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Registered number: 12933196













EVB Holdings Ltd

Annual report

30 June 2023




 
EVB Holdings Ltd
 
 
Company information


Director
Ian Bainbridge 




Registered number
12933196



Registered office
Hill Top Farm
Winston

Darlington

County Durham

DL2 3RR




Independent auditor
UNW LLP
Chartered Accountants

Citygate

St James' Boulevard

Newcastle upon Tyne

NE1 4JE





 
EVB Holdings Ltd
 

Contents



Page
Group strategic report
 
1
Director's report
 
2 - 3
Independent auditor's report to the members of EVB Holdings Ltd
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated balance sheet
 
9 - 10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated Statement of cash flows
 
14 - 15
Analysis of net debt
 
16
Notes to the financial statements
 
17 - 37


 
EVB Holdings Ltd
 
 
Group strategic report
Year ended 30 June 2023

Introduction
 
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.  

Business review
 
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%    

Principal risks and uncertainties
 
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.

Subsequent events
 
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.



Ian Bainbridge
Director

1

 
EVB Holdings Ltd
 

 
Director's report
Year ended 30 June 2023

The director presents his report and the financial statements for the year ended 30 June 2023.

Director's responsibilities statement

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.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

 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 2006He 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.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £4,250,128 (2022: £1,200,178).

Director

The director who served during the year was:

Ian Bainbridge 

Disclosure of information to auditor

The director at the time when this director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditor

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.

2

 
EVB Holdings Ltd
 

 
Director's report (continued)
Year ended 30 June 2023

This report was approved by the board on 26 July 2024 and signed on its behalf by:
 





Ian Bainbridge
Director

3

 
img4f88.png
 

 
Independent auditor's report to the members of EVB Holdings Ltd

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 30 June 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


4

 
img3b12.png
 

 
Independent auditor's report to the members of EVB Holdings Ltd (continued)

Other information


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 reportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


5

 
img0376.png
 

 
Independent auditor's report to the members of EVB Holdings Ltd (continued)

Responsibilities of directors
 

As explained more fully in the director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

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.


6

 
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Independent auditor's report to the members of EVB Holdings Ltd (continued)

Other matters - prior period financial statements
 

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.


Use of our report
 

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 2006Our 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.





Martin Cross PhD BSc FCA (Senior Statutory Auditor)
for and on behalf of UNW LLP, Statutory Auditor
Chartered Accountants
Newcastle upon Tyne

26 July 2024
7

 
EVB Holdings Ltd
 
 
Consolidated statement of comprehensive income
Year ended 30 June 2023

2023
Unaudited
2022
Note

Profit and loss account
  

Turnover
 5 
16,209,984
11,795,861

Cost of sales
  
(10,772,250)
(7,823,412)

Gross profit
  
5,437,734
3,972,449

Administrative expenses
  
(3,815,940)
(3,252,700)

Other operating income
 6 
29,533
32,000

Operating profit
 7 
1,651,327
751,749

Income from shares in associated undertakings
  
3,095,376
703,494

Interest receivable and similar income
 11 
30,427
30,277

Interest payable and similar expenses
 12 
(218,366)
(291,232)

Profit before taxation
  
4,558,764
1,194,288

Tax on profit
 13 
(203,746)
5,890

Profit for the financial year
  
4,355,018
1,200,178

  

Profit for the year attributable to:
  

Non-controlling interests
  
104,890
-

Owners of the parent company
  
4,250,128
1,200,178

  
4,355,018
1,200,178

There was no other comprehensive income for 2023 (2022: £nil).

The notes on pages 17 to 37 form part of these financial statements.

8

 
EVB Holdings Ltd


Consolidated balance sheet
At 30 June 2023

2023
Unaudited
2022
Note

Fixed assets
  

Intangible assets
 14 
4,567,764
5,132,848

Tangible assets
 15 
8,040,300
5,113,608

Investments
 16 
5,100,611
5,100,611

Investment property
 17 
671,425
651,425

  
18,380,100
15,998,492

Current assets
  

Stocks
 18 
14,188
23,463

Debtors
 19 
5,910,110
5,599,369

Cash at bank and in hand
  
125,865
840,334

  
6,050,163
6,463,166

Creditors: amounts falling due within one year
 20 
(14,068,451)
(15,548,829)

