Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-302023-04-309false2022-05-019falsefalse 09435505 2022-05-01 2023-04-30 09435505 2021-05-01 2022-04-30 09435505 2023-04-30 09435505 2022-04-30 09435505 2021-05-01 09435505 c:Director1 2022-05-01 2023-04-30 09435505 c:Director2 2022-05-01 2023-04-30 09435505 c:Director3 2022-05-01 2023-04-30 09435505 c:Director4 2022-05-01 2023-04-30 09435505 c:RegisteredOffice 2022-05-01 2023-04-30 09435505 d:Buildings d:LongLeaseholdAssets 2022-05-01 2023-04-30 09435505 d:Buildings d:LongLeaseholdAssets 2023-04-30 09435505 d:Buildings d:LongLeaseholdAssets 2022-04-30 09435505 d:LandBuildings 2023-04-30 09435505 d:LandBuildings 2022-04-30 09435505 d:FurnitureFittings 2022-05-01 2023-04-30 09435505 d:FurnitureFittings 2023-04-30 09435505 d:FurnitureFittings 2022-04-30 09435505 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 09435505 d:OfficeEquipment 2022-05-01 2023-04-30 09435505 d:OfficeEquipment 2023-04-30 09435505 d:OfficeEquipment 2022-04-30 09435505 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 09435505 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 09435505 d:CurrentFinancialInstruments 2023-04-30 09435505 d:CurrentFinancialInstruments 2022-04-30 09435505 d:Non-currentFinancialInstruments 2023-04-30 09435505 d:Non-currentFinancialInstruments 2022-04-30 09435505 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 09435505 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 09435505 d:ShareCapital 2023-04-30 09435505 d:ShareCapital 2022-04-30 09435505 d:ShareCapital 2021-05-01 09435505 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 09435505 d:RetainedEarningsAccumulatedLosses 2023-04-30 09435505 d:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 09435505 d:RetainedEarningsAccumulatedLosses 2022-04-30 09435505 d:RetainedEarningsAccumulatedLosses 2021-05-01 09435505 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-30 09435505 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-04-30 09435505 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-04-30 09435505 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2022-04-30 09435505 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 09435505 d:AcceleratedTaxDepreciationDeferredTax 2022-04-30 09435505 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 09435505 d:TaxLossesCarry-forwardsDeferredTax 2022-04-30 09435505 c:OrdinaryShareClass1 2022-05-01 2023-04-30 09435505 c:OrdinaryShareClass1 2023-04-30 09435505 c:OrdinaryShareClass1 2022-04-30 09435505 c:OrdinaryShareClass2 2022-05-01 2023-04-30 09435505 c:OrdinaryShareClass2 2023-04-30 09435505 c:OrdinaryShareClass2 2022-04-30 09435505 c:OrdinaryShareClass3 2022-05-01 2023-04-30 09435505 c:OrdinaryShareClass3 2023-04-30 09435505 c:OrdinaryShareClass3 2022-04-30 09435505 c:OrdinaryShareClass4 2022-05-01 2023-04-30 09435505 c:OrdinaryShareClass4 2023-04-30 09435505 c:OrdinaryShareClass4 2022-04-30 09435505 c:OrdinaryShareClass5 2022-05-01 2023-04-30 09435505 c:OrdinaryShareClass5 2023-04-30 09435505 c:OrdinaryShareClass5 2022-04-30 09435505 c:FRS102 2022-05-01 2023-04-30 09435505 c:Audited 2022-05-01 2023-04-30 09435505 c:FullAccounts 2022-05-01 2023-04-30 09435505 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 09435505 d:WithinOneYear 2023-04-30 09435505 d:WithinOneYear 2022-04-30 09435505 d:BetweenOneFiveYears 2023-04-30 09435505 d:BetweenOneFiveYears 2022-04-30 09435505 d:MoreThanFiveYears 2023-04-30 09435505 d:MoreThanFiveYears 2022-04-30 09435505 c:Consolidated 2023-04-30 09435505 c:ConsolidatedGroupCompanyAccounts 2022-05-01 2023-04-30 09435505 6 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09435505









DAVID AARON LIMITED









ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
DAVID AARON LIMITED
 
 
COMPANY INFORMATION


Directors
D Aaron 
S Aaron 
J Aaron 
B Aaron 




Registered number
09435505



Registered office
25a Berkeley Square

 London

England

W1J 6HN




Independent auditors
Harris & Trotter LLP
Chartered Accountants & Statutory Auditors

101 New Cavendish Street

1st Floor South

London

United Kingdom

W1W 6XH





 
DAVID AARON LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Comprehensive Income
8
Consolidated Statement of Financial Position
9 - 10
Company Statement of Financial Position
11 - 12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 36


 
DAVID AARON LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

Introduction
The directors present the strategic report for the year ended 30 April 2023.
Business review
 
Turnover increased from £13.8m to £19.1m in the current year. Gross profit increased from £2.3m to £5.6m in the current year. The increased gross margin was due to higher value per piece on average compared to the prior year.
Going forward, the gallery is increasing its investment in Natural History, particularly in exceptional dinosaurs fossils. This is partly diversification, and because the gallery believes the display of such specimens is complimentary to the sale and promotion of other specialities.

