Company registration number 06769053 (England and Wales)
EVOLUTION SUSSEX LIMITED
TRADING AS 'BRIGHTON MG AND BRIGHTON MITSUBISHI'
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EVOLUTION SUSSEX LIMITED
TRADING AS 'BRIGHTON MG AND BRIGHTON MITSUBISHI'
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
EVOLUTION SUSSEX LIMITED
TRADING AS 'BRIGHTON MG AND BRIGHTON MITSUBISHI'
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EVOLUTION SUSSEX LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Evolution Sussex Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Evolution Sussex Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Evolution Sussex Limited and state those matters that we have agreed to state to the Board of Directors of Evolution Sussex Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Evolution Sussex Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Evolution Sussex Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Evolution