IRIS Accounts Production v24.2.0.383 00414805 Board of Directors 1.5.23 30.4.24 30.4.24 true true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh004148052023-04-30004148052024-04-30004148052023-05-012024-04-30004148052022-04-30004148052022-05-012023-04-30004148052023-04-3000414805ns15:EnglandWales2023-05-012024-04-3000414805ns14:PoundSterling2023-05-012024-04-3000414805ns10:Director12023-05-012024-04-3000414805ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3000414805ns10:FRS1022023-05-012024-04-3000414805ns10:Audited2023-05-012024-04-3000414805ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-05-012024-04-3000414805ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-05-012024-04-3000414805ns10:FullAccounts2023-05-012024-04-300041480512023-05-012024-04-3000414805ns10:OrdinaryShareClass12023-05-012024-04-3000414805ns10:Director22023-05-012024-04-3000414805ns10:Director32023-05-012024-04-3000414805ns10:Director42023-05-012024-04-3000414805ns10:Director52023-05-012024-04-3000414805ns10:Director62023-05-012024-04-3000414805ns10:CompanySecretary12023-05-012024-04-3000414805ns10:RegisteredOffice2023-05-012024-04-300041480512023-05-012024-04-300041480512022-05-012023-04-3000414805ns5:CurrentFinancialInstruments2024-04-3000414805ns5:CurrentFinancialInstruments2023-04-3000414805ns5:ShareCapital2024-04-3000414805ns5:ShareCapital2023-04-3000414805ns5:RevaluationReserve2024-04-3000414805ns5:RevaluationReserve2023-04-3000414805ns5:RetainedEarningsAccumulatedLosses2024-04-3000414805ns5:RetainedEarningsAccumulatedLosses2023-04-3000414805ns5:ShareCapital2022-04-3000414805ns5:RetainedEarningsAccumulatedLosses2022-04-3000414805ns5:RevaluationReserve2022-04-3000414805ns5:RetainedEarningsAccumulatedLosses2022-05-012023-04-3000414805ns5:RevaluationReserve2022-05-012023-04-3000414805ns5:RetainedEarningsAccumulatedLosses2023-05-012024-04-3000414805ns5:RevaluationReserve2023-05-012024-04-300041480512023-05-012024-04-3000414805ns5:NetGoodwill2023-05-012024-04-3000414805ns5:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3000414805ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-05-012024-04-3000414805ns5:ShortLeaseholdAssetsns5:LandBuildings2023-05-012024-04-3000414805ns5:LongLeaseholdAssetsns5:LandBuildings2023-05-012024-04-3000414805ns5:PlantMachinery2023-05-012024-04-3000414805ns5:FurnitureFittings2023-05-012024-04-3000414805ns5:MotorVehicles2023-05-012024-04-300041480522023-05-012024-04-300041480522022-05-012023-04-3000414805ns10:HighestPaidDirector2023-05-012024-04-3000414805ns10:HighestPaidDirector2022-05-012023-04-3000414805ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-05-012024-04-3000414805ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-05-012023-04-3000414805ns5:OwnedAssets2023-05-012024-04-3000414805ns5:OwnedAssets2022-05-012023-04-3000414805ns5:NetGoodwill2022-05-012023-04-3000414805ns5:PatentsTrademarksLicencesConcessionsSimilar2023-05-012024-04-3000414805ns5:PatentsTrademarksLicencesConcessionsSimilar2022-05-012023-04-3000414805ns10:OrdinaryShareClass12022-05-012023-04-3000414805ns5:NetGoodwill2023-04-3000414805ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3000414805ns5:NetGoodwill2024-04-3000414805ns5:PatentsTrademarksLicencesConcessionsSimilar2024-04-3000414805ns5:NetGoodwill2023-04-3000414805ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-3000414805ns5:LandBuildings2023-04-3000414805ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-3000414805ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-3000414805ns5:LandBuildings2023-05-012024-04-3000414805ns5:LandBuildings2024-04-3000414805ns5:ShortLeaseholdAssetsns5:LandBuildings2024-04-3000414805ns5:LongLeaseholdAssetsns5:LandBuildings2024-04-3000414805ns5:LandBuildings2023-04-3000414805ns5:ShortLeaseholdAssetsns5:LandBuildings2023-04-3000414805ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-3000414805ns5:PlantMachinery2023-04-3000414805ns5:FurnitureFittings2023-04-3000414805ns5:MotorVehicles2023-04-3000414805ns5:PlantMachinery2024-04-3000414805ns5:FurnitureFittings2024-04-3000414805ns5:MotorVehicles2024-04-3000414805ns5:PlantMachinery2023-04-3000414805ns5:FurnitureFittings2023-04-3000414805ns5:MotorVehicles2023-04-3000414805ns5:CostValuation2023-04-3000414805ns5:Subsidiary22023-05-012024-04-30004148053ns5:Subsidiary22023-05-012024-04-3000414805ns5:Subsidiary32023-05-012024-04-3000414805ns5:Subsidiary352023-05-012024-04-3000414805ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3000414805ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3000414805ns5:WithinOneYear2024-04-3000414805ns5:WithinOneYear2023-04-3000414805ns5:BetweenOneFiveYears2024-04-3000414805ns5:BetweenOneFiveYears2023-04-3000414805ns5:MoreThanFiveYears2024-04-3000414805ns5:MoreThanFiveYears2023-04-3000414805ns5:AllPeriods2024-04-3000414805ns5:AllPeriods2023-04-3000414805ns5:DeferredTaxation2023-04-3000414805ns5:DeferredTaxation2023-05-012024-04-3000414805ns5:DeferredTaxation2024-04-3000414805ns10:OrdinaryShareClass12024-04-3000414805ns5:RetainedEarningsAccumulatedLosses2023-04-3000414805ns5:RevaluationReserve2023-04-3000414805ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2023-05-012024-04-3000414805ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2024-04-3000414805ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl2023-04-30
REGISTERED NUMBER: 00414805 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 April 2024