Principal risks and uncertainties
 
The principal risks continue to be the difficulty in acquiring artworks of the requisite quality with necessary provenance, which are in decreasing supply. Furthermore, logistical delays and expenses because of Brexit are another minor consideration.

Financial key performance indicators
 
The company's key performance indicators during the year are as follows:
                                                                                                                                
  2023                 2022
                                                                                                                                   £                       £
Turnover                                                                                                            19,062,583          13,830,002 
Gross Profit                                                                                                              5,645,358         2,327,384 

Other key performance indicators
 
The directors deem their customer base to be the key non-financial KPI on which the business is measured. This has remained consistent year-on-year.


15 April 2024This report was approved by the board and signed on its behalf.



S Aaron
Director

Page 1

 
DAVID AARON LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the group is that of dealers in Antiquities, Islamic art and Natural History, and that of property development.

Results and dividends

The profit for the year, after taxation, amounted to £3,923,783 (2022 - £1,128,096).

Ordinary dividends of Nil (2022: £12,710) were paid during the period. The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year were:

D Aaron 
S Aaron 
J Aaron 
B Aaron 

Page 2

 
DAVID AARON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Matters covered in the Group Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C (11) to set out in the comapny's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the director's report. It has done so in respect of:
- Review of the company's results and performance.
- Financial instruments, principal risks and uncertainties facing the company.
- Indication of the likely future developments in the business of the company.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





S Aaron
Director

Date: 15 April 2024

Page 3

 
DAVID AARON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAVID AARON LIMITED
 

Opinion


We have audited the financial statements of David Aaron Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 4

 
DAVID AARON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAVID AARON LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
DAVID AARON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAVID AARON LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the
industry in which it operates. We determined that the following laws and regulations were most significant: FRS
102 and Companies Act 2006.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries of management.
- We challenged assumptions and judgements made by management in its significant accounting estimates.
We did not identify any key audit matters relating to irregularities, including fraud.


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


Page 6

 
DAVID AARON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DAVID AARON LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





Nicholas Newman (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants & Statutory Auditors
  
101 New Cavendish Street
1st Floor South
London
United Kingdom
W1W 6XH

15 April 2024
Page 7

 
DAVID AARON LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023


2023
2022
£
£

  

Turnover
 4 
19,062,583
13,830,002

Cost of sales
  
(13,437,286)
(11,502,616)

Gross profit
  
5,625,297
2,327,386

Administrative expenses
  
(1,170,391)
(943,501)

Other operating income
 5 
350,119
104,708

Operating profit
 6 
4,805,025
1,488,593

Income from participating interests
  
61,684
10,111

Interest payable and similar expenses
 10 
-
(74,708)

Profit before taxation
  
4,866,709
1,423,996

Tax on profit
 11 
(942,926)
(295,900)

Profit for the financial year
  
3,923,783
1,128,096

Profit for the year attributable to:
  

Owners of the parent Company
  
3,923,783
1,128,096

  
3,923,783
1,128,096

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
3,923,783
1,128,096

  
3,923,783
1,128,096

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 18 to 36 form part of these financial statements.

Page 8

 
DAVID AARON LIMITED
REGISTERED NUMBER: 09435505

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
788,130
859,636

Investments
 14 
71,796
10,112

  
859,926
869,748

Current assets
  

Stocks
 15 
23,026,219
22,151,700

Debtors: amounts falling due after more than one year
 16 
122,559
122,559

Debtors: amounts falling due within one year
 16 
4,523,283
3,317,969

Cash at bank and in hand
 17 
3,518,450
3,623,762

  
31,190,511
29,215,990

Creditors: amounts falling due within one year
 18 
(14,384,111)
(16,329,423)

Net current assets
  
 
 
16,806,400
 
 
12,886,567

Total assets less current liabilities
  
17,666,326
13,756,315

Provisions for liabilities
  

Deferred taxation
 20 
(107,823)
(121,595)

  
 
 
(107,823)
 
 
(121,595)

