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| Registered number: 01578037
HARVEY SHOPFITTERS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
HARVEY SHOPFITTERS LIMITED COMPANY INFORMATION
DIRECTORS | K W Felton
| A J Harvey
| S P Jenkins
| V P Nolan
| M A Harvey (appointed 3 July 2025)
COMPANY SECRETARY | H E Britton
REGISTERED NUMBER | 01578037
REGISTERED OFFICE | 19 Common Road
| Hanham
| Bristol
| BS15 3LL
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditors
| 10 Temple Back
| Bristol
| BS1 6FL
BANKERS | Barclays Bank plc
| 121 Queens Street
| Cardiff
| United Kingdom
| CF10 2XU
HARVEY SHOPFITTERS LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Directors' Responsibilities Statement | 5
Independent Auditors' Report | 6 - 9
Statement of Comprehensive Income | 10
Statement of Financial Position | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 26
HARVEY SHOPFITTERS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025
INTRODUCTION
The Directors present their annual report and financial statements for the year ended 30 November 2025.
BUSINESS REVIEW
The directors are pleased to report their confidence that the business would improve profitability in the year to 30 November 2025 has been achieved and whilst there has been a small reduction in turnover the drive for efficiency has shown improvement in the profit before tax. Tight control over overheads has helped to show a 27% increase in profit before tax. The company has invested heavily in its fire door operation with production now centred on a purpose-built factory in Newport and volume production is anticipated to show good growth in the year to 30 November 2026. The company has obtained all the required certification standards and there has been considerable interest at an exhibition at the NEC in Birmingham. Investing in high quality staff retention continues to be a key focus and strength of the business. There has been a good start to the new financial year and with a growing client base the likelihood of significant growth. Whilst world trade uncertainty and volatility are a risk the company has a broad spread of clients in differing sectors and this gives cause for optimism. Sustainability and green energy policies continue to be an important driving force in investment decisions and the company has achieved a reduction in owned transport emissions.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk is the current uncertain global trading tariffs and the war in Iran has increased the cost of petrol and diesel that will have an effect if stability does not return in the near future. The company will limit the increased costs where possible and consider a faster move to electric vehicle where efficient to do so. The company maintains a strong payment culture compared with competitors, encouraging beneficial relationships with our suppliers, contractors, and staff loyalty. A key strength of the business continues to be its continuous drive to enhance and improve the quality of its staff. Staff turnover is low and demonstrates the strength of the company culture, a quality valued by our customers. The Board would like to thank its staff for their hard work and commitment to providing a high quality service to our customers. A detailed strategic review of the business is being conducted to ensure the business structure is fit to operate efficiently over the next 3 to 5 years. Page 1
HARVEY SHOPFITTERS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
FINANCIAL KEY PERFORMANCE INDICATORS
The company has a sophisticated system to manage contracts giving detailed performance data which is used to assess ongoing profitability and to provide strategic information on those sectors of its market where it can channel its resources. During the year, the reporting and quality of data to management has enabled us to improve profitability with a concerted focus on efficiency. The company uses several KPIs to measure performance and control costs. These are monitored by the Board on a regular basis and drive decisions on future strategy. The company monitors its debtors, creditors and cash balances to ensure it maintains the necessary liquidity to meet any short or long term demands on the company and has enhanced its cyber security to guard against attacks all too frequent a problem faced by all businesses. Cyber security and penetration testing is conducted each year to ensure the business is protected as far as possible against cyber attacks. The Board review detailed information on performance and hold regular meetings with senior staff to manage projects in an efficient way and reduce unproductive time. This has been demonstrated by the increased margins achieved and enhanced reporting is being introduced over the next financial year. Board meetings are held regularly to ensure corporate governance is being maintained and to promote and maintain good Health & Safety measures to protect its employees, contractors and customers. The Board place great emphasis on the company meeting its responsibilities to all stakeholders in the business and promote sustainable solutions to lessen its impact on the environment. The company has conducted significant research to provide a base of information to improve our carbon footprint and lessen our impact on the planet. There is a continuing emphasis on sustainability and the company makes every effort to be conscious of its responsibilities for future generations. The company is dependent on its staff and contractors for its success and encourages diversity and inclusion of employees, irrespective of race and gender. The company places great emphasis on staff training which improves productivity and provides career progression by the development of transferable skills. During 25/26 there will be a continued focus on the core values of the business by the directors and the breadth of its activities and its change of its trading name more accurately defines what the company does. This report was approved by the board on 1 June 2026 and signed on its behalf.
A J Harvey Director
Page 2
HARVEY SHOPFITTERS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025 The directors present their report and the financial statements for the year ended 30 November 2025.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £2,526,139 (2024: £1,989,696). Ordinary dividends were paid amounting to £6,100,000 (2024: £1,000,000). The directors do not recommend payment of a further dividend.