Net current liabilities
  
 
 
(8,018,288)
 
 
(9,085,663)

Total assets less current liabilities
  
10,361,812
6,912,829

Creditors: amounts falling due after more than one year
 20 
(772,091)
(2,730,518)

Provisions for liabilities
  

Deferred taxation
 23 
(811,447)
(759,070)

Net assets
  
8,778,274
3,423,241


Capital and reserves
  

Called up share capital 
 24 
100
100

Merger reserve
 25 
1,287,335
1,287,335

Profit and loss account
 25 
6,385,934
2,135,806

Equity attributable to owners of the parent company
  
7,673,369
3,423,241

Non-controlling interests
  
1,104,905
-

  
8,778,274
3,423,241


9

 
EVB Holdings Ltd

    
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.




Ian Bainbridge
Director

The notes on pages 17 to 37 form part of these financial statements.

10

 
EVB Holdings Ltd


Company balance sheet
At 30 June 2023

2023
Unaudited
2022
Note

Fixed assets
  

Investments
 16 
3,000,102
102

  
3,000,102
102

Current assets
  

Debtors
 19 
4,450,399
10,429,033

Cash at bank and in hand
  
12,441
13,580

  
4,462,840
10,442,613

Creditors: amounts falling due within one year
 20 
(6,544,980)
(9,761,559)

Net current (liabilities)/assets
  
(2,082,140)
681,054

  

  

Net assets
  
917,962
681,156


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account
  
917,862
681,056

  
917,962
681,156


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 July 2024.


Ian Bainbridge
Director

Company registered number: 12933196
The notes on pages 17 to 37 form part of these financial statements.

11

 
EVB Holdings Ltd
 

Consolidated statement of changes in equity
Year ended 30 June 2023


Called up share capital
Merger reserve
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity


At 1 July 2021 (unaudited)
100
1,287,335
949,215
2,236,650
-
2,236,650



Profit and total comprehensive income for the year
-
-
1,200,178
1,200,178
-
1,200,178

Dividends paid
-
-
(13,587)
(13,587)
-
(13,587)



At 1 July 2022 (unaudited)
100
1,287,335
2,135,806
3,423,241
-
3,423,241



Profit and total comprehensive income for the year
-
-
4,250,128
4,250,128
104,890
4,355,018

Share issues (see note 16)
-
-
-
-
1,000,015
1,000,015


At 30 June 2023
100
1,287,335
6,385,934
7,673,369
1,104,905
8,778,274


The notes on pages 17 to 37 form part of these financial statements.

12

 
EVB Holdings Ltd
 

Company statement of changes in equity
Year ended 30 June 2023


Called up share capital
Profit and loss account
Total equity


At 1 July 2021
100
470,329
470,429



Profit for the year
-
210,727
210,727



At 1 July 2022
100
681,056
681,156



Profit for the year
-
236,806
236,806


At 30 June 2023
100
917,862
917,962


The notes on pages 17 to 37 form part of these financial statements.

13

 
EVB Holdings Ltd
 

Consolidated statement of cash flows
Year ended 30 June 2023

2023
2022

Cash flows from operating activities

Profit for the financial year
4,355,018
1,200,178

Adjustments for:

Amortisation of intangible assets
565,084
517,994

Depreciation of tangible assets
1,162,151
1,073,532

Loss on disposal of tangible assets
(13,185)
(51,735)

Government grants
-
(8,000)

Interest paid
218,366
291,232

Interest received
(30,427)
(30,277)

Taxation charge
203,746
(5,890)

Decrease/(increase) in stocks
9,275
(14,962)

(Increase)/decrease in debtors
(310,746)
239,362

(Decrease)/increase in creditors
(5,459,372)
6,693,658

Corporation tax
(248,963)
(335,907)

Income from shares in associates
(3,095,376)
(703,494)

Net cash generated from operating activities

(2,644,429)
8,865,691


Cash flows from investing activities

Purchase of tangible fixed assets
(3,887,992)
(784,960)

Sale of tangible fixed assets
71,190
334,191

Purchase of investment properties
(20,000)
-

Purchase of share in associates
-
(4,095,344)

Interest received
30,427
30,277

HP interest paid
(93,392)
(97,985)

Acquisition of subsidiary net of cash acquired
-
(2,905,448)