Net assets excluding pension asset
  
17,558,503
13,634,720

Net assets
  
17,558,503
13,634,720


Capital and reserves
  

Called up share capital 
 21 
1
1

Profit and loss account
  
17,558,502
13,634,719

Equity attributable to owners of the parent Company
  
17,558,503
13,634,720

  
17,558,503
13,634,720


Page 9

 
DAVID AARON LIMITED
REGISTERED NUMBER: 09435505
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

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




S Aaron
Director

Date: 15 April 2024

Page 10

 
DAVID AARON LIMITED
REGISTERED NUMBER: 09435505

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
788,130
859,636

Investments
 14 
6
4

  
788,136
859,640

Current assets
  

Stocks
 15 
12,767,020
16,260,596

Debtors: amounts falling due after more than one year
 16 
122,559
122,559

Debtors: amounts falling due within one year
 16 
14,894,549
9,349,437

Cash at bank and in hand
 17 
3,287,043
3,514,226

  
31,071,171
29,246,818

Creditors: amounts falling due within one year
 18 
(14,417,374)
(16,328,822)

Net current assets
  
 
 
16,653,797
 
 
12,917,996

Total assets less current liabilities
  
17,441,933
13,777,636

  

Provisions for liabilities
  

Deferred taxation
 20 
(107,823)
(121,596)

  
 
 
(107,823)
 
 
(121,596)

Net assets excluding pension asset
  
17,334,110
13,656,040

Net assets
  
17,334,110
13,656,040


Capital and reserves
  

Called up share capital 
 21 
1
1

Profit and loss account brought forward
  
13,656,039
12,519,333

Profit for the year
  
3,678,070
1,149,416

Other changes in the profit and loss account

  

-
(12,710)

Profit and loss account carried forward
  
17,334,109
13,656,039

  
17,334,110
13,656,040


Page 11

 
DAVID AARON LIMITED
REGISTERED NUMBER: 09435505
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

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


S Aaron
Director

Date: 15 April 2024

Page 12

 
DAVID AARON LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 May 2021
1
12,519,333
12,519,334
12,519,334



Profit for the year
-
1,128,096
1,128,096
1,128,096

Dividends: Equity capital
-
(12,710)
(12,710)
(12,710)



At 1 May 2022
1
13,634,719
13,634,720
13,634,720



Profit for the year
-
3,923,783
3,923,783
3,923,783


At 30 April 2023
1
17,558,502
17,558,503
17,558,503


The notes on pages 18 to 36 form part of these financial statements.

Page 13

 
DAVID AARON LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2021
1
12,519,333
12,519,334



Profit for the year
-
1,149,416
1,149,416

Dividends: Equity capital
-
(12,710)
(12,710)



At 1 May 2022
1
13,656,039
13,656,040



Profit for the year
-
3,678,070
3,678,070


At 30 April 2023
1
17,334,109
17,334,110


The notes on pages 18 to 36 form part of these financial statements.

Page 14

 
DAVID AARON LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,923,783
1,128,096

Adjustments for:

Depreciation of tangible assets
71,506
49,090

Loss on disposal of tangible assets
-
7,746

Government grants
-
(104,708)

Interest paid
-
74,708

Taxation charge
942,927
295,900

(Increase) in stocks
(874,518)
(2,626,146)

(Increase) in debtors
(1,205,313)
(2,960,120)

Increase in creditors
1,386,791
2,139,500

Share of operating (loss)/profit in joint ventures
(61,684)
-

Corporation tax (paid)
(806,922)
(1,082,045)

Net cash generated from operating activities

3,376,570
(3,077,979)


Cash flows from investing activities

Purchase of tangible fixed assets
-
(901,971)

Government grants received
-
104,708

Purchase of share in joint ventures
-
(1)

Dividends received
-
(10,111)

Net cash from investing activities

-
(807,375)

Cash flows from financing activities

Other new loans
-
3,000,000

Repayment of other loans
(3,481,882)
-

Dividends paid
-
(12,710)

Interest paid
-
(74,708)

Net cash used in financing activities
(3,481,882)
2,912,582
Page 15

 
DAVID AARON LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023


2023
2022

£
£



Net (decrease) in cash and cash equivalents
(105,312)
(972,772)

Cash and cash equivalents at beginning of year
3,623,762
4,596,534

Cash and cash equivalents at the end of year
3,518,450
3,623,762


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,518,450
3,623,762

3,518,450
3,623,762


The notes on pages 18 to 36 form part of these financial statements.

The company has taken advantage of the exemption conferred by FRS 102 not to prepare its own
cash flow statement on the grounds that it is included in the consolidated Statement of Cash Flows
presented within these consolidated financial statements.

