Registered number
04510133
Evans of Monmouth Limited
Unaudited Filleted Accounts
31 December 2023
Evans of Monmouth Limited
Registered number: 04510133
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 80,976 88,071
Current assets
Stocks 16,066 16,000
Debtors 5 100,543 90,824
Cash at bank and in hand 8,373 15,833
124,982 122,657
Creditors: amounts falling due within one year 6 (136,762) (137,094)
Net current liabilities (11,780) (14,437)
Total assets less current liabilities 69,196 73,634
Provisions for liabilities (15,385) (16,733)
Net assets 53,811 56,901
Capital and reserves
Called up share capital 2 2
Profit and loss account 53,809 56,899
Shareholders' funds 53,811 56,901
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
RG Evans
Director
Approved by the board on 11 September 2024
Evans of Monmouth Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 15% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 10,000
At 31 December 2023 10,000
Amortisation
At 1 January 2023 10,000
At 31 December 2023 10,000
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 218,686
Additions 7,195
At 31 December 2023 225,881
Depreciation
At 1 January 2023 130,615
Charge for the year 14,290
At 31 December 2023 144,905
Net book value
At 31 December 2023 80,976
At 31 December 2022 88,071
5 Debtors 2023 2022
£ £
Trade debtors 95,799 86,106
Other debtors 4,744 4,718
100,543 90,824
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,221 16,885
Obligations under finance lease and hire purchase contracts - 2,750
Trade creditors 62,172 70,894
Taxation and social security costs 7,999 6,310
Other creditors 55,370 40,255
136,762 137,094
7 Related party transactions
An amount of £24,000 (2022 - £24,000) was paid to a director, R G Evans, in respect of rent and rates on the premises from where the company operates.
8 Controlling party
The controlling party is R G Evans by virtue of his ownership of 100% of the issued ordinary 'A' share capital in the company.
9 Other information
Evans of Monmouth Limited is a private company limited by shares and incorporated in England. Its registered office is:
Units 1-4, Crossley Farm Business Centre
Swan Lane, Winterbourne
Bristol
South Gloucestershire
BS36 1RH
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