Income from shares in associates
3,095,376
703,494

Net cash from investing activities

(804,391)
(6,815,775)

Cash flows from financing activities

Issue of ordinary shares
1,000,015
-

New secured loans
2,655,000
-

Repayment of loans
-
(89,726)

Repayment of/new finance leases
(761,818)
(636,518)

Movements on short term funding
(33,872)
(465,196)

Dividends paid
-
(13,587)

Interest paid
(124,974)
(193,247)

Net cash used in financing activities
2,734,351
(1,398,274)
14

 
EVB Holdings Ltd
 

Consolidated statement of cash flows (continued)
Year ended 30 June 2023


2023
2022




Net (decrease)/increase in cash and cash equivalents
(714,469)
651,642

Cash and cash equivalents at beginning of year
840,334
188,692

Cash and cash equivalents at the end of year
125,865
840,334


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
125,865
840,334

125,865
840,334


The notes on pages 17 to 37 form part of these financial statements.

15

 
EVB Holdings Ltd
 

Consolidated analysis of net debt
Year ended 30 June 2023





At 1 July 2022
Cash flows
New finance leases
At 30 June 2023




Cash at bank and in hand

840,334

(714,469)

-

125,865

Debt due after 1 year

(1,500,000)

1,500,000

-

-

Debt due within 1 year

(14,789,217)

1,005,470

-

(13,783,747)

Finance leases

(2,029,334)

761,819

(258,856)

(1,526,371)


(17,478,217)
2,552,820
(258,856)
(15,184,253)

The notes on pages 17 to 37 form part of these financial statements.

16

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

1.


General information

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.

2.


Statement of compliance

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.

  
3.1

Basis of preparation of financial statements

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.

  
3.2

Basis of consolidation

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.

  
3.3

Going concern

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.

17

 
EVB Holdings Ltd
 

 
Notes to the financial statements
Year ended 30 June 2023

3.Accounting policies (continued)

  
3.4

Revenue

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.

  
3.5

Foreign currency translation

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.

  
3.6

Employee benefits

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.

  
3.7

Borrowing costs

All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.

18

 
EVB Holdings Ltd
 

 
Notes to the financial statements
Year ended 30 June 2023

3.Accounting policies (continued)

  
3.8

Taxation

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.

  
3.9

Intangible assets

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.

  
3.10

Tangible fixed assets

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.

19

 
EVB Holdings Ltd
 

 
Notes to the financial statements
Year ended 30 June 2023

3.Accounting policies (continued)

  
3.11

Leased assets

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.

  
3.12

Impairment of non-financial assets

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.

  
3.13

Fixed asset investments

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.

20

 
EVB Holdings Ltd
 

 
Notes to the financial statements
Year ended 30 June 2023

3.Accounting policies (continued)

  
3.14

Investment property

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.

  
3.15

Stocks

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.

  
3.16

Financial instruments

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.

  
3.17

Dividends

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.

21

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

4.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including the expectations of future events that are believed to be reasonable under the circumstances.
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.


5.


Turnover

The whole of the turnover is attributable to the principal activity of the business.

All turnover arose within the United Kingdom.


6.


Other operating income

2023
Unaudited
2022

Government grants receivable
8,000
32,000

Insurance claims receivable
21,533
-

29,533
32,000


22

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

7.


Operating profit

The operating profit is stated after charging:

2023
Unaudited
2022

Depreciation of tangible fixed assets
1,162,151
1,073,532

Amortisation of intangible fixed assets
565,084
517,994

Exchange differences
12,330
(12)

Other operating lease rentals
397,241
397,241


8.


Auditor's remuneration

2023
Unaudited
2022


Fees payable to the group's auditor for the audit of the group's annual financial statements
27,000
-


Fees payable to the group's auditor in respect of:


Taxation compliance services
18,050
-

23

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

9.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022


Wages and salaries
2,255,246
2,408,413
84,375
94,359

Social security costs
245,295
91,707
10,154
11,074

Cost of defined contribution scheme
94,911
33,794
991
1,052

2,595,452
2,533,914
95,520
106,485


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2023
   Unaudited
2022
        2023
   Unaudited
2022
            No.
            No.
            No.
            No.









Directors
1
1
1
1



Adminstration
4
3
-
-



Management
3
3
1
1



Production
44
49
-
-

52
56
2
2


10.


