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REGISTERED NUMBER: 00797583 (England and Wales)









H.J. EVERETT (CHEMIST) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


H.J. EVERETT (CHEMIST) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: T Baker
C Baker





SECRETARY: D M Russell





REGISTERED OFFICE: 42 Bridge Road
Park Gate
Southampton
Hants
SO31 7GF





REGISTERED NUMBER: 00797583 (England and Wales)





AUDITORS: Morris Crocker Limited
Chartered Accountants
Statutory Auditors
Station House
North Street
Havant
Hampshire
PO9 1QU

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their strategic report of the company and the group for the year ended 31 March 2023.

REVIEW OF BUSINESS
Everetts Pharmacy is a longstanding independent community pharmacy multiple, and the principal activity of the Company remains that of operating registered community pharmacies, conducting prescription dispensing, retail sales and professional healthcare services, across eleven sites in Hampshire.

Company performance, despite consolidation and efficiencies during the year, has resulted in a Group net profit of £55K. This significant decline in profitability is attributed to several factors: the government has flatlined NHS funding on core dispensing activity, with the only area for growth being clinical services, which is increasing gradually despite sector disruption causing widespread bricks and mortar pharmacy closures.

Everetts Pharmacy has continued to modernise branches, and to invest in centralised prescription dispensing and distribution and in our loyal staff. Drug price increases, not matched by funding in the NHS drug tariff, combined with a lack of import regulation, is being countered at Everetts Pharmacy by the adoption of alternative purchasing software.The funding shortfall continues to reduce gross margin, resulting in pharmacy closures locally and nationally, encouraged by government policy towards online and hub-based mass dispensing and remote distribution.

We look to expand our services with targeted recruitment and applying for commissioned NHS services, supplemented by private services, where possible.

PRINCIPAL RISKS AND UNCERTAINTIES
The continued DHSC policy of encouraging online pharmacy activity, makes the move from retail high street to online difficult for a traditional community orientated pharmacy structure but, for Everetts Pharmacy, both approaches are increasingly necessary to survive. At Everetts Pharmacy, we will continue to increase our online presence focusing on our local customer base, and improve the efficiency of our purchasing, centralised dispensing, and home delivery service. More efficient massive work hubs and online attraction of pharmacy business remain the biggest threat to the traditional high street pharmacy. 'Face to face' trading is preferred but markedly the least efficient method, leaving an ever-increasing proportion of pharmacy business online.

The biggest costs remain drug purchase costs and staffing, and both can continue to be improved, primarily through technology. The government is no closer to regulating 'B to B' stock price manipulation, with a knock-on effect for pharmacies, and staffing costs are hard to control through increased cost of living caused by inflation. The CPE (Community Pharmacy England, previously PSNC) has changed structure but continues to negotiate strongly with the DHSC for the new 5-year NHS Pharmacy contract but this is not expected to be finalised until after the next General election. In the meantime, funding remains flatlined, although reduced in real terms, and a shrinking community pharmacy must continue to perform strongly to keep the expanding sector in good standing for this crucially anticipated NHS contract.

The Company continues to deliver remote services by telephone and has started providing private services where the NHS leaves gaps and there is demand. The close proximity of branches and small group strong mentality has helped the company retain much of its core business. We are pleased with the community pharmacy service that we provide to our localities, despite a challenging market and little central financial support. This year, as with last, Everetts Pharmacy will continue to advance healthcare services by blending our strong traditional structure and set up with further modernisation.


H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

FINANCIAL KEY PERFORMANCE INDICATORS
The following KPls are continually reviewed by the Company:

a) Company turnover has increased to £16.1M from £14.8M in the previous period.

b) The Company's gross profit margin is reduced to 25.4% for the year, from 28.2% in 2022. The decrease is due to market pressure on drug prices with NHS government-controlled funding remaining static.

c) Operating profit decreased from the previous period with a Company profit before tax of £55K compared to the prior year profit of £741K.

ON BEHALF OF THE BOARD:





T Baker - Director


31 October 2023

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

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

T Baker
C Baker

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director 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 group's auditors are aware of that information.

AUDITORS
The auditors, Morris Crocker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T Baker - Director


31 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
H.J. EVERETT (CHEMIST) LIMITED

Opinion
We have audited the financial statements of H.J. Everett (Chemist) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
H.J. EVERETT (CHEMIST) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
H.J. EVERETT (CHEMIST) LIMITED


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:

From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concern.

Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of cut off issues, management override concerning the size of the organisation and payroll procedures.

