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REGISTERED NUMBER: 06505358 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

A & J AUDHALI ENTERPRISES LIMITED

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 January 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


A & J AUDHALI ENTERPRISES LIMITED

COMPANY INFORMATION
for the year ended 31 January 2023







DIRECTORS: A A Audhali
J A Audhali



REGISTERED OFFICE: Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT



REGISTERED NUMBER: 06505358 (England and Wales)



AUDITORS: Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditor
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT



BANKERS: Lloyds Bank plc
12 Swan Street
Warwick
CV34 4BJ

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

GROUP STRATEGIC REPORT
for the year ended 31 January 2023

The directors present their strategic report of the company and the group for the year ended 31 January 2023.

REVIEW OF BUSINESS
During the year the group's turnover increased by 14% from £23,794,088 to £27,195,212 and a profit before taxation of £2,106,057 (2022: 1,141,865) was achieved.

Shareholders' funds at 31 January 2023 amounted to £6,859,521 (2022: £4,967,029) The directors consider the state of affairs of the company and group to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's and group's principal exposure to risks are through pricing volatility, both as a result of changes in prices of products and through exchange rate fluctuations, as management are in part reliant on suppliers based overseas.

Management are mindful of these key risks to the business and have adopted strategies, which include: continued scrutiny of pricing and rates of exchange; sourcing of product from various suppliers; and management of the purchase cycle.

Management also acknowledge exposure to interest rate and credit risks and these are also assessed continuously in order to minimise their impact.

FUTURE DEVELOPMENTS

Continued impact of Brexit
The directors are again pleased at how well the company and group have been able to trade throughout 2022/23, when the impact of Brexit was still being felt across the UK.

Given how well the company and group have managed to trade during this period, the directors are confident that the company and group will still be profitable in the forthcoming 12 months and beyond although, even now, some uncertainties persist.

The directors are still mindful of the impact of the UK's exit from the European Union and these associated risks have been embedded into the company's and group's risk assessments. Nevertheless, the impact of "Brexit" is still being felt across the sector with supply lead times throughout 2022/23 continuing to be the most acute of the limiting factors on trading. However, the directors believe the company and group are relatively insulated in the medium term against this and the other risks related to "Brexit" as the company and group overwhelmingly trade in the UK and have strong and well established supply links with their suppliers and manufacturers.

As such, the directors believe the company and the group to be a going concern and have adopted this assumption in preparing the financial statements, having considered any material uncertainties in this regard for a period of at least 12 months from the date of approval of these financial statements.

ON BEHALF OF THE BOARD:





J A Audhali - Director


25 October 2023

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

REPORT OF THE DIRECTORS
for the year ended 31 January 2023

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of meat wholesalers to the catering industry.

DIVIDENDS
The total distribution of dividends for the year ended 31 January 2023 for the parent company will be £553,600.

The total distribution of dividends for the year ended 31 January 2023 for the subsidiary company will be £25,024.

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

A A Audhali
J A Audhali

DISCLOSURE IN THE STRATEGIC REPORT
The group's review of business, principal risks and uncertainties and future developments are disclosed within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

REPORT OF THE DIRECTORS
for the year ended 31 January 2023


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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J A Audhali - Director


25 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A & J AUDHALI ENTERPRISES LIMITED

Opinion
We have audited the financial statements of A & J Audhali Enterprises Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 January 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
A & J AUDHALI ENTERPRISES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

The audit process includes an assessment of the company's and the group's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company and group must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
A & J AUDHALI 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.




Mark Ashfield BA FCA (Senior Statutory Auditor)
for and on behalf of Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditor
Highdown House
11 Highdown Road
Leamington Spa
Warwickshire
CV31 1XT

25 October 2023

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 January 2023

2023 2022
Notes £    £   

TURNOVER 3 27,195,212 23,794,088

Cost of sales 23,183,077 20,773,785
GROSS PROFIT 4,012,135 3,020,303

Administrative expenses 1,930,121 1,887,242
2,082,014 1,133,061

Other operating income 29,432 18,862
OPERATING PROFIT 5 2,111,446 1,151,923

Interest receivable and similar income 6,394 -
2,117,840 1,151,923

Interest payable and similar expenses 6 11,783 10,058
PROFIT BEFORE TAXATION 2,106,057 1,141,865

Tax on profit 7 393,333 205,432
PROFIT FOR THE FINANCIAL YEAR 1,712,724 936,433
Profit attributable to:
Owners of the parent 1,712,724 936,433

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 January 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,712,724 936,433


OTHER COMPREHENSIVE INCOME
Revaluation of properties 910,807 -
Deferred tax (152,415 ) -
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

758,392

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,471,116

936,433

Total comprehensive income attributable to:
Owners of the parent 2,471,116 936,433

