REGISTERED NUMBER: 03862203 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

A W JAMES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P J Wilson

A J Wilson

D A Wilson

C R Spring

P G Mace

R S Wilson

SECRETARY:

J W Morris

REGISTERED OFFICE:

Linford Hall

Church Lane

Little Linford

Milton Keynes

Buckinghamshire

MK19 7EB

REGISTERED NUMBER:

03862203 (England and Wales)

AUDITORS:

Ad Valorem Audit Services Limited

Chartered Certified Accountants

& Statutory Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

FIXED ASSETS

Intangible assets

4

-

-

Investment property

5

136,499,033

132,303,033

136,499,033

132,303,033

CURRENT ASSETS

Debtors

6

3,865,165

7,429,207

Cash at bank

158,956

104,859

4,024,121

7,534,066

CREDITORS

Amounts falling due within one year

7

4,700,074

5,814,492

NET CURRENT (LIABILITIES)/ASSETS

(675,953

)

1,719,574

TOTAL ASSETS LESS CURRENT LIABILITIES

135,823,080

134,022,607

CREDITORS

Amounts falling due after more than one year

8

(73,289,425

)

(75,344,750

)

PROVISIONS FOR LIABILITIES

11

(9,536,474

)

(9,315,612

)

NET ASSETS

52,997,181

49,362,245

CAPITAL AND RESERVES

Called up share capital

12

3,000,000

3,000,000

Revaluation reserve

13

23,366,801

20,219,802

Other reserves

13

2,933,056

2,933,056

Hedging reserve

13

-

1,922,785

Retained earnings

13

23,697,324

21,286,602

SHAREHOLDERS' FUNDS

52,997,181

49,362,245

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

A J Wilson - Director

1.	STATUTORY INFORMATION

A W James 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 FRS 102 “The Financial reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and Financial instruments to include investment properties at fair value. The principal accounting policies adopted are set out below.

TURNOVER

The company's turnover represents the value of rents receivable during the year, excluding value added tax. Turnover is recognised when revenue and associated costs can be measured reliably and future economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of discounts and value added tax.

GOODWILL

Acquired goodwill is written off in equal annual instalments over its 10 year useful economic life.

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.

INVESTMENT PROPERTY

In accordance with standard accounting practice, investment properties are revalued annually and the aggregate surplus or deficit is recognised in the income statement. Although standard accounting practice does not require the use of a revaluation reserve, the directors believe that the use of such a reserve is necessary for a proper understanding of the company's financial position. Accordingly the investment property revaluation for the year is transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of investment properties.

Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that the policy of not providing depreciation is necessary in order to give a true and fair view, since the current value of investment properties, and changes to that current value, are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been included cannot be separately identified or quantified.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12‘ Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TAXATION

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

Current or deferred taxation assets and liabilities are not discounted.

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

DEFERRED TAX

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

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

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

FOREIGN EXCHANGE

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

DERIVATIVES

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2024

92,059

Disposals

(92,059

)

At 31 May 2025

-

AMORTISATION

At 1 June 2024

92,059

Eliminated on disposal

(92,059

)

At 31 May 2025

-

NET BOOK VALUE

At 31 May 2025

-

At 31 May 2024

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2024

132,303,033

Revaluations

4,196,000

At 31 May 2025

136,499,033

NET BOOK VALUE

At 31 May 2025

136,499,033

At 31 May 2024

132,303,033

Investment property comprises rental properties. The balance sheet figure comprises cost of £103,776,902 (2024 - £103,776,092). In the directors opinion, the carrying value of the company's investment properties as at 31 May 2025 is not significantly different from the open market fair values of those properties as at the date of signing these financial statements. The directors anticipate having the investment property periodically valued by an external independent valuer.

If the properties were sold for this figure, a corporation tax liability of £6,113,589 (2024 - £6,113,589) would arise.

Fair value at 31 May 2025 is represented by:

£

Valuation in 2021

28,526,130

Valuation in 2025

4,196,000

Cost

103,776,903

136,499,033

If the investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

103,776,903

103,776,903

Investment properties were valued on an open market basis on 31 May 2025 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

74,558

72,890

Other debtors

3,790,607

7,356,317

3,865,165

7,429,207

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 9)

1,400,000

1,400,000

Trade creditors

109,157

204,984

Taxation and social security

942,503

834,183

Other creditors

2,248,414

3,375,325

4,700,074

5,814,492

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 9)

68,289,425

70,344,750

Other creditors

5,000,000

5,000,000

73,289,425

75,344,750

9.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

1,400,000

1,400,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

1,400,000

1,400,000

2025

2024

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

66,889,425

68,944,750

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

69,689,425

71,744,750

The bank loans are secured by way of fixed and floating charges over the investment properties held by the company.

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

9,536,474

9,315,612

Deferred tax

£

Balance at 1 June 2024

9,315,612

Utilised during year

220,862

Balance at 31 May 2025

9,536,474

12.	CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

Value

£

£

9,248,529

Ordinary shares

10p

924,853

924,853

10,751,471

Founder shares

10p

1,075,147

1,075,147

5,374,264

D ordinary shares

10p

537,426

537,426

4,625,736

D 1 ordinary shares

10p

462,574

462,574

3,000,000

3,000,000

Pending the attainment of the enfranchisement value (as defined in the articles):

Founder Shares

Rank pari passu in all respects with the ordinary shares. Following the attainment of the enfranchisement value the shares as a class continue to carry 51.257% of the voting rights and also rank parri passu with the ordinary shares for the income and capital distribution up to cumulative total of £32,254,413.

D Ordinary Shares

Confers no rights to voting, dividends and capital distributions. Following the attainment of the enfranchisement value the shares will rank pari passu in all respects with the ordinary shares and confers full voting, dividend and capital distributions.

D1 Ordinary Shares:

The D1 Shares carry no voting rights but the holders of the D1 Shares as a class will be entitled to the amount by which the pro rata share of the Founder Shares as a class shall exceed £32,354,413 in augmentation of the pro-rata share otherwise payable to the holders of the D1 Shares as a class.

13.

RESERVES

Retained

Revaluation

Other

Hedging

earnings

reserve

reserves

reserve

Totals

£

£

£

£

£

At 1 June 2024

21,286,602

20,219,802

2,933,056

1,922,785

46,362,245

Profit for the year

2,408,300

-

-

-

2,408,300

Cash flow hedging gains

-

-

-

(1,922,785

)

(1,922,785

)

Tax relating to other comprehensive income

-

-

-

-

-

Revaluation

3,146,999

3,146,999

At 31 May 2025

23,694,902

23,366,801

2,933,056

-

49,994,759

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Zubair Arshad FCCA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

15.	OFF-BALANCE SHEET ARRANGEMENTS

2025

2024

£

£

Carrying amount of financial assets

Instruments measured at fair value

1,237,689

3,953,665

Hedging arrangements

Derivative assets with a value of £1,237,689 (2024: £3,953,665) have been designated as hedging instruments in the year to 31 May 2025. These instruments were previously recorded at fair value through the hedging reserves. The derivative assets consist of interest rate swaps connected with the company's bank loans.

16.	ULTIMATE CONTROLLING PARTY

The controlling party is P J Wilson.