14 false false false false false false false false false true false false false false false false No description of principal activity 2020-12-01 Sage Accounts Production Advanced 2020 - FRS102_2019 218,280 211,914 6,366 218,280 6,366 xbrli:pure xbrli:shares iso4217:GBP 03782037 2020-12-01 2021-11-30 03782037 2021-11-30 03782037 2020-11-30 03782037 2020-03-01 2020-11-30 03782037 2020-11-30 03782037 core:NetGoodwill 2020-12-01 2021-11-30 03782037 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 03782037 core:FurnitureFittings 2020-12-01 2021-11-30 03782037 core:MotorVehicles 2020-12-01 2021-11-30 03782037 bus:LeadAgentIfApplicable 2020-12-01 2021-11-30 03782037 bus:Director1 2020-12-01 2021-11-30 03782037 core:WithinOneYear 2021-11-30 03782037 core:WithinOneYear 2020-11-30 03782037 core:NetGoodwill 2020-11-30 03782037 core:NetGoodwill 2021-11-30 03782037 core:LandBuildings 2020-11-30 03782037 core:FurnitureFittings 2020-11-30 03782037 core:MotorVehicles 2020-11-30 03782037 core:LandBuildings 2021-11-30 03782037 core:FurnitureFittings 2021-11-30 03782037 core:MotorVehicles 2021-11-30 03782037 core:LandBuildings 2020-12-01 2021-11-30 03782037 core:ShareCapital 2021-11-30 03782037 core:ShareCapital 2020-11-30 03782037 core:RetainedEarningsAccumulatedLosses 2021-11-30 03782037 core:RetainedEarningsAccumulatedLosses 2020-11-30 03782037 core:BetweenOneFiveYears 2021-11-30 03782037 core:BetweenOneFiveYears 2020-11-30 03782037 core:NetGoodwill 2020-11-30 03782037 core:LandBuildings 2020-11-30 03782037 core:FurnitureFittings 2020-11-30 03782037 core:MotorVehicles 2020-11-30 03782037 bus:SmallEntities 2020-12-01 2021-11-30 03782037 bus:AuditExemptWithAccountantsReport 2020-12-01 2021-11-30 03782037 bus:FullAccounts 2020-12-01 2021-11-30 03782037 bus:SmallCompaniesRegimeForAccounts 2020-12-01 2021-11-30 03782037 bus:PrivateLimitedCompanyLtd 2020-12-01 2021-11-30
COMPANY REGISTRATION NUMBER: 03782037
A.J. Evans Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2021
A.J. Evans Limited
Financial Statements
Year ended 30 November 2021
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
A.J. Evans Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of A.J. Evans Limited
Year ended 30 November 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A.J. Evans Limited for the year ended 30 November 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
CLAY SHAW THOMAS LTD Chartered accountants
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
8 August 2022
A.J. Evans Limited
Statement of Financial Position
30 November 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
6,366
Tangible assets
6
91,888
79,470
--------
--------
91,888
85,836
Current assets
Stocks
7
56,667
50,392
Debtors
8
446,127
242,099
Investments
9
152,854
143,636
Cash at bank and in hand
52,766
232,319
---------
---------
708,414
668,446
Creditors: amounts falling due within one year
10
215,023
237,658
---------
---------
Net current assets
493,391
430,788
---------
---------
Total assets less current liabilities
585,279
516,624
Provisions
Taxation including deferred tax
16,229
13,817
---------
---------
Net assets
569,050
502,807
---------
---------
A.J. Evans Limited
Statement of Financial Position (continued)
30 November 2021
2021
2020
Note
£
£
£
Capital and reserves
Called up share capital
97
97
Profit and loss account
11
568,953
502,710
---------
---------
Shareholders funds
569,050
502,807
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 August 2022 , and are signed on behalf of the board by:
Mr A J Evans
Director
Company registration number: 03782037
A.J. Evans Limited
Notes to the Financial Statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Oldfield Road, Bocam Park, Bridgend, Bridgend County Borough, CF35 5LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has assessed whether there are any material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the director has taken in to account all available information about the future, including the impact of the Coronavirus on the business and conclude that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax. The company's principal activity is that of a pharmaceutical retailer. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
2% straight line
Fixtures & fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
The company operates a defined contribution scheme. The amount charged to the profit and loss account in respect of pension costs are the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2020: 15 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2020 and 30 November 2021
218,280
---------
Amortisation
At 1 December 2020
211,914
Charge for the year
6,366
---------
At 30 November 2021
218,280
---------
Carrying amount
At 30 November 2021
---------
At 30 November 2020
6,366
---------
6. Tangible assets
Property improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2020
8,784
157,238
84,680
250,702
Additions
32,700
32,700
-------
---------
--------
---------
At 30 November 2021
8,784
189,938
84,680
283,402
-------
---------
--------
---------
Depreciation
At 1 December 2020
2,591
125,420
43,221
171,232
Charge for the year
176
11,814
8,292
20,282
-------
---------
--------
---------
At 30 November 2021
2,767
137,234
51,513
191,514
-------
---------
--------
---------
Carrying amount
At 30 November 2021
6,017
52,704
33,167
91,888
-------
---------
--------
---------
At 30 November 2020
6,193
31,818
41,459
79,470
-------
---------
--------
---------
7. Stocks
2021
2020
£
£
Pharmacy stock
56,667
50,392
--------
--------
8. Debtors
2021
2020
£
£
Trade debtors
209,744
176,248
Other debtors
236,383
65,851
---------
---------
446,127
242,099
---------
---------
9. Investments
2021
2020
£
£
Other investments
152,854
143,636
---------
---------
10. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
175,735
149,135
Accruals and deferred income
14,480
15,795
Social security and other taxes
20,533
55,627
Other creditors
4,275
17,101
---------
---------
215,023
237,658
---------
---------
11. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021
2020
£
£
Not later than 1 year
22,000
22,000
Later than 1 year and not later than 5 years
42,167
64,167
--------
--------
64,167
86,167
--------
--------
13. Director's advances, credits and guarantees
As at 30 November 2021, the company was owed £216,641 (£47,183) from Mr A J Evans and the maximum balance during the year was £197,550 (2020: £283,490). No interest has been charged on this loan.
2021
£
Balance owed from the director at 1 December 2020 47,183
Monies drawn 203,096
Monies introduced (33,638)
---------
Balance owed from the director at 30 November 2021 216,641
---------
14. Related party transactions
During the year, the company paid £22,293 (2020:£16,500) in rent for the property owned by A J Evans Limited Directors pension scheme.
15. Comparative figures
The comparative figures are for 9 month period of trade.