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REGISTERED NUMBER: 00401414 (England and Wales)












DAVID JENKINS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023






DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)






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




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


DAVID JENKINS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: R Jenkins





REGISTERED OFFICE: The Millennium Coast Bakery
South Avenue
Trostre Business Park
Llanelli
Carmarthenshire
SA14 9UU





REGISTERED NUMBER: 00401414 (England and Wales)





AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The Company operates as a chain of 28 (2022: 27) retail outlets in South Wales and the principal activity is that of the production and retail distribution of bread, confectionery, savouries and associated products.

A new shop was opened in October 2023.

The trading activities of the company continued to generate a good levels of profits, with turnover increasing by 14% and a profit before taxation of £1,830,671 being generated (2022: £2,141,804).

The profit before taxation is after the following exceptional, non-recurring items:
-£288,000 (£2022: £60,000) of exceptional costs; and
-£58,000 of covid recovery grants in 2022 (2023:nil)

The profit before exceptional items and taxation is £2,118,671 (2022: £2,143,804). The director is satisfied with the result for the year and with the company's recovery over the last three years following the challenges of the Covid pandemic and its impact on profitability in 2020.

The turnover and gross profit trends are as follows:
2023 2022 2021 2020
Turnover (£   ) 14,381 12,615 10,815 6,961
Gross Profit Margin 69% 71% 73% 72%


Turnover increased by 14% in 2023 compared with 2022 as a result of an increase in customer numbers together with price increases which had to be implemented to offset increases in raw material, wages and energy costs.

The increase in customer numbers reflects the continuing recovery of customer demand as the communities in which the company operates continued to recover and return to normal following the impact of the Covid pandemic in earlier years and, in particular, in 2020. The company did, however, experience a slow down in customer growth in the second half of the year as the cost of living crisis adversely affected the trading environment.

The high inflation in the UK during 2022 and 2023 has had a significant effect on the company's cost base and, in addition to increasing its selling prices to offset some of the cost increases, the company has continued to focus on initiatives to reduce costs and improve operating efficiency.

The company invested £444,956 in 2023 (2022: £291,884) in capital expenditure. The main areas of capital expenditure related to the refurbishment of the new shop, investments in bakery equipment to increase production capacity and improve efficiency and the ongoing renewal of the company's motor vehicles.

The company continues to maintain its community focus and has undertaken a number of initiatives to raise funds for national charities including Cancer Research UK and The Children's Trust. The company also supports food banks and contributes to a number of other local charities in the communities in which we operate.

FUTURE PLANS

The strong sales performance in 2023 has been largely maintained in 2024. However, the economic environment in the UK continues to be volatile and challenging and, in addition, the company operates in a very competitive retail sector with other businesses introducing extended opening hours and offering delivery services to customers. The company continues to focus on ensuring that its products are of the highest quality in order to distinguish itself and its customer offering from that of its competitors. In addition, the company regularly reviews its operating structures to ensure that it continues to provide the high quality service appropriate for the communities it operates in. The company has a loyal customer base in South Wales and is grateful for the continuing support of its customers.

The continuing cost inflation in the UK - in particular wages and energy costs - has continued to put significant inflationary pressure on the company's cost base. The company is continuing to focus on its operating efficiency in order to minimise the impact of cost increases and limit the extent to which customer price increases have to be increased.

The director considers that, despite the challenging economic environment, the company is well placed to continue to operate profitably and to respond to growth opportunities to develop its shop portfolio further.


DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Financial Risks
The company uses various financial instruments which include cash and other items such as trade creditors that arise directly from its operations. The main risks arising from the company's financial instruments are liquidity risk and credit risk. The directors review and agree policies for managing the principal risks as summarised below.

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company has built up its cash reserves to the point where borrowings such as overdraft facilities are not relied upon for short-term flexibility.

The company does finance some of its investments in tangible fixed assets through hire purchase contracts. The maturity of these obligations is set out in the notes to the financial statements.

Interest rate risk
The company manages its exposure to interest rate fluctuation on its hire purchase agreements by entering into fixed rate agreements. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

Pricing risk
See comments in Future Plans. We do have some fixed price contracts for some key ingredients and, where appropriate, agree fixed price agreements for energy.

