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REGISTERED NUMBER: 05274982 (England and Wales)















DAVID JAMES ENTERPRISES LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2023






DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


DAVID JAMES ENTERPRISES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: S Airey
D J Airey
A D Airey





SECRETARY: A D Airey





REGISTERED OFFICE: 162 Scholes Village
Rotherham
S61 2RQ





REGISTERED NUMBER: 05274982 (England and Wales)





INDEPENDENT AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023


The directors present their strategic report for the year ended 31 January 2023.

REVIEW OF BUSINESS
Following an exceptional 2021/2, the garden centres turnover has continued to increase and the business is in a very healthy position.

Most notable growth continues to been seen in the catering sectors, however retail sales in all sectors remain strong.

Gross profit margin at 60% has remained very similar to the prior period of 61%, with only a small decrease due namely to supply chain price increases.

Overheads have continued to rise, most significantly is labour costs, which is due in part to rising wage rates. Additionally rising energy prices have had an impact on the business.

Despite the well published pressures on disposable income, the directors are encouraged by the company's ongoing performance post period end.

PRINCIPAL RISKS AND UNCERTAINTIES
The increase in the living wage and the high level of inflation continues to significantly increase payroll costs which puts pressure on our labour intensive business.

In our current energy contract we are paying an extortionate rate for electricity, however from October 2024 the contracted rate will fall to a more palatable level. The directors are confident the company has adequate reserves to weather the storm.

Bricks and mortar retail businesses continue to face substantial pressure, with a considerable number going out of business or closing outlets. The continued rise in catering revenues supports our belief that we a destination centre opposed to a basic retail outlet. Due to this the directors believe we will maintain the footfall, and associated revenues which other retailers are losing.

CAPITAL EXPENDITURE
Over the last few years significant monies have been expended on improving and enhancing the site. The directors are proud of what has been achieved and it is not anticipated that there will be any significant capital expenditure in the next twelve months.

STRATEGIC DEVELOPMENTS
It is the company's intention to accumulate reserves so as to facilitate the development of an additional site or to acquire a similar business just outside local area.

KEY PERFORMANCE INDICATORS
The directors are actively involved with the day to day running of the company and given their experience in running the business, they do not feel that KPI analysis will bring any cost effective benefit to the business.

ON BEHALF OF THE BOARD:





A D Airey - Director


13 September 2023

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2023


The directors present their report with the financial statements of the company for the year ended 31 January 2023.

DIVIDENDS
An interim dividend totalling £156,500 was paid during the period ended 31 January 2023. The directors recommend that no final dividend be paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

S Airey
D J Airey
A D Airey

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A D Airey - Director


13 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID JAMES ENTERPRISES LIMITED


Opinion
We have audited the financial statements of David James Enterprises Limited (the 'company') for the year ended 31 January 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2023 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID JAMES ENTERPRISES LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID JAMES ENTERPRISES LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company, we identified that the principal risks of non-compliance with laws and regulations related to corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements.

As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact of the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances
of non-compliance with laws and regulations and fraud;
- Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws
and regulations;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Review of board meeting minutes and meetings of those charged with governance;
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual
combinations;
- Assessing and evaluating the business rationale of significant transactions outside the normal course of
business;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID JAMES ENTERPRISES LIMITED


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 a Report of the Auditors 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.




Kelvin Fitton BA FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

19 September 2023

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   

TURNOVER 12,833,176 11,926,304

Cost of sales 5,039,022 4,644,165
GROSS PROFIT 7,794,154 7,282,139

Administrative expenses 5,610,222 4,927,896
2,183,932 2,354,243

Other operating income 46,234 280,266
OPERATING PROFIT 5 2,230,166 2,634,509

Interest receivable and similar income 23,466 1,271
PROFIT BEFORE TAXATION 2,253,632 2,635,780

Tax on profit 6 481,033 486,866
PROFIT FOR THE FINANCIAL YEAR 1,772,599 2,148,914

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,772,599 2,148,914


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,772,599

2,148,914

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 1 1
Tangible assets 9 3,156,406 3,292,609
3,156,407 3,292,610

CURRENT ASSETS
Stocks 10 1,078,582 957,250
Debtors 11 964,066 39,367
Cash at bank and in hand 6,919,202 6,263,971
8,961,850 7,260,588
CREDITORS
Amounts falling due within one year 12 1,941,606 2,017,548
NET CURRENT ASSETS 7,020,244 5,243,040
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,176,651