for

Dean & Smedley,Limited

Dean & Smedley,Limited (Registered number: 00414805)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Dean & Smedley,Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: R J Dean
Mrs B I Dean
C W Dean
Ms L K Dean
Mrs H R McGrath
Mrs S E Tyson



SECRETARY: Mrs B I Dean



REGISTERED OFFICE: 65 Horninglow Road
Burton-on-Trent
Staffordshire
DE14 2PP



REGISTERED NUMBER: 00414805 (England and Wales)



SENIOR STATUTORY AUDITOR: David Meadows FCA



AUDITORS: Bourne & Co.
Statutory Auditors
47a Queen Street
Derby
Derbyshire
DE1 3DE

Dean & Smedley,Limited (Registered number: 00414805)

Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
Review of business 2023-24
Our pharmacies continue to deliver a first-rate service despite continuing ongoing unfair challenges in the community pharmacy industry. All the targets and KPIs set by us, and the NHS have been met.

Despite continuing unsatisfactory remuneration from the government and an unfunded increase to national minimum wage, we made a profit this year. This is down to our ongoing efforts to reduce our costs and improve our efficiencies.

However, our gross profit remained almost unchanged from the previous year.

KPIs

New medicines service (NMS)
We saw a further increase in the number NMS delivered across the company. The average achieved was 86.27% compared to just below 80% last year.

Pharmacy First
All of our pharmacy premises were ready for the launch date of this new service on 31st January. We committed to providing the pharmacists a day of training to ensure we were ready on time. The launch to the service has gone well but hitting the increasing minimum service threshold (to give us access to additional funding) is going to be difficult at some of our pharmacies, particularly where the local GPs are poor at referring patients to community pharmacies.

Premises standards
We continue to focus on the excellent presentation of our pharmacies. Compliance with standards is checked during yearly visits by our Pharmacy Services manager.

Pharmacy quality service
All our pharmacies achieved 100% of the targets set within the scheme.

Flu vaccination service
The number of flu jabs delivered decreased this year despite active marketing and a new online booking service. We believe this to be related to a change in government policy and an increase in flu vaccine hesitancy.

COVID-19 vaccination service
We increased the number of premises offering the vaccination service from one to four. Whilst challenging for providing workforce those involved found it rewarding.

PRINCIPAL RISKS AND UNCERTAINTIES
Despite additional funding for the new Pharmacy First service and an increase in uptake of the hypertension case finding service and oral contraception service the government is still not altering its approach to pharmacy global sum from where all of our other funding comes. This is despite continued petitioning by our negotiating body and other representative bodies. This means that community pharmacy continues to be catastrophically underfunded.