DIRECTORS
The directors who served during the year were:
K W Felton
A J Harvey
S P Jenkins
V P Nolan
M A Harvey (appointed 3 July 2025)
FUTURE DEVELOPMENTS
The Directors believe that the company is well placed to benefit from any increases in demand from customers which will arise in the forthcoming year.
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION
The Company's greenhouse gas emissions and energy consumption for the year are: Fuel type, mileage and CO2 g/km have been used to estimate the owned transport data. Monthly electricity meter readings have been used to estimate the purchased electricity data. The company's current focus is on reducing Scope 1 and 2 emissions via electrification, demand reduction, and clean energy integration. We prioritise decarbonisation over offsetting.
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. Page 3
HARVEY SHOPFITTERS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
POST BALANCE SHEET EVENTS
There have been no significant events affecting the Company since the year end.
AUDITORS
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 1 June 2026 and signed on its behalf.
A J Harvey Director
Page 4
HARVEY SHOPFITTERS LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2025 The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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. Page 5
HARVEY SHOPFITTERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARVEY SHOPFITTERS LIMITED
OPINION
We have audited the financial statements of Harvey Shopfitters Limited (the 'Company') for the year ended 30 November 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 Company's affairs as at 30 November 2025 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.
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. Page 6
HARVEY SHOPFITTERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARVEY SHOPFITTERS LIMITED (CONTINUED)
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 5, 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 7
HARVEY SHOPFITTERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARVEY SHOPFITTERS 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: ∙We have considered the nature of the industry and sector, control environment, and business performance; ∙We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the entity; and ∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating effectively, in line with documentation. For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to: ∙Identifying, evaluating and complying with laws and regulations, including duty, 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; and ∙The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. We have also considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory frameworks that the Company 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. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included health and safety regulations and employment law. Our procedures to respond to risks identified included the following: ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙Enquiring of management in relation to actual and potential claims or litigation; ∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; ∙Performing detailed testing in relation to the recognition of revenue with a particular focus around the year-end cut-off; and Page 8
HARVEY SHOPFITTERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARVEY SHOPFITTERS LIMITED (CONTINUED) ∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
USE OF OUR REPORT
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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. Simon Morrison FCA (Senior Statutory Auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL 1 June 2026 Page 9
HARVEY SHOPFITTERS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 NOVEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 42,339,962 | 45,869,647
Cost of sales |  | (36,206,940) | (40,601,912)
GROSS PROFIT |  | 6,133,022 | 5,267,735
Administrative expenses |  | (2,756,397) | (2,735,971)
Exceptional income | 9 | - | 190,780
OPERATING PROFIT | 5 | 3,376,625 | 2,722,544
Interest receivable and similar income | 10 | 75,736 | 71,819
Interest payable and similar expenses | 11 | (77,359) | (128,741)
PROFIT BEFORE TAX |  | 3,375,002 | 2,665,622
Tax on profit | 12 | (848,863) | (675,926)
PROFIT FOR THE FINANCIAL YEAR |  | 2,526,139 | 1,989,696
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
The notes on pages 13 to 26 form part of these financial statements.
Page 10
HARVEY SHOPFITTERS LIMITED REGISTERED NUMBER:01578037 STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 14 |  | 1,485,006 |  | 1,294,851
|  |  | 1,485,006 |  | 1,294,851
CURRENT ASSETS |  |  |  |  |
Stocks | 16 | 620,333 |  | 503,451 |
Debtors: amounts falling due within one year | 17 | 17,202,570 |  | 19,734,824 |
Cash at bank and in hand | 18 | 1,655,245 |  | 2,859,869 |
|  | 19,478,148 |  | 23,098,144 |
Creditors: amounts falling due within one year | 19 | (9,432,165) |  | (9,329,800) |
NET CURRENT ASSETS |  |  | 10,045,983 |  | 13,768,344
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 11,530,989 |  | 15,063,195
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax | 20 | (73,455) |  | (31,800) |
|  |  | (73,455) |  | (31,800)
NET ASSETS |  |  | 11,457,534 |  | 15,031,395
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 21 |  | 1,200 |  | 1,200
Share premium account | 22 |  | 14,688 |  | 14,688
Capital redemption reserve | 22 |  | 100 |  | 100
Profit and loss account | 22 |  | 11,441,546 |  | 15,015,407
|  |  | 11,457,534 |  | 15,031,395
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A J Harvey
Director
Date: 1 June 2026
The notes on pages 13 to 26 form part of these financial statements. Page 11
HARVEY SHOPFITTERS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
AT 1 DECEMBER 2023 | 1,200 | 14,688 | 100 | 14,025,711 | 14,041,699
Profit for the year | - | - | - | 1,989,696 | 1,989,696
Dividends | - | - | - | (1,000,000) | (1,000,000)
AT 1 DECEMBER 2024 | 1,200 | 14,688 | 100 | 15,015,407 | 15,031,395
Profit for the year | - | - | - | 2,526,139 | 2,526,139
Dividends | - | - | - | (6,100,000) | (6,100,000)
AT 30 NOVEMBER 2025 | 1,200 | 14,688 | 100 | 11,441,546 | 11,457,534
| The notes on pages 13 to 26 form part of these financial statements.