Trading Risks

Covid 19
The impact of Covid 19 on the company's business is now minimal following the recovery of trading activity in 2021 and 2022. The plans adopted to manage the implications of Covid 19 on the business are reviewed regularly to ensure that the company is prepared to respond to any future pandemics and the associated restrictions.

Brexit
The impact on the company of the UK leaving the European Union has been relatively small so far. There have been some delays in sourcing some ingredients which, indirectly, come from the EU. This has been managed by using alternative ingredients and suppliers. We will continue to ensure that we have readily available alternatives for key ingredients.

Health & Safety
The company has in place a rigorous and far-reaching health & safety policy and is committed to adhering to all legislation requirements imposed on it through enforcing authorities.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE RESPONSIBILITIES
The company is committed to its environmental, social and governance responsibilities. We are proactive in continuously working to reduce the impact of our activities on the environment by monitoring energy consumption in each of our locations and undertaking initiatives to reduce consumption wherever possible. This involves investing in energy efficient plant and equipment and managing our baking activities in an efficient way. The communities our shops service are important to us and they are supported by various fund raising and sponsorship events. We engage with our customers on various social media platforms and react to any comments received from customers or employees in order to ensure that we continue to provide an exceptional service in all of the communities we are based. The director is proud of being the third generation to own and manage the business and that the business has operated successfully in South West Wales for over 100 years. We remain focused on managing the business in a sustainable and efficient way in order to safeguard and secure the company and its stakeholders' future success and prosperity.

ON BEHALF OF THE BOARD:





R Jenkins - Director


25 September 2024

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
An interim dividend of £1,000 per share (£850,000) and a final dividend of £500 per share (£425,000) were paid during the year

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
David Jenkins and Russell Jenkins served as directors for the whole of the year ended 31 December 2023.

David Jenkins sadly died suddenly subsequent to the year end, on 5 February 2024.

David and Russell are the third generation to operate and manage the family business and David made a significant contribution to the development and success of the family business over more than 30 years.

Appropriate changes have been made to the company's management structures following David's passing to ensure that the business continues to operate to the high standards he and Russell have always set.

FUTURE DEVELOPMENTS IN THE BUSINESS
The Company will continue to seek out retail opportunities that fit with its current existing business model.

EMPLOYMENT POLICY
The company attaches paramount importance to the well being of its workforce and is committed to their support development and motivation. The company is an equal pay employer. We provide equal opportunities and are committed to the principle of equality regardless of race, national origin, religious belief, political opinion or affiliation, gender, marital status, sexual orientation, gender reassignment, age or disability.

We apply employment policies that are fair, equitable and consistent with the skills and abilities of our employees and the needs of the business. We implement these policies to ensure all employees are accorded equal opportunity for recruitment, training and promotion and, in all jobs of like work, on equal terms of employment. All of our employment policies are monitored to ensure compliance with current legislation and best practice.

Applications for employment of disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff being disabled every effort is made to ensure that their employment within the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled people should, as far as possible, be identical to that of other employees.


Employees and Community
The Directors pride themselves in the contribution that the Company provides to the local community. This includes its valued employees, customers and local supply chain.

Many of the Company's outlets are in the heart of the local communities and being a locally based business means that we can get involved in local matters and support good causes.

The Company has been Investors in People accredited since 2004 and recruits and retains employees who share its values and is proud to have a large number of employees with long service. The future for organisations lies in people and the challenge is to develop skilled, flexible and committed people who can adapt to new ways of working.


DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R Jenkins - Director


25 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID JENKINS LIMITED

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

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID JENKINS LIMITED


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has 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:

- enquiring of management, including obtaining and reviewing support documentation, concerning the company's policies and procedures relating to:
- identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
- discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud.
- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
- enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVID JENKINS 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.