The amount of work that our pharmacies are having to undertake is constantly increasing. We have increased staffing levels at some of our pharmacies to help support them in maintaining our high standards of service. This of course has an additional cost which is unfunded.

Medicines supply issues continue so we are still seeing increased purchase prices on the stock that is available. This has a knock-on effect of increasing workload for our staff (because they are spending a large amount of time chasing stock) and decreasing our profit as there are more lines we are dispensing at a loss.

We are offering an increasing number of private services to help grow the business and offset the uncertainty with the government funding level. This year we have launched a travel vaccine service and an ear micro-suctioning service both have proved popular with the local population but only producing a small amount of profit so far.

ON BEHALF OF THE BOARD:





Ms L K Dean - Director


11 October 2024

Dean & Smedley,Limited (Registered number: 00414805)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of pharmaceutical chemists.

DIVIDENDS
An interim dividend of £8 per share was paid on 6 September 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2024 will be £ 34,424 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

R J Dean
Mrs B I Dean
C W Dean
Ms L K Dean

Other changes in directors holding office are as follows:

Mrs H R McGrath - appointed 1 May 2023
Mrs S E Tyson - appointed 1 May 2023

SUBSIDIARY COMPANIES
The company held two wholly owned subsidiary companies during the year, J Owen Jones & Sons Limited and Urban Healthcare Limited. These two subsidiary companies remain dormant and there are no plans at present for this position to change.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Dean & Smedley,Limited (Registered number: 00414805)

Report of the Directors
for the Year Ended 30 April 2024


AUDITORS
The auditors, Bourne & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Ms L K Dean - Director


11 October 2024

Report of the Independent Auditors to the Members of
Dean & Smedley,Limited

Opinion
We have audited the financial statements of Dean & Smedley,Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 30 April 2024 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 UK, including the FRC'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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Report of the Independent Auditors to the Members of
Dean & Smedley,Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:

- the senior statutory auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the financial reporting legislation, Companies
Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries
of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud my occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of suspected and alleged fraud; and
- considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative
of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Dean & Smedley,Limited


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 2006. Our 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 a Report of the Auditors 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.




David Meadows FCA (Senior Statutory Auditor)
for and on behalf of Bourne & Co.
Statutory Auditors
47a Queen Street
Derby
Derbyshire
DE1 3DE

11 October 2024

Dean & Smedley,Limited (Registered number: 00414805)

Income Statement
for the Year Ended 30 April 2024

2024 2023
as restated
Notes £    £   

TURNOVER 3 14,532,982 13,928,716

Cost of sales 10,275,876 9,838,932
GROSS PROFIT 4,257,106 4,089,784

Administrative expenses 4,190,697 3,907,779
66,409 182,005

Other operating income 4 28,057 106,271
OPERATING PROFIT 6 94,466 288,276

Interest receivable and similar income 37,053 5,705
131,519 293,981

Interest payable and similar expenses 7 9,477 11,541
PROFIT BEFORE TAXATION 122,042 282,440

Tax on profit 8 40,120 82,473
PROFIT FOR THE FINANCIAL YEAR 81,922 199,967

Dean & Smedley,Limited (Registered number: 00414805)

Other Comprehensive Income
for the Year Ended 30 April 2024

2024 2023
as restated
Notes £    £   

PROFIT FOR THE YEAR 81,922 199,967


OTHER COMPREHENSIVE INCOME
- 586,428
Income tax relating to other comprehensive
income

-

(19,678

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

566,750
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

81,922

766,717

Dean & Smedley,Limited (Registered number: 00414805)

Balance Sheet
30 April 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 471,133 523,703
Tangible assets 12 1,578,822 1,510,162
Investments 13 2 2
2,049,957 2,033,867

CURRENT ASSETS
Stocks 14 664,441 707,366
Debtors 15 1,479,146 1,329,654
Cash at bank and in hand 2,647,752 2,789,786
4,791,339 4,826,806
CREDITORS
Amounts falling due within one year 16 2,416,720 2,502,665
NET CURRENT ASSETS 2,374,619 2,324,141
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,424,576