Director's remuneration

2023
Unaudited
2022

Director's emoluments
50,000
50,000



11.


Interest receivable

2023
Unaudited
2022


Other interest receivable
30,427
30,277

24

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

12.


Interest payable and similar expenses

2023
Unaudited
2022


Bank interest payable
47,736
1,772

Other loan interest payable
23,327
184,908

Finance leases and hire purchase contracts
93,392
97,985

Other interest payable
53,911
6,567

218,366
291,232


13.


Taxation


2023
Unaudited
2022

Corporation tax


Current tax on profits for the year
151,369
(26,526)


Total current tax
151,369
(26,526)

Deferred tax


Origination and reversal of timing differences
199,119
23,289

Changes to tax rates
43,758
7,354

Adjustments in respect of previous periods
(190,500)
(10,007)

Total deferred tax
52,377
20,636


Taxation on profit/(loss) on ordinary activities
203,746
(5,890)
25

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 20.5% (2022: 19%). The differences are explained below:

2023
Unaudited
2022


Profit on ordinary activities before tax
4,558,764
1,194,288


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.5% (2022: 19%)
934,547
226,915

Effects of:


Expenses not deductible
(431,863)
193,212

Benefits of super deduction
(154,750)
(59,380)

Non-taxable income
-
(145,824)

R&D benefit
-
(53,611)

Adjustments to tax charge in respect of prior periods
(199,893)
(241,046)

Effects of tax rate changes
43,758
7,353

Gains/rollover relief
-
(87,266)

Deferred tax not provided/recognised
11,947
144,433

Other
-
9,324

Total tax charge for the year
203,746
(5,890)


Factors that may affect future tax charges

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.

26

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

14.


Intangible assets

Group and Company





Goodwill



Cost


At 1 July 2022 (unaudited)
5,650,842



At 30 June 2023

5,650,842



Amortisation


At 1 July 2022 (unaudited)
517,994


Charge for the year
565,084



At 30 June 2023

1,083,078



Net book value



At 30 June 2023
4,567,764



At 30 June 2022
5,132,848



27

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

15.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total



Cost


At 1 July 2022 (unaudited)
1,229,689
5,147,910
112,484
63,563
50,235
6,603,881


Additions
100,325
3,745,462
274,696
17,278
9,087
4,146,848


Disposals
-
(89,250)
(206,698)
-
-
(295,948)



At 30 June 2023

1,330,014
8,804,122
180,482
80,841
59,322
10,454,781



Depreciation


At 1 July 2022 (unaudited)
173,268
1,281,717
21,520
2,808
10,960
1,490,273


Charge for the year
62,599
995,151
71,789
21,997
10,615
1,162,151


Disposals
-
(57,361)
(180,582)
-
-
(237,943)



At 30 June 2023

235,867
2,219,507
(87,273)
24,805
21,575
2,414,481



Net book value



At 30 June 2023
1,094,147
6,584,615
267,755
56,036
37,747
8,040,300



At 30 June 2022 (unaudited)
1,056,421
3,866,193
90,964
60,755
39,275
5,113,608

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
Unaudited
2022



Plant and machinery
1,763,415
2,508,828

Motor vehicles
203,196
15,166

28

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

16.


Fixed asset investments

Group





Investments in subsidiary companies



Cost


At 1 July 2022 (unaudited)
5,100,611



At 30 June 2023
5,100,611




Company





Investments in subsidiary companies



Cost


At 1 July 2022 (unaudited)
102


Additions
3,000,000



At 30 June 2023
3,000,102




29

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Plasterboard Recycling Group Ltd ***
Hill Top Farm
Winston
Darlington
DL2 3RR
Ordinary
85%
A.R.B. Estates Ltd
Hill Top Farm
Winston
Darlington
DL2 3RR
Ordinary
100%
EVB1 Limited
Hill Top Farm
Winston
Darlington
DL2 3RR
Ordinary
100%
Plasterboard Recycling Solutions Limited * ***
Hill Top Farm
Winston
Darlington
DL2 3RR
Ordinary
85%
Recycool (Plasterboard) Limited * ***
Hill Top Farm
Winston
Darlington
DL2 3RR
Ordinary
85%
REIL Recycling (Number 2) Limited ** ***
3 Kingfisher Way
 Stockton-On-Tees
TS18 3EX
Ordinary
85%

