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REGISTERED NUMBER: 00414805 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 April 2023

for

Dean & Smedley,Limited

Dean & Smedley,Limited (Registered number: 00414805)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Dean & Smedley,Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: R J Dean
Mrs B I Dean
C W Dean
Ms L K Dean
Mrs H R McGrath
Mrs S E Tyson



SECRETARY: Mrs B I Dean



REGISTERED OFFICE: 65 Horninglow Road
Burton-on-Trent
Staffordshire
DE14 2PP



REGISTERED NUMBER: 00414805 (England and Wales)



SENIOR STATUTORY AUDITOR: Reza Mohidin FCA



AUDITORS: Bourne & Co.
Statutory Auditors
3 Charnwood Street
Derby
Derbyshire
DE1 2GY

Dean & Smedley,Limited (Registered number: 00414805)

Strategic Report
for the Year Ended 30 April 2023

The directors present their strategic report for the year ended 30 April 2023.

REVIEW OF BUSINESS
Review of business 2022-23
Our pharmacies continue to deliver a first-rate service despite many ongoing challenges in the community pharmacy industry. All the targets and KPIs set by us, and the NHS have been met.

Despite continuing unsatisfactory remuneration from the government and increasing workforce challenges, we made a profit this year. This is down to our ongoing efforts to reduce our costs and improve our efficiencies.

However, our gross profit margin decreased.

KPIs
New medicines service (NMS)
The national target is 40% of eligible prescriptions. The company average increased to nearly 80%.

Premises standards
We continue to focus on the excellent presentation of our pharmacies. Compliance with standards are checked during yearly visits by our Pharmacy Services manager.

Pharmacy quality service
All our pharmacies achieved almost 100% of the targets set within the scheme.

Flu vaccination service
We delivered another large increase in flu vaccinations this year achieving over 4,500 flu jabs across the company.

COVID-19 vaccination service
We were commissioned to provide COVID vaccinations at one of our pharmacies from September 2021. This was both successful and rewarding and continued throughout 2022 and early part of 2023.

PRINCIPAL RISKS AND UNCERTAINTIES
The government is still not altering its approach to pharmacy finance despite continued petitioning by our negotiating body and other representative bodies. One of whom claims we are now £1.1 billion underpaid. The government have committed to giving community pharmacy up to £645m but how this is going to be paid to us is still under negotiation and will come with extra work.

The amount of work that our pharmacies are having to undertake is constantly increasing. We have had to try and increase staffing levels at some of our pharmacies to help support them in maintaining our high standards of service. However, workforce recruitment is incredibly challenging. Pharmacist recruitment is particularly challenging and market rates have pushed pharmacist salaries up. We have adjusted our scale accordingly which has increased our costs. We have tried to mitigate some of these costs by offering a salary sacrifice scheme.

We are seeing more medicines supply issues than ever before which is leading to increased purchase prices on the stock that is available. This has a knock-on effect of increasing workload for our staff and decreasing our profit as there are more lines we are dispensing at a loss.

We are offering an increasing number of private services to help grow the business and offset the uncertainty with the government funding level.

ON BEHALF OF THE BOARD:





Ms L K Dean - Director


14 September 2023

Dean & Smedley,Limited (Registered number: 00414805)

Report of the Directors
for the Year Ended 30 April 2023

The directors present their report with the financial statements of the company for the year ended 30 April 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of pharmaceutical chemists.

DIVIDENDS
An interim dividend of £10 per share was paid on 1 October 2022. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2023 will be £ 43,030 .

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

R J Dean
Mrs B I Dean
C W Dean
Ms L K Dean

Other changes in directors holding office are as follows:

Mrs H R McGrath and Mrs S E Tyson were appointed as directors after 30 April 2023 but prior to the date of this report.

SUBSIDIARY COMPANIES
The company held two wholly owned subsidiary companies during the year, J Owen Jones & Sons Limited and Urban Healthcare Limited. These two subsidiary companies remain dormant and there are no plans at present for this position to change.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Dean & Smedley,Limited (Registered number: 00414805)

Report of the Directors
for the Year Ended 30 April 2023


AUDITORS
The auditors, Bourne & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




Ms L K Dean - Director


14 September 2023

Report of the Independent Auditors to the Members of
Dean & Smedley,Limited

Opinion
We have audited the financial statements of Dean & Smedley,Limited (the 'company') for the year ended 30 April 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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

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

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

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 directors' 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
Dean & Smedley,Limited


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

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

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

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company and considered those laws and regulations central to the operation of the business including motor industry specific regulations.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company and the industry in which it operates, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to impairment of stock and fixed assets.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Performing a physical verification of key assets and subsequent testing of values.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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.