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

CONSOLIDATED BALANCE SHEET
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,578,361 1,679,664
Investments 11 400,000 -
Investment property 12 - -
2,978,361 1,679,664

CURRENT ASSETS
Stocks 13 519,646 518,290
Debtors 14 1,793,262 1,315,235
Cash at bank 4,525,753 4,258,078
6,838,661 6,091,603
CREDITORS
Amounts falling due within one year 15 2,562,668 2,431,609
NET CURRENT ASSETS 4,275,993 3,659,994
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,254,354

5,339,658

CREDITORS
Amounts falling due after more than one
year

16

(133,386

)

(256,499

)

PROVISIONS FOR LIABILITIES 19 (261,447 ) (116,130 )
NET ASSETS 6,859,521 4,967,029

CAPITAL AND RESERVES
Called up share capital 20 200 200
Revaluation reserve 21 758,392 -
Retained earnings 21 6,100,929 4,966,829
SHAREHOLDERS' FUNDS 6,859,521 4,967,029

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





J A Audhali - Director


A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

COMPANY BALANCE SHEET
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 400,100 100
Investment property 12 2,000,000 1,068,453
2,400,100 1,068,553

CURRENT ASSETS
Debtors 14 204,838 221,306
Cash at bank 371,347 293,951
576,185 515,257
CREDITORS
Amounts falling due within one year 15 23,212 22,278
NET CURRENT ASSETS 552,973 492,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,953,073

1,561,532

PROVISIONS FOR LIABILITIES 19 152,415 -
NET ASSETS 2,800,658 1,561,532

CAPITAL AND RESERVES
Called up share capital 20 200 200
Revaluation reserve 21 758,392 -
Retained earnings 21 2,042,066 1,561,332
SHAREHOLDERS' FUNDS 2,800,658 1,561,532

Company's profit for the financial year 1,034,334 217,910

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





J A Audhali - Director


A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 January 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 February 2021 200 4,172,196 - 4,172,396

Changes in equity
Dividends - (141,800 ) - (141,800 )
Total comprehensive income - 936,433 - 936,433
Balance at 31 January 2022 200 4,966,829 - 4,967,029

Changes in equity
Dividends - (578,624 ) - (578,624 )
Total comprehensive income - 1,712,724 758,392 2,471,116
Balance at 31 January 2023 200 6,100,929 758,392 6,859,521

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 January 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 February 2021 200 1,485,222 - 1,485,422

Changes in equity
Dividends - (141,800 ) - (141,800 )
Total comprehensive income - 217,910 - 217,910
Balance at 31 January 2022 200 1,561,332 - 1,561,532

Changes in equity
Dividends - (553,600 ) - (553,600 )
Total comprehensive income - 1,034,334 758,392 1,792,726
Balance at 31 January 2023 200 2,042,066 758,392 2,800,658

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 January 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,388,202 1,582,387
Interest element of hire purchase payments
paid

(11,783

)

(10,058

)
Tax paid (350,647 ) (304,664 )
Net cash from operating activities 2,025,772 1,267,665

Cash flows from investing activities
Purchase of tangible fixed assets (171,855 ) (204,861 )
Purchase of fixed asset investments (400,000 ) -
Sale of tangible fixed assets - 5,000
Interest received 6,394 -
Net cash from investing activities (565,461 ) (199,861 )

Cash flows from financing activities
Capital repayments in year (128,894 ) (138,338 )
Amount introduced by directors 23,366 11,037
Amount withdrawn by directors (508,484 ) (76,000 )
Equity dividends paid (578,624 ) (141,800 )
Net cash from financing activities (1,192,636 ) (345,101 )

Increase in cash and cash equivalents 267,675 722,703
Cash and cash equivalents at beginning of
year

2

4,258,078

3,535,375

Cash and cash equivalents at end of year 2 4,525,753 4,258,078

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED 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 2,106,057 1,141,865
Depreciation charges 132,764 157,619
Loss/(profit) on disposal of fixed assets 51,201 (4,775 )
Finance costs 11,783 10,058
Finance income (6,394 ) -
2,295,411 1,304,767
Increase in stocks (1,356 ) (61,722 )
Decrease in trade and other debtors 30,458 15,954
Increase in trade and other creditors 63,689 323,388
Cash generated from operations 2,388,202 1,582,387

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 4,525,753 4,258,078
Year ended 31 January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 4,258,078 3,535,375


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.22 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank 4,258,078 267,675 4,525,753
4,258,078 267,675 4,525,753
Debt
Finance leases (385,393 ) 128,894 (256,499 )
(385,393 ) 128,894 (256,499 )
Total 3,872,685 396,569 4,269,254

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 January 2023

1. STATUTORY INFORMATION

A & J Audhali 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Basis of consolidation
The consolidated financial statements incorporate those of A & J Audhali Enterprises Limited and its subsidiary undertaking. All financial statements are made up to 31 January 2023.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Accounting estimates:
i) Valuation of property
The directors annually assess the freehold buildings in the group financial statements, which is treated as investment property in the company's financial statements. These annual assessments aim to ensure that property is carried at fair value as defined by FRS 102 and will be informed by latest market data.

