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Registered number:  04315643














EVANS BELLHOUSE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


 
EVANS BELLHOUSE LIMITED
 
 
COMPANY INFORMATION


Directors
Michael John Thomas Beer 
Alan James Beer 
Lee Hamilton Johnson 
Edward John Kilgannon 




Company secretary
M J T Beer



Registered number
04315643



Registered office
1 Boundary Street

Liverpool

Merseyside

L5 9UD





 
EVANS BELLHOUSE LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11 - 12
Analysis of net debt
13
Notes to the financial statements
14 - 26


 
EVANS BELLHOUSE LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
The results for the year and financial position of the company are shown in the annexed financial statements.
Annual turnover has decreased by £2.85m in 2023 which represents a 22.3% decrease on the previous year.
The company achieved a gross profit margin of 14.7% compared to that of 13.7% in 2022.

Principal risks and uncertainties
 
Principal risks to the company continue to be uncertainty within the building industry but despite this uncertainty the company anticipates further growth in turnover and profitability in the future.

Financial key performance indicators
 
The company uses a range of industry specific, tailored KPIs to monitor the company's profitability and working capital requirements.


This report was approved by the board on 6 September 2024 and signed on its behalf.



M J T Beer
Director

Page 1

 
EVANS BELLHOUSE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £254,022 (2022 - £633,459).

The directors do not recommend a dividend for the year ended 31 December 2023 (2022: £nil).

Directors

The directors who served during the year were:

Michael John Thomas Beer 
Alan James Beer 
Lee Hamilton Johnson 
Edward John Kilgannon 

Future developments

The directors are satisfied with the result for the year and are positive for the future, based on the ongoing improvements initiatives within the business.

Page 2

 
EVANS BELLHOUSE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 6 September 2024 and signed on its behalf.
 





M J T Beer
Director

Page 3

 
EVANS BELLHOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVANS BELLHOUSE LIMITED
 

Opinion


We have audited the financial statements of Evans Bellhouse Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2023 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 4

 
EVANS BELLHOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVANS BELLHOUSE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 2, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
EVANS BELLHOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVANS BELLHOUSE LIMITED (CONTINUED)


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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: 
• to identify and assess the risks of material misstatement of the financial statements due to fraud; 
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement    due to fraud, through designing and implementing appropriate responses; and 
• to respond appropriately to fraud or suspected fraud identified during the audit. 
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows: 
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the      Company and determined that the most significant are those that relate to the reporting framework (FRS   102 and  the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU     General Data Protection Regulation (GDPR). 
• We understood how the Company is complying with those frameworks by making enquiries of
  management. 
Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: 
• enquiries of management; and 
• journal entry testing, with a focus on journals indicating large or unusual transactions based on our
  understanding of the business. 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

Page 6

 
EVANS BELLHOUSE LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVANS BELLHOUSE LIMITED (CONTINUED)



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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Mr Eifion Roberts (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditor
  
The Plaza, 100 Old Hall Street
Liverpool
L3 9QJ

6 September 2024
Page 7

 
EVANS BELLHOUSE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
9,937,678
12,789,261

Cost of sales
  
(8,480,733)
(11,038,628)

Gross profit
  
1,456,945
1,750,633

Administrative expenses
  
(1,191,099)
(991,584)

Operating profit
  
265,846
759,049

Interest receivable and similar income
 8 
74,353
41,750

Interest payable and similar expenses
 9 
(5,914)
(13,695)

Profit before tax
  
334,285
787,104

Tax on profit
 10 
(80,263)
(153,645)

Profit for the financial year
  
254,022
633,459

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 26 form part of these financial statements.