HENRY LLOYD DAVIES (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

26 September 2024

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

REVENUE 14,381,569 12,615,805

Cost of sales 4,421,836 3,606,432
GROSS PROFIT 9,959,733 9,009,373

Administrative expenses 8,253,870 6,995,464
1,705,863 2,013,909

Other operating income 38,920 131,597
OPERATING PROFIT 4 1,744,783 2,145,506

Interest receivable and similar income 91,693 4,568
1,836,476 2,150,074

Interest payable and similar expenses 5 5,805 8,270
PROFIT BEFORE TAXATION 1,830,671 2,141,804

Tax on profit 6 481,795 428,699
PROFIT FOR THE FINANCIAL YEAR 1,348,876 1,713,105

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,348,876

1,713,105

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Property, plant and equipment 9 2,530,766 2,453,448
Investments 10 1,072 1,032
2,531,838 2,454,480

CURRENT ASSETS
Inventories 11 284,412 365,062
Debtors 12 227,523 173,590
Cash at bank and in hand 4,427,320 4,712,209
4,939,255 5,250,861
CREDITORS
Amounts falling due within one year 13 1,287,082 1,558,749
NET CURRENT ASSETS 3,652,173 3,692,112
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,184,011

6,146,592

CREDITORS
Amounts falling due after more than one
year

14

(2,004

)

(45,886

)

PROVISIONS FOR LIABILITIES 17 (474,233 ) (447,361 )

ACCRUALS AND DEFERRED INCOME 18 (27,164 ) (46,611 )
NET ASSETS 5,680,610 5,606,734

CAPITAL AND RESERVES
Called up share capital 19 850 850
Capital redemption reserve 20 1,150 1,150
Retained earnings 20 5,678,610 5,604,734
SHAREHOLDERS' FUNDS 5,680,610 5,606,734

The financial statements were approved by the director and authorised for issue on 25 September 2024 and were signed by:





R Jenkins - Director


DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 850 4,741,629 1,150 4,743,629

Changes in equity
Dividends - (850,000 ) - (850,000 )
Total comprehensive income - 1,713,105 - 1,713,105
Balance at 31 December 2022 850 5,604,734 1,150 5,606,734

Changes in equity
Dividends - (1,275,000 ) - (1,275,000 )
Total comprehensive income - 1,348,876 - 1,348,876
Balance at 31 December 2023 850 5,678,610 1,150 5,680,610

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,010,185 2,616,486
Interest paid (2,787 ) (815 )
Interest element of hire purchase payments
paid

(3,018

)

(7,455

)
Tax paid (620,734 ) (326,180 )
Net cash from operating activities 1,383,646 2,282,036

Cash flows from investing activities
Purchase of tangible fixed assets (444,956 ) (291,884 )
Purchase of fixed asset investments (40 ) -
Sale of tangible fixed assets 24,500 2,499
Interest received 91,693 4,568
Net cash from investing activities (328,803 ) (284,817 )

Cash flows from financing activities
Capital repayments in year (64,732 ) (111,066 )
Equity dividends paid (1,275,000 ) (850,000 )
Net cash from financing activities (1,339,732 ) (961,066 )

(Decrease)/increase in cash and cash equivalents (284,889 ) 1,036,153
Cash and cash equivalents at beginning
of year

2

4,712,209

3,676,056

Cash and cash equivalents at end of year 2 4,427,320 4,712,209

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,830,671 2,141,804
Depreciation charges 351,540 299,530
Profit on disposal of fixed assets (8,402 ) (529 )
Government grants (17,143 ) (17,776 )
Finance costs 5,805 8,270
Finance income (91,693 ) (4,568 )
2,070,778 2,426,731
Decrease/(increase) in inventories 80,650 (125,429 )
Increase in trade and other debtors (53,933 ) (35,063 )
(Decrease)/increase in trade and other creditors (87,310 ) 350,247
Cash generated from operations 2,010,185 2,616,486

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 4,427,320 4,712,209
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 4,712,209 3,676,056


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 4,712,209 (284,889 ) 4,427,320
4,712,209 (284,889 ) 4,427,320
Debt
Finance leases (108,731 ) 64,732 (43,999 )
(108,731 ) 64,732 (43,999 )
Total 4,603,478 (220,157 ) 4,383,321

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

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

1. STATUTORY INFORMATION

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

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.

Presentational and functional currency
The presentational and functional currency is £ sterling.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

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 and in any future periods affected.

Significant management judgements
The following are management judgements in applying the accounting policies of the company that have the most significant effect on the amounts recognised in the financial statements.