4,358,008

PROVISIONS FOR LIABILITIES 18 112,284 93,214
NET ASSETS 4,312,292 4,264,794

CAPITAL AND RESERVES
Called up share capital 19 4,303 4,303
Revaluation reserve 20 566,750 566,750
Retained earnings 20 3,741,239 3,693,741
SHAREHOLDERS' FUNDS 4,312,292 4,264,794

The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2024 and were signed on its behalf by:





Ms L K Dean - Director


Dean & Smedley,Limited (Registered number: 00414805)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 4,303 3,536,804 - 3,541,107

Changes in equity
Dividends - (43,030 ) - (43,030 )
Total comprehensive income - 199,967 566,750 766,717
Balance at 30 April 2023 4,303 3,693,741 566,750 4,264,794

Changes in equity
Dividends - (34,424 ) - (34,424 )
Total comprehensive income - 81,922 - 81,922
Balance at 30 April 2024 4,303 3,741,239 566,750 4,312,292

Dean & Smedley,Limited (Registered number: 00414805)

Cash Flow Statement
for the Year Ended 30 April 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 53,730 243,644
Interest paid (9,477 ) (11,541 )
Tax paid (38,051 ) (156,173 )
Net cash from operating activities 6,202 75,930

Cash flows from investing activities
Purchase of tangible fixed assets (150,785 ) (206,053 )
Sale of tangible fixed assets (462 ) 2,608
Interest received 37,053 5,705
Net cash from investing activities (114,194 ) (197,740 )

Cash flows from financing activities
Loan repayments in year - (139,121 )
Amount introduced by directors 382 370
Equity dividends paid (34,424 ) (43,030 )
Net cash from financing activities (34,042 ) (181,781 )

Decrease in cash and cash equivalents (142,034 ) (303,591 )
Cash and cash equivalents at beginning
of year

2

2,789,786

3,093,377

Cash and cash equivalents at end of year 2 2,647,752 2,789,786

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
as restated
£    £   
Profit before taxation 122,042 282,440
Depreciation charges 134,212 133,303
Loss on disposal of fixed assets 945 5,884
Finance costs 9,477 11,541
Finance income (37,053 ) (5,705 )
229,623 427,463
Decrease/(increase) in stocks 42,925 (73,620 )
Increase in trade and other debtors (149,492 ) (212,310 )
(Decrease)/increase in trade and other creditors (69,326 ) 102,111
Cash generated from operations 53,730 243,644

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 2,647,752 2,789,786
Year ended 30 April 2023
30.4.23 1.5.22
as restated
£    £   
Cash and cash equivalents 2,789,786 3,093,377


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 2,789,786 (142,034 ) 2,647,752
2,789,786 (142,034 ) 2,647,752
Total 2,789,786 (142,034 ) 2,647,752

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Dean & Smedley,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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Dean and Smedley Limited as an individual company and do not contain consolidated financial information as the parent of a group. The reasons for non consolidation are that the two subsidiaries are both dormant and the consolidation of them would not add any value to the accounts of Dean and Smedley Limited. The inclusion of consolidated financial information would not add to the true and fair view of these accounts.

Critical accounting 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 regarding the carrying amount of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant. They are reviewed on a regular basis and changes recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical accounting judgements and key sources of estimation uncertainty:

Tangible fixed assets are depreciated over their useful economic lives taking into account their residual values where appropriate. The acute lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technical innovation, product life cycles and maintainable programmes are taken into account. Residual values consider such things as future market condition, the remaining life of the asset and projected disposal values.

The value of stock is assessed for impairment. In assessing the stock value, factors such as slow movement and obsolescence are taken into account.

Turnover
Turnover comprises sales of goods and services and is stated at invoice or reimbursement value less discounts excluding value added tax.

Turnover is recognised when control of the goods is transferred to the customer, provided that the amount of revenue can be reliably measured, and it is likely that economic benefits will flow to the Company. Turnover arising from services are recognised when services are provided to the customer. Any deductions from sales such as returned goods, rebates, discounts allowed and bonuses are deducted from gross revenue.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of various businesses, is being written off evenly over its estimated useful life of 15 years. The directors believe that this reflects the life of the goodwill acquired in each branch more realistically than the 10 years maximum permitted by Financial Reporting Standard 102.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of either twenty or twenty five years.

