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Company information
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Contents
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Group strategic report
Year ended 30 June 2023
The director presents his strategic report for the year ended 30 June 2023.
Principal activities The principal activity of the group is investments in energy, waste and property businesses.
The director is pleased with the group’s performance during the financial year despite significant issues and uncertainties around the economy and market conditions. The group is well placed to withstand any future adverse effects.
The group monitors its financial performance through key performance indicators which are as follows: 2023 2022 Turnover (£k) £16,210 £11,796 Operating profit (£k) £1,651 £752 Operating profit % 10% 6%
The group has a risk management system in place to enable the board to identify, evaluate and manage potential risks and uncertainties that could have a material impact on the group’s performance.
The main risk under the period of review is summarised below: General economic climate The group can be affected by the state of the UK and global economy and the resulting impact they have on energy usage and pricing, infrastructure projects and interest rates. The group’s investments are within a diverse range of energy, waste and property, the profitability of which can be directly impacted by either improving or worsening of this climate. The group’s strategy has been designed to limit these risks as far as possible.
There have been no subsequent events to the date of this report which have materially affected the company.
The director anticipates that the group will continue to grow.
This report was approved by the board on 26 July 2024 and signed on its behalf.
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Director's report
Year ended 30 June 2023
The director presents his report and the financial statements for the year ended 30 June 2023.
The director is responsible for preparing the group strategic report, the director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £4,250,128 (2022: £1,200,178).
The director who served during the year was:
There have been no significant events affecting the group since the year end.
UNW LLP were appointed as auditor after the year end. Pursuant to section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and UNW LLP will therefore continue in office.
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Director's report (continued)
Year ended 30 June 2023
This report was approved by the board on
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Independent auditor's report to the members of EVB Holdings Ltd
We have audited the financial statements of EVB Holdings Ltd ('the parent company') and its subsidiaries ('the group') for the year ended 30 June 2023, which comprise the group statement of comprehensive income, the group and company balance sheets, the group statement of cash flows, the group and company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of EVB Holdings Ltd (continued)
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the director's report.
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Independent auditor's report to the members of EVB Holdings Ltd (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience and through discussions with the directors and other management (as required by Auditing Standards) and from inspection of the company's legal correspondence and we discussed with the directors and other management the policies and procedures in place regarding compliance with the laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect; health and safety, employment law, data protection, environmental law and certain aspects of company legislation, recognising the nature of the company's activities. Auditing Standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance material to the financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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Independent auditor's report to the members of EVB Holdings Ltd (continued)
In forming our opinion on the financial statements, which is unmodified, we note that the prior year financial statements were not audited. Consequently, International Standards on Auditing (UK and Ireland) require that the auditor state that corresponding figures contained within these financial statements are unaudited.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Chartered Accountants
Newcastle upon Tyne
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Consolidated statement of comprehensive income
Year ended 30 June 2023
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Consolidated balance sheet
At
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Consolidated balance sheet (continued)
At 30 June 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 July 2024.
The notes on pages 17 to 37 form part of these financial statements.
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Company balance sheet
At
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
Company registered number: 12933196
The notes on pages 17 to 37 form part of these financial statements.
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Consolidated statement of changes in equity
Year ended 30 June 2023
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Company statement of changes in equity
Year ended 30 June 2023
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Consolidated statement of cash flows
Year ended 30 June 2023
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Consolidated statement of cash flows (continued)
Year ended 30 June 2023
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Consolidated analysis of net debt
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
EVB Holdings Ltd (‘the company’) and its subsidiaries (together ‘the group’) are engaged in energy investments, property business and the recycling of plasterboard.
The company is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is given in the company information page of this annual report.
The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’), and the Companies Act 2006.
3.Accounting policies
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 periods presented, unless otherwise stated.
These financial statements comprise the consolidated (group) financial statements and the company's separate financial statements. However, as permitted by Section 408 of the Companies Act 2006, the separate profit and loss account of the company is not presented.
These financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling and rounded to the nearest pound. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4.
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings as if they formed a single entity. Intercompany transactions and balances are therefore eliminated in full.
The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.
The director has prepared financial forecasts which, having regard for reasonably possible changes in trading performance as a result of the current economic environment, indicate that the group will maintain sufficient financial headroom to enable it to continue meeting its liabilities as they fall due in the normal course of business for at least the next twelve months following approval of these financial statements.
After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
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Notes to the financial statements
Year ended 30 June 2023
3.Accounting policies (continued)
Turnover
Turnover comprises revenue recognised in respect of goods and services supplied during the year, net of discounts and excluding Value Added Tax. Turnover is recognised when the significant risks and rewards of ownership of the goods and services have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the group, and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Government grants Government grants are recognised on the accruals basis. Grants relating to assets are recognised in the profit and loss account over the expected life of the asset. Other grants are recognised in the profit and loss account over the period in which the related costs are recognised. Grant monies received but deferred to future periods are included on the balance sheet within creditors. Interest income Interest income is recognised on an accruals basis, using the effective interest method.
The group's functional currency is the pound sterling.
