Registration number:
Report of the Director and
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 |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Evolution FS Ltd
Company Information
for the Year Ended 31 May 2023
Director: |
Mr Andrew Rowe |
Registered office: |
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Registered number: |
08088231 |
Accountants: |
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Evolution FS Ltd
(Registration number: 08088231)
Balance Sheet as at 31 May 2023
Note |
31.05.23 |
31.05.22 |
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£ |
£ |
£ |
£ |
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FIXED ASSETS |
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Intangible assets |
|
|
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Tangible assets |
|
|
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Other financial assets |
40,156 |
39,781 |
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|
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CURRENT ASSETS |
|||||
Debtors |
|
|
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Investments |
|
|
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Cash at bank and in hand |
|
|
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|
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CREDITORS |
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Creditors within 1yr |
(269,815) |
(332,067) |
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Net current assets |
|
|
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Total assets less current liabilities |
|
|
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Loans and borrowings |
(209,403) |
(162,839) |
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Net assets |
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|
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CAPITAL AND RESERVES |
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Called up share capital |
200 |
200 |
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Profit and loss account |
588,732 |
848,013 |
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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:
• |
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• |
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
......................................... |
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:
England
These financial statements were authorised for issue by the
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
Evolution FS Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023 (continued)
4. |
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Disposals |
( |
( |
At 31 May 2023 |
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Amortisation |
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At 1 June 2022 |
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Amortisation charge |
|
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Amortisation eliminated on disposals |
( |
( |
At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
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At 31 May 2022 |
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5. |
Tangible assets |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Additions |
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- |
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At 31 May 2023 |
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Depreciation |
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At 1 June 2022 |
|
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Charge for the year |
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At 31 May 2023 |
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Carrying amount |
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At 31 May 2023 |
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|
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At 31 May 2022 |
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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 |
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Non-current financial assets |
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Cost or valuation |
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At 1 June 2022 |
39,780 |
1 |
39,781 |
Fair value adjustments |
375 |
- |
375 |
At 31 May 2023 |
40,155 |
1 |
40,156 |
Impairment |
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Carrying amount |
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At 31 May 2023 |
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|
40,156 |
7. |
Debtors |
Current |
Note |
31.05.23 |
31.05.22 |
Amounts owed by related parties |
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Prepayments |
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Other debtors |
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- |
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Included in other debtors is £25,000 due in more than one year.
8. |
Current asset investments |
31.05.23 |
31.05.22 |
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Other investments |
|
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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 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
31.05.23 |
31.05.22 |
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Due after one year |
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Loans and borrowings |
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10. |
Loans and borrowings |
31.05.23 |
31.05.22 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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31.05.23 |
31.05.22 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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