Page 12
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
1. | GENERAL INFORMATION
Harvey Shopfitters Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Common Road, Hanham, Bristol, BS15 3LL. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Harvey Commercial Holdings Limited as at 30 November 2025 and these financial statements may be obtained from Companies House.
| 2.3 | GOING CONCERN
At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company has the benefit of supplying different markets, adequate resources, positive net assets and positive cash flows forecasted. The Company also has support from its ultimate Parent and fellow Group Companies. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements. Page 13
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When it is probable that the total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
| 2.5 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | 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.
| 2.7 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 14
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.9 | 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 reporting 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 reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.10 | 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. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Freehold buildings | - | 2% | straight line
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures, fittings & equipment | - | 20% | reducing balance
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.
| 2.11 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment. Page 15
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs compromise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit or loss. Reversals of impairment losses are also recognised in the profit or loss.
| 2.13 | 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.
| 2.14 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | 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.
| 2.16 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 16
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.17 | FINANCIAL INSTRUMENTS
The Company 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.
| 2.18 | DIVIDENDS
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. Critical judgments The following judgement (apart from those involving estimates) has had the most significant effect on amounts recognised in the financial statements. Long term contracts The value of contracts in progress at the year-end is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. An assessment of each contract is made to determine the basis of recoverability.
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contract revenue arising from construction contracts | 42,339,962 | 45,869,647
|  | 42,339,962 | 45,869,647
| All turnover arose within the United Kingdom.
Page 17
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
5. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 100,466 | 13,686
| Rent | 106,580 | 120,000
6. | AUDITORS' REMUNERATION
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 19,000 | 19,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | EMPLOYEES
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 7,366,907 | 7,519,865
| Social security costs | 961,470 | 848,105
| Cost of defined contribution scheme | 209,677 | 193,271
|  | 8,538,054 | 8,561,241
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office and management | 80 | 78
|  | Productive | 52 | 53
|  |  | 132 | 131
Page 18
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
8. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 619,058 | 746,979
| Company contributions to defined contribution pension schemes | 12,800 | 16,800
|  | 631,858 | 763,779
| During the year retirement benefits were accruing to no directors (2024: NIL) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £186,877 (2024: £164,282).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024: £12,000).
9. | EXCEPTIONAL INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on disposal of investments | - | 190,780
|  | - | 190,780
| Profit on disposal of investments related to a gain recognised on the disposal of an investment bond. No such disposals were made in 2025.
10. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest receivable | 75,736 | 71,819
|  | 75,736 | 71,819
11. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 76,740 | 128,329
| Finance leases and hire purchase contracts interest payable | 619 | 412
|  | 77,359 | 128,741
Page 19
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
12. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 807,208 | 584,362
| Adjustments in respect of previous periods | - | 2,811
|  | 807,208 | 587,173
| TOTAL CURRENT TAX | 807,208 | 587,173
| DEFERRED TAX |  |
| Origination and reversal of timing differences | 41,655 | 88,753
| TOTAL DEFERRED TAX | 41,655 | 88,753
|  | 848,863 | 675,926
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,375,002 | 2,665,622
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 843,751 | 666,406
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes | 2,721 | 9,595
| Fixed asset differences | 2,493 | -
| Capital gains | - | 47,620
| Income not taxable for tax purposes | - | (47,695)
| Group relief surrendered/(claimed) | (20,179) | -
| Payment /(receipt) for group relief | 20,077 | -
| TOTAL TAX CHARGE FOR THE YEAR | 848,863 | 675,926
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges. Page 20
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
13. | DIVIDENDS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Final paid | 6,100,000 | 1,000,000
|  | 6,100,000 | 1,000,000
14. | TANGIBLE FIXED ASSETS
|  | Freehold land and buildings | Motor vehicles | Fixtures, fittings and equipment | Total
|  | £ | £ | £ | £
| COST |  |  |  |
| At 1 December 2024 | 997,100 | 53,662 | 366,468 | 1,417,230
| Additions | 34,955 | - | 255,666 | 290,621
| At 30 November 2025 | 1,032,055 | 53,662 | 622,134 | 1,707,851
| DEPRECIATION |  |  |  |
| At 1 December 2024 | - | 27,762 | 94,617 | 122,379
| Charge for the year | 9,971 | 6,475 | 84,020 | 100,466
| At 30 November 2025 | 9,971 | 34,237 | 178,637 | 222,845
| NET BOOK VALUE |  |  |  |
| At 30 November 2025 | 1,022,084 | 19,425 | 443,497 | 1,485,006
| At 30 November 2024 | 997,100 | 25,900 | 271,851 | 1,294,851
Page 21
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
15. | FIXED ASSET INVESTMENTS
| SUBSIDIARY UNDERTAKINGS
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Harvey Contracts Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary | 100%
| Harvey Fire Doors Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary | 100%
| The Old Bell Hotel Limited | 19 Common Road, Hanham, Bristol, BS15 3LL | Ordinary | 100%
16. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 6,307 | 9,031
| Work in progress | 614,026 | 494,420
|  | 620,333 | 503,451
17. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 10,751,637 | 8,798,789
| Amounts owed by group undertakings | 4,171,884 | 9,686,066
| Other debtors | 2,197,511 | 1,171,490
| Prepayments and accrued income | 81,538 | 78,479
|  | 17,202,570 | 19,734,824
| Amounts owed by group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.