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.




Reza Mohidin FCA (Senior Statutory Auditor)
for and on behalf of Bourne & Co.
Statutory Auditors
3 Charnwood Street
Derby
Derbyshire
DE1 2GY

14 September 2023

Dean & Smedley,Limited (Registered number: 00414805)

Income Statement
for the Year Ended 30 April 2023

2023 2022
Notes £    £   

TURNOVER 3 13,928,716 13,146,825

Cost of sales 9,838,932 9,062,864
GROSS PROFIT 4,089,784 4,083,961

Administrative expenses 3,907,779 3,604,849
182,005 479,112

Other operating income 4 106,271 279,432
OPERATING PROFIT 6 288,276 758,544

Profit/loss on sale of invest 7 - 45
288,276 758,499

Interest receivable and similar income 5,705 1,062
293,981 759,561

Interest payable and similar expenses 8 11,541 14,453
PROFIT BEFORE TAXATION 282,440 745,108

Tax on profit 9 82,473 153,039
PROFIT FOR THE FINANCIAL YEAR 199,967 592,069

Dean & Smedley,Limited (Registered number: 00414805)

Other Comprehensive Income
for the Year Ended 30 April 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 199,967 592,069


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

199,967

592,069

Dean & Smedley,Limited (Registered number: 00414805)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 523,703 576,272
Tangible assets 12 923,734 806,909
Investments 13 2 2
1,447,439 1,383,183

CURRENT ASSETS
Stocks 14 707,366 633,746
Debtors 15 1,329,654 1,117,344
Cash at bank and in hand 2,789,786 3,093,377
4,826,806 4,844,467
CREDITORS
Amounts falling due within one year 16 2,502,665 2,543,366
NET CURRENT ASSETS 2,324,141 2,301,101
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,771,580

3,684,284

CREDITORS
Amounts falling due after more than one
year

17

-

(114,063

)

PROVISIONS FOR LIABILITIES 21 (73,536 ) (29,114 )
NET ASSETS 3,698,044 3,541,107

CAPITAL AND RESERVES
Called up share capital 22 4,303 4,303
Retained earnings 23 3,693,741 3,536,804
SHAREHOLDERS' FUNDS 3,698,044 3,541,107

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2023 and were signed on its behalf by:





Ms L K Dean - Director


Dean & Smedley,Limited (Registered number: 00414805)

Statement of Changes in Equity
for the Year Ended 30 April 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 May 2021 4,303 2,979,159 2,983,462

Changes in equity
Dividends - (34,424 ) (34,424 )
Total comprehensive income - 592,069 592,069
Balance at 30 April 2022 4,303 3,536,804 3,541,107

Changes in equity
Dividends - (43,030 ) (43,030 )
Total comprehensive income - 199,967 199,967
Balance at 30 April 2023 4,303 3,693,741 3,698,044

Dean & Smedley,Limited (Registered number: 00414805)

Cash Flow Statement
for the Year Ended 30 April 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 243,644 693,215
Interest paid (11,541 ) (13,666 )
Interest element of hire purchase or finance
lease rental payments paid

-

(787

)
Tax paid (156,173 ) (127,787 )
Net cash from operating activities 75,930 550,975

Cash flows from investing activities
Purchase of tangible fixed assets (206,053 ) (43,354 )
Sale of tangible fixed assets 2,608 837
Sale of fixed asset investments - 89,344
Interest received 5,705 1,062
Net cash from investing activities (197,740 ) 47,889

Cash flows from financing activities
Loan repayments in year (139,121 ) (26,709 )
Hire Purchase repayments in year - (25,250 )
Amount introduced by directors 370 15,143
Amount withdrawn by directors - (7,200 )
Equity dividends paid (43,030 ) (34,424 )
Net cash from financing activities (181,781 ) (78,440 )

(Decrease)/increase in cash and cash equivalents (303,591 ) 520,424
Cash and cash equivalents at beginning
of year

2

3,093,377

2,572,953

Cash and cash equivalents at end of year 2 2,789,786 3,093,377

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 282,440 745,108
Depreciation charges 133,303 129,151
Loss on disposal of fixed assets 5,884 6,170
Impairment of subsidiary undertakings - 181,511
Finance costs 11,541 14,453
Finance income (5,705 ) (1,062 )
427,463 1,075,331
(Increase)/decrease in stocks (73,620 ) 180,425
Increase in trade and other debtors (212,310 ) (298,994 )
Increase/(decrease) in trade and other creditors 102,111 (263,547 )
Cash generated from operations 243,644 693,215

