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REGISTERED NUMBER: 02305497 (England and Wales)













EVANS & HUGHES LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023






EVANS & HUGHES LIMITED (REGISTERED NUMBER: 02305497)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EVANS & HUGHES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023







DIRECTORS: T J H Davies
L A Richards
I Hakim





SECRETARY: R C Hughes





REGISTERED OFFICE: 58 Rhosmaen Street
Llandeilo
Carmarthenshire
SA19 6EN





REGISTERED NUMBER: 02305497 (England and Wales)





ACCOUNTANTS: Carr, Jenkins & Hood
3 New Mill Court
Enterprise Park
Swansea
SA7 9FG

EVANS & HUGHES LIMITED (REGISTERED NUMBER: 02305497)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 182,000 184,500
Tangible assets 5 33,659 28,321
215,659 212,821

CURRENT ASSETS
Stocks 88,477 70,523
Debtors 6 232,382 2,621
Cash at bank 380,733 192,167
701,592 265,311
CREDITORS
Amounts falling due within one year 7 283,129 167,233
NET CURRENT ASSETS 418,463 98,078
TOTAL ASSETS LESS CURRENT LIABILITIES 634,122 310,899

CREDITORS
Amounts falling due after more than one
year

8

-

(73,774

)

PROVISIONS FOR LIABILITIES (8,201 ) (6,040 )
NET ASSETS 625,921 231,085

CAPITAL AND RESERVES
Called up share capital 80 80
Capital redemption reserve 20 20
Retained earnings 625,821 230,985
625,921 231,085

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

EVANS & HUGHES LIMITED (REGISTERED NUMBER: 02305497)

BALANCE SHEET - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:




T J H Davies - Director



L A Richards - Director


EVANS & HUGHES LIMITED (REGISTERED NUMBER: 02305497)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023


1. STATUTORY INFORMATION

Evans & Hughes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 58 Rhosmaen Street, Llandeilo, Dyfed, United Kingdom, SA19 6EN.

Principle activity

The principal activity of the company continued to be that of optometrists.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

EVANS & HUGHES LIMITED (REGISTERED NUMBER: 02305497)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold 10% Reducing balance
Fixtures, fittings & equipment 15% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

Impairment of fixed assets At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.


EVANS & HUGHES LIMITED (REGISTERED NUMBER: 02305497)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 period 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.

EVANS & HUGHES LIMITED (REGISTERED NUMBER: 02305497)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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 about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 31 (2022 - 23 ) .

EVANS & HUGHES LIMITED (REGISTERED NUMBER: 02305497)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022 410,000
Additions 20,000
At 30 June 2023 430,000
AMORTISATION
At 1 April 2022 225,500
Charge for period 22,500
At 30 June 2023 248,000
NET BOOK VALUE
At 30 June 2023 182,000
At 31 March 2022 184,500

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 41,369 42,877 84,246
Additions - 10,500 10,500
At 30 June 2023 41,369 53,377 94,746
DEPRECIATION
At 1 April 2022 28,162 27,763 55,925
Charge for period 1,320 3,842 5,162
At 30 June 2023 29,482 31,605 61,087
NET BOOK VALUE
At 30 June 2023 11,887 21,772 33,659
At 31 March 2022 13,207 15,114 28,321

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 114,017 420
Other debtors 118,365 2,201
232,382 2,621

EVANS & HUGHES LIMITED (REGISTERED NUMBER: 02305497)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 30 JUNE 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 33,531 25,626
Amounts owed to participating interests 65,415 32,535
Taxation and social security 150,374 65,784
Other creditors 33,809 43,288
283,129 167,233

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 48,932
Taxation and social security - (5,544 )
Other creditors - 30,386
- 73,774

9. RELATED PARTY DISCLOSURES

Amounts due to directors at the reporting date £NIL (2022:£30,386).

Amounts owed by directors at the reporting date £116,736 (2022:£NIL).

Dividends totalling £107,325 (2022:£170,000) were paid in the year in respect of shares held by the company's directors and their spouses.

10. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.