2022-04-012023-03-312023-03-31false07561542Evolution Forwarding 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Evolution Forwarding Limited

Registered Number
07561542
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Evolution Forwarding Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Mrs A Goldspink
Mr T Goldspink

Registered Address

10 Western Road
Romford
RM1 3JT

Registered Number

07561542 (England and Wales)
Evolution Forwarding Limited
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets714,99311,280
Investments8-113,685
14,993124,965
Current assets
Stocks122,9355,855
Debtors13303,715218,664
Cash at bank and on hand913,859775,163
1,220,509999,682
Creditors amounts falling due within one year14(459,751)(201,283)
Net current assets (liabilities)760,758798,399
Total assets less current liabilities775,751923,364
Provisions for liabilities15(2,849)(2,143)
Net assets772,902921,221
Capital and reserves
Called up share capital100100
Profit and loss account772,802921,121
Shareholders' funds772,902921,221
The financial statements were approved and authorised for issue by the Board of Directors on 14 November 2023, and are signed on its behalf by:
Mr T Goldspink
Director
Mrs A Goldspink
Director

Registered Company No. 07561542
Evolution Forwarding Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company continued to be that of freight forwarders.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Premises improvements are depreciated over the remaining term of the lease.

Reducing balance (%)
Fixtures and fittings25
Vehicles25
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government grants and other government assistance policy
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Leases policy
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
6.Employee information

20232022
Average number of employees during the year87
7.Property, plant and equipment

Land & buildings

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 April 225235,99136,67843,192
Additions-4,4004,3128,712
At 31 March 2352310,39140,99051,904
Depreciation and impairment
At 01 April 225234,92426,46531,912
Charge for year-1,3683,6314,999
At 31 March 235236,29230,09636,911
Net book value
At 31 March 23-4,09910,89414,993
At 31 March 22-1,06710,21311,280
8.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 22113,685113,685
Disposals(113,685)(113,685)
Net book value
At 31 March 23--
At 31 March 22113,685113,685

Notes

1Investments in group undertakings and participating interests
9.Description of financial commitments other than capital commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: 2023 - £43,875 (2022 - £58,984).
10.Directors advances, credits and guarantees
At the year end the directors were owed £19,667 (2022 - £19,757) by way of their current account.
11.Dividends proposed and payable

2023

2022

££
Dividends Paid423,68560,000
Total423,68560,000
Dividends totalling £40,000 (2022 £60,000) were paid in the year in respect of shares held by the company’s directors and are included within the amounts shown above.
12.Stocks

2023

2022

££
Raw materials and consumables2,9355,855
Total2,9355,855
13.Debtors

2023

2022

££
Trade debtors / trade receivables296,647215,041
Amounts owed by associates and joint ventures / participating interests2,865139
Other debtors37757
Prepayments and accrued income3,8263,427
Total303,715218,664
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
14.Creditors within one year

2023

2022

££
Trade creditors / trade payables113,590108,724
Amounts owed to related parties250,000-
Taxation and social security68,50653,262
Other creditors24,76733,760
Accrued liabilities and deferred income2,8885,537
Total459,751201,283
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
15.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)2,8492,143
Total2,8492,143