Useful life of assets
Tangible fixed assets, other than investment properties, are depreciated over their useful economic lives based on various factors. The actual lives of the assets are re-assessed on a periodic basis and may vary depending on the standard of the asset.

Provisions and accruals
Management bases its judgements on the circumstances relating to each specific event and upon currently available information. However, given the inherent difficulties in the estimation of liabilities in these areas, it cannot be guaranteed that additional costs will not be incurred beyond the amounts accrued.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised at the point of sale.

Other income
Rental income arising from leases is accounted for on a straight line basis over the lease term.

Goodwill
Goodwill is an amount paid in connection with the acquisition of shops.

Goodwill has been fully amortised over three years with a full year charged in the period of acquisition.

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

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

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

2. ACCOUNTING POLICIES - continued

Property, plant and equipment
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.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Plant and Machinery - 10% - 25% Reducing Balance
Fixtures and fittings - 10% - 25% Reducing Balance
Motor vehicles - 25% reducing balance

If there is an indication that there has been a significant change in depreciation rate or residual value of an asset, the depreciation of that asset is revised prospectively to reflect the new expectations.

Freehold land is not depreciated.

Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.

A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

Impairment of fixed assets
The company performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement.

Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement.

Investments
Investments are shown at fair value and are not re-valued where valuation is below trivial.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

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

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

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

Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Grant income
Grant income is recognised when the grant is awarded and the amount can be measured reliably. For any grant income that does not run co-terminus with the accounting period, the income relating to future periods will be deferred

Capital grants received are deferred and released over the life of the assets to which they relate.

Hire purchase and lease 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.

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

Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

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

3. EMPLOYEES AND DIRECTORS

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

20232022

All categories294251

The average monthly number of employees on a full time equivalent basis was as follows:

20232022

All categories212186

2023 2022
£    £   
Directors' remuneration 92,687 93,291

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

Money purchase schemes 2 2

4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 322,684 254,564
Depreciation - assets on hire purchase contracts 28,856 44,966
Profit on disposal of fixed assets (8,402 ) (529 )
Auditors' remuneration 14,600 11,550

Government grants

During the year the company received nil (2022: £58k) in government and Council support in relation to the ongoing pandemic.The £58k in 2022 is included within sundry receipts.

There are no unfulfilled conditions attached to the above grants received.

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HMRC interest 2,787 815
Hire purchase 3,018 7,455
5,805 8,270

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

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

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 454,923 380,933
Under provision in prior year - 28,274
Total current tax 454,923 409,207

Deferred tax 26,872 19,492
Tax on profit 481,795 428,699

UK corporation tax has been charged at 23.50% .

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

2023 2022
£    £   
Profit before tax 1,830,671 2,141,804
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

430,208

406,943

Effects of:
Expenses not deductible for tax purposes 49,270 -
Income not taxable for tax purposes - (11,089 )
Capital allowances in excess of depreciation (24,921 ) (15,076 )

Deferred tax 26,872 19,492

Adjustments to tax charge in respect of previous period - 28,274
Corporation tax adjustment for interest payable for late corporation tax. - 155
Total tax charge 481,429 428,699

** TAX CHARGE FOR CURRENT YEAR ON CLIENT SCREEN OF 481,429
DOES NOT AGREE TO AMOUNT PER TB OF 481,795

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 425,000 850,000
Interim 850,000 -
1,275,000 850,000

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

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

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 559,196
AMORTISATION
At 1 January 2023
and 31 December 2023 559,196
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

9. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property Machinery
£    £    £   
COST
At 1 January 2023 393,727 1,451,481 1,521,862
Additions - 20,402 148,376
Disposals - (293,432 ) (261,659 )
At 31 December 2023 393,727 1,178,451 1,408,579
DEPRECIATION
At 1 January 2023 100,101 1,353,106 1,063,547
Charge for year 7,874 42,345 73,560
Eliminated on disposal - (293,432 ) (261,659 )
At 31 December 2023 107,975 1,102,019 875,448
NET BOOK VALUE
At 31 December 2023 285,752 76,432 533,131
At 31 December 2022 293,626 98,375 458,315

