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COMPANY REGISTRATION NUMBER: 11380605
Sam Evans Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2024
Sam Evans Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Sam Evans Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Sam Evans Limited
Year ended 31 May 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CLAY SHAW THOMAS LTD
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
14 February 2025
Sam Evans Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
85,373
37,303
Investments
6
460
100
--------
--------
85,833
37,403
Current assets
Debtors
7
605,404
224,149
Cash at bank and in hand
19,387
160,900
---------
---------
624,791
385,049
Creditors: amounts falling due within one year
8
207,919
63,338
---------
---------
Net current assets
416,872
321,711
---------
---------
Total assets less current liabilities
502,705
359,114
Creditors: amounts falling due after more than one year
9
8,314
Provisions
21,087
9,326
---------
---------
Net assets
473,304
349,788
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
473,303
349,787
---------
---------
Shareholders funds
473,304
349,788
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sam Evans Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 14 February 2025 , and are signed on behalf of the board by:
Mr S Evans
Director
Company registration number: 11380605
Sam Evans Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Oldfield Road, Bocam Park, Pencoed, CF35 5LJ, Bridgend.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for specialist medical services rendered stated net of discounts. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 June 2023
88,535
17,841
106,376
Additions
88,940
1,638
90,578
Disposals
( 88,535)
( 2,399)
( 90,934)
--------
--------
---------
At 31 May 2024
88,940
17,080
106,020
--------
--------
---------
Depreciation
At 1 June 2023
60,204
8,869
69,073
Charge for the year
11,118
2,131
13,249
Disposals
( 60,204)
( 1,471)
( 61,675)
--------
--------
---------
At 31 May 2024
11,118
9,529
20,647
--------
--------
---------
Carrying amount
At 31 May 2024
77,822
7,551
85,373
--------
--------
---------
At 31 May 2023
28,331
8,972
37,303
--------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Freehold property
£
At 31 May 2024
77,823
--------
At 31 May 2023
--------
6. Investments
Shares in participating interests
£
Cost
At 1 June 2023
100
Additions
360
----
At 31 May 2024
460
----
Impairment
At 1 June 2023 and 31 May 2024
----
Carrying amount
At 31 May 2024
460
----
At 31 May 2023
100
----
7. Debtors
2024
2023
£
£
Trade debtors
8,575
4,400
Other debtors
596,829
219,749
---------
---------
605,404
224,149
---------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
135,008
42,305
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,808
Accruals and deferred income
3,987
2,706
Social security and other taxes
183,411
60,632
Obligations under finance leases and hire purchase contracts
18,713
---------
--------
207,919
63,338
---------
--------
The hire purchase agreements are secured on the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
8,314
-------
----
The hire purchase agreements are secured on the assets to which they relate.
10. Directors' advances, credit and guarantees
Included in other debtors is £404,204 (2023: £129,528) owed by the company director, Mr S Evans .
2024
£
Balance brought forward at 1 June 2023 129,528
Advances 471,352
Repaid (196,676)
---------
Balance brought forward at 31 May 2024 404,204
---------
The loan is interest free and has no fixed terms of repayment.