391,059

During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

Page 28

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	960	17,063
		960	17,063

10.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	24,312	8,899
Other loan interest payable	-	52
Interest payable on finance leases and hire purchase contracts	2,010	463
Other interest payable on taxation	-	1,239
	26,322	10,653

Corporation tax
Current tax on profits for the year	129,719	279,242
Adjustments in respect of previous periods	1,416	(81)
	131,135	279,161

Deferred tax
Origination and reversal of timing differences	(1,923)	67,873
Total deferred tax	(1,923)	67,873


		129,212	347,034

Page 29

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

431,210

1,312,662

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	107,802	308,745
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	9,650	927
Capital allowances for year in excess of depreciation	12,267	(30,430)
Adjustment to tax charge in respect of prior periods	1,416	(81)
Deferred tax movements	(1,923)	67,873
Total tax charge for the year	129,212	347,034

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2024	2023
		£	£

	Equity dividends	1,896,112	817,707
		1,896,112	817,707

Page 30

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Tangible fixed assets
	Group

	Short-term leasehold property	Other fixed assets	Total
	£	£	£
Cost or valuation
At 1 January 2024	434,187	2,463,005	2,897,192
Additions	33,197	55,579	88,776
Disposals	-	(1,579,162)	(1,579,162)
At 31 December 2024	467,384	939,422	1,406,806
Depreciation
At 1 January 2024	238,059	2,153,753	2,391,812
Charge for the year on owned assets	23,857	87,602	111,459
Disposals	-	(1,579,162)	(1,579,162)
At 31 December 2024	261,916	662,193	924,109
Net book value
At 31 December 2024	205,468	277,229	482,697
At 31 December 2023	196,128	309,252	505,380

Page 31

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.Tangible fixed assets (continued)

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


Plant and machinery	23,815	26,537
	23,815	26,537

Page 32

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.Tangible fixed assets (continued)

	Company

	Short-term leasehold property	Plant and machinery	Fixtures and fittings	Other fixed assets	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	189,402	1,570,480	310,113	204,178	2,274,173
Additions	31,539	22,131	19,450	3,780	76,900
Disposals	-	(1,182,843)	(194,384)	(201,935)	(1,579,162)
At 31 December 2024	220,941	409,768	135,179	6,023	771,911
Depreciation
At 1 January 2024	19,526	1,334,154	284,027	202,796	1,840,503
Charge for the year on owned assets	15,685	42,350	24,330	1,472	83,837
Disposals	-	(1,182,842)	(194,384)	(201,936)	(1,579,162)
At 31 December 2024	35,211	193,662	113,973	2,332	345,178
Net book value
At 31 December 2024	185,730	216,106	21,206	3,691	426,733
At 31 December 2023	169,876	236,326	26,086	1,382	433,670

Page 33

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	736,892
	At 31 December 2024	736,892

Direct subsidiary undertaking
The following was a direct subsidiary undertaking of the company:
Name	Registered office	Class of shares	Holding

Emergency Lighting Products Limited

Ordinary

100%

Indirect subsidiary undertaking
The following was an indirect subsidiary undertaking of the company:
Name	Registered office	Class of shares	Holding

Emelux Limited

Ordinary

100%

a) 10 Seax Way, Southfields Industrial Park, Basildon, SS15 6SW

15.	Stocks
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Raw materials and consumables	2,339,774	2,292,245	350,581	398,553
Work in progress (goods to be sold)	212,804	330,560	8,211	7,192
Finished goods and goods for resale	130,937	163,865	130,937	163,865
	2,683,515	2,786,670	489,729	569,610

Page 34

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	1,805,320	1,766,406	223,505	320,134
Amounts owed by group undertakings	-	446,112	-	-
Other debtors	11,915	-	-	1
Prepayments and accrued income	165,390	222,726	71,966	134,171
	1,982,625	2,435,244	295,471	454,306

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	332,628	1,470,725	21,058	113,186
	332,628	1,470,725	21,058	113,186

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank loans	66,067	79,028	66,067	79,028
Trade creditors	1,185,192	1,179,930	126,859	277,787
Amounts owed to group undertakings	-	-	-	854,330
Corporation tax	-	113,988	-	-
Other taxation and social security	152,746	149,410	74,716	64,590
Obligations under finance lease and hire purchase contracts	12,089	13,136	12,089	13,136
Other creditors	14,130	14,980	14,130	14,980
Accruals and deferred income	297,966	174,912	138,054	28,292
	1,728,190	1,725,384	431,915	1,332,143

Page 35

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank loans	191,340	269,339	191,340	269,339
Net obligations under finance leases and hire purchase contracts	-	12,030	-	12,030
	191,340	281,369	191,340	281,369

Bank loans are secured by the way of a fixed and floating charge over all the present and future business property and assets, and by way of an unlimited intercompany guarantee with the subsidary company, Emergency Lighting Products.

20.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Amounts falling due within one year
Bank loans	66,067	79,028	66,067	79,028
Amounts falling due 1-2 years
Bank loans	71,966	269,339	71,966	269,339
Bank loans	119,374	-	119,374	-

	257,407	348,367	257,407	348,367

21.	Deferred taxation
	Group

	2024	2023
	£	£

At beginning of year	(117,025)	(49,152)
(Charged)/Credited to profit or loss	1,923	(67,873)
At end of year	(115,102)	(117,025)

Page 36

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.Deferred taxation (continued)

Company

	2024	2023
	£	£

At beginning of year	(102,998)	(41,551)
Charged to profit or loss	(1,716)	(61,447)
At end of year	(104,714)	(102,998)

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

	Accelerated capital allowances	(115,102)	(117,025)	(104,714)	(102,998)
		(115,102)	(117,025)	(104,714)	(102,998)

22.	Provisions
	Group and Company

		Dilapidation Provision
		£

	At 1 January 2024	33,294
	Credited to profit or loss	(12,681)
	Utilised in year	(20,613)
	At 31 December 2024	-

23.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

200,000 (2023 - 200,000) Ordinary shares of £1.00 each	200,000	200,000

Allotted, called up and partly paid

22,222 (2023 - 22,222) Ordinary shares of £1.00 each	11,111	11,111

Page 37

JORDAN REFLECTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.Share capital (continued)

24.	Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £49,291 (2023: £49,291).

25.	Commitments under operating leases
	At 31 December 2024 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Land and buildings
Not later than 1 year	156,239	47,875	156,239	47,875
Later than 1 year and not later than 5 years	156,239	-	156,239	-
Later than 5 years	429,657	-	429,657	-
	742,135	47,875	742,135	47,875

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

Motor vehicles
Not later than 1 year	7,333	12,182	7,333	12,182
Later than 1 year and not later than 5 years	-	7,333	-	7,333
	7,333	19,515	7,333	19,515

26.	Related party transactions
	The company has taken the exemption not to disclose related party transactions with wholly owned subsidaries as prescribed by FRS 102 s33, as consolidated financial statements are publicly avaliable.

27.	Controlling party

The ultimate parent company and controlling entity is Jordan Reflektoren GmbH, a company registered in Germany. The accounts of the ultimate parent company are not publicly avaliable.

Page 38