Page 8

 
EVANS BELLHOUSE LIMITED
REGISTERED NUMBER: 04315643

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
309,476
412,027

  
309,476
412,027

Current assets
  

Stocks
 12 
1,258,388
1,119,763

Debtors: amounts falling due within one year
 13 
4,128,847
3,228,535

Cash at bank and in hand
 14 
710,303
1,537,077

  
6,097,538
5,885,375

Creditors: amounts falling due within one year
 15 
(1,450,869)
(1,519,694)

Net current assets
  
 
 
4,646,669
 
 
4,365,681

Total assets less current liabilities
  
4,956,145
4,777,708

Creditors: amounts falling due after more than one year
 16 
(72,132)
(128,417)

Provisions for liabilities
  

Deferred tax
 19 
(51,500)
(70,800)

  
 
 
(51,500)
 
 
(70,800)

Net assets
  
4,832,513
4,578,491


Capital and reserves
  

Called up share capital 
 20 
5,203
5,203

Share premium account
 21 
88,291
88,291

Other reserves
 21 
2,613
2,613

Profit and loss account
 21 
4,736,406
4,482,384

  
4,832,513
4,578,491


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 September 2024.




M J T Beer
Director

The notes on pages 14 to 26 form part of these financial statements.

Page 9

 
EVANS BELLHOUSE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
5,203
88,291
2,613
4,482,384
4,578,491



Profit for the year
-
-
-
254,022
254,022


At 31 December 2023
5,203
88,291
2,613
4,736,406
4,832,513


The notes on pages 14 to 26 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2022
5,203
88,291
2,613
3,848,925
3,945,032



Profit for the year
-
-
-
633,459
633,459


At 31 December 2022
5,203
88,291
2,613
4,482,384
4,578,491


The notes on pages 14 to 26 form part of these financial statements.

Page 10

 
EVANS BELLHOUSE LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
254,022
633,459

Adjustments for:

Depreciation of tangible assets
90,655
64,681

Loss on disposal of tangible assets
(7,155)
-

Interest paid
5,914
13,695

Interest received
(74,353)
(41,750)

Taxation charge
80,263
153,645

(Increase)/decrease in stocks
(138,626)
326,018

Decrease in debtors
66,443
624,471

(Increase) in amounts owed by associates
(967,519)
(183,459)

(Decrease) in creditors
(36,789)
(794,098)

Corporation tax (paid)
(118,930)
(361,390)

Net cash generated from operating activities

(846,075)
435,272
Page 11

 
EVANS BELLHOUSE LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£




Cash flows from investing activities

Purchase of tangible fixed assets
-
(213,374)

Sale of tangible fixed assets
19,050
16,395

Interest received
74,353
41,750

HP interest paid
(5,913)
(5,418)

Net cash from investing activities

87,490
(160,647)

Cash flows from financing activities

Repayment of/new finance leases
(68,189)
27,959

Interest paid
-
(8,278)

Net cash used in financing activities
(68,189)
19,681

Net (decrease)/increase in cash and cash equivalents
(826,774)
294,306

Cash and cash equivalents at beginning of year
1,537,077
1,242,771

Cash and cash equivalents at the end of year
710,303
1,537,077


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
710,303
1,537,077

710,303
1,537,077


The notes on pages 14 to 26 form part of these financial statements.

Page 12

 
EVANS BELLHOUSE LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,537,077

(826,774)

710,303

Debt due within 1 year

(1,107)

(123)

(1,230)

Finance leases

(196,646)

68,189

(128,457)


1,339,324
(758,708)
580,616

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Evans Bellhouse Limited is a private limited company, limited by shares, incorporated in England and Wales.  Its registered office is 1 Boundary Street, Liverpool, Merseyside, L5 9UD.  The company number is 04315643.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

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

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost 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.

Page 15

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using various rates and techniques appropriate.

Depreciation is provided on the following basis:

Leasehold property
-
5%
straight line
Property improvements
-
10%
straight line
Racking and machinery
-
10%
straight line
Motor vehicles & fork lift trucks
-
25%
reducing balance
Fixtures and fittings
-
20%
straight line

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 profit or loss.

 
2.8

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 balance sheet 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.

 
2.9

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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.11

Creditors

Short-term 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.

Page 16

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying
Page 17

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made judgements with regards to the depreciation of assets, valuation of stock and recoverability of bad debts in preparing these financial statements.