As such, property is not depreciated in the group financial statements as its fair value is believed to be the same as, or not materially different to, its residual value.

Accounting judgements:
i) Operating leases
The group utilises assets which it does not own and pays for on an ongoing basis. In making the judgement as to whether such arrangements constitute finance leases or operating leases, management have assessed where the substantial risk and rewards of the ownership of the assets fall, and assessed that the counter-party, rather than the company, bears substantially all of the risks and rewards of ownership of the assets.

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of returns, rebates, VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the group and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to properties - 10% on reducing balance
Plant & machinery - 10% on reducing balance
Fixtures & fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.3% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended

Freehold buildings within the group are not depreciated as the group assesses these annually for fair value and therefore, their residual value is considered to be equal, or at least not materially different, to the carrying value in the financial statements.

Investment property
Investment property is shown at most recent valuation, based upon an annual assessment of fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement, net of deferred tax.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition, including any import costs, duties and carriage.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairments.

3. TURNOVER

Turnover is entirely attributable to the one principal activity of the group and the geographical market relates solely to the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 845,250 764,127
Social security costs 83,752 74,308
Other pension costs 15,054 314,136
944,056 1,152,571

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

Warehouse and distribution 25 20
Finance and administration 5 5
Management 2 2
32 27

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 36,470 27,025
Directors' pension contributions to money purchase schemes - 300,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 2

5. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 2,944 2,944
Depreciation - owned assets 41,680 36,174
Depreciation - assets on hire purchase contracts 91,084 121,445
Loss/(profit) on disposal of fixed assets 51,201 (4,775 )
Auditors' remuneration 11,195 13,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase 11,783 10,058

7. 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 400,432 189,510
Corporation tax prior years - 8
Total current tax 400,432 189,518

Deferred tax (7,099 ) 15,914
Tax on profit 393,333 205,432

UK corporation tax has been charged at 19 % (2022 - 19 %).

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

7. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 2,106,057 1,141,865
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

400,151

216,954

Effects of:
Expenses not deductible for tax purposes 854 916
Capital allowances in excess of depreciation (573 ) (28,360 )
Adjustments to tax charge in respect of previous periods - 8
Adjustment to deferred tax (7,099 ) 15,914
Total tax charge 393,333 205,432

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of properties 910,807 - 910,807
Deferred tax (152,415 ) - (152,415 )
758,392 - 758,392

During the year, the UK corporation tax rate remained at 19%.

Following the latest announcements, pledges were made to keep the main rate at 19% up to April 2023, after which the main rate is set to rise to 25%.

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary B shares of £1 each
Interim 578,624 141,800

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant &
buildings properties machinery
£    £    £   
COST OR VALUATION
At 1 February 2022 1,068,453 - 420,126
Additions 20,740 5,012 138,994
Disposals - - (125,264 )
Revaluations 910,807 - -
At 31 January 2023 2,000,000 5,012 433,856
DEPRECIATION
At 1 February 2022 - - 202,664
Charge for year - 501 30,583
Eliminated on disposal - - (74,638 )
At 31 January 2023 - 501 158,609
NET BOOK VALUE
At 31 January 2023 2,000,000 4,511 275,247
At 31 January 2022 1,068,453 - 217,462

Fixtures Motor Computer
& fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 February 2022 16,193 796,702 48,388 2,349,862
Additions 674 - 6,435 171,855
Disposals (762 ) - (8,895 ) (134,921 )
Revaluations - - - 910,807
At 31 January 2023 16,105 796,702 45,928 3,297,603
DEPRECIATION
At 1 February 2022 14,564 417,883 35,087 670,198
Charge for year 524 94,705 6,451 132,764
Eliminated on disposal (551 ) - (8,531 ) (83,720 )
At 31 January 2023 14,537 512,588 33,007 719,242
NET BOOK VALUE
At 31 January 2023 1,568 284,114 12,921 2,578,361
At 31 January 2022 1,629 378,819 13,301 1,679,664

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 January 2023 is represented by:

Improvements
Freehold to Plant &
buildings properties machinery
£    £    £   
Valuation in 2023 910,807 - -
Cost 1,089,193 5,012 433,856
2,000,000 5,012 433,856

Fixtures Motor Computer
& fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2023 - - - 910,807
Cost 16,105 796,702 45,928 2,386,796
16,105 796,702 45,928 3,297,603

