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Registration number: 08088231

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

for
 

Evolution FS Ltd

 

Evolution FS Ltd

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

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Evolution FS Ltd

Company Information
for the Year Ended 31 May 2023

Director:

Mr Andrew Rowe

Registered office:

Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

Registered number:

08088231

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Evolution FS Ltd

(Registration number: 08088231)
Balance Sheet as at 31 May 2023

Note

31.05.23

31.05.22

   

£

£

£

£

FIXED ASSETS

   

 

Intangible assets

4

 

152,413

 

306,578

Tangible assets

5

 

41,102

 

28,790

Other financial assets

6

 

40,156

 

39,781

   

233,671

 

375,149

CURRENT ASSETS

   

 

Debtors

7

511,780

 

358,944

 

Investments

8

120,000

 

175,000

 

Cash at bank and in hand

 

202,699

 

434,026

 

 

834,479

 

967,970

 

CREDITORS

   

 

Creditors within 1yr

9

(269,815)

 

(332,067)

 

Net current assets

   

564,664

 

635,903

Total assets less current liabilities

   

798,335

 

1,011,052

Loans and borrowings

   

(209,403)

 

(162,839)

Net assets

   

588,932

 

848,213

CAPITAL AND RESERVES

   

 

Called up share capital

 

200

 

200

Profit and loss account

 

588,732

 

848,013

Shareholders' funds

   

588,932

 

848,213

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

 

Evolution FS Ltd

(Registration number: 08088231)
Balance Sheet as at 31 May 2023 (continued)

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 February 2024
 

.........................................
Mr Andrew Rowe
Director

 

Evolution FS Ltd

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

1.

General information

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

The address of its registered office is:
Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ
England

These financial statements were authorised for issue by the director on 22 February 2024.

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.

The presentational currency is Pound Sterling (£).

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.

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.

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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

Motor Vehicles

20% on reducing balance

Fixtures & Fittings

20% on reducing balance

Computer Equipment

20% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

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.

3.

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2022 - 17).

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)

4.

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

968,935

968,935

Disposals

(69,222)

(69,222)

At 31 May 2023

899,713

899,713

Amortisation

At 1 June 2022

662,357

662,357

Amortisation charge

110,853

110,853

Amortisation eliminated on disposals

(25,910)

(25,910)

At 31 May 2023

747,300

747,300

Carrying amount

At 31 May 2023

152,413

152,413

At 31 May 2022

306,578

306,578

5.

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

18,303

12,417

28,369

59,089

Additions

199

22,389

-

22,588

At 31 May 2023

18,502

34,806

28,369

81,677

Depreciation

At 1 June 2022

12,968

7,496

9,835

30,299

Charge for the year

1,107

5,462

3,707

10,276

At 31 May 2023

14,075

12,958

13,542

40,575

Carrying amount

At 31 May 2023

4,427

21,848

14,827

41,102

At 31 May 2022

5,335

4,921

18,534

28,790

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)

6.

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2022

39,780

1

39,781

Fair value adjustments

375

-

375

At 31 May 2023

40,155

1

40,156

Impairment

Carrying amount

At 31 May 2023

40,155

1

40,156

7.

Debtors

Current

Note

31.05.23
£

31.05.22
£

Amounts owed by related parties

447,877

318,961

Prepayments

 

12,669

39,983

Other debtors

 

51,234

-

   

511,780

358,944

Included in other debtors is £25,000 due in more than one year.

8.

Current asset investments

31.05.23
£

31.05.22
£

Other investments

120,000

175,000

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)

9.

Creditors

Creditors: amounts falling due within one year

Note

31.05.23
£

31.05.22
£

Due within one year

 

Loans and borrowings

10

64,868

93,704

Trade creditors

 

177

3,000

Taxation and social security

 

182,152

126,597

Accruals and deferred income

 

21,000

8,960

Other creditors

 

1,618

99,806

 

269,815

332,067

Creditors: amounts falling due after more than one year

Note

31.05.23
£

31.05.22
£

Due after one year

 

Loans and borrowings

10

209,403

162,839

10.

Loans and borrowings

31.05.23
£

31.05.22
£

Non-current loans and borrowings

Bank borrowings

203,407

151,425

Hire purchase contracts

5,996

11,414

209,403

162,839

31.05.23
£

31.05.22
£

Current loans and borrowings

Bank borrowings

59,247

88,062

Hire purchase contracts

5,621

5,642

64,868

93,704