Evolve Business Centre (Watford) Limited 10839350 false 2022-06-30 2023-06-29 2023-06-29 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true 10839350 2022-06-30 2023-06-29 10839350 2023-06-29 10839350 bus:OrdinaryShareClass1 2023-06-29 10839350 2 2023-06-29 10839350 core:CurrentFinancialInstruments 2023-06-29 10839350 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-29 10839350 core:Non-currentFinancialInstruments 2023-06-29 10839350 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-29 10839350 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-29 10839350 bus:SmallEntities 2022-06-30 2023-06-29 10839350 bus:AuditExemptWithAccountantsReport 2022-06-30 2023-06-29 10839350 bus:FullAccounts 2022-06-30 2023-06-29 10839350 bus:SmallCompaniesRegimeForAccounts 2022-06-30 2023-06-29 10839350 bus:RegisteredOffice 2022-06-30 2023-06-29 10839350 bus:Director1 2022-06-30 2023-06-29 10839350 bus:Director2 2022-06-30 2023-06-29 10839350 bus:OrdinaryShareClass1 2022-06-30 2023-06-29 10839350 bus:PrivateLimitedCompanyLtd 2022-06-30 2023-06-29 10839350 countries:EnglandWales 2022-06-30 2023-06-29 10839350 2022-06-29 10839350 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-29 10839350 2021-06-29 2022-06-29 10839350 2022-06-29 10839350 bus:OrdinaryShareClass1 2022-06-29 10839350 2 2022-06-29 10839350 core:CurrentFinancialInstruments 2022-06-29 10839350 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-29 10839350 core:Non-currentFinancialInstruments 2022-06-29 10839350 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-29 10839350 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-29 10839350 2021-06-28 10839350 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-06-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10839350

Evolve Business Centre (Watford) Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 June 2023

 

Evolve Business Centre (Watford) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Evolve Business Centre (Watford) Limited

Company Information

Directors

Mr Jonathan Richard Marc Cooper

Mr Raman Thukral

Registered office

861 Coronation Road
Park Royal
London
NW10 7PT

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Evolve Business Centre (Watford) Limited

(Registration number: 10839350)
Balance Sheet as at 29 June 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

82,812

82,811

Cash at bank and in hand

 

133

422

 

82,945

83,233

Creditors: Amounts falling due within one year

5

(39,921)

(29,554)

Total assets less current liabilities

 

43,024

53,679

Creditors: Amounts falling due after more than one year

5

(34,063)

(40,813)

Net assets

 

8,961

12,866

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

8,959

12,864

Shareholders' funds

 

8,961

12,866

For the financial year ending 29 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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.

These financial statements were approved and authorised for issue by the Board on 26 April 2024 and signed on its behalf by:
 

.........................................
Mr Raman Thukral
Director

 

Evolve Business Centre (Watford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023

1

General information

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

The address of its registered office is:
861 Coronation Road
Park Royal
London
NW10 7PT
United Kingdom

These financial statements were authorised for issue by the Board on 26 April 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 functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Tax

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.

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.

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.

 

Evolve Business Centre (Watford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023 (continued)

2

Accounting policies (continued)

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.

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.

 

Evolve Business Centre (Watford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 0 (2022: 0).

Director's remuneration for the year was £Nil (2021 : £Nil) and no operational contract exists with the director. There were no employees in either 2022 or 2021.

 

Evolve Business Centre (Watford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023 (continued)

4

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

8

62,500

-

Other debtors

8

-

62,500

Corporation tax recoverable

20,312

20,311

 

82,812

82,811

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

6

6,210

4,592

Other creditors

 

11,999

4,650

Accrued expenses

 

1,400

-

Corporation tax payable

 

20,312

20,312

 

39,921

29,554

Due after one year

 

Loans and borrowings

6

34,063

40,813

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

34,063

40,813

 

Evolve Business Centre (Watford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2023 (continued)

6

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,210

4,592

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

34,063

40,813

Bank borrowings consists of a government-backed Bounce Back Loan of £40,273 (2022: £45,405) with a repayment term of 10 years from July 2020. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

8

Related party transactions

Loans to related parties

2022

Key management
£

Total
£

At start of period

62,500

62,500

At end of period

62,500

62,500

2023

Key management
£

Total
£

At start of period

62,500

62,500

At end of period

62,500

62,500