HUW EVANS (CHEMISTS) LIMITED

HUW EVANS (CHEMISTS) LIMITED - Company Information

2020-04-012021-03-312021-03-31false03958187HUW EVANS (CHEMISTS) 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Registered Number
03958187
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 March 2021

HUW EVANS (CHEMISTS) LIMITED

Company Information
for the year from 1 April 2020 to 31 March 2021


Directors	EVANS, David Huw
	EVANS, Morag Russell


Registered Address	The Pharmacy, Chapel Street
	Tregaron
	Ceredigion
	SY25 6HA


Registered Number	03958187 (England and Wales)

HUW EVANS (CHEMISTS) LIMITED

Balance Sheet as at
31 March 2021

	Notes	2021		2020
		£	£	£	£
Fixed assets
Tangible assets	5		149,918		160,147
			149,918		160,147
Current assets
Stocks	7	58,000		62,000
Debtors	8	661,886		567,801
Current asset investments		92,512		68,608
Cash at bank and on hand		65,041		30,375
		877,439		728,784
Creditors amounts falling due within one year	9	(183,558)		(161,652)
Net current assets (liabilities)			693,881		567,132
Total assets less current liabilities			843,799		727,279
Provisions for liabilities	10		(5,684)		(7,248)
Net assets			838,115		720,031
Capital and reserves
Called up share capital			2		2
Profit and loss account			838,113		720,029
Shareholders' funds			838,115		720,031

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 29 September 2021, and are signed on its behalf by:

EVANS, David Huw
Director
Registered Company No. 03958187

HUW EVANS (CHEMISTS) LIMITED

Notes to the Financial Statements
for the year ended 31 March 2021

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	ACCOUNTING POLICIES

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Reducing balance (%)	Straight line (years)
Plant and machinery	25	-
Fixtures and fittings	25	-
Vehicles	25	-
Office Equipment	-	4

	Inventories policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Investments policy
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments policy

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Going concern
	These financial statements have been prepared on a going concern basis.

4.	EMPLOYEE INFORMATION

		2021		2020
	Average number of employees during the year	4		4

5.	PROPERTY, PLANT AND EQUIPMENT

	Land & buildings £	Plant & machinery £	Vehicles £	Fixtures & fittings £	Office Equipment £	Total £
Cost or valuation
At 01 April 20	120,000	12,454	67,500	7,542	5,014	212,510
At 31 March 21	120,000	12,454	67,500	7,542	5,014	212,510
Depreciation and impairment
At 01 April 20	-	8,380	34,044	7,542	2,397	52,363
Charge for year	-	1,018	8,364	-	847	10,229
At 31 March 21	-	9,398	42,408	7,542	3,244	62,592
Net book value
At 31 March 21	120,000	3,056	25,092	-	1,770	149,918
At 31 March 20	120,000	4,074	33,456	-	2,617	160,147

6.	DESCRIPTION OF NATURE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES
	As at the balance sheet the company was owed £416,642 (2020: £306,362) from its parent company and £101,395 (2020: £100,746) from another company within the group. No interest is charged and the amount is repayable in full on demand. As at the balance sheet date the company was owed £27,979 (2020: £41,000). Interest is charged at a commercial rate of interest and the amount is repayable in full on demand.

DESCRIPTION OF NATURE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES

As at the balance sheet the company was owed £416,642 (2020: £306,362) from its parent company and £101,395 (2020: £100,746) from another company within the group. No interest is charged and the amount is repayable in full on demand. 
As at the balance sheet date the company was owed £27,979 (2020: £41,000). Interest is charged at a commercial rate of interest and the amount is repayable in full on demand.

7.	INVENTORIES

		2021 £		2020 £
	Other inventories	58,000		62,000
	Total	58,000		62,000

8.	DEBTORS
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

DEBTORS

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	2021 £	2020 £
Trade debtors / trade receivables	109,061	112,280
Amounts owed by group undertakings	518,038	407,108
Other debtors	34,787	48,413
Total	661,886	567,801

9.	CREDITORS WITHIN ONE YEAR
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	2021 £	2020 £
Trade creditors / trade payables	126,955	141,442
Taxation and social security	34,628	17,856
Other creditors	19,611	-
Accrued liabilities and deferred income	2,364	2,354
Total	183,558	161,652

10.	PROVISIONS FOR LIABILITIES

		2021 £		2020 £
	Net deferred tax liability (asset)	5,684		7,248
	Total	5,684		7,248