Silverfin false 31/12/2022 01/01/2022 31/12/2022 Gordon James Farmer 02/06/2023 13/06/2019 Roderick James Macgregor 02/06/2023 13/06/2019 Russell John Ritchie 20/04/2015 16 November 2023 The principal activity of the company was to supply, manage and maintain specialised hose equipment in the oil and gas industry. SC503710 2022-12-31 SC503710 bus:Director1 2022-12-31 SC503710 bus:Director2 2022-12-31 SC503710 bus:Director3 2022-12-31 SC503710 2021-12-31 SC503710 core:CurrentFinancialInstruments 2022-12-31 SC503710 core:CurrentFinancialInstruments 2021-12-31 SC503710 core:ShareCapital 2022-12-31 SC503710 core:ShareCapital 2021-12-31 SC503710 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC503710 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC503710 core:OtherPropertyPlantEquipment 2021-12-31 SC503710 core:OtherPropertyPlantEquipment 2022-12-31 SC503710 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 SC503710 core:ImmediateParent core:CurrentFinancialInstruments 2021-12-31 SC503710 bus:OrdinaryShareClass1 2022-12-31 SC503710 2022-01-01 2022-12-31 SC503710 bus:FullAccounts 2022-01-01 2022-12-31 SC503710 bus:SmallEntities 2022-01-01 2022-12-31 SC503710 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SC503710 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 SC503710 bus:Director1 2022-01-01 2022-12-31 SC503710 bus:Director2 2022-01-01 2022-12-31 SC503710 bus:Director3 2022-01-01 2022-12-31 SC503710 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-01-01 2022-12-31 SC503710 2021-04-01 2021-12-31 SC503710 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 SC503710 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC503710 bus:OrdinaryShareClass1 2021-04-01 2021-12-31 SC503710 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC503710 (Scotland)

EVOLUTION HOSE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH THE REGISTRAR

EVOLUTION HOSE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Contents

EVOLUTION HOSE LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2022
EVOLUTION HOSE LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2022
Note 31.12.2022 31.12.2021
£ £
Fixed assets
Tangible assets 3 71,067 28,646
71,067 28,646
Current assets
Stocks 145,332 197,499
Debtors 4 468,486 356,476
Cash at bank and in hand 297,112 11,816
910,930 565,791
Creditors: amounts falling due within one year 5 ( 622,705) ( 426,717)
Net current assets 288,225 139,074
Total assets less current liabilities 359,292 167,720
Provision for liabilities ( 1,379) 0
Net assets 357,913 167,720
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 357,912 167,719
Total shareholder's funds 357,913 167,720

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Evolution Hose Limited (registered number: SC503710) were approved and authorised for issue by the Director on 16 November 2023. They were signed on its behalf by:

Russell John Ritchie
Director
EVOLUTION HOSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
EVOLUTION HOSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Evolution Hose Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Evolution View Wellheads Crescent, Wellheads Industrial Estate, Dyce, AB21 7GA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

In accordance with Section 390 of the Companies Act 2006, these financial statements cover the period from 1 January 2022 to 31 December 2022.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements are prepared for period of 12 months ( 2021 - 9 months) and therefore, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of revenue can be measured reliably;
It is probable that the Company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably; and
The costs incurred and the costs to complete the contract can be measured reliably.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 2 years straight line

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Impairment of assets

Assets, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Year ended
31.12.2022
Period from
01.04.2021 to
31.12.2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2022 146,812 146,812
Additions 85,484 85,484
Disposals ( 23,999) ( 23,999)
At 31 December 2022 208,297 208,297
Accumulated depreciation
At 01 January 2022 118,166 118,166
Charge for the financial year 43,063 43,063
Disposals ( 23,999) ( 23,999)
At 31 December 2022 137,230 137,230
Net book value
At 31 December 2022 71,067 71,067
At 31 December 2021 28,646 28,646

4. Debtors

31.12.2022 31.12.2021
£ £
Trade debtors 431,158 248,802
Amounts owed by Group undertakings 32,105 60,000
Deferred tax asset 0 12,844
Other debtors 5,223 34,830
468,486 356,476

5. Creditors: amounts falling due within one year

31.12.2022 31.12.2021
£ £
Trade creditors 137,827 231,003
Amounts owed to Group undertakings 288,280 92,500
Amounts owed to Parent undertakings 0 45,000
Taxation and social security 78,341 24,101
Other creditors 118,257 34,113
622,705 426,717

6. Called-up share capital

31.12.2022 31.12.2021
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 0.10 each 1 1

7. Ultimate controlling party

The company's immediate parent is Rig Surveys Group Limited, a company registered in Scotland.

The ultimate parent undertaking and controlling party is Challenger Energy Limited, a company registered in Scotland.