Eville & Jones (Group) Limited Group accounts (Group and Company)

Eville & Jones (Group) Limited Group accounts (Group and Company)

EVILLE & JONES (GROUP) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10019077
Eville & Jones (Group) Limited
Financial Statements
30 April 2018
Eville & Jones (Group) Limited
Financial Statements
Year ended 30 April 2018
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
Eville & Jones (Group) Limited
Officers and Professional Advisers
The board of directors
Mr P C Eville
Mr R D Jones
Mr J Avila
Company secretary
Mr R D Jones
Registered office
1275 Century Way
Thorpe Park
Leeds
West Yorkshire
England
LS15 8ZB
Auditor
Michael Bell & Co
Chartered Accountants & Statutory Auditor
4 Greenfield Road
Holmfirth
West Yorkshire
HD9 2JT
Bankers
Bank of Scotland
116 Welligton Street
Leeds
LS1 4LT
Eville & Jones (Group) Limited
Strategic Report
Year ended 30 April 2018
Business review
The group acquired the trade of Eville & Jones (UK) Limited on 1 January 2018 for £1.69 million, and as such provides Official Control veterinary services under contract to the Food Standards agency (FSA); which runs to 31 March 2019. The company has also acquired a range of other interests including the delivery of portal inspection services, both at seaports and airports, the provision of contingency resourcing to Competent Authorities within the UK and on the Continent, export certification services and related activities. These services are offered alongside a range of consultancy, special interest projects, and training services which are delivered to domestic and international customers alike. This last year has proved extremely difficult for the Group - the entire Brexit debate has severely damaged the operation specifically from a retention and recruitment perspective which has resulted in a considerable unbudgeted rise in cost. The uncertainty produced by the decision to withdraw the UK from its most important market has had a profoundly negative impact on the profits of the Group. The damage inflicted by Brexit has been compounded by a restructuring process which finally came to fruition after many years of preparation. This restructuring process is designed to mitigate risk factors such as potential and perceived conflicts of interest, shared resourcing across different divisions and to permit a wider range of services to be offered to new clients both in the UK and abroad. This restructuring process has been cost and labour intensive, however the fruits of this work will soon become visible. The new corporate structure will considerably enhance the offering, flexibility and the ability to react to opportunities as they emerge - already new ventures are being proposed and new partners engaged. The directors are very pleased to announce the award of Investors in People Gold which was achieved despite the on-going difficulties associated with Brexit and the successful assimilation of over 100 new operational staff through a statutory TUPE process. The combination of crafting a highly efficient operational unit, sufficiently flexible to deliver a new and broader range of services internationally whilst at the same time incorporating the activities of other similarly organisation and their people has been a challenging process that has been concluded successfully. From an operational performance perspective, the Group has exceeded all quality expectations despite being under unprecedented levels of challenge and pressure produced by the tumultuous political conditions in which the country and thus the company is embroiled. The Group has continued to expand its operational offering both domestically and internationally as well as expand its range of services being offered. The ability of the Group to have delivered to such a high level of quality at such times of peak challenge is testament to the highly professional and capable management team throughout the company. We see the future being extremely bright even if the UK does eventually leave the EU. Working in the field of Government regulation and veterinary legislative compliance we see only a massive increase in the regulatory burden being placed on business and industry and the role and function of the services provided by the Eville & Jones Group are essential in order to facilitate trade and ensure that product flow in and out of the country is maintained. Our role is to ensure businesses comply by helping them through the regulatory process and ensure that their business flourishes despite the burdens placed upon them by Government and international trading partners and authorities. One of the greatest threats posed to the business has been the concern over access to suitably qualified professional staff coming in from the Continent. We welcome the new proposed immigration system which is skill and need based and thus we are assured that the best veterinary graduates will still be able to come to the country and deliver the range of services required by the UK Government and industry alike.
Looking forward, the group is greatly expanding the veterinary compliance and certification business in order to take advantage of the 'Brexit dividend'. The core services offered through the UK Government is expanding and new contracts are being sought in the Local Authority and Port Health spheres in order to broaden the range of regulatory services being provided.