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 2,789,786 3,093,377
Year ended 30 April 2022
30.4.22 1.5.21
£    £   
Cash and cash equivalents 3,093,377 2,572,953


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.22 Cash flow At 30.4.23
£    £    £   
Net cash
Cash at bank and in hand 3,093,377 (303,591 ) 2,789,786
3,093,377 (303,591 ) 2,789,786
Debt
Debts falling due within 1 year (25,058 ) 25,058 -
Debts falling due after 1 year (114,063 ) 114,063 -
(139,121 ) 139,121 -
Total 2,954,256 (164,470 ) 2,789,786

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Dean & Smedley,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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Dean and Smedley Limited as an individual company and do not contain consolidated financial information as the parent of a group. The reasons for non consolidation are that the two subsidiaries are both dormant and the consolidation of them would not add any value to the accounts of Dean and Smedley Limited. The inclusion of consolidated financial information would not add to the true and fair view of these accounts.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions regarding the carrying amount of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant. They are reviewed on a regular basis and changes recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical accounting judgements and key sources of estimation uncertainty:

Tangible fixed assets are depreciated over their useful economic lives taking into account their residual values where appropriate. The acute lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technical innovation, product life cycles and maintainable programmes are taken into account. Residual values consider such things as future market condition, the remaining life of the asset and projected disposal values.

The value of stock is assessed for impairment. In assessing the stock value, factors such as slow movement and obsolescence are taken into account.

Turnover
Turnover represents net sales, excluding value added tax, plus N.H.S. fees receivable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of various businesses, is being written off evenly over its estimated useful life of 15 years. The directors believe that this reflects the life of the goodwill acquired in each branch more realistically than the 10 years maximum permitted by Financial Reporting Standard 102.

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.

Patents and licences are being amortised evenly over their estimated useful life of either twenty or twenty five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - in accordance with the property
Long leasehold - in accordance with the property
Plant and machinery - 33% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, as valued by independent stocktakers. The cost price is calculated using the average purchase price of each product during the final three months of the year.

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.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Assets held under finance leases are recognised initially at the fair value of the leased asset (or if lower the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interst method so a to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.

Rentals paid under operating leases are charged to profit and loss on a straight line basis over the lease term unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual rent expense equal to amounts owed to the lessor.

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.

Holiday pay
The company recognises a provision for annual leave accrued by employees as a result of services rendered and which they are entitled to carry forward and use. The provision is measured at the salary cost payable for the period of absence.

Financial assets and liabilities
Short term debtors are measured at transaction price, less any impairment.

Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including loans from group companies are measured initially at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method, less any impairment.

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Going concern
After reviewing the company's forecasts and projections, plus the latest management accounts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern policy in preparing its financial statements.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company and arose wholly within the United Kingdom.

4. OTHER OPERATING INCOME
2023 2022
£    £   
Rents receivable from sub lets 21,475 33,266
Furlough claims - 4,487
Sundry receipts 84,796 241,679
106,271 279,432

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,690,058 2,587,106
Social security costs 226,322 212,959
Other pension costs 188,155 119,343
3,104,535 2,919,408

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

Management and Support 12 12
Branch Managers and Sales 119 122
131 134

2023 2022
£    £   
Directors' remuneration 204,252 200,066
Directors' pension contributions to money purchase schemes 29,000 30,000

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 116,318 105,060
Pension contributions to money purchase schemes 22,000 18,000

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 60,152 65,170
Depreciation - owned assets 80,736 76,938
Loss on disposal of fixed assets 5,884 6,170
Goodwill amortisation 30,000 29,998
Patents and licences amortisation 22,569 22,570
Auditors' remuneration 20,254 19,404

7. EXCEPTIONAL ITEMS
2023 2022
£    £   
Profit/loss on sale of invest - (45 )

The loss on sale of investment was in relation to one of the company's subsidiaries that was dissolved on 14th September 2021.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 2,078 4,218
Other Interest Payable 9,463 9,448
Hire purchase interest - 787
11,541 14,453

9. 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 38,051 156,173

Deferred tax 44,422 (3,134 )
Tax on profit 82,473 153,039

UK corporation tax was charged at 19%) in 2022.

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

9. TAXATION - continued

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 282,440 745,108
Profit multiplied by the standard rate of corporation tax in the UK of
19.438% (2022 - 19%)

54,901

141,571

Effects of:
Expenses not deductible for tax purposes 11,195 12,930
Capital allowances in excess of depreciation - (220 )
Depreciation in excess of capital allowances 8,453 -
Lease premium allowable (1,270 ) (1,242 )

Changes in tax rate 9,194 -
Total tax charge 82,473 153,039

The standard rate of corporation tax noted above differs from 19% due an increase in the enacted corporate tax rate to 25% which took effect from 01/04/2023. The hybrid rate also takes into account marginal rate relief available to the company.

Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 43,030 34,424

11. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 May 2022
and 30 April 2023 1,472,718 532,744 2,005,462
AMORTISATION
At 1 May 2022 1,280,034 149,156 1,429,190
Amortisation for year 30,000 22,569 52,569
At 30 April 2023 1,310,034 171,725 1,481,759
NET BOOK VALUE
At 30 April 2023 162,684 361,019 523,703
At 30 April 2022 192,684 383,588 576,272

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

12. TANGIBLE FIXED ASSETS
Freehold Short Long
property leasehold leasehold
£    £    £   
COST
At 1 May 2022 622,376 188,472 83,418
Additions - - -
Disposals - - -
At 30 April 2023 622,376 188,472 83,418
DEPRECIATION
At 1 May 2022 136,357 178,874 14,096
Charge for year 12,447 1,547 499
Eliminated on disposal - - -
At 30 April 2023 148,804 180,421 14,595
NET BOOK VALUE
At 30 April 2023 473,572 8,051 68,823
At 30 April 2022 486,019 9,598 69,322

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2022 229,393 1,152,941 85,798 2,362,398
Additions 7,206 198,847 - 206,053
Disposals (34,418 ) (185,598 ) (23,696 ) (243,712 )
At 30 April 2023 202,181 1,166,190 62,102 2,324,739
DEPRECIATION
At 1 May 2022 218,350 958,933 48,879 1,555,489
Charge for year 6,848 50,655 8,740 80,736
Eliminated on disposal (34,040 ) (179,196 ) (21,984 ) (235,220 )
At 30 April 2023 191,158 830,392 35,635 1,401,005
NET BOOK VALUE
At 30 April 2023 11,023 335,798 26,467 923,734
At 30 April 2022 11,043 194,008 36,919 806,909

13. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2022
and 30 April 2023 2
NET BOOK VALUE
At 30 April 2023 2
At 30 April 2022 2

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


Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

13. FIXED ASSET INVESTMENTS - continued

J. Owen Jones & Sons Ltd.
Registered office: 65-67 Horninglow Road, Burton on Trent, Staffordshire DE14 2PP
Nature of business: Dormant
%
Class of shares: holding
Ordinary £1 99.99
2023 2022
£    £   
Aggregate capital and reserves 101 101

Urban Healthcare Limited
Registered office: 65-67 Horninglow Road, Burton on Trent, Staffordshire DE14 2PP
Nature of business: Dormant
%
Class of shares: holding
Ordinary £1 100.00
2023 2022
£    £   
Aggregate capital and reserves 1 1

14. STOCKS
2023 2022
£    £   
Finished goods held for resale 707,366 633,746

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 937,027 924,939
Other debtors 316,560 127,669
Prepayments 76,067 64,736
1,329,654 1,117,344

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 18) - 25,058
Trade creditors 1,936,476 1,760,261
Tax 38,051 156,173
Amounts owed to Group
Undertaking 1 2
Other Taxes & Social Security 55,421 54,474
Accruals and Deferred Income 212,804 287,856
Directors' current accounts 259,912 259,542
2,502,665 2,543,366

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 18) - 114,063

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

18. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Lloyds Business Loan - 25,058

Amounts falling due between one and two years:
Lloyds Loan 1-2 years - 25,058

Amounts falling due between two and five years:
Lloyds Loan 2-5 years - 75,174

Amounts falling due in more than five years:

Repayable by instalments
Bank Loan - 13,831

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 123,248 113,248
Between one and five years 332,912 304,100
In more than five years 921,105 815,040
1,377,265 1,232,388

20. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 139,121

The bank loans and overdraft facilities are secured by several legal charges over the various freehold and leasehold properties of the company.

Interest on the bank loan is calculated from the Bank of England Base Rate plus 2.55% per annum with repayments being made monthly.

There are legal mortgages in favour of the bank involved over two life policies secured on the life of one of the directors.

21. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated Capital Allowances 73,536 29,114

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

21. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2022 29,114
Provided during year 44,422
Balance at 30 April 2023 73,536

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,303 Ordinary £1 4,303 4,303

23. RESERVES
Retained
earnings
£   

At 1 May 2022 3,536,804
Profit for the year 199,967
Dividends (43,030 )
At 30 April 2023 3,693,741

24. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Amount due to related party 259,913 259,542

The balance above is a loan provided by one of the company's directors, the amount carries an interest rate of 3.75% calculated and paid annually. The amount is repayable on demand and is shown within creditors due within one year.