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Registration number: 00719925

D.D.Evans & Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

D.D.Evans & Sons Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account and Statement of Retained Earnings

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 10

Detailed Profit and Loss Account

11 to 13

 

D.D.Evans & Sons Limited

Company Information

Director

Mrs Elonwy Margaret Eleanor Pugh-Huysmans

Company secretary

J E M Pugh

Registered office

Service Garage
North Road
Lampeter
Ceredigion
SA48 7JA

Accountants

LHP Accountants Limited
Chartered Certified Accountants
Tŷ Harford,
Sgwâr Harford
Lampeter
SA48 7HD

 

D.D.Evans & Sons Limited

Director's Report for the Year Ended 31 May 2023

The director presents her report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr David Hugh Meuryn Evans, deceased (ceased 11 January 2023)

Mrs Elonwy Margaret Eleanor Pugh-Huysmans (appointed 11 January 2023)

Principal activity

The principal activity of the company is Garage

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 22 February 2024 and signed on its behalf by:

.........................................
Mrs Elonwy Margaret Eleanor Pugh-Huysmans
Director

   
     
 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
D.D.Evans & Sons Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D.D.Evans & Sons Limited for the year ended 31 May 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants (ACCA), we are subject to its ethical and other professional requirements which are disclosed and available at the following website https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.

This report is made solely to the Board of Directors of D.D.Evans & Sons Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of D.D.Evans & Sons Limited and state those matters that we have agreed to state to the Board of Directors of D.D.Evans & Sons Limited, as a body, in this report in accordance with the requirements of the ACCA as detailed at the following website http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D.D.Evans & Sons Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that D.D.Evans & Sons Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of D.D.Evans & Sons Limited. You consider that D.D.Evans & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of D.D.Evans & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

LHP Accountants Limited
Chartered Certified Accountants
Tŷ Harford,
Sgwâr Harford
Lampeter
SA48 7HD

22 February 2024

 

D.D.Evans & Sons Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 May 2023

Note

2023
£

2022
£

Turnover

 

2,393,880

2,139,633

Cost of sales

 

(2,177,891)

(2,018,925)

Gross profit

 

215,989

120,708

Administrative expenses

 

(137,903)

(136,806)

Operating profit/(loss)

 

78,086

(16,098)

Profit/(loss) before tax

4

78,086

(16,098)

Taxation

 

(15,087)

2,715

Profit/(loss) for the financial year

 

62,999

(13,383)

Retained earnings brought forward

 

376,305

395,688

Dividends paid

 

(6,000)

(6,000)

Retained earnings carried forward

 

433,304

376,305

 

D.D.Evans & Sons Limited

(Registration number: 00719925)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,457

5,581

Current assets

 

Stocks

6

47,733

100,305

Debtors

7

43,306

65,016

Cash at bank and in hand

 

434,880

358,088

 

525,919

523,409

Creditors: Amounts falling due within one year

8

(93,447)

(149,060)

Net current assets

 

432,472

374,349

Net assets

 

436,929

379,930

Capital and reserves

 

Called up share capital

9

3,000

3,000

Other reserves

625

625

Retained earnings

433,304

376,305

Shareholders' funds

 

436,929

379,930

For the financial year ending 31 May 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 22 February 2024
 

.........................................
Mrs Elonwy Margaret Eleanor Pugh-Huysmans
Director

   
     
 

D.D.Evans & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Service Garage
North Road
Lampeter
Ceredigion
SA48 7JA

These financial statements were authorised for issue by the director on 22 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 operates and generates taxable income.

 

D.D.Evans & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

D.D.Evans & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,124

1,402

 

D.D.Evans & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

161,441

6,200

167,641

At 31 May 2023

161,441

6,200

167,641

Depreciation

At 1 June 2022

156,004

6,056

162,060

Charge for the year

1,095

29

1,124

At 31 May 2023

157,099

6,085

163,184

Carrying amount

At 31 May 2023

4,342

115

4,457

At 31 May 2022

5,437

144

5,581

6

Stocks

2023
£

2022
£

Other inventories

47,733

100,305

7

Debtors

Current

2023
£

2022
£

Trade debtors

31,838

62,137

Prepayments

5,072

-

Other debtors

6,396

2,879

 

43,306

65,016

 

D.D.Evans & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

2,393

53,895

Taxation and social security

 

12,173

2,312

Other related parties

 

62,439

88,871

Other creditors

 

4,070

3,982

Corporation tax liability

 

12,372

-

 

93,447

149,060

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

3,000

3,000

3,000

3,000

         

10

Related party transactions

Transactions with the director

2023

At 1 June 2022
£

Repayments by director
£

At 31 May 2023
£

Loan from DHM Evans

27,216

2,000

29,216

       
     

 

2022

At 1 June 2021
£

Repayments by director
£

At 31 May 2022
£

Loan from DHM Evans

25,216

2,000

27,216

       
     

 

The loan from the director is interest free and repayable on demand

 

D.D.Evans & Sons Limited

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

Turnover (analysed below)

2,393,880

2,139,633

Cost of sales (analysed below)

(2,177,891)

(2,018,925)

Gross profit

215,989

120,708

Gross profit (%)

9.02%

5.64%

Administrative expenses

Employment costs (analysed below)

(77,819)

(90,590)

Establishment costs (analysed below)

(20,672)

(18,670)

General administrative expenses (analysed below)

(13,035)

(13,173)

Finance charges (analysed below)

(25,253)

(12,971)

Depreciation costs (analysed below)

(1,124)

(1,402)

(137,903)

(136,806)

Operating profit/(loss)

78,086

(16,098)

Profit/(loss) before tax

78,086

(16,098)

 

D.D.Evans & Sons Limited

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

   

Turnover

Sale of goods, UK

2,390,382

2,137,408

Interest received

1,230

33

Commissions receivable

2,268

2,192

2,393,880

2,139,633

   

Cost of sales

Opening finished goods

(100,305)

(54,430)

Purchases

(2,121,152)

(2,057,879)

Closing finished goods

45,955

100,304

Subcontract cost

(2,389)

(6,920)

(2,177,891)

(2,018,925)

   

Employment costs

Wages and salaries (excluding directors)

(58,019)

(59,391)

Directors remuneration

(19,800)

(31,199)

(77,819)

(90,590)

   

Establishment costs

Rates

(9,203)

(231)

Light, heat and power

(3,789)

(4,933)

Insurance

(1,351)

(6,373)

Repairs and renewals

(6,329)

(7,133)

(20,672)

(18,670)

   

General administrative expenses

Telephone and fax

(1,642)

(1,582)

Computer software and maintenance costs

(3,960)

(3,823)

Printing, postage and stationery

(823)

(1,292)

Trade subscriptions

(543)

(1,350)

Sundry expenses

(369)

(32)

Cleaning

(178)

(90)

Motor expenses

(1,218)

(1,089)

Advertising

(52)

(80)

Staff entertaining (allowable for tax)

(450)

(450)

Accountancy fees

(3,800)

(3,385)

(13,035)

(13,173)

   

Finance charges

Bank charges

(3,911)

(2,182)

Credit card charges

(21,342)

(10,789)

(25,253)

(12,971)

 

D.D.Evans & Sons Limited

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

   

Depreciation costs

Depreciation of plant and machinery (owned)

(1,096)

(1,366)

Depreciation of motor vehicles (owned)

(28)

(36)

(1,124)

(1,402)