Transactions and balances Transactions in foreign currencies are translated into sterling using the spot exchange rates at the dates of the transactions. At each period end, foreign currency monetary assets and liabilities are translated using the closing rate. Foreign exchange gains and losses are recognised in the profit and loss account.
Short-term benefits
Short-term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. Defined contribution pension plan The group operates a defined contribution pension plan for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet. The assets of the plan are held separately from the group in independently administered funds.
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
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Notes to the financial statements
Year ended 30 June 2023
3.Accounting policies (continued)
The taxation expense for the year comprises current and deferred tax and is recognised in the profit and loss account.
Current tax is the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences arise from the inclusion of transactions and events in the financial statements in periods different from those in which they are assessed for tax. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.
Goodwill
Goodwill represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the group’s interest in the identifiable net assets, liabilities and contingent liabilities acquired. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
Tangible fixed assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their estimated useful lives as follows: Long-term leasehold property - 5% straight line Plant and machinery - 25% reducing balance Motor vehicles - 25% reducing balance Fixtures and fittings - 25% reducing balance Office equipment - 25% reducing balance Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.
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Notes to the financial statements
Year ended 30 June 2023
3.Accounting policies (continued)
Assets held under finance leases and hire purchase contracts, which confer rights and obligations on the company similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future lease obligations are recorded as liabilities, and the interest elements are charge to the profit and loss account over the period of the leases to produce a constant periodic rate of charge on the remaining balance of the liability.
Leases that do not confer rights and obligations approximating to ownership are classified as operating leases. Rental payments under operating leases are charged to the profit and loss account on a straight-line basis over the lease term, even if payments are not made on such a basis.
At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset's cash generating unit ('CGU')) may be impaired. If there is such an indication the recoverable amount of the asset (or asset's CGU) is compared to the carrying amount of the asset (or asset's CGU).
The recoverable amount of the asset (or asset's CGU) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's (or asset's CGU's) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset. If the recoverable amount of the asset (or asset's CGU) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss. If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's CGU) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account. Goodwill is allocated on acquisition to the cash generating unit expected to benefit from the synergies of the combination. Goodwill is included in the carrying value of cash generating units for impairment testing.
Investments in subsidiaries
Investments in subsidiary undertakings are measured at cost less accumulated impairment losses. Investments in associates Investments in associates are measured at cost less accumulated impairment losses.
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Notes to the financial statements
Year ended 30 June 2023
3.Accounting policies (continued)
Investment properties are measured at fair value at each reporting date, with any changes in fair value recognised in the profit and loss account. Investment properties are not depreciated.
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method and includes the purchase price (including taxes and duties) and transport and handling costs directly attributable to bringing the stock to its present location.
Provision is made as necessary for damaged, obsolete or slow-moving items.
The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, bank loans and loans to or from related parties, including fellow group companies.
All such instruments are due within one year and are measured, initially and subsequently, at the transaction price. At the end of each reporting period, financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
Dividends are recognised as a liability in the financial statements in the period in which they are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.
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Notes to the financial statements
Year ended 30 June 2023
Significant judgments in applying the entity's accounting policies No significant judgments were required in the process of applying the company's accounting policies for these financial statements. Key sources of estimation uncertainty Useful lives of fixed assets - the annual depreciation and amortisation charges for fixed assets are sensitive to changes in the estimated useful lives and the residual values of the assets, which are re-assessed annually and amended to reflect current estimates. There have been no changes in the estimation bases during the current reporting period. See notes 14 and 15 for the carrying amount of fixed assets and note 3.10 for the estimated useful lives of each class of asset. Other sources of estimation uncertainty Other estimates included within these financial statements include asset impairments, such as provisions against debtors. None of the other estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, nor to bear significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
The whole of the turnover is attributable to the principal activity of the business.
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
13.Taxation (continued)
In the Spring Budget 2021 it was announced that the main UK corporation tax rate would increase from 19% to 25% from 1 April 2023. This rate increase was substantively enacted as part of the Finance Act 2021 on 24 May 2021 and has now taken effect. Accordingly, the group’s profits are taxed at an effective rate of 20.5% for the year ended 30 June 2023 (19% for year ended 30 June 2022), and future profits will be taxed at a rate of 25%. Deferred tax at the balance sheet date has been calculated at 25% (2022: 25%), as this was the tax rate substantively enacted at the year end.
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
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Notes to the financial statements
Year ended 30 June 2023
29
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Notes to the financial statements
Year ended 30 June 2023
30
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Notes to the financial statements
Year ended 30 June 2023
Subsidiary undertakings (continued)
31
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Notes to the financial statements
Year ended 30 June 2023
The 2023 valuations were made via management's best estimate.
32
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Notes to the financial statements
Year ended 30 June 2023
33
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Notes to the financial statements
Year ended 30 June 2023
34
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Notes to the financial statements
Year ended 30 June 2023
Merger Reserve
Profit and loss account
35
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Notes to the financial statements
Year ended 30 June 2023
36
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Notes to the financial statements
Year ended 30 June 2023
The company considers I Bainbridge to be the ultimate controlling party.
37
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