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 February 2022
and 31 January 2023 770,952
DEPRECIATION
At 1 February 2022 406,617
Charge for year 91,084
At 31 January 2023 497,701
NET BOOK VALUE
At 31 January 2023 273,251
At 31 January 2022 364,335

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

11. FIXED ASSET INVESTMENTS

Group
Listed
investments
£   
COST
Additions 400,000
At 31 January 2023 400,000
NET BOOK VALUE
At 31 January 2023 400,000
Company
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST
At 1 February 2022 100 - 100
Additions - 400,000 400,000
At 31 January 2023 100 400,000 400,100
NET BOOK VALUE
At 31 January 2023 100 400,000 400,100
At 31 January 2022 100 - 100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

A & J Audhali Fresh Farm Foods Limited
Registered office: 14 Harriott Drive, Warwick, UK
Nature of business: Meat wholesalers to the catering industry.
%
Class of shares: holding
Ordinary 100.00


A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

12. INVESTMENT PROPERTY - continued

12. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 February 2022 1,068,453
Additions 20,740
Revaluations 910,807
At 31 January 2023 2,000,000
NET BOOK VALUE
At 31 January 2023 2,000,000
At 31 January 2022 1,068,453

Fair value at 31 January 2023 is represented by:
£   
Valuation in 2023 910,807
Cost 1,089,193
2,000,000

Investment properties were valued on an open market basis on 2 February 2023 by EHB Reeves .

13. STOCKS

Group
2023 2022
£    £   
Finished goods 519,646 518,290

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 864,388 882,498 - -
Amounts owed by group undertakings - - 188,348 209,089
Directors' current accounts 784,289 275,805 - -
Tax 89,637 89,637 - -
VAT 33,214 37,920 - -
Prepayments 21,734 29,375 16,490 12,217
1,793,262 1,315,235 204,838 221,306

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

A reversal of an impairment loss of £1,652 (2022: an impairment loss of £2,652) was recognised against trade debtors during the year.

All debtors are financial assets that are measured at amortised cost.

Amounts owed by group undertakings are unsecured, repayable under normal commercial arrangements and carry no interest.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 17) 123,113 128,894 - -
Trade creditors 1,974,577 1,921,313 - -
Tax 328,932 279,147 18,937 17,853
Social security and other taxes 31,168 29,229 - -
Pension control 3,527 3,227 - -
Shareholders loan account 6,276 - - -
Directors' current accounts 49,777 26,411 - -
Accruals and deferred income 45,298 43,388 4,275 4,425
2,562,668 2,431,609 23,212 22,278

All creditors are financial liabilities measured at amortised cost.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 17) 133,386 256,499

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 123,113 128,894
Between one and five years 133,386 256,499
256,499 385,393

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 2,944 2,944
Between one and five years 2,208 5,151
5,152 8,095

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 256,499 385,393

The hire purchase contracts are secured on the assets concerned.

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 109,032 116,130 - -
Revaluation of fixed assets 152,415 - 152,415 -
261,447 116,130 152,415 -

Group
Deferred
tax
£   
Balance at 1 February 2022 116,130
Provided during year 145,317
Balance at 31 January 2023 261,447

Company
Deferred
tax
£   
Provided during year 152,415
Balance at 31 January 2023 152,415

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary A £1 100 100
100 Ordinary B £1 100 100
200 200

All Ordinary A and B shares rank pari passu with respect to voting rights and the rights to repayment of capital. Each class of shares also has a right to distribution of dividends.

21. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 February 2022 4,966,829 - 4,966,829
Profit for the year 1,712,724 1,712,724
Dividends (578,624 ) (578,624 )
Revaluation of prop - 910,807 910,807
Deferred tax - (152,415 ) (152,415 )
At 31 January 2023 6,100,929 758,392 6,859,321

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 February 2022 1,561,332 - 1,561,332
Profit for the year 1,034,334 1,034,334
Dividends (553,600 ) (553,600 )
Revaluation of prop - 910,807 910,807
Deferred tax - (152,415 ) (152,415 )
At 31 January 2023 2,042,066 758,392 2,800,458

Retained earnings

This reserve represents all current and prior year retained profits and losses.

22. PENSION COMMITMENTS

The group operates a defined contribution pension scheme in respect of the directors and certain employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the group and amounted to £15,054 (2022 - £314,136). At the year end there was a balance outstanding amounting to £3,527 (2022 - £3,227).

A & J AUDHALI ENTERPRISES LIMITED (REGISTERED NUMBER: 06505358)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

2023 2022
£    £   
A A Audhali
Balance outstanding at start of year 275,805 199,805
Amounts advanced 514,000 82,000
Amounts repaid (5,516 ) (6,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 784,289 275,805

24. RELATED PARTY DISCLOSURES

Key management are considered to be the directors, whose remuneration is disclosed in the preceding notes to these financial statements.

25. CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company and group.