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Registered number:
FOR THE YEAR ENDED 30 APRIL 2025
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JARVIS GROUP LIMITED
COMPANY INFORMATION
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JARVIS GROUP LIMITED
CONTENTS
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JARVIS GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their report and the audited financial statements for the year ended 30 April 2025.
The Group achieved a turnover of £6.14m during the year ended 30 April 2025, reflecting a more streamlined and focused operational model following strategic restructuring (2024: £16.8m). Revenue was lower primarily because of planning delays and the timing of site completions and sales. Despite this the Group delivered a significantly improved gross profit margin of 16.2%, resulting in a gross profit of £996k (2024: £1.9m at 11.5%), highlighting enhanced cost control and operational efficiency. Jarvis Homes produced a small profit as a standalone entity in, while the loss in Jarvis Group was mainly attributable to costs associated with the Defined Benefit Pension.
The financial position remains strong, with shareholders’ funds of £8.3m (2024: £8.3m) and a year-end cash balance of £3.5m (2024: £3.3m). Further progress has been made with the Group’s Defined Benefit pension scheme. Following its transition to Buy-In the scheme has now undergone a full review for Guaranteed Minimum Pension (GMP) equalisation. The directors anticipate that the scheme will proceed to Buy-Out in the next financial year, marking a significant milestone in the Group’s long term de-risking strategy. These results reflect a year of consolidation and operational refinement, with the business continuing to demonstrate resilience and adaptability. The Developments division remains central to the Group’s performance, sustaining activity and delivering value under challenging market conditions. Trading Divisions Contracting’s Impact on Group – Following the administration of Jarvis Contracting in 2023, the Group continues to operate under a stand-still agreement pending full settlement of a parent company guarantee bond. The business has maintained diligent oversight of the bond conditions and remains in regular communication with bond holders. All scheduled payments have been made on time, and clear timelines for fulfilment remain central to ongoing forecasting and cashflow planning. The directors are confident in the Group’s ability to meet its obligations and continue to monitor developments closely. Developments - The business remains the cornerstone of the Group’s operations, with a continued focus on delivering high quality residential schemes in Harpenden and the surrounding areas. The business has also explored opportunities in non-residential projects where value can be added during the pre-planning stages. Strategic adjustments made in response to the Jarvis Contracting situation have begun to yield positive results, with operational improvements becoming increasingly evident.
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JARVIS GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The directors acknowledge the results for 2025 as a reflection of continued consolidation and strategic realignment following the loss of Jarvis Contracting. Despite the challenges, the Group has demonstrated resilience and remains focused on implementing measures to strengthen performance in the coming years.
The business has very robust processes in place. Jarvis Homes, the principal trading division, continues to trade successfully through these conditions, supported by a strong product offering, experienced management team, and well-established relationships within the supply chain. However the business continues to face extended timescales in securing planning permission for new sites, which has emerged as the current principal risk. Delays of six months to a year are increasingly common, largely due to the complexity and opaqueness of planning processes, particularly around SANG requirements, and these have the potential to impact the timing of future developments. The principal risk associated with the stand-still agreement remains the business’s ability to fulfil the repayment terms. To date all payments have been made as agreed, with forthcoming payments incorporated into detailed cashflow forecasts. The Group maintains regular communication with the bonds holders and monitors the progress of any claims against the bond. The directors continue to manage risks through robust financial planning and operational oversight. Key risk areas are addressed as follows: Foreign currency risk There is no foreign currency exposure, as all supplies are paid for in sterling. Liquidity risk The directors aim for a cash positive position on all projects and carefully manage the Group reserves to ensure adequate working capital is maintained. Liquidity risk is further mitigated by strong relationships with our banking partners and other funders. Interest rate risk The Group is exposed to interest rate risks on external borrowings from third party financing providers. Due to the current interest rate levels, all financing on individual projects is carefully monitored to budget and bank covenants. The directors consider the level of debt, secured against individual sites is not high enough for interest rate rises to have a substantial impact. This financial year has continued to serve as a transitional period, during which costs reductions have continued and are beginning to be realised. Revenue and gross margin forecasts remain cautiously optimistic. The only significant cost at Group level remains the costs associated with the Jarvis Group Pension Scheme. These costs are expected to reduce further as the pension is now administered in full by Legal & General. The directors anticipate progressing from Buy-In to full Buy-Out and then commencing wind up of the pension scheme in the next financial year. This marks a major step forward in reducing long-term liabilities and simplifying the Group’s financial commitments.
The business maintains and regularly reviews a number of key financial performance indicators, and these are set each year as part of the Group and divisional budgets. These indicators reflect the Group’s continued focus on operational efficiency, cost control, and financial stability during a period of strategic consolidation.
Turnover £6.14m (2024: £16.8m) Gross profit % 16.2% (2024: 11.5%) Operating profit 1.1% (2024: profit of 0.5%) Cash balance £3.3m (2024: £3.3m)
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JARVIS GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
This report was approved by the board and signed on its behalf.
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JARVIS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
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.
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.
The loss for the year, after taxation, amounted to £10,769 (2024 - profit £510,841).
The directors who served during the year were:
The Jarvis Group's reputation in the industry has been developed over generations, and wouldn't be possible without the commitment and expertise of it's core staff. The Group values diversity and are a committed Equal Opportunities employer. The directors are committed to taking positive steps to ensure that all dealings with people are fair and equitable and that equality of opportunity becomes an integral feature of all business activities.
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JARVIS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The auditors, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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JARVIS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARVIS GROUP LIMITED
We have audited the financial statements of Jarvis Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, 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).
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.
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.
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JARVIS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARVIS GROUP LIMITED (CONTINUED)
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.
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.
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.
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JARVIS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARVIS GROUP LIMITED (CONTINUED)
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JARVIS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARVIS GROUP LIMITED (CONTINUED)
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:
•the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
• the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management, about their own identification and assessment of the risks of irregularities; • any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; • the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.
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.
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JARVIS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARVIS GROUP LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditors
Chartered Accountants
First Floor Radius House
51 Clarendon Road
Hertfordshire
WD17 1HP
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JARVIS GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
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JARVIS GROUP LIMITED
REGISTERED NUMBER: 04153939
CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2025
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JARVIS GROUP LIMITED
REGISTERED NUMBER: 04153939
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 45 form part of these financial statements.
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JARVIS GROUP LIMITED
REGISTERED NUMBER: 04153939
COMPANY BALANCE SHEET
AS AT 30 APRIL 2025
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JARVIS GROUP LIMITED
REGISTERED NUMBER: 04153939
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 45 form part of these financial statements.
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