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - in accordance with the property
Long leasehold - in accordance with the property
Plant and machinery - 33% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, as valued by independent stocktakers. The cost price is calculated using the average purchase price of each product during the final three months of the year.

Taxation
Taxation for the year 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 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.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Assets held under finance leases are recognised initially at the fair value of the leased asset (or if lower the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interst method so a to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.

Rentals paid under operating leases are charged to profit and loss on a straight line basis over the lease term unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual rent expense equal to amounts owed to the lessor.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Holiday pay
The company recognises a provision for annual leave accrued by employees as a result of services rendered and which they are entitled to carry forward and use. The provision is measured at the salary cost payable for the period of absence.

Financial assets and liabilities
Short term debtors are measured at transaction price, less any impairment.

Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including loans from group companies are measured initially at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method, less any impairment.

Going concern
After reviewing the company's forecasts and projections, plus the latest management accounts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern policy in preparing its financial statements.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company and arose wholly within the United Kingdom.

4. OTHER OPERATING INCOME
2024 2023
as restated
£    £   
Rents receivable from sub lets 23,976 21,475
Sundry receipts 4,081 84,796
28,057 106,271

5. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 2,824,638 2,690,058
Social security costs 239,745 226,322
Other pension costs 201,957 188,155
3,266,340 3,104,535

The average number of employees during the year was as follows:
2024 2023
as restated

Management and Support 14 12
Branch Managers and Sales 119 119
133 131

2024 2023
as restated
£    £   
Directors' remuneration 239,363 204,252
Directors' pension contributions to money purchase schemes 30,000 29,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 2

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
as restated
£    £   
Emoluments etc 136,318 116,318
Pension contributions to money purchase schemes 30,000 22,000

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
as restated
£    £   
Hire of plant and machinery 71,822 60,152
Depreciation - owned assets 81,642 80,737
Loss on disposal of fixed assets 945 5,884
Goodwill amortisation 30,000 30,000
Patents and licences amortisation 22,570 22,569
Auditors' remuneration 15,498 20,254

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank loan interest - 2,078
Other interest payable 9,477 9,463
9,477 11,541

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 21,050 38,051

Deferred tax 19,070 44,422
Tax on profit 40,120 82,473

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
as restated
£    £   
Profit before tax 122,042 282,440
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.438%)

30,511

54,901

Effects of:
Expenses not deductible for tax purposes 13,632 11,195
Capital allowances in excess of depreciation (43 ) -
Depreciation in excess of capital allowances - 8,453
Lease premium allowable (1,634 ) (1,270 )

Changes in tax rate - 9,194
Marginal rate relief (2,346 ) -
Total tax charge 40,120 82,473

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation of freehold property 586,428 (19,678 ) 566,750

The standard rate of corporation tax noted above differs from 19% due an increase in the enacted corporate tax rate to 25% which took effect from 01/04/2023. The hybrid rate also takes into account marginal rate relief available to the company.

Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

9. DIVIDENDS
2024 2023
as restated
£    £   
Ordinary shares of £1 each
Interim 34,424 43,030

10. PRIOR YEAR ADJUSTMENT

During the year, the company changed the way in which it accounts for freehold property. Previously freehold property had been accounted for using the cost method but due to changes in the market the directors believe that the valuation of the property held within the accounts is not in line with the general requirement for the accounts to show a true and fair view. The directors therefore instructed a firm of registered surveyors to undertake a valuation exercise for all of the freehold properties owned by the company.

The result of this, is that the valuation of freehold property in 2023 was understated by £586,428, deferred tax liabilities were understated by £19,678 and net assets of the company were understated by £566,750.

There are no further restatements required to the financial statements presented.

The prior year adjustment noted is therefore entirely related to the above change in accounting policy.