Page 18

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Softwood importers and wholesalers
9,937,678
12,789,261

9,937,678
12,789,261


All turnover arose within the United Kingdom.


5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
6,890
7,000

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
465,042
467,952

Social security costs
17,264
18,148

Cost of defined contribution scheme
17,668
13,559

499,974
499,659


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
9
9

Page 19

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
165,544
183,411

Company contributions to defined contribution pension schemes
9,581
6,456

175,125
189,867



8.


Interest receivable

2023
2022
£
£


Other interest receivable
74,353
41,750

74,353
41,750


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
8,277

Finance leases and hire purchase contracts
5,914
5,418

5,914
13,695

Page 20

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
99,563
118,945


Deferred tax


Origination and reversal of timing differences
(19,300)
34,700


Taxation on profit on ordinary activities
80,263
153,645

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
334,285
787,104


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
78,624
149,550

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,549
1,028

Effect of a change in tax rate leading to an increase (decrease) in taxation
90
3,067

Total tax charge for the year
80,263
153,645


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
133,327
153,869
548,504
835,700


Disposals
-
-
(56,657)
(56,657)



At 31 December 2023

133,327
153,869
491,847
779,043



Depreciation


At 1 January 2023
63,729
96,849
263,095
423,673


Charge for the year on owned assets
6,666
13,887
70,102
90,655


Disposals
-
-
(44,761)
(44,761)



At 31 December 2023

70,395
110,736
288,436
469,567



Net book value



At 31 December 2023
62,932
43,133
203,411
309,476



At 31 December 2022
69,598
57,020
285,409
412,027




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Leasehold property
62,932
69,598

62,932
69,598


Page 22

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           11.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
31,999
42,665

Motor vehicles
112,868
150,491

144,867
193,156


12.


Stocks

2023
2022
£
£

Raw materials and consumables
1,258,388
1,119,763

1,258,388
1,119,763



13.


Debtors

2023
2022
£
£


Trade debtors
1,517,247
1,577,021

Amounts owed by associated undertakings
2,526,699
1,559,945

Prepayments
84,901
91,569

4,128,847
3,228,535



14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
710,303
1,537,077

710,303
1,537,077


Page 23

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
984,552
929,161

Amounts owed to associates
4,208
4,973

Corporation tax
99,578
118,945

Other taxation and social security
238,304
260,910

Obligations under finance lease and hire purchase contracts
56,325
68,229

Other creditors
1,230
1,107

Accruals and deferred income
66,672
136,369

1,450,869
1,519,694



16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
72,132
128,417

72,132
128,417



17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
56,325
74,102

Between 1-5 years
72,662
141,666

128,987
215,768

Page 24

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
710,303
1,537,077

Financial assets that are debt instruments measured at amortised cost
4,043,946
3,136,966

4,754,249
4,674,043


Financial liabilities


Financial liabilities measured at amortised cost
(1,056,662)
(1,071,610)


Financial assets measured at fair value through profit or loss comprise of bank and cash.
Financial assets that are debt instruments measured at amortised cost comprise of trade and other debtors.
Financial liabilities measured at amortised cost comprise of trade creditors, other creditors and accruals.


19.


Deferred taxation




2023


£






At beginning of year
(70,800)


Charged to profit or loss
19,300



At end of year
(51,500)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(51,500)
(70,800)

(51,500)
(70,800)

Page 25

 
EVANS BELLHOUSE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5,203 (2022 - 5,203) Ordinary shares of £1.00 each
5,203
5,203



21.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £17,667 (2022: £13,559).


23.


Related party transactions

Included within debtors is an amount of £2,526,699 (2022: £1,559,945) owed from related parties.
Included within creditors is an amount of £5,438 (2022: £6,081) owed to related parties. 
During the year the company paid management charges of £449,793 (2022: £257,788) to entities under common control.
All transactions were conducted at an arms length basis.


24.


Controlling party

The company is controlled by its directors.

 
Page 26