8,535,650

CREDITORS
Amounts falling due after more than one
year

13

(3,852

)

(9,630

)

PROVISIONS FOR LIABILITIES 15 (161,737 ) (131,057 )
NET ASSETS 10,011,062 8,394,963

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 10,010,962 8,394,863
SHAREHOLDERS' FUNDS 10,011,062 8,394,963

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2023 and were signed on its behalf by:





A D Airey - Director


DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 February 2021 100 6,398,949 6,399,049

Changes in equity
Dividends - (153,000 ) (153,000 )
Total comprehensive income - 2,148,914 2,148,914
Balance at 31 January 2022 100 8,394,863 8,394,963

Changes in equity
Dividends - (156,500 ) (156,500 )
Total comprehensive income - 1,772,599 1,772,599
Balance at 31 January 2023 100 10,010,962 10,011,062

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,760,651 3,490,653
Tax paid (552,177 ) (660,918 )
Net cash from operating activities 1,208,474 2,829,735

Cash flows from investing activities
Purchase of tangible fixed assets (350,280 ) (206,343 )
Sale of tangible fixed assets 157 -
Interest received 23,466 1,271
Net cash from investing activities (326,657 ) (205,072 )

Cash flows from financing activities
Capital repayments in year (5,778 ) (5,778 )
Amount introduced by directors - 32,868
Amount withdrawn by directors (64,308 ) -
Equity dividends paid (156,500 ) (153,000 )
Net cash from financing activities (226,586 ) (125,910 )

Increase in cash and cash equivalents 655,231 2,498,753
Cash and cash equivalents at beginning of
year

2

6,263,971

3,765,218

Cash and cash equivalents at end of year 2 6,919,202 6,263,971

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 2,253,632 2,635,780
Depreciation charges 484,304 474,408
Loss on disposal of fixed assets 2,022 1,295
Finance income (23,466 ) (1,271 )
2,716,492 3,110,212
Increase in stocks (121,332 ) (392,915 )
(Increase)/decrease in trade and other debtors (924,699 ) 135,712
Increase in trade and other creditors 90,190 637,644
Cash generated from operations 1,760,651 3,490,653

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 6,919,202 6,263,971
Year ended 31 January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 6,263,971 3,765,218


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.22 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank and in hand 6,263,971 655,231 6,919,202
6,263,971 655,231 6,919,202
Debt
Finance leases (15,408 ) 5,778 (9,630 )
(15,408 ) 5,778 (9,630 )
Total 6,248,563 661,009 6,909,572

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

David James Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's trading address is Hague Lane, Wentworth, Rotherham, S62 7TF.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with the provsions of FRS 102, 'The Financial Reporting Standard applicable in the Uk and Republic of Ireland'

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £1.

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimated and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectively involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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.

Critical judgements in applying the accounting policies

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key 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 discussed below:

- Determining residual values and useful economic lives of tangible fixed assets:
The company depreciates tangible assets over their estimates useful lives. The estimation of the useful lives of assets is based on historical performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Judgement is applied by management when determining the residual values for tangible fixed asset. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market

The critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are discussed below:

- Assessing indicators of impairment:
In assessing whether there have been any indicators of impairment associated with tangible fixed assets, the directors' have considered both external and internal sources of information such as market values, changes in technological, economic and legal environments, evidence of obsolescence or physical damage of assets and declines in economic performance.

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


3. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill arises on a business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.


Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill- in equal annual instalments over 10 years

if there is indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


3. ACCOUNTING POLICIES - continued

Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit and loss.


Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property - straight line
over the life of
the lease
Plant and machinery- 25 % reducing balance
Fittings fixtures and equipment- 25 % reducing balance
Motor vehicles- 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.


Impairment
A review for indicator of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generated units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants
Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.


DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


3. ACCOUNTING POLICIES - continued
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Lease payments are recognised as an expense over the lease term on a straight line basis, The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provsions are recognised as a lability measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit and loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance cost in profit or loss in the period it arises.


Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with change in fair value recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significances, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversals does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,002,446 2,688,290
Social security costs 206,523 168,113
Other pension costs 169,465 161,707
3,378,434 3,018,110

The average number of employees during the year was as follows:
2023 2022

Directors 3 3
Employees 204 214
207 217

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 53,076 52,296
Directors' pension contributions to money purchase schemes 120,000 120,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 353,541 307,150
Depreciation - owned assets 480,212 468,951
Depreciation - assets on hire purchase contracts 4,092 5,457
Loss on disposal of fixed assets 2,022 1,295
Foreign exchange differences (9,417 ) 573
Auditors remuneration 7,500 7,000

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 450,353 523,768

Deferred tax 30,680 (36,902 )
Tax on profit 481,033 486,866

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,253,632 2,635,780
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

428,190

500,798

Effects of:
Expenses not deductible for tax purposes 27,080 27,401
Adjustments to tax charge in respect of previous periods - (29,865 )
Change in deferred tax rate 38,300 -
Enhanced capital allowances (12,537 ) (11,468 )
Total tax charge 481,033 486,866

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Interim 156,500 153,000

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 1,343,798
AMORTISATION
At 1 February 2022
and 31 January 2023 1,343,797
NET BOOK VALUE
At 31 January 2023 1
At 31 January 2022 1

9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2022 4,542,719 2,219,251 406,834 109,802 7,278,606
Additions 130,340 216,387 3,553 - 350,280
Disposals - (20,514 ) - - (20,514 )
At 31 January 2023 4,673,059 2,415,124 410,387 109,802 7,608,372
DEPRECIATION
At 1 February 2022 1,888,915 1,701,042 321,968 74,072 3,985,997
Charge for year 270,163 183,104 22,105 8,932 484,304
Eliminated on disposal - (18,335 ) - - (18,335 )
At 31 January 2023 2,159,078 1,865,811 344,073 83,004 4,451,966
NET BOOK VALUE
At 31 January 2023 2,513,981 549,313 66,314 26,798 3,156,406
At 31 January 2022 2,653,804 518,209 84,866 35,730 3,292,609

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2022
and 31 January 2023 27,567
DEPRECIATION
At 1 February 2022 11,200
Charge for year 4,092
At 31 January 2023 15,292
NET BOOK VALUE
At 31 January 2023 12,275
At 31 January 2022 16,367

10. STOCKS
2023 2022
£    £   
Stocks 1,078,582 957,250

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 912,761 14,192
Prepayments 51,305 25,175
964,066 39,367

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) 5,778 5,778
Trade creditors 452,960 532,161
Tax 112,978 214,802
Social security and other taxes 41,484 39,269
VAT 576,132 413,530
Other creditors 597,146 546,222
Directors' current accounts 101,693 166,001
Accrued expenses 53,435 99,785
1,941,606 2,017,548

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) 3,852 9,630

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 5,778 5,778
Between one and five years 3,852 9,630
9,630 15,408

Non-cancellable operating leases
2023 2022
£    £   
Within one year 350,400 350,400
Between one and five years 1,401,600 1,401,600
In more than five years 3,474,800 3,825,200
5,226,800 5,577,200

15. PROVISIONS FOR LIABILITIES

The provision for deferred tax relates to accelerated capital allowances at the enacted tax rate of 25% (2022: 19%) in which the timing difference is to unwind.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

Each share is entitled to one vote and dividends or other distributions.

DAVID JAMES ENTERPRISES LIMITED (REGISTERED NUMBER: 05274982)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


17. RESERVES
Retained
earnings
£   

At 1 February 2022 8,394,863
Profit for the year 1,772,599
Dividends (156,500 )
At 31 January 2023 10,010,962

18. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr A D Airey and Mrs S Airey

19. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 95,810

20. RELATED PARTY DISCLOSURES

With the acknowledgement of the freeholder, the lease of the business premises is held on behalf of the company by the three directors. The lease is also subject to guarantees given by the directors of the company.

During the year dividends of £156,500 (2022: £153,000) were paid in aggregate to the shareholders. Loans due to the directors totalled £101,693 (2022: £166,001) at the year end date.

During the year the Company made a related party loan of £700,000 to the company director D J Airey. The balance outstanding at the year end was £700,000. The effective interest charge on the loan undertaking for the year was £5,923.

The company is controlled by Mr A D Airey and Mrs S Airey

21. GOVERNMENT ASSISTANCE

During the year the company has recognised grant income under HM Government Coronavirus Job Retention Scheme totalling £Nil. In 2022 the amount recognised totalled £226,874. Amounts recognised are included in Other Income.