Page 16

 
DAVID AARON LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2023





At 1 May 2022
Cash flows
Other non-cash changes
At 30 April 2023
£

£

£

£

Cash at bank and in hand

3,623,762

(105,312)

-

3,518,450

Debt due within 1 year

(14,990,862)

3,481,882

51,993

(11,456,987)


(11,367,100)
3,376,570
51,993
(7,938,537)

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

David Aaron Limited ("the company") is a private company limited by shares and is incorporated and domiciled in England. The company's business address is 25a Berkley Square, London, W1J 6HN.
The group consists of David Aaron Limited and all of its subsidiaries.
The principal activity of the group is that of dealers in Antiquities, Islamic art and Natural History and of property develoment.

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 financial statements are presented in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2016.

 
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.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial
statements.

Page 18

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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

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

 
2.5

Revenue

Revenue is recognised at the fair value of the consideration received or receivable for artwork sold 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. 
Revenue from the sale of artwork is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. 

 
2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 19

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

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

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the lease term
Fixtures and fittings
-
25%
on reducing balance
Office equipment
-
25%
on 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.

Page 21

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.14

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost comprises of the agreed purchase price of the artwork. Work in progress comprises of the agreed purchase price of property and costs associated with the purchase and improvement.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

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.

Page 22

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

 
2.18

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.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 23

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgments
The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Tangible assets
Accounting for tangible assets involves the use of estimates and judgments for determining the useful lives over which these are to be depreciated and the existence and amount of any impairment.
Tangible assets are depreciated on a reducing balance or straight line basis over their estimated useful lives and taking into account their expected residual values. When the company estimates useful lives, various factors are considered including expected technological obsolescence and the expected usage of the asset.
The Directors regularly review these asset lives and change them as necessary to reflect the estimated current remaining lives in light of technological changes, future economic utilisation and physical condition of the assets concerned. A significant change in asset lives can have a significant change on depreciation and amortisation charges for the period. 

Page 24

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of Goods
19,062,583
13,830,002

19,062,583
13,830,002


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
6,616,741
6,973,513

Rest of Europe
8,224,658
2,664,944

Rest of the world
4,221,184
4,191,544

19,062,583
13,830,001



5.


Other operating income

2023
2022
£
£

Rent receivable
350,119
-

Government grants receivable
-
104,708

350,119
104,708



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
91,030
(31,053)

Other operating lease rentals
114,602
163,629

Depreciation of owned tangible fixed assets
38,611
47,866

Page 25

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
17,000
15,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
245,260
207,511
245,260
207,511

Social security costs
13,118
17,749
13,118
17,749

Cost of defined contribution scheme
2,273
1,948
2,273
1,948

260,651
227,208
260,651
227,208


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
9
9
9
9


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
49,500
55,000

49,500
55,000


Page 26

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
74,708

-
74,708


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
956,699
295,900


956,699
295,900


Total current tax
956,699
295,900

Deferred tax


Deferred tax - current year
(13,773)
-

Total deferred tax
(13,773)
-
Page 27

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
4,875,209
1,423,996


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 -   19 %)
950,332
270,559

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
6,924

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
20,275
-

Capital allowances for year in excess of depreciation
-
(98,501)

Other timing differences leading to an increase (decrease) in taxation
(13,773)
118,839

Non-taxable income
(13,681)
(1,921)

Marginal relief
(227)
-

Total tax charge for the year
942,926
295,900


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Dividends
-
12,710

-
12,710

Page 28

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

13.


Tangible fixed assets

Group






Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2022
730,945
145,306
37,201
913,452



At 30 April 2023

730,945
145,306
37,201
913,452



Depreciation


At 1 May 2022
25,752
21,953
6,111
53,816


Charge for the year on owned assets
32,895
30,838
7,773
71,506



At 30 April 2023

58,647
52,791
13,884
125,322



Net book value



At 30 April 2023
672,298
92,515
23,317
788,130



At 30 April 2022
705,193
123,353
31,090
859,636




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
672,298
705,193

672,298
705,193


Page 29

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

           13.Tangible fixed assets (continued)


Company






Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£

Cost or valuation


At 1 May 2022
730,945
145,306
37,201
913,452



At 30 April 2023

730,945
145,306
37,201
913,452



Depreciation


At 1 May 2022
25,752
21,953
6,111
53,816


Charge for the year on owned assets
32,895
30,838
7,773
71,506



At 30 April 2023

58,647
52,791
13,884
125,322



Net book value



At 30 April 2023
672,298
92,515
23,317
788,130



At 30 April 2022
705,193
123,353
31,090
859,636





The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
672,298
705,193

672,298
705,193


Page 30

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

14.