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 3,872,421 461,190 7,700,681
Additions 175,728 100,450 444,956
Disposals (554,118 ) (105,272 ) (1,214,481 )
At 31 December 2023 3,494,031 456,368 6,931,156
DEPRECIATION
At 1 January 2023 2,512,249 218,230 5,247,233
Charge for year 155,430 72,331 351,540
Eliminated on disposal (554,118 ) (89,174 ) (1,198,383 )
At 31 December 2023 2,113,561 201,387 4,400,390
NET BOOK VALUE
At 31 December 2023 1,380,470 254,981 2,530,766
At 31 December 2022 1,360,172 242,960 2,453,448

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

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

9. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
Machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 83,886 168,274 115,588 367,748
Transfer to ownership (83,886 ) (3,606 ) (32,398 ) (119,890 )
At 31 December 2023 - 164,668 83,190 247,858
DEPRECIATION
At 1 January 2023 25,938 47,933 42,597 116,468
Charge for year - 14,668 14,188 28,856
Transfer to ownership (25,938 ) (14,141 ) (16,159 ) (56,238 )
At 31 December 2023 - 48,460 40,626 89,086
NET BOOK VALUE
At 31 December 2023 - 116,208 42,564 158,772
At 31 December 2022 57,948 120,341 72,991 251,280

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023 1,032
Additions 40
At 31 December 2023 1,072
NET BOOK VALUE
At 31 December 2023 1,072
At 31 December 2022 1,032

11. INVENTORIES
2023 2022
£    £   
Raw materials 284,412 365,062

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,434 3,473
Other debtors 76 -
VAT 19,581 41,176
Prepayments 206,432 128,941
227,523 173,590

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 41,995 62,845
Trade creditors 514,442 638,657
Corporation tax 244,208 410,019
Social security and other taxes 72,112 75,910
Other creditors 37,914 1,269
Accrued expenses 376,411 370,049
1,287,082 1,558,749

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 2,004 45,886

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 41,995 62,845
Between one and five years 2,004 45,886
43,999 108,731

Non-cancellable operating leases
2023 2022
£    £   
Within one year 341,011 366,477
Between one and five years 424,357 594,123
765,368 960,600

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 43,999 108,731

Hire purchase balances are secured on the assets to which they relate.

The company's banker Lloyds holds the following security: -

An unlimited debenture dated 28/04/2011 incorporating a fixed and floating charge.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 474,233 447,361

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

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

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 447,361
Charge to Statement of Comprehensive Income during year 26,872
Balance at 31 December 2023 474,233

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following analysis is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

20232022
Balances:£   £   

ACAs474,233447,361
Other timing differences--
474,233447,361

18. ACCRUALS AND DEFERRED INCOME
2023 2022
£    £   
Accruals and deferred income - 2,304
Deferred government grants 27,164 44,307
27,164 46,611

The deferred grants relate to fixed assets. Grants are released over the useful economic lives of the fixed assets. At the start of the year the grant amount was £44,307. The total amount of grants released during the year was £17,143 (2022: £17,143).

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
850 Ordinary £1 850 850

Each share is entitled to:
- One vote in any circumstances;
- Pari Passu to dividend or any other distribution; and
- Full participation in capital distributions.

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 5,604,734 1,150 5,605,884
Profit for the year 1,348,876 1,348,876
Dividends (1,275,000 ) (1,275,000 )
At 31 December 2023 5,678,610 1,150 5,679,760

Called up share capital - represents the nominal value of shares that have been issued.

Capital redemption reserves - represents payments to acquire own shares.

Retained earnings - include all current and prior period retained profits and losses.

DAVID JENKINS LIMITED (REGISTERED NUMBER: 00401414)

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

21. RELATED PARTY DISCLOSURES

The company also made pension contributions of £100,000 (2022: £60,000) to the spouses of the directors.

22. POST BALANCE SHEET EVENTS

As noted in the director's report, David Jenkins, a director, sadly passed away suddenly in February 2024 after 34 years of service to the company. Appropriate changes to the company's management structures have been made to ensure that the business continues to operate to the high standards previously set.

23. ULTIMATE CONTROLLING PARTY

The directors have ultimate control of the company due to their 100% shareholding.