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Registration number: 11398412

Evolve Lifetime Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Evolve Lifetime Limited
(Registration number: 11398412)

Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,870

89

Current assets

 

Debtors

5

2,158

7,135

Cash at bank and in hand

 

21,439

31,933

 

23,597

39,068

Creditors: Amounts falling due within one year

6

(3,310)

(6,684)

Net current assets

 

20,287

32,384

Net assets

 

23,157

32,473

Capital and reserves

 

Called up share capital

100

100

Retained earnings

23,057

32,373

Shareholders' funds

 

23,157

32,473

 

Evolve Lifetime Limited
(Registration number: 11398412)

Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 15 August 2023 and signed on its behalf by:
 

.........................................
Mr J Blunden
Director

.........................................
Mr P Caulfield
Director

 

Evolve Lifetime Limited
(Registration number: 11398412)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 26-28 Brightwell Barns
Waldringfield Road
Brightwell
Ipswich
Suffolk
IP10 0BJ

These financial statements were authorised for issue by the Board on 15 August 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Evolve Lifetime Limited
(Registration number: 11398412)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants received during the year have been recognised using the accrual model. Grants claimed were in relation to revenue and recognised in income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses already incurred or giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Evolve Lifetime Limited
(Registration number: 11398412)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Evolve Lifetime Limited
(Registration number: 11398412)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 3).

4

Tangible assets

Computer equipment
£

Cost or valuation

At 1 July 2022

400

Additions

4,305

At 30 June 2023

4,705

Depreciation

At 1 July 2022

311

Charge for the year

1,524

At 30 June 2023

1,835

Carrying amount

At 30 June 2023

2,870

At 30 June 2022

89

 

Evolve Lifetime Limited
(Registration number: 11398412)

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Debtors

2023
£

2022
£

Other debtors

1,512

1,512

Prepayments

646

623

Accrued income

-

5,000

2,158

7,135

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

60

54

Taxation and social security

1,551

5,043

Accruals and deferred income

1,699

1,587

3,310

6,684