Company registration number 05740899 (England and Wales)
E J EVANS & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
E J EVANS & SON LIMITED
COMPANY INFORMATION
Directors
Mr P Evans
Mr EJ Evans
Secretary
Mr P Evans
Company number
05740899
Registered office
The Coach Depot
Thornton Industrial Estate
Milford Haven
Pembrokeshire
SA73 2RR
Accountants
WBV Limited
Woodfield House
Castle Walk
Neath
SA11 3LN
E J EVANS & SON LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
E J EVANS & SON LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF E J EVANS & SON LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of E J Evans & Son Limited for the year ended 31 March 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of E J Evans & Son 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 financial statements of E J Evans & Son Limited and state those matters that we have agreed to state to the board of directors of E J Evans & Son Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than E J Evans & Son Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that E J Evans & Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of E J Evans & Son Limited. You consider that E J Evans & Son 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 financial statements of E J Evans & Son 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 financial statements.
WBV Limited
16 August 2024
Chartered Accountants
Woodfield House
Castle Walk
Neath
SA11 3LN
E J EVANS & SON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
599,536
573,369
Current assets
Stocks
5,613
4,726
Debtors
5
67,594
147,195
Cash at bank and in hand
333,295
276,697
406,502
428,618
Creditors: amounts falling due within one year
6
(278,365)
(284,071)
Net current assets
128,137
144,547
Total assets less current liabilities
727,673
717,916
Creditors: amounts falling due after more than one year
7
(207,222)
(243,943)
Provisions for liabilities
(145,442)
(99,163)
Net assets
375,009
374,810
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
375,007
374,808
Total equity
375,009
374,810
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
E J EVANS & SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
Mr P Evans
Director
Company registration number 05740899 (England and Wales)
E J EVANS & SON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
2
285,237
285,239
Year ended 31 March 2023:
Profit and total comprehensive income
-
149,571
149,571
Dividends
-
(60,000)
(60,000)
Balance at 31 March 2023
2
374,808
374,810
Year ended 31 March 2024:
Profit and total comprehensive income
-
65,199
65,199
Dividends
-
(65,000)
(65,000)
Balance at 31 March 2024
2
375,007
375,009
E J EVANS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information
E J Evans & Son Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company information page.
1.1
Accounting convention
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 as modified by the revaluation of certain assets.
1.2
Turnover
Turnover represents net invoiced services, excluding value added tax
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with a school contract purchased in 2018, is amortised evenly over its estimated useful life of five years
1.4
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, which ever is shorter.
Improvements to Property
20% on cost
Plant and machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Coaches
12.5% on cost
Motor vehicles
12.5% on cost
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.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statements 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
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.
E J EVANS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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 year 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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
29
26
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
225,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
225,000
Carrying amount
At 31 March 2024
At 31 March 2023
E J EVANS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Improvements to Property
Plant and machinery
Fixtures and fittings
Coaches
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
6,426
36,953
14,133
1,050,127
57,000
1,164,639
Additions
49,183
333
89,650
139,166
Disposals
(9,000)
(9,000)
At 31 March 2024
6,426
86,136
14,466
1,130,777
57,000
1,294,805
Depreciation and impairment
At 1 April 2023
5,569
24,711
10,390
536,349
14,250
591,269
Depreciation charged in the year
856
7,373
588
92,558
7,125
108,500
Eliminated in respect of disposals
(4,500)
(4,500)
At 31 March 2024
6,425
32,084
10,978
624,407
21,375
695,269
Carrying amount
At 31 March 2024
1
54,052
3,488
506,370
35,625
599,536
At 31 March 2023
857
12,242
3,742
513,778
42,750
573,369
E J EVANS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Tangible fixed assets
(Continued)
- 8 -
Cost of valuation at 31 March 2024 is represented by:
Improvements to property: Valuation in 2007 - £0
Cost - £6,426
Plant & machinery: Valuation in 2007 - £6,976
Cost - £86,136
Fixtures & fittings: Valuation in 2007 - £2,458
Cost - £14,466
Motor vehicles: Valuation in 2007 - £0
Cost - £57,000
Coaches: Valuation in 2007 - £65,646
Cost - £1,130,777
Totals: Valuation in 2007 - £75,080
Cost - £1,294,805
Coaches were valued on an open market basis on 31 May 2006 by the directors.
The directors reviewed the values of Coaches at 31 March 2013 and consider that the net book value included in the accounts, based upon cost and valuation, reasonably reflects the values at 31 March 2013.
The net book value of tangible fixed assets includes £540,823 (2023 - £520,101) in respect of assets held under hire purchase contracts.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
38,209
127,240
Other debtors
29,385
19,955
67,594
147,195
E J EVANS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,690
Obligations under finance leases
8
122,257
144,272
Other borrowings
55,420
26,646
Trade creditors
29,043
16,642
Corporation tax
24,606
37,753
Other taxation and social security
10,146
8,758
Other creditors
23,913
28,839
Accruals and deferred income
12,980
11,471
278,365
284,071
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
8
160,788
169,057
Other borrowings
46,434
74,886
207,222
243,943
8
Secured Debts
2024
2023
The following secured debts are included within creditors :
£
£
Hire Purchase Contracts
283,045
313,329
Amounts due under hire purchase contracts are secured by the assets to which the contract relates.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,770
1,770
E J EVANS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
11
Control of the company
The Company is controlled by Mr E J Evans and Mr P Evans who are the Company's shareholders.
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