We set financial statement materiality level based on the level of profit. As a trading company, profit is its primary focus which is why profit was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality at an appropriate level.

Substantive audit tests were designed after assessing and testing systems and controls. The systems and controls which have been designed to act as a preventative measure against fraud and error were operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested.

Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override.

The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation.

Management assessed there is no going concern risk. The audit undertook a review of budgets and management accounts and came to the same conclusion as management.

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
H.J. EVERETT (CHEMIST) 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.




Paul Underwood, FCCA (Senior Statutory Auditor)
for and on behalf of Morris Crocker Limited
Chartered Accountants
Statutory Auditors
Station House
North Street
Havant
Hampshire
PO9 1QU

1 November 2023

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 16,161,944 14,840,786

Cost of sales 12,053,436 10,649,954
GROSS PROFIT 4,108,508 4,190,832

Administrative expenses 4,050,584 3,616,972
57,924 573,860

Other operating income 34,493 196,038
OPERATING PROFIT 4 92,417 769,898

Interest receivable and similar income 5 9,345 89
101,762 769,987

Interest payable and similar expenses 6 46,577 28,201
PROFIT BEFORE TAXATION 55,185 741,786

Tax on profit 7 18,126 170,140
PROFIT FOR THE FINANCIAL YEAR 37,059 571,646
Profit attributable to:
Owners of the parent 37,059 571,646

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 37,059 571,646


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

37,059

571,646

Total comprehensive income attributable to:
Owners of the parent 37,059 571,646

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

CONSOLIDATED BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,666,674 2,664,716
Investments 12 - -
2,666,674 2,664,716

CURRENT ASSETS
Stocks 13 792,230 721,262
Debtors 14 1,804,684 1,562,354
Cash at bank and in hand 1,616,552 2,388,481
4,213,466 4,672,097
CREDITORS
Amounts falling due within one year 15 3,414,108 3,622,869
NET CURRENT ASSETS 799,358 1,049,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,466,032

3,713,944

CREDITORS
Amounts falling due after more than one
year

16

-

(299,334

)

PROVISIONS FOR LIABILITIES 19 (129,682 ) (115,319 )
NET ASSETS 3,336,350 3,299,291

CAPITAL AND RESERVES
Called up share capital 20 3,870 3,870
Share premium 21 2,670 2,670
Capital redemption reserve 21 75 75
Retained earnings 21 3,329,735 3,292,676
SHAREHOLDERS' FUNDS 3,336,350 3,299,291

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:





T Baker - Director


H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

COMPANY BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,666,674 2,658,885
Investments 12 100 100
2,666,774 2,658,985

CURRENT ASSETS
Stocks 13 792,230 700,656
Debtors 14 1,804,161 1,560,513
Cash at bank and in hand 1,613,412 2,386,118
4,209,803 4,647,287
CREDITORS
Amounts falling due within one year 15 3,398,779 3,601,274
NET CURRENT ASSETS 811,024 1,046,013
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,477,798

3,704,998

CREDITORS
Amounts falling due after more than one
year

16

-

(299,334

)

PROVISIONS FOR LIABILITIES 19 (129,682 ) (115,319 )
NET ASSETS 3,348,116 3,290,345

CAPITAL AND RESERVES
Called up share capital 20 3,870 3,870
Share premium 21 2,670 2,670
Capital redemption reserve 21 75 75
Retained earnings 21 3,341,501 3,283,730
SHAREHOLDERS' FUNDS 3,348,116 3,290,345

Company's profit for the financial year 57,771 583,312

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:





T Baker - Director


H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 April 2021 3,870 3,316,030 2,670 75 3,322,645

Changes in equity
Dividends - (595,000 ) - - (595,000 )
Total comprehensive income - 571,646 - - 571,646
Balance at 31 March 2022 3,870 3,292,676 2,670 75 3,299,291

Changes in equity
Total comprehensive income - 37,059 - - 37,059
Balance at 31 March 2023 3,870 3,329,735 2,670 75 3,336,350

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 April 2021 3,870 3,295,418 2,670 75 3,302,033

Changes in equity
Dividends - (595,000 ) - - (595,000 )
Total comprehensive income - 583,312 - - 583,312
Balance at 31 March 2022 3,870 3,283,730 2,670 75 3,290,345

Changes in equity
Total comprehensive income - 57,771 - - 57,771
Balance at 31 March 2023 3,870 3,341,501 2,670 75 3,348,116