The leasehold property was leased to Eville & Jones (UK) Limited; a company under the control of the shareholders of the group until 31 December 2017, since this date the group has occupied the property. The Key financial highlights are as follows: 2018 2017 Gross/(loss) Profit £956,934 £161,988 Net Profit/(loss) before tax £122,057 £151,896
Financial risk management objectives and policies
The groups principal financial instruments comprise bank balances, trade creditors, and trade debtors. The main purpose of these instruments is to finance the company's day to day operations. The groups approach to managing risks applicable to the financial instruments is shown below. In respect of bank balances the liquidity risk is managed by maintaining a balance between forecast funding requirements and cash inflows. Trade debtors are managed in respect of credit and cashflow risk, by policies concerning credit terms offered to customers, and by regular monitoring of amounts outstanding with respect to both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
This report was approved by the board of directors on 30 January 2019 and signed on behalf of the board by:
Mr J Avila
Director
Registered office:
1275 Century Way
Thorpe Park
Leeds
West Yorkshire
England
LS15 8ZB
Eville & Jones (Group) Limited
Directors' Report
Year ended 30 April 2018
The directors present their report and the financial statements of the group for the year ended 30 April 2018 .
Directors
The directors who served the company during the year were as follows:
Mr P C Eville
Mr R D Jones
Mr J Avila
Dividends
The directors do not recommend the payment of a dividend.
Employment of disabled persons
The group provides equal opportunity to the employment of disabled persons where practicable. It is the groups policy is to provide adequate training for all its employees, and has invested £261,733 in training during the year.
Employee involvement
Within the grounds of commercial confidentiality, information is disseminated to all levels of staff about matters that affect the progress of the group and are of interest and concern to them as employees.
Disclosure of information in the strategic report
The company has in accordance with section 414C(11) of the Companies Act 2006(Strategic Report and Directors' Report) Regulations 2013 set out in the company's strategic report the information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would prior to the introduction of these regulations be included in the directors report under the headings for business review and financial risk management objectives and policies.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 30 January 2019 and signed on behalf of the board by:
Mr J Avila
Director
Registered office:
1275 Century Way
Thorpe Park
Leeds
West Yorkshire
England
LS15 8ZB
Eville & Jones (Group) Limited
Independent Auditor's Report to the Members of Eville & Jones (Group) Limited
Year ended 30 April 2018
Opinion
We have audited the financial statements of Eville & Jones (Group) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2018 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 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 an auditor's report 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. In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2018 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Michael Bell
(Senior Statutory Auditor)
For and on behalf of
Michael Bell & Co
Chartered Accountants & Statutory Auditor
4 Greenfield Road
Holmfirth
West Yorkshire
HD9 2JT
30 January 2019
Eville & Jones (Group) Limited
Consolidated Statement of Comprehensive Income
Year ended 30 April 2018
2018
2017
Note
£
£
Turnover
4
8,364,695
679,817
Cost of sales
7,407,761
517,829
------------
---------
Gross profit
956,934
161,988
Administrative expenses
833,591
9,056
Other operating income
5
–
945
---------
---------
Operating profit
6
123,343
153,877
Interest payable and similar expenses
10
1,286
1,981
---------
---------
Profit before taxation
122,057
151,896
Tax on profit
11
17,376
31,677
---------
---------
Profit for the financial year and total comprehensive income
104,681
120,219
---------
---------
All the activities of the group are from continuing operations.
Eville & Jones (Group) Limited
Consolidated Statement of Financial Position
30 April 2018
2018
2017
Note
£
£
Fixed assets
Intangible assets
12
8
–
Tangible assets
13
741,781
667,210
---------
---------
741,789
667,210
Current assets
Debtors
15
4,329,847
700,461
Cash at bank and in hand
816,841
4,229
------------
---------
5,146,688
704,690
Creditors: amounts falling due within one year
16
4,720,877
400,130
------------
---------
Net current assets
425,811
304,560
------------
---------
Total assets less current liabilities
1,167,600
971,770
Creditors: amounts falling due after more than one year
17
–
15,580
Provisions
18
106,729
–
------------
---------
Net assets
1,060,871
956,190
------------
---------
Capital and reserves
Called up share capital
21
120
120
Profit and loss account
1,060,751
956,070
------------
---------
Shareholders funds
1,060,871
956,190
------------
---------
These financial statements were approved by the board of directors and authorised for issue on 30 January 2019 , and are signed on behalf of the board by:
Mr J Avila
Director
Company registration number: 10019077
Eville & Jones (Group) Limited
Company Statement of Financial Position
30 April 2018
2018
2017
Note
£
£
Fixed assets
Investments
14
120
120
----
----
Total assets less current liabilities
120
120
----
----
Capital and reserves
Called up share capital
21
120
120
----
----
Shareholders funds
120
120
----
----
The profit for the financial year of the parent company was £Nil (2017: £Nil).
