1.
General Information
M.G. Evans & Sons Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
04326322
. The registered office is 20 Albert Road, Tamworth, Staffordshire, B79 7JN.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Significant judgements and estimations
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised to the profit and loss account overtheir estimated useful economic life at varying rates.
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
2.6.
Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in theprofit and loss account.
Investment property was revalued in 2014 by the directors. Any aggregrate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
In accordance with the requirements of the Financial Reporting Standard for Smaller Entities (effective April 2008) depreciation has not been provided on investment properties. This is a departure from the requirements of the Companies Act 2006 for the overriding purpose of giving a true and fair view. The effect of the departure is shown in a note to the financial statements.
M.G. Evans & Sons Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.7.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.8.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.9.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.10.
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2024: 26)
4.
Intangible Assets
| Goodwill | Other | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 April 2024 |
|
|
|
| Additions |
|
|
|
| As at 31 March 2025 |
|
|
|
...CONTINUED
M.G. Evans & Sons Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
| Amortisation | |||
| As at 1 April 2024 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 March 2025 |
|
|
|
| Net Book Value | |||
| As at 31 March 2025 |
|
|
|
| As at 1 April 2024 |
|
|
|
5.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| As at 31 March 2025 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 April 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| As at 31 March 2025 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 March 2025 |
|
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
|
Included above are assets held under hire purchase contracts with a net book value as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Motor Vehicles | - |
|
|
6.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 April 2024 and 31 March 2025 |
|
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 627,317 | 627,317 | |
The investment property was valued on an open market basis on 31 March 2014 by the directors.
M.G. Evans & Sons Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
Fair value at 31 March 2025 is represented by:
|
£
|
|
|
Valuation in 2014
|
150,000
|
|
Valuation in 2021
|
513,130
|
|
Valuation in 2022
|
(1,515)
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|
|
661,615
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|
7.
Investments
| Subsidiaries | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Provision | |
| As at 1 April 2024 |
|
| As at 31 March 2025 |
|
| Net Book Value | |
| As at 31 March 2025 |
|
| As at 1 April 2024 |
|
8.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Amounts owed by participating interests | 1,489,166 | 1,527,730 | |
| Other debtors | 566,795 | 476,079 | |
|
|
|
||
9.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Other creditors | 339,241 | 312,453 | |
| Taxation and social security |
|
|
|
|
|
|
||
M.G. Evans & Sons Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
10.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Bank loans |
|
|
|
|
|
|
||
11.
Secured Creditors
The below secured debts are included within creditors:
|
2025
|
2024
|
|
|
£
|
£
|
|
|
Other loans
|
652,462
|
701,547
|
The above mortgage loan is made up as follows:
£nil (2024: £20,180) is secured on the freehold property owned by the subsidiary, W. Smith & Sons (Nuneaton) Limited.
£200,629 (2024: £208,384) is secured against land purchased by the company.
12.
Obligations Under Finance Leases and Hire Purchase
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
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||
|
|
|
||
14.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 April 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 March 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Nigel Evans |
|
|
|
- |
|
| Mr David Evans |
|
|
|
- |
|
M.G. Evans & Sons Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
15.
Reserves
| Fair value reserve | Profit and Loss Account | |
|---|---|---|
| £ | £ | |
| As at 1 April 2024 |
|
|
| Profit for the year and total comprehensive income | - |
|
| Dividends paid | - | (111,000) |
| As at 31 March 2025 |
|
|
16.
Related Party Transactions
Included within other debtors are the following amounts:
£1,294,603 (2024: £1,331,167) owing to the company from Meldor Ltd, a company in which the directors are shareholders and directors. There is currently no arrangement for the repayment of this amount.
£194,563 (2024: £194,563) owing to the company from Abbey Stream Ltd, a company in which the directors are shareholders and directors. There is currently no arrangement for the repayment of this amount.
£98,185 (2024: £89,653) owing to the company from M G Evans & Sons, a business in which both directors are partners. Interest of £2,119 (2024: £680) was charged on this loan using the applicable beneficial loan rate.
Included within creditors are the following amounts:
£182,617 (2024: £182,617) to W. Smith & Sons (Nuneaton) Limited, a subsidiary of the company.
£1,146,796 (2024: £1,100,995) to Gascoignes of Coleshill Ltd, a subsidiary of the company.