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REGISTERED NUMBER: 07622119 (England and Wales)















Evergen Systems Ltd.

Unaudited Financial Statements

for the period

1 June 2022 to 30 November 2023






Evergen Systems Ltd. (Registered number: 07622119)

Contents of the Financial Statements
for the period 1 June 2022 to 30 November 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Evergen Systems Ltd.

Company Information
for the period 1 June 2022 to 30 November 2023







Directors: S S Sidhu
R S Sidhu





Registered office: 178 Buckingham Avenue
Slough
Berkshire
SL1 4RD





Registered number: 07622119 (England and Wales)





Accountants: Cooper Parry Advisory Limited
178 Buckingham Avenue
Slough
Berkshire
SL1 4RD

Evergen Systems Ltd. (Registered number: 07622119)

Balance Sheet
30 November 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 136,101 142,151

Current assets
Debtors 5 1,900,007 2,671,789
Cash in hand 2,490,669 807,598
4,390,676 3,479,387
Creditors
Amounts falling due within one year 6 2,056,581 2,032,133
Net current assets 2,334,095 1,447,254
Total assets less current liabilities 2,470,196 1,589,405

Creditors
Amounts falling due after more than one
year

7

(131,668

)

(239,696

)

Provisions for liabilities 8 (991,950 ) (26,739 )
Net assets 1,346,578 1,322,970

Capital and reserves
Called up share capital 9 100 100
Retained earnings 10 1,346,478 1,322,870
Shareholders' funds 1,346,578 1,322,970

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 July 2024 and were signed on its behalf by:





R S Sidhu - Director


Evergen Systems Ltd. (Registered number: 07622119)

Notes to the Financial Statements
for the period 1 June 2022 to 30 November 2023


1. Statutory information

Evergen Systems Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have identified no material uncertainties that cast significant doubt about the ability of the company to continue as a going concern.

Key sources of estimation uncertainty and judgements
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically.

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful
economic lives and residual values of the assets. The useful economic lives and residual values are
assessed periodically. They are amended when necessary to reflect current estimates and the physical
condition of the assets.

There is estimation uncertainty in calculating provisions, including bad debt and remedial provisions. Whilst every attempt is made to ensure that the provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable/payable.

There is also estimation uncertainty in calculating deferred tax liability due to temporary timing differences. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised on installation of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 20% on cost
Office equipment - 50% on cost

Evergen Systems Ltd. (Registered number: 07622119)

Notes to the Financial Statements - continued
for the period 1 June 2022 to 30 November 2023


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The company is a beneficiary of Research & Development (R&D) tax relief from the UK Government in the form of reductions in its annual tax liability, as well as repayable tax credits. Current tax assets or reductions in current tax liabilities for R&D claims are only recognised when the amount can be reliably determined and the probability of HM Revenue & Customs accepting the claim is considered high.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Evergen Systems Ltd. (Registered number: 07622119)

Notes to the Financial Statements - continued
for the period 1 June 2022 to 30 November 2023


3. Employees and directors

The average number of employees during the period was 58 (2022 - 14 ) .

4. Tangible fixed assets
Motor Office
vehicles equipment Totals
£ £ £
Cost
At 1 June 2022 228,779 30,395 259,174
Additions 45,699 76,379 122,078
At 30 November 2023 274,478 106,774 381,252
Depreciation
At 1 June 2022 104,018 13,005 117,023
Charge for period 80,059 48,069 128,128
At 30 November 2023 184,077 61,074 245,151
Net book value
At 30 November 2023 90,401 45,700 136,101
At 31 May 2022 124,761 17,390 142,151

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£
Cost
At 1 June 2022 59,284
Additions 45,699
At 30 November 2023 104,983
Depreciation
At 1 June 2022 25,025
Charge for period 29,210
At 30 November 2023 54,235
Net book value
At 30 November 2023 50,748
At 31 May 2022 34,259

5. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 551,699 1,795,097
Other debtors 689,308 214,818
Tax 35,846 -
VAT 319,855 555,043
Prepayments and accrued income 303,299 106,831
1,900,007 2,671,789

Evergen Systems Ltd. (Registered number: 07622119)

Notes to the Financial Statements - continued
for the period 1 June 2022 to 30 November 2023


6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 1,982 22,578
Other loans 582,115 93,409
Hire purchase contracts and finance leases 23,925 21,025
Trade creditors 1,148,665 1,562,081
Tax - 130,248
Social security and other taxes 50,554 11,858
Other creditors 176,448 60,951
Directors' current accounts 6,751 3,238
Accruals and deferred income 66,141 126,745
2,056,581 2,032,133

7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans - 14,059
Other loans - 1-2 years 68,678 59,061
Other loans - 2-5 years 37,018 137,530
Hire purchase contracts and finance leases 25,972 29,046
131,668 239,696

8. Provisions for liabilities
2023 2022
£ £
Deferred tax 25,100 26,739
Other provisions 966,850 -
991,950 26,739

Deferred Other
tax provisions
£ £
Balance at 1 June 2022 26,739 -
Provided during period (1,639 ) 775,492
Balance at 30 November 2023 25,100 775,492

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

Evergen Systems Ltd. (Registered number: 07622119)

Notes to the Financial Statements - continued
for the period 1 June 2022 to 30 November 2023


10. Reserves
Retained
earnings
£

At 1 June 2022 1,322,870
Profit for the period 43,608
Dividends (20,000 )
At 30 November 2023 1,346,478

11. Related party disclosures

At the balance sheet date the company owed £6,751 to the directors (2022: £3,238).

Dividends totalling £20,000 (2022: £26,500) were paid to the directors during the year.

12. Ultimate controlling party

The controlling party is R S Sidhu.

The controlling party is Mr R Sidhu by virtue of his majority shareholding