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (143,276 ) 1,667,611
Interest paid (46,577 ) (28,201 )
Tax paid (125,608 ) (170,717 )
Net cash from operating activities (315,461 ) 1,468,693

Cash flows from investing activities
Purchase of tangible fixed assets (143,635 ) (185,591 )
Sale of tangible fixed assets 2,624 -
Government grants received - 10,228
Interest received 9,345 89
Net cash from investing activities (131,666 ) (175,274 )

Cash flows from financing activities
Loan repayments in year (105,802 ) (74,815 )
Amount introduced by directors 1,000 220,000
Amount withdrawn by directors (220,000 ) -
Equity dividends paid - (595,000 )
Net cash from financing activities (324,802 ) (449,815 )

(Decrease)/increase in cash and cash equivalents (771,929 ) 843,604
Cash and cash equivalents at
beginning of year

2

2,388,481

1,544,877

Cash and cash equivalents at end of
year

2

1,616,552

2,388,481

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 55,185 741,786
Depreciation charges 134,650 110,628
Loss on disposal of fixed assets 4,403 1,552
Government grants - (10,228 )
Finance costs 46,577 28,201
Finance income (9,345 ) (89 )
231,470 871,850
(Increase)/decrease in stocks (70,968 ) 60,790
(Increase)/decrease in trade and other debtors (242,330 ) 963,107
Decrease in trade and other creditors (61,448 ) (228,136 )
Cash generated from operations (143,276 ) 1,667,611

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 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,616,552 2,388,481
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 2,388,481 1,544,877


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 2,388,481 (771,929 ) 1,616,552
2,388,481 (771,929 ) 1,616,552
Debt
Debts falling due within 1 year (715,096 ) (236,909 ) (952,005 )
Debts falling due after 1 year (299,334 ) 299,334 -
(1,014,430 ) 62,425 (952,005 )
Total 1,374,051 (709,504 ) 664,547

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

H.J. Everett (Chemist) 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 General 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note3).

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

The following principal accounting policies have been applied:

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements required management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Residual values:

The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate.

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

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

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Rvenue is measures as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- The group has transferred the significant risk and rewards of ownership to the buyer;

- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the Group will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Group will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured realiably.

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill - 7 years

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property - 2% straight line
Long-term leasehold property- 2-10% straight line
Short-term leasehold property- straight line over period of lease
Motor Vehicles- 25% reducing balance
Fixtures and Fittings- 15-33.3% reducing balance
Office Equipment- 15-33.3% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method


H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

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

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

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

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

-The recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits;

-Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met; and

-Where they relate to timing differences in respect of interests in subsidiaries, associates, branches
and joint ventures and the Group can control the reversal of the timing differences and such
reversal is not considered probable in the foreseeable future.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

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

Pension costs and other post-retirement benefits
The group operated a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

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

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

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

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

2. ACCOUNTING POLICIES - continued

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

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,826,726 2,543,843
Social security costs 187,495 155,687
Other pension costs 58,887 50,162
3,073,108 2,749,692

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

Administrative staff 165 148

The average number of employees by undertakings that were proportionately consolidated during the year was 4 (2022 - 6 ) .

2023 2022
£    £   
Directors' remuneration 138,542 158,291

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 17,674 17,282
Other operating leases 89,755 86,135
Depreciation - owned assets 134,650 110,627
Loss on disposal of fixed assets 4,403 1,552
Auditors' remuneration 11,500 13,250

5. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Deposit account interest 9,345 89

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

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

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 46,517 28,140
Loan interest 60 61
46,577 28,201

7. 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 3,763 125,540

Deferred tax 14,363 44,600
Tax on profit 18,126 170,140

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of £1 each
Interim - 595,000

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2022 884,058
Disposals (52,000 )
At 31 March 2023 832,058
AMORTISATION
At 1 April 2022 884,058
Eliminated on disposal (52,000 )
At 31 March 2023 832,058
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

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

10. INTANGIBLE FIXED ASSETS - continued

Company
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 832,058
AMORTISATION
At 1 April 2022
and 31 March 2023 832,058
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

11. TANGIBLE FIXED ASSETS

Group
Freehold Short Long
property leasehold leasehold
£    £    £   
COST
At 1 April 2022 1,534,019 162,753 1,479,316
Additions 9,989 - 550
Disposals - (32,108 ) -
At 31 March 2023 1,544,008 130,645 1,479,866
DEPRECIATION
At 1 April 2022 463,470 161,505 334,401
Charge for year 24,551 137 25,950
Eliminated on disposal - (31,314 ) -
At 31 March 2023 488,021 130,328 360,351
NET BOOK VALUE
At 31 March 2023 1,055,987 317 1,119,515
At 31 March 2022 1,070,549 1,248 1,144,915

