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REGISTERED NUMBER: 02090721 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Evolution Automotive Components Ltd

Evolution Automotive Components Ltd (Registered number: 02090721)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Evolution Automotive Components Ltd

Company Information
for the Year Ended 31 March 2022







DIRECTOR: S P Hall





REGISTERED OFFICE: Unit 1
17 Lythalls Lane
Foleshill
Coventry
West Midlands
CV6 6FN





REGISTERED NUMBER: 02090721 (England and Wales)





ACCOUNTANTS: Leigh Christou Ltd
Chartered Certified Accountants
Leofric House
Binley Road
Coventry
CV3 1JN

Evolution Automotive Components Ltd (Registered number: 02090721)

Balance Sheet
31 March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 13,927 33,729

CURRENT ASSETS
Stocks 448,386 392,112
Debtors 4 148,532 185,875
Cash at bank and in hand 114,999 37,716
711,917 615,703
CREDITORS
Amounts falling due within one year 5 526,068 526,123
NET CURRENT ASSETS 185,849 89,580
TOTAL ASSETS LESS CURRENT
LIABILITIES

199,776

123,309

CREDITORS
Amounts falling due after more than one year 6 (23,900 ) -

PROVISIONS FOR LIABILITIES (2,646 ) (6,408 )
NET ASSETS 173,230 116,901

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 100 100
Retained earnings 173,080 116,751
SHAREHOLDERS' FUNDS 173,230 116,901

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Evolution Automotive Components Ltd (Registered number: 02090721)

Balance Sheet - continued
31 March 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 August 2022 and were signed by:





S P Hall - Director


Evolution Automotive Components Ltd (Registered number: 02090721)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 10 ) .

Evolution Automotive Components Ltd (Registered number: 02090721)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

3. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2021 45,857 90,270 26,423 128,574 291,124
Additions 750 - - - 750
At 31 March 2022 46,607 90,270 26,423 128,574 291,874
DEPRECIATION
At 1 April 2021 43,948 86,054 22,247 105,146 257,395
Charge for year 361 632 1,045 18,514 20,552
At 31 March 2022 44,309 86,686 23,292 123,660 277,947
NET BOOK VALUE
At 31 March 2022 2,298 3,584 3,131 4,914 13,927
At 31 March 2021 1,909 4,216 4,176 23,428 33,729

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 138,121 177,641
Other debtors 10,411 8,234
148,532 185,875

The company has entered into an agreement whereby a proportion of its trade debtors have been discounted with a finance company (on a full recourse basis), in return for which it receives advances against a proportion of the sums due.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Bank loans and overdrafts 65,650 82,808
Trade creditors 281,619 257,503
Taxation and social security 36,453 13,353
Other creditors 142,346 172,459
526,068 526,123

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.22 31.3.21
£    £   
Other creditors 23,900 -

Evolution Automotive Components Ltd (Registered number: 02090721)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

7. SECURED DEBTS

The following secured debts are included within creditors:

31.3.22 31.3.21
£    £   
Bank loans 42,059 82,808
Financing of trade debtors 68,473 97,203
110,532 180,011

The financing of trade debtors is secured upon those trade debts which have been discounted

The bank loan is secured by a debenture incorporating a legal charge over the assets of the Company, together with the personal guarantee of the director.

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

31.3.22 31.3.21
£    £   
S P Hall
Balance outstanding at start of year (66,007 ) (66,927 )
Amounts advanced 8,100 2,432
Amounts repaid (1,396 ) (1,512 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (59,303 ) (66,007 )

The above loan is charged at a commercial rate of interest and has no set terms of repayment.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Hall by virtue of his majority share holding.