30

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023
Subsidiary undertakings (continued)

*indirectly held through Plasterboard Recycling Group Ltd.
**indirectly held through EVB1 Limited.
***EVB Holdings Ltd has an additional 7.1% holding in these subsidiaries via EVB1 Limited's 47% holding in Renewable Environmental Investments Ltd, which holds the other 15% share of REIL Recycling (Number 2) Ltd, and its 100% holding in REIL Recycling Ltd, which holds the other 15% of Plasterboard Recycling Group Ltd. Plasterboard Recycling Group Ltd holds 100% of the shares in its subsidiaries.
During the year, Plasterboard Recycing Group Ltd issued 19 ordinary shares with a cost to the company and group of £19. The aggregate consideration receivable from non-controlling interests was £1,000,000. Also during the year, REIL Recycling (Number 2) Limited was incorporated with 85 ordinary shares being issued to EVB1 Limited at a cost to the company and group of £85.
Under section 479A of the Companies Act 2006, EVB Holdings Ltd has provided a parental guarantee for the following subsidiary companies entitling them to exemption from audit for the year to 30 June 2023:
A.R.B. Estates Ltd, register number: 13256144
EVB1 Limited register number: 12934188
The aggregate of the share capital and reserves as at 30 June 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Plasterboard Recycling Group Ltd ***
7,110,742
1,251,527

A.R.B. Estates Ltd
(160,089)
(83,597)

EVB1 Limited
3,491,268
2,864,675

Plasterboard Recycling Solutions Limited * ***
847,839
-

Recycool (Plasterboard) Limited * ***
476,449
85,607

REIL Recycling (Number 2) Limited ** ***
100
-

31

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

17.


Investment property

Group


Freehold investment property



Valuation


At 1 July 2022 (unaudited)
651,425


Additions at cost
20,000



At 30 June 2023
671,425

The 2023 valuations were made via management's best estimate.








18.


Stocks

Group
Group
2023
Unaudited
2022

Raw materials and consumables
14,188
23,463


The carrying value of stocks are stated net of impairment losses totalling £nil (2022: £nil).


19.


Debtors

Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022


Trade debtors
3,325,087
2,331,817
-
-

Amounts owed by group undertakings
-
-
4,378,626
10,372,063

Amounts owed by joint ventures and associated undertakings
1,883,798
1,550,286
-
-

Other debtors
75,933
1,388,546
8,431
690

Prepayments and accrued income
625,292
328,720
2,000
-

Deferred taxation
-
-
61,342
56,280

5,910,110
5,599,369
4,450,399
10,429,033


Trade debtors are stated after provisions for impairment totalling £20,670 (2022: £70,201). The bad debt charge, included within administrative expenses, totalled £23,866 (2022: £27,265).

32

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

20.


Creditors: amounts falling due within one year

Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022

Bank loans
2,655,000
-
-
-

Other loans
50,451
-
-
-

Trade creditors
1,444,774
1,170,994
20
1,817

Corporation tax
79,555
177,149
64,899
81,475

Other taxation and social security
321,540
1,494,914
-
3,343

Obligations under finance lease and hire purchase contracts (note 22)
754,281
798,816
-
-

Short term funding
563,428
597,300
-
-

Other creditors
7,739,428
10,999,214
6,229,425
9,446,008

Accruals and deferred income
459,994
310,442
250,636
228,916

14,068,451
15,548,829
6,544,980
9,761,559



21.


Creditors: amounts falling due after more than one year

Group
Group
2023
Unaudited
2022

Obligations under finance leases and hire purchase contracts (note 22)
772,091
1,230,518

Other creditors
-
1,500,000

772,091
2,730,518





22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
Unaudited
2022

Within one year
811,623
868,861

Between 1-5 years
815,647
1,280,704

Less future interest charges
(100,898)
(120,231)

1,526,372
2,029,334

33

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

23.


Deferred taxation


Group



2023





At beginning of year
759,070


Charged to profit or loss
242,832


Utilised in year
(190,455)



At end of year
811,447

Company


2023








At beginning of year
(56,280)


Charged to profit or loss
(5,062)



At end of year
(61,342)

Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022

Fixed asset timing difference
1,645,312
868,020
-
-

Short term timing differences
(63,662)
(58,669)
(61,342)
(56,280)

Losses
(770,203)
(50,281)
-
-

811,447
759,070
(61,342)
(56,280)


24.