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

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

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 1,298,893 164,711 4,639,692
Additions 126,608 6,488 143,635
Disposals (34,692 ) (9,085 ) (75,885 )
At 31 March 2023 1,390,809 162,114 4,707,442
DEPRECIATION
At 1 April 2022 868,174 147,426 1,974,976
Charge for year 77,681 6,331 134,650
Eliminated on disposal (29,297 ) (8,247 ) (68,858 )
At 31 March 2023 916,558 145,510 2,040,768
NET BOOK VALUE
At 31 March 2023 474,251 16,604 2,666,674
At 31 March 2022 430,719 17,285 2,664,716

Company
Freehold Short Long
property leasehold leasehold
£    £    £   
COST
At 1 April 2022 1,534,019 130,645 1,479,316
Additions 9,989 - 550
Disposals - - -
At 31 March 2023 1,544,008 130,645 1,479,866
DEPRECIATION
At 1 April 2022 463,470 130,277 334,401
Charge for year 24,551 51 25,950
Eliminated on disposal - - -
At 31 March 2023 488,021 130,328 360,351
NET BOOK VALUE
At 31 March 2023 1,055,987 317 1,119,515
At 31 March 2022 1,070,549 368 1,144,915

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

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

11. TANGIBLE FIXED ASSETS - continued

Company

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 1,271,812 157,544 4,573,336
Additions 126,608 6,488 143,635
Disposals (7,611 ) (1,918 ) (9,529 )
At 31 March 2023 1,390,809 162,114 4,707,442
DEPRECIATION
At 1 April 2022 845,441 140,862 1,914,451
Charge for year 77,637 6,281 134,470
Eliminated on disposal (6,520 ) (1,633 ) (8,153 )
At 31 March 2023 916,558 145,510 2,040,768
NET BOOK VALUE
At 31 March 2023 474,251 16,604 2,666,674
At 31 March 2022 426,371 16,682 2,658,885

12. FIXED ASSET INVESTMENTS


13. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 792,230 721,262 792,230 700,656

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,485,628 1,274,477 1,485,628 1,274,477
Other debtors 20,469 12,549 20,092 12,511
VAT 182,413 168,485 182,413 168,485
Prepayments 116,174 106,843 116,028 105,040
1,804,684 1,562,354 1,804,161 1,560,513

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

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

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 952,005 715,096 952,005 715,096
Trade creditors 2,225,519 2,296,897 2,225,520 2,294,182
Corporation tax 3,695 125,540 3,695 125,540
VAT - 624 - -
PAYE and NIC 44,821 39,702 44,821 39,436
Other creditors 18,907 17,081 18,907 16,301
Directors' current accounts 14,000 233,000 - 220,000
Accruals and deferred income 155,161 194,929 153,831 190,719
3,414,108 3,622,869 3,398,779 3,601,274

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 17) - 299,334 - 299,334

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 952,005 681,535 952,005 681,535
Bank loans - 33,561 - 33,561
952,005 715,096 952,005 715,096
Amounts falling due between one and two years:
Bank loans - 1-2 years - 299,334 - 299,334

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 141,832 46,074
Between one and five years 503,903 129,295
In more than five years 352,270 150,844
998,005 326,213

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

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

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 129,682 115,319 129,682 115,319

Group
Deferred
tax
£   
Balance at 1 April 2022 115,319
Charge to Income Statement during year 14,363
Balance at 31 March 2023 129,682

Company
Deferred
tax
£   
Balance at 1 April 2022 115,319
Charge to Income Statement during year 14,363
Balance at 31 March 2023 129,682

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,290 Ordinary A £1 1,290 1,290
1,290 Ordinary B £1 1,290 1,290
1,290 Ordinary C £1 1,290 1,290
3,870 3,870

21. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2022 3,292,676 2,670 75 3,295,421
Profit for the year 37,059 37,059
At 31 March 2023 3,329,735 2,670 75 3,332,480

H.J. EVERETT (CHEMIST) LIMITED (REGISTERED NUMBER: 00797583)

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

21. RESERVES - continued

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 April 2022 3,283,730 2,670 75 3,286,475
Profit for the year 57,771 57,771
At 31 March 2023 3,341,501 2,670 75 3,344,246