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REGISTERED NUMBER: 06596637 (England and Wales)















Evolution Glass Limited

Unaudited Financial Statements for the Year Ended 31 May 2023






Evolution Glass Limited (Registered number: 06596637)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Evolution Glass Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Mr D J Ferguson





REGISTERED OFFICE: Unit 7, Copthorne Business Park
Dowlands Lane
Copthorne
Crawley
West Sussex
RH10 3HX





REGISTERED NUMBER: 06596637 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

Evolution Glass Limited (Registered number: 06596637)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 174,183 129,199

CURRENT ASSETS
Stocks 23,950 12,713
Debtors 5 1,797,238 1,424,314
Cash at bank 396,521 186,837
2,217,709 1,623,864
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

607,100

571,636
NET CURRENT ASSETS 1,610,609 1,052,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,784,792

1,181,427

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

7

(309,366

)

(54,212

)

PROVISIONS FOR LIABILITIES (37,368 ) (19,454 )
NET ASSETS 1,438,058 1,107,761

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,437,958 1,107,661
SHAREHOLDERS' FUNDS 1,438,058 1,107,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 Glass Limited (Registered number: 06596637)

Balance Sheet - continued
31 May 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 October 2023 and were signed by:





Mr D J Ferguson - Director


Evolution Glass Limited (Registered number: 06596637)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Evolution Glass Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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 represents revenue, net of VAT, from commercial transactions under which the company supplies customers the goods and services that it is in business to provide and it is recognised when it obtains, through performance under contract, the right to consideration for those goods and services.

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 - 25% on reducing balance and 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Evolution Glass Limited (Registered number: 06596637)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to employees' personal pension schemes. Contributions payable to the schemes are charged to the profit and loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 218,240 28,304 24,769 19,822 291,135
Additions 118,202 54 - 2,254 120,510
Disposals (59,862 ) - - - (59,862 )
At 31 May 2023 276,580 28,358 24,769 22,076 351,783
DEPRECIATION
At 1 June 2022 125,056 20,183 4,954 11,743 161,936
Charge for year 43,177 1,636 3,963 2,584 51,360
Eliminated on disposal (35,696 ) - - - (35,696 )
At 31 May 2023 132,537 21,819 8,917 14,327 177,600
NET BOOK VALUE
At 31 May 2023 144,043 6,539 15,852 7,749 174,183
At 31 May 2022 93,184 8,121 19,815 8,079 129,199

Evolution Glass Limited (Registered number: 06596637)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS - continued

Included within the net book value of tangible fixed assets is £155,454 (2022 - £109,298) in respect of assets held as security under finance lease agreements

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 467,505 287,358
Amounts owed by group undertakings 843,559 699,903
Other debtors 486,174 437,053
1,797,238 1,424,314

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 39,835 -
Hire purchase contracts (see note 8) 43,572 48,500
Trade creditors 379,517 391,520
Taxation and social security 99,547 93,779
Other creditors 44,629 37,837
607,100 571,636

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 204,283 -
Hire purchase contracts (see note 8) 105,083 54,212
309,366 54,212

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 9,522 -

Evolution Glass Limited (Registered number: 06596637)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 43,572 48,500
Between one and five years 105,083 54,212
148,655 102,712

Non-cancellable operating leases
2023 2022
£    £   
Within one year 25,223 15,394
Between one and five years 51,391 86,444
76,614 101,838

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 148,655 102,712

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. CONTINGENT LIABILITIES

The company has provided a guarantee to the group's bankers in respect of Obsidian Partitioning Limited, the company's parent company.

Evolution Glass Limited (Registered number: 06596637)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mr D J Ferguson
Balance outstanding at start of year 280,726 74,347
Amounts advanced 7,400 207,058
Amounts repaid (586 ) (679 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 287,540 280,726

Interest was charged on this loan at a rate of 2% totalling £5,613 (2022 - £4,976). This loan is unsecured and repayable on demand.

13. RELATED PARTY DISCLOSURES

During the year the company made advances to its parent company totalling £143,656 (2022 - £196,783). At the balance sheet date the amounts owed by the parent company were £843,559 (2022 - £699,903). This loan is interest free, unsecured and repayable on demand.