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 1,472,718 532,744 2,005,462
AMORTISATION
At 1 May 2023 1,310,034 171,725 1,481,759
Amortisation for year 30,000 22,570 52,570
At 30 April 2024 1,340,034 194,295 1,534,329
NET BOOK VALUE
At 30 April 2024 132,684 338,449 471,133
At 30 April 2023 162,684 361,019 523,703

12. TANGIBLE FIXED ASSETS
Freehold Short Long
property leasehold leasehold
£    £    £   
COST OR VALUATION
At 1 May 2023 1,060,000 188,472 83,418
Additions - - -
Disposals - - -
At 30 April 2024 1,060,000 188,472 83,418
DEPRECIATION
At 1 May 2023 - 180,421 14,595
Charge for year - 1,459 499
Eliminated on disposal - - -
At 30 April 2024 - 181,880 15,094
NET BOOK VALUE
At 30 April 2024 1,060,000 6,592 68,324
At 30 April 2023 1,060,000 8,051 68,823

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

12. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 202,181 1,166,190 62,102 2,762,363
Additions 731 131,059 18,995 150,785
Disposals - - (9,050 ) (9,050 )
At 30 April 2024 202,912 1,297,249 72,047 2,904,098
DEPRECIATION
At 1 May 2023 191,158 830,392 35,635 1,252,201
Charge for year 6,882 64,434 8,368 81,642
Eliminated on disposal - - (8,567 ) (8,567 )
At 30 April 2024 198,040 894,826 35,436 1,325,276
NET BOOK VALUE
At 30 April 2024 4,872 402,423 36,611 1,578,822
At 30 April 2023 11,023 335,798 26,467 1,510,162

Cost or valuation at 30 April 2024 is represented by:

Freehold Short Long
property leasehold leasehold
£    £    £   
Valuation in 2024 437,624 - -
Cost 622,376 188,472 83,418
1,060,000 188,472 83,418

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Valuation in 2024 - - - 437,624
Cost 202,912 1,297,249 72,047 2,466,474
202,912 1,297,249 72,047 2,904,098

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
as restated
£    £   
Cost 622,376 622,376
Aggregate depreciation 148,804 148,804

Value of land in freehold land and buildings 1,060,000 1,060,000

Freehold land and buildings were valued on an open market basis on 11 March 2024 by Salloway Property Consultants .

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

13. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 2
NET BOOK VALUE
At 30 April 2024 2
At 30 April 2023 2

The company's investments at the Balance Sheet date in the share capital of companies include the following:


J. Owen Jones & Sons Ltd.
Registered office: 65-67 Horninglow Road, Burton on Trent, Staffordshire DE14 2PP
Nature of business: Dormant
%
Class of shares: holding
Ordinary £1 99.99

Urban Healthcare Limited
Registered office: 65-67 Horninglow Road, Burton on Trent, Staffordshire DE14 2PP
Nature of business: Dormant
%
Class of shares: holding
Ordinary £1 100.00

14. STOCKS
2024 2023
as restated
£    £   
Finished goods held for resale 664,441 707,366

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 1,096,382 937,027
Other debtors 304,157 316,560
Prepayments 78,607 76,067
1,479,146 1,329,654

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 1,872,591 1,936,476
Tax 21,050 38,051
Amounts owed to group
undertaking - 1
Other taxes & social security 57,963 55,421
Accruals and deferred income 204,822 212,804
Directors' current accounts 260,294 259,912
2,416,720 2,502,665

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
as restated
£    £   
Within one year 118,254 123,248
Between one and five years 459,516 332,912
In more than five years 877,049 921,105
1,454,819 1,377,265

18. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax
Accelerated capital allowances 112,284 93,214

Deferred
tax
£   
Balance at 1 May 2023
As previously reported 73,536
Prior year adjustment 19,678
As restated 93,214
Charge to Income Statement during year 19,070
Balance at 30 April 2024 112,284

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
4,303 Ordinary £1 4,303 4,303

20. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 May 2023 3,693,741 566,750 4,260,491
Profit for the year 81,922 81,922
Dividends (34,424 ) (34,424 )
At 30 April 2024 3,741,239 566,750 4,307,989

21. OFF-BALANCE SHEET ARRANGEMENTS

The bank overdraft facility is secured by several legal charges over the various freehold and leasehold properties of the company.

There are legal mortgages in favour of the bank involved over two life policies secured on the life of one of the directors.

22. RELATED PARTY DISCLOSURES

Dean & Smedley,Limited (Registered number: 00414805)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

22. RELATED PARTY DISCLOSURES - continued

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
as restated
£    £   
Amount due to related party 260,294 259,913

The balance above is a loan provided by one of the company's directors, the amount carries an interest rate of 3.75% calculated and paid annually. The amount is repayable on demand and is shown within creditors due within one year.