Fixed asset investments

Group





Investment in joint ventures

£



Cost or valuation


At 1 May 2022
10,112


Share of profit/(loss)
61,684



At 30 April 2023
71,796




Company





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 May 2022
3
1
4


Additions
2
-
2



At 30 April 2023
5
1
6








Page 31

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

Subsidiary undertaking


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Aaron Capital Limited
25a Berkeley Square, London W1J 6HN
Ordinary
100%
Fulham Palace Limiited
25a Berkeley Square, London W1J 6HN
Ordinary
100%
New College Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%
Glenthorne Limited
25a Berkeley Square, London W1J 6HN
Ordinary
100%
Three Delancey Limited
101 New Cavendish Street, 1st Floor South, London, W1W 6XH
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Aaron Capital Limited
1
-

Fulham Palace Limiited
1
(48)

New College Limited
1
142,403

Glenthorne Limited
1
(24,885)

Three Delancey Limited
1
47,267


15.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Stock write off provision
(191,039)
(191,039)
(191,039)
(191,039)

Work in progress (goods to be sold)
6,169,343
5,891,104
-
-

Finished goods and goods for resale
17,047,915
16,451,635
12,958,059
16,451,635

23,026,219
22,151,700
12,767,020
16,260,596


The difference between purchase price or production cost of stocks and their replacement cost is not material.


16.


Debtors

Page 32

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
122,559
122,559
122,559
122,559

122,559
122,559
122,559
122,559


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
1,364,417
182,301
1,308,183
182,301

Amounts owed by group undertakings
-
-
10,430,209
6,043,779

Other debtors
3,137,831
3,124,480
3,137,830
3,114,873

Prepayments and accrued income
21,035
11,188
18,327
8,484

4,523,283
3,317,969
14,894,549
9,349,437



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,518,450
3,623,762
3,287,043
3,514,226

3,518,450
3,623,762
3,287,043
3,514,226



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans
-
3,000,000
-
3,000,000

Trade creditors
645,949
818,369
645,949
817,769

Amounts owed to group undertakings
-
-
101,022
-

Corporation tax
187,289
37,511
136,899
37,511

Other taxation and social security
27,139
7,446
34,846
7,446

Other creditors
13,078,549
11,998,097
13,057,473
11,998,096

Accruals and deferred income
445,185
468,000
441,185
468,000

14,384,111
16,329,423
14,417,374
16,328,822


Page 33

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

19.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
3,518,450
3,623,762
3,287,043
3,514,226

Financial assets measured at amortised cost
4,502,248
3,306,781
4,446,013
3,297,174

8,020,698
6,930,543
7,733,056
6,811,400


Financial liabilities

Financial liabilities measured at ammortised cost
(14,169,683)
(16,284,466)
(14,144,607)
(16,283,865)


Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other
debtors.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.

Page 34

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

20.


Deferred taxation


Group



2023


£






At beginning of year
(121,596)


Charged to profit or loss
13,773



At end of year
(107,823)

Company


2023


£






At beginning of year
(121,596)


Charged to profit or loss
13,773



At end of year
(107,823)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(121,596)
(121,596)
(121,596)
(121,596)

Tax losses carried forward
13,774
-
13,774
-

(107,822)
(121,596)
(107,822)
(121,596)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3 (2022 - 3) Ordinary shares of £0.000001 each
0.000003
0.000003
1 (2022 - 1) Ordinary A share of £0.000001
0.000001
0.000001
333,332 (2022 - 333,332) Ordinary B shares of £0.000001 each
0.333332
0.333332
333,332 (2022 - 333,332) Ordinary C shares of £0.000001 each
0.333332
0.333332
333,332 (2022 - 333,332) Ordinary D shares of £0.000001 each
0.333332
0.333332

1.000000

1.000000


Page 35

 
DAVID AARON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

22.


Pension commitments

The Company operates 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 Group to the fund and amounted to £2,273 (2022 - £1,948).


23.


Commitments under operating leases

At 30 April 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
114,501
114,501
114,501
114,501

Later than 1 year and not later than 5 years
510,367
510,367
510,367
510,367

Later than 5 years
383,134
497,736
383,134
497,736

1,008,002
1,122,604
1,008,002
1,122,604


24.


Related party transactions

The remuneration of key management personnel amounted to £49,500 (2022: £55,000).
Transactions with related parties:
During the year the group made purchases stock of £Nil (2022: £78,816) from an other related party.


25.


Controlling party

The group is controlled by the directors.

 
Page 36