Share capital

2023
Unaudited
2022
Allotted, called up and fully paid



100 (2022: 100) Ordinary shares of £1.00 each
100
100


34

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

25.


Reserves

Merger Reserve

The merger reserve represents the value on consolidation of the premium arising on equity shares in Plasterboard Recycling Group Ltd.

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of cumulative dividends paid and other adjustments.


26.


Capital commitments

At 30 June 2023 the group had capital commitments of £1,006,022 for new plant and machinery.




27.


Commitments under operating leases

At 30 June 2023 the group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
Unaudited
2022

Not later than 1 year
476,288
476,288

Later than 1 year and not later than 5 years
1,845,978
1,866,266

Later than 5 years
6,252,462
6,708,462

8,574,728
9,051,016
35

 
EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

28.


Related party transactions

Company
During the year, the company used a loan account to record amounts due to and from Plasterboard Recycling Group Ltd. At the year end, the balance owed to the company by Plasterboard Recycling Group Ltd was £72,154 (2022: £3,486,268). The loan is unsecured, with interest payments charged at 2% above base rate and no fixed terms of repayment have been agreed. In the year, the company received income from Plasterboard Recycling Group Ltd of £3,488,988 and the company made payments to Plasterboard Recycling Group Ltd of £74,874.
During the year, the director used a loan account to record amounts due to and from the company. At the year end, the balance due from the company to the director was £6,229,425 (2022: £9,445,751 - due from the company). The loan is unsecured, and no fixed terms of repayment have been agreed.  Interest is accruing at 0.1%/2.5% above base rate.
Payments have been made in the year to In Over Crest Ltd, a company under common directorship, for the value of £50,000. The payments relate to promotional sponsorship of In Over Crest.
Group
At the year end, the balance owed by Plasterboard Recycling Group Ltd, which is not a wholly owned subsidiary, to A.R.B Estates Limited, a wholly owned subsidiary, was £nil (2022: £2,659). In the year there was a reduction in the debtor relating to Plasterboard Recycling Group Ltd of £2,659.
During the year, an intercompany account was operated between Plasterboard Recycling Group Ltd, and Plasterboard Recycling Solutions Limited, which is not a wholly owned subsidiary, to record normal transactions. At the year end, the balance owed by Plasterboard Recycling Group Ltd to Plasterboard Recycling Solutions Limited was £822,654 (2022: £866,578). In the year, there was a reduction in the creditor relating to Plasterboard Recycling Solutions Limited by £43,924.
During the year, an intercompany account was operated between Plasterboard Recycling Group Ltd and Recycool (Plasterboard) Limited, which is not a wholly owned subsidiary, to record normal transactions. At the year end, the balance owed to Plasterboard Recycling Group Ltd was £55,450 (2022: £nil). At the year end, the balance owed by Plasterboard Recycling Group Ltd to Recycool (Plasterboard) Limited was £nil (2022: £1,331,616). In the year, there was a reduction in the creditor relating to Recyool (Plasterboard) Limited due  to nominal payments of £2,001,991 and  there was an increase in the debtor relating to Reycool (Plasterboard) Limited due to nominal receipts of £614,925 to Plasterboard Recycling Group Ltd.
During the year, an intercompany account was operated between Plasterboard Recycling Solutions Limited and GIPS Recycling Benelux BV, a company which it has a non-controlling interest in, to record normal transactions. At the year end the amount due from GIPS Recycling Benelux BV was £25,123 (2022: £25,123). An intercompany account was operated between Plasterboard Recycling Group Ltd and GIPS Recycling Benelux BV. At the year end, the balance owed to the company by GIPS Recycling Benelux BV was £9,821 (2022: £6,752). In the year there was a reduction in the debtor relating to GIPS Recycling Benelux BV of £3,069.
During the year, EVB1 Limited, a wholly owned subsidiary, purchased shares in REIL Recycling (Number 2) Ltd, which is not a wholly owned subsidiary, the amount owed to this company at the year end totalled £85 (2022: £nil).
Key management personnel remuneration consists of the director disclosed in note 10.

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EVB Holdings Ltd
 
 

Notes to the financial statements
Year ended 30 June 2023

29.


Controlling party

The company considers I Bainbridge to be the ultimate controlling party.

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