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Registration number: 09406683

Evolve Air Conditioning Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2018

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Evolve Air Conditioning Limited
for the Year Ended 30 April 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Evolve Air Conditioning Limited for the year ended 30 April 2018 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Evolve Air Conditioning Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Evolve Air Conditioning Limited and state those matters that we have agreed to state to the Board of Directors of Evolve Air Conditioning Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Evolve Air Conditioning Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Evolve Air Conditioning Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Evolve Air Conditioning Limited. You consider that Evolve Air Conditioning Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Evolve Air Conditioning Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

13 November 2018

 

Evolve Air Conditioning Limited

(Registration number: 09406683)
Balance Sheet as at 30 April 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

38,836

2,631

Current assets

 

Stocks

5

2,500

4,598

Debtors

6

47,085

10,503

Cash at bank and in hand

 

6,189

21,443

 

55,774

36,544

Creditors: Amounts falling due within one year

8

(85,540)

(31,945)

Net current (liabilities)/assets

 

(29,766)

4,599

Total assets less current liabilities

 

9,070

7,230

Provisions for liabilities

(500)

(500)

Net assets

 

8,570

6,730

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

8,569

6,729

Total equity

 

8,570

6,730

For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Evolve Air Conditioning Limited

(Registration number: 09406683)
Balance Sheet as at 30 April 2018

Approved and authorised by the director on 7 November 2018
 

.........................................

Mr Christopher Rutledge
Director

 

Evolve Air Conditioning Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Evolve Air Conditioning Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Furniture and fittings

25% reducing balance

Leasehold improvements

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Evolve Air Conditioning Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2018
 No.

2017
 No.

Administration and support

1

1

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2017

33,661

1,114

3,563

38,338

Additions

-

4,269

-

4,269

At 30 April 2018

33,661

5,383

3,563

42,607

Depreciation

At 1 May 2017

-

487

1,559

2,046

Charge for the year

-

1,224

501

1,725

At 30 April 2018

-

1,711

2,060

3,771

Carrying amount

At 30 April 2018

33,661

3,672

1,503

38,836

At 30 April 2017

-

627

2,004

2,631

Included within the net book value of land and buildings above is £33,661 (2017 - £Nil) in respect of long leasehold land and buildings.
 

 

Evolve Air Conditioning Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

5

Stocks

2018
£

2017
£

Work in progress

1,500

4,098

Other inventories

1,000

500

2,500

4,598

6

Debtors

2018
£

2017
£

Trade debtors

47,085

10,503

47,085

10,503

7

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

39,604

3,553

Taxation and social security

8,477

(12,719)

Accruals and deferred income

6,223

1,323

Other creditors

31,236

39,788

85,540

31,945

9

Dividends

Final dividends paid

 

2018
£

2017
£

Final dividend of £0 (2017 - £5,000) per each Ordinary share

-

5,000

     
 

Evolve Air Conditioning Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

Interim dividends paid

 

2018
£

2017
£

Interim dividend of £0 (2017 - £5,000) per each Ordinary share

-

5,000

     

10

Related party transactions

Transactions with directors

2018

At 1 May 2017
£

Advances to directors
£

At 30 April 2018
£

Mr Christopher Rutledge

Directors loan account

(30,660)

579

(30,081)

       
     

 

2017

At 1 May 2016
£

Advances to directors
£

At 30 April 2017
£

Mr Christopher Rutledge

Directors loan account

(29,216)

(1,444)

(30,660)

       
     

 

Dividends paid to directors

 

2018
£

2017
£

Mr Christopher Rutledge

   

Ordinary

-

10,000

     
         

 

Other transactions with directors

The above directors loan account is undated, unsecured, interest free and repayable on demand.