These financial statements were approved by the board of directors and authorised for issue on 30 January 2019 , and are signed on behalf of the board by:
Mr J Avila
Director
Company registration number: 10019077
Eville & Jones (Group) Limited
Consolidated Statement of Changes in Equity
Year ended 30 April 2018
Called up share capital
Profit and loss account
Total
£
£
£
At 1 May 2016
1
835,851
835,852
Profit for the year
120,219
120,219
----
---------
---------
Total comprehensive income for the year
–
120,219
120,219
Issue of shares
119
–
119
----
---------
---------
Total investments by and distributions to owners
119
–
119
At 30 April 2017
120
956,070
956,190
Profit for the year
104,681
104,681
----
---------
---------
Total comprehensive income for the year
–
104,681
104,681
----
------------
------------
At 30 April 2018
120
1,060,751
1,060,871
----
------------
------------
Eville & Jones (Group) Limited
Company Statement of Changes in Equity
Year ended 30 April 2018
Called up share capital
Profit and loss account
Total
£
£
£
At 1 May 2016
1
–
1
Profit for the year
–
–
Issue of shares
119
–
119
----
----
----
Total investments by and distributions to owners
119
–
119
At 30 April 2017
120
–
120
Profit for the year
–
–
----
----
----
At 30 April 2018
120
–
120
----
----
----
Eville & Jones (Group) Limited
Consolidated Statement of Cash Flows
Year ended 30 April 2018
2018
2017
£
£
Cash flows from operating activities
Profit for the financial year
104,681
120,219
Adjustments for:
Depreciation of tangible assets
25,206
6,974
Interest payable and similar expenses
1,286
1,981
Tax on profit
17,376
31,677
Accrued expenses
1,282,183
90
Changes in:
Stocks
–
503,274
Trade and other debtors
( 3,629,386)
( 585,036)
Trade and other creditors
2,701,362
( 2,872)
Provisions and employee benefits
100,306
–
------------
---------
Cash generated from operations
603,014
76,307
Interest paid
( 1,286)
( 1,981)
Tax paid
( 31,677)
( 15,549)
---------
--------
Net cash from operating activities
570,051
58,777
---------
--------
Cash flows from investing activities
Purchase of tangible assets
( 99,777)
–
Purchase of intangible assets
( 8)
–
Proceeds from sale of interests in associates and joint ventures
–
201
---------
--------
Net cash (used in)/from investing activities
( 99,785)
201
---------
--------
Cash flows from financing activities
Proceeds from borrowings
342,346
–
Repayments of borrowings
–
( 58,886)
---------
--------
Net cash from/(used in) financing activities
342,346
( 58,886)
---------
--------
Net increase in cash and cash equivalents
812,612
92
Cash and cash equivalents at beginning of year
4,229
4,137
---------
-------
Cash and cash equivalents at end of year
816,841
4,229
---------
-------
Eville & Jones (Group) Limited
Notes to the Financial Statements
Year ended 30 April 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1275 Century Way, Thorpe Park, Leeds, West Yorkshire, LS15 8ZB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income. During the year the group acquired the trade and assets of a business at the directors estimation of fair value and therefore the directors consider that merger accounting would not be appropriate, and therefore the purchase method has been applied.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. 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 expenses recognised are recoverable.
Income tax
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property
-
1% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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. Turnover
Turnover arises from:
2018
2017
£
£
Sale of goods
–
600,837
Rendering of services
8,364,695
78,980
------------
---------
8,364,695
679,817
------------
---------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2018
2017
£
£
United Kingdom
8,360,002
679,817
Overseas sales
4,693
–
------------
---------
8,364,695
679,817
------------
---------
5. Other operating income
2018
2017
£
£
Other operating income
–
945
----
----
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2018
2017
£
£
Depreciation of tangible assets
25,206
6,974
Loss on disposal of intangible assets
–
169
Impairment of trade debtors
(103,715)
–
---------
-------
7. Auditor's remuneration
2018
2017
£
£
Fees payable for the audit of the financial statements
22,000
–
--------
----
Fees payable to the company's auditor and its associates for other services:
Taxation compliance services
22,500
–
--------
----
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2018
2017
No.
