Registration number:
D.D.Evans & Sons Limited
for the Year Ended 31 May 2023
D.D.Evans & Sons Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
D.D.Evans & Sons Limited
Company Information
Director |
Mrs Elonwy Margaret Eleanor Pugh-Huysmans |
Company secretary |
J E M Pugh |
Registered office |
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Accountants |
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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:
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
......................................... |
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.
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Chartered Certified Accountants
Sgwâr Harford
Lampeter
SA48 7HD
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 |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit/(loss) |
|
( |
|
Profit/(loss) before tax |
|
( |
|
Taxation |
( |
|
|
Profit/(loss) for the financial year |
|
( |
|
Retained earnings brought forward |
376,305 |
395,688 |
|
Dividends paid |
( |
( |
|
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 |
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Fixed assets |
|||
Tangible assets |
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|
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Current assets |
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Stocks |
|
|
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Debtors |
|
|
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Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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:
• |
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• |
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
......................................... |
D.D.Evans & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit/loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
D.D.Evans & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Tangible assets |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 June 2022 |
|
|
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At 31 May 2023 |
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|
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Depreciation |
|||
At 1 June 2022 |
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|
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Charge for the year |
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|
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At 31 May 2023 |
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|
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Carrying amount |
|||
At 31 May 2023 |
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At 31 May 2022 |
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|
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Stocks |
2023 |
2022 |
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Other inventories |
|
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Prepayments |
|
- |
Other debtors |
|
|
|
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D.D.Evans & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Trade creditors |
|
|
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Taxation and social security |
|
|
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Other related parties |
62,439 |
88,871 |
|
Other creditors |
4,070 |
3,982 |
|
Corporation tax liability |
12,372 |
- |
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
3,000 |
|
3,000 |
Related party transactions |
Transactions with the director |
2023 |
At 1 June 2022 |
Repayments by director |
At 31 May 2023 |
Loan from DHM Evans |
|
|
|
2022 |
At 1 June 2021 |
Repayments by director |
At 31 May 2022 |
Loan from DHM Evans |
|
|
|
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) |