Page 22
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
18. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,655,245 | 2,859,869
|  | 1,655,245 | 2,859,869
19. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Payments received on account | 6,637 | 6,637
| Trade creditors | 4,806,809 | 5,800,009
| Amounts owed to group undertakings | 20,077 | 259,004
| Corporation tax | 787,131 | 587,173
| Other taxation and social security | 1,874,576 | 1,443,566
| Other creditors | 1,715,074 | 899,934
| Accruals and deferred income | 221,861 | 333,477
|  | 9,432,165 | 9,329,800
| Amounts owed to group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.
Page 23
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
20. | DEFERRED TAXATION
|  | 2025
|  | £
| At beginning of year | (31,800)
| Charged to profit or loss | (41,655)
| AT END OF YEAR | (73,455)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (80,790) | (35,926)
| Short term timing differences | 7,335 | 4,126
|  | (73,455) | (31,800)
21. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 912 (2024: 912) Ordinary shares of £1.00 each | 912 | 912
|  | 288 (2024: 288) A Ordinary shares of £1.00 each | 288 | 288
|  |  | 1,200 | 1,200
| All shares rank pari-passu for the purposes of voting rights, dividends and distribution of available profits.
Page 24
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
22. | RESERVES
Share premium account The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Capital redemption reserve The capital redemption reserve represents a statutory reserve created following the purchase of the company's own shares out of distributable profits. Called up share capital Called up share capital represents the issued and fully paid up equity share capital of the company. Profit and loss account The profit and loss account represents cumulative profits, losses and total other recognised gains or losses made by the company including distributions to, and contributions from, the parent company.
23. | PENSION COMMITMENTS
The Company participates in a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £209,677 (2024: £193,271). Amounts payable to the fund at year end were £49,198 (2024: £47,294) and are included in other creditors.
24. | COMMITMENTS UNDER OPERATING LEASES
| At 30 November 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 372,660 | 265,189
| Later than 1 year and not later than 5 years | 452,134 | 236,827
|  | 824,794 | 502,016
25.FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES There is a Cross Guarantee and Debenture between Dearborn Estates Limited, Harvey Shopfitters Limited, Huntswood Park Limited, Hyde House Hotel Limited, Kin House Limited, Millbridge Court Limited, Parkfield Golf Limited and Veya Homes Limited dated 11 December 2023. As at 30 November 2025, the total amounts of these guarantees were £6,964,876 (2024: £6,877,579). Page 25
HARVEY SHOPFITTERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
26. | RELATED PARTY TRANSACTIONS
| During the year the company made sales of £18,360 (2024: £809,038) and purchases of £4,012 (2024: £2,019) from its parent company. As at 30 November 2025, the company was owed £4,171,884 (2024: £9,591,066) and owed £NIL (2024: £259,004) from and to its parent company. During the year the company made sales of £30,038 (2024: £42,250) to fellow subsidiaries within the Harvey Commercial Holdings Limited group. During the year the company received group tax relief from fellow subsidiaries with a value of £20,077 (2024: £NIL). No consideration was paid for this relief. As at 30 November 2025, the company was owed £NIL (2024: £95,000) and owed £20,077 (2024: £NIL) from and to its fellow subsidiaries.
27. | CONTROLLING PARTY
The immediate parent company is Harvey Commercial Holdings Limited, a company registered in England and Wales, whose registered office is 19 Common Road, Hanham, Bristol, BS15 3LL. The parent undertaking of the smallest and largest group of undertakings for which group financial statements are prepared of which the Company is a member is Harvey Commercial Holdings Limited which is registered in England and Wales. Copies of Harvey Commercial Holdings Limited financial statements can be obtained from the Company's registered office, 19 Common Road, Hanham, Bristol, England, BS15 3LL. The ultimate controlling party is considered to be A J Harvey based upon his majority shareholding of Harvey Commercial Holdings Limited.
Page 26