REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Evenbrook Group Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Evenbrook Group Limited |
Evenbrook Group Limited (Registered number: 03231730) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Evenbrook Group Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
No 4 Castle Court 2 |
Castlegate Way |
Dudley |
West Midlands |
DY1 4RH |
Evenbrook Group Limited (Registered number: 03231730) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Investments | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 7 |
Retained earnings | 7 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Evenbrook Group Limited (Registered number: 03231730) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Evenbrook Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements have been prepared on the going concern basis. Current liabilities exceed current assets by £38,053,000. Current liabilities include an amount of £38,053,000 due to other members of the Evenbrook Capital Partners Limited group (the Group Creditors) . These loans are interest free and repayable on demand. The company has a net asset value of £22,400,000 reported at the balance sheet date. The directors consider the possibility of the Group Creditors requiring repayment of the loans of £38,053,000 within 12 months from the date of approval of these financial statements to be remote and accordingly the directors of the company, the majority of whom are directors of all group companies within the group headed by Evenbrook Capital Partners Limited, which includes the company and its parent, are satisfied that these financial statements should be prepared on the going concern basis as they expect the company to continue in operational existence for the foreseeable future. |
Preparation of consolidated financial statements |
The financial statements contain information about Evenbrook Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Evenbrook Group Limited (Registered number: 03231730) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Management does not consider there to be judgements made on matters considered material (apart from those involving estimates) that have had an effect on amounts recognised in the financial statements this year. |
The following are the company's key sources of estimation uncertainty: |
Revaluation of investment properties owned by subsidiary undertakings |
The company carries its investments in subsidiary undertakings at fair value which reflects the valuation of those companies' investment properties by the directors, two of whom are Chartered Surveyors, at 31 March 2023 which were reported on the following general basis in subsidiary undertaking financial statements: |
Investment property was valued on an open market fair value basis on 31 March 2023 by the directors, two of whom are Chartered Surveyors. The Company did not instruct an agent to carry out an external professional valuation at 31 March 2023. The directors have had regard to a routine valuation for security purposes carried out by the bank's independent valuers during May 2023. |
Investments in subsidiaries |
The company's investment in the shares of the group undertakings are stated at fair value which takes account of the valuation of properties owned by group undertakings carried out in March 2023 by the Directors, two of whom are Chartered Surveyors. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
Evenbrook Group Limited (Registered number: 03231730) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£'000 |
COST OR VALUATION |
At 1 April 2022 |
Revaluations |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Shares in |
group |
undertakings |
£'000 |
Valuation in 2023 | 28,267 |
Cost | 38,537 |
66,804 |
If fixed asset investments had not been revalued they would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Cost | 48,395 | 48,395 |
Aggregate provisions | (9,858 | ) | (9,858 | ) |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Amounts owed to group undertakings |
6. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Deferred tax | 6,350 | 6,015 |
Evenbrook Group Limited (Registered number: 03231730) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£'000 |
Balance at 1 April 2022 |
Provided during year |
Balance at 31 March 2023 |
7. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£'000 | £'000 | £'000 |
At 1 April 2022 | 25,175 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
Revaluation | - | 1,361 | 1,361 |
Deferred Tax | - | (335 | ) | (335 | ) |
At 31 March 2023 | 22,201 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The controlling party is Evenbrook Capital Partners Limited. |
The directors consider that there is no ultimate controlling party. |