No.
Vets, Meat inspectors and other staff
628
–
Administrative staff
43
–
Directors
3
–
----
----
674
–
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2018
2017
£
£
Wages and salaries
6,162,211
–
Social security costs
595,437
–
Other pension costs
79,109
–
------------
----
6,836,757
–
------------
----
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2018
2017
£
£
Remuneration
6,000
–
Sums paid to third parties in respect of directors' services
165,828
–
---------
----
171,828
–
---------
----
10. Interest payable and similar expenses
2018
2017
£
£
Interest on banks loans and overdrafts
1,286
1,981
-------
-------
11. Tax on profit
Major components of tax income
2018
2017
£
£
Current tax:
UK current tax income
10,953
31,677
Deferred tax:
Origination and reversal of timing differences
6,423
–
--------
--------
Tax on profit
17,376
31,677
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2017: higher than) the standard rate of corporation tax in the UK of 19 % (2017: 20 %).
2018
2017
£
£
Profit on ordinary activities before taxation
122,057
151,896
---------
---------
Profit on ordinary activities by rate of tax
23,726
30,379
Effect of expenses not deductible for tax purposes
( 19,706)
–
Effect of capital allowances and depreciation
739
1,395
Change in rate of corporation tax
–
( 97)
Pension creditor
6,194
–
Deferred taxation
6,423
–
---------
---------
Tax on profit
17,376
31,677
---------
---------
12. Intangible assets
Group
Goodwill
£
Cost
At 1 May 2017
–
Additions
8
----
At 30 April 2018
8
----
Amortisation
At 1 May 2017 and 30 April 2018
–
----
Carrying amount
At 30 April 2018
8
----
At 30 April 2017
–
----
The company has no intangible assets.
13. Tangible assets
Group
Long leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2017
796,217
–
–
–
796,217
Additions
–
1,543
8,836
89,398
99,777
---------
-------
-------
--------
---------
At 30 April 2018
796,217
1,543
8,836
89,398
895,994
---------
-------
-------
--------
---------
Depreciation
At 1 May 2017
129,007
–
–
–
129,007
Charge for the year
6,974
158
1,151
16,923
25,206
---------
-------
-------
--------
---------
At 30 April 2018
135,981
158
1,151
16,923
154,213
---------
-------
-------
--------
---------
Carrying amount
At 30 April 2018
660,236
1,385
7,685
72,475
741,781
---------
-------
-------
--------
---------
At 30 April 2017
667,210
–
–
–
667,210
---------
-------
-------
--------
---------
The company has no tangible assets.
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 May 2017 and 30 April 2018
120
----
Impairment
At 1 May 2017 and 30 April 2018
–
----
Carrying amount
At 1 May 2017 and 30 April 2018
120
----
At 30 April 2017
120
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Eville & Jones Holdings Limited
Ordinary
100
Eville & Jones Scotland Limited
Ordinary
100
VetSelect Recruitment Limited
Ordinary
100
Eville & Jones (Yorkshire) Limited
Ordinary
100
Eville & Jones (Commercial Services) Limited
Ordinary
100
Eville & Jones (G.B.) Limited
Ordinary
100
Eville & Jones Construction Limited
Ordinary
100
Other significant holdings
Xperior Farm Health Limited
Ordinary
50
15. Debtors
Group
Company
2018
2017
2018
2017
£
£
£
£
Trade debtors
3,232,940
–
–
–
Prepayments and accrued income
193,535
88
–
–
Amounts due from connected companies
813,895
700,279
–
–
Other debtors
89,477
94
–
–
------------
---------
----
----
4,329,847
700,461
–
–
------------
---------
----
----
The debtors above include the following amounts falling due after more than one year:
Group
Company
2018
2017
2018
2017
£
£
£
£
Other debtors
–
94
–
–
----
----
----
----
16. Creditors: amounts falling due within one year
Group
Company
2018
2017
2018
2017
£
£
£
£
Bank loans and overdrafts
14,924
59,347
–
–
Trade creditors
255,315
( 1,004)
–
–
Accruals and deferred income
1,282,273
90
–
–
Corporation tax
10,953
31,677
–
–
Social security and other taxes
1,201,150
–
–
–
Director loan accounts
402,349
–
–
–
Amounts owed to connected companies
–
310,020
–
–
Other creditors
1,553,913
–
–
–
------------
---------
----
----
4,720,877
400,130
–
–
------------
---------
----
----
17. Creditors: amounts falling due after more than one year
Group
Company
2018
2017
2018
2017
£
£
£
£
Bank loans and overdrafts
–
15,580
–
–
----
--------
----
----
18. Provisions
Group
Deferred tax (note 19)
Other provisions
Total
£
£
£
At 1 May 2017
–
–
–
Additions
6,423
450,000
456,423
provisions used
–
( 349,694)
( 349,694)
-------
---------
---------
At 30 April 2018
6,423
100,306
106,729
-------
---------
---------
The company does not have any provisions.
Other provisions On the acquisition of the trade and assets from Eville & Jones (UK) limited a provision was recognised to reflect contingent liabilities that existed at the date of acquisition, these contingent liabilities related staff holiday pay and enquiries raised by HMRC. At the date of acquisition the potential liability was not known and it is the directors opinion that due to these uncertainties the value of the business transferred should be reduced for the purposes of the business transfer. The holiday pay creditor has since been calculated and £349,694 transferred from provisions to accruals.
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2018
2017
2018
2017
£
£
£
£
Included in provisions (note 18)
6,423
–
–
–
-------
----
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2018
2017
2018
2017
£
£
£
£
Accelerated capital allowances
555
–
–
–
Other revaluations
5,868
–
–
–
-------
----
----
----
6,423
–
–
–
-------
----
----
----
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 79,109 (2017: £Nil).
21. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
120
120
120
120
----
----
----
----
22. Non-cash transactions
On 1 January 2018 the company aquired the trade and assets from Eville & Jones (UK) limited for £1,692,976, the amount owed was paid though intercompany loan account transactions and payments received directly by Eville & Jones (UK) limited company on behalf of Eville & Jones (G.B.) Limited.
23. Contingencies
The group have received enquiries from HMRC in relation to the minimum pay regulations and payments and deductions from payments made to employees in certain circumstances. The directors are currently in the process of providing detailed information to HMRC and any potential liability cannot be reliably estimated. Due to the number of employees that the company is reviewing and the length of the period under review completing this process will take considerable time to calculate and agree with HRMC.
24. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2018
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J Avila
–
( 1,163)
( 1,163)
----
-------
-------
2017
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J Avila
–
–
–
----
----
----
25. Related party transactions
Company
Key management All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel. Total remuneration is respect of these individuals is £205,828. Entities that provide key management services The company is related to entities providing key management services, during the year the company was charged £165,828 for key management services by these related parties. At 30 April 2018 £32,530 was owed by the group, and is included within creditors. Directors The directors have provided interest free loans to the group amounting to £408,391, of which £6,042 was repaid. At 30 April 2018 £1,163 was owed by the directors to the company and £402,349 owed by the group to the directors. Entities under common control/significant influence The group is related to entities that are under the control of the shareholders of the group. During the year the transactions with these entities were as follows: The group provided services and recharged wages and salaries amounting to £270,279,rent of £48,000, and other recharges of £11,782 to these entities. Loans of £198,104 were provided to the company, and £48,907 was repaid. a loan of £27,000 was also made by the company to these entities. On 1 January 2018 the group acquired the trade and certain assets and liabilities of Eville & Jones (UK) Limited for £1,692,976. The Assets and liabilities were transferred at the directors estimated fair value and therefore no goodwill has arisen. The following assets and liabilities are acquired: Tangible assets £83,393 Intangible assets £8 Trade debtors £3,177,515 Other debtors £623,060 Trade and other payables £(355,000) Other creditors (£1,386,000) Contingent liabilities (£450,000) At 30 April 2018 £1,232,743 (2017: £18,637) was owed to these entities, and is included within creditors, and £876,893 (2017: £665,185) is owed by these entities and included within debtors .
26. Controlling party
The company is under the joint control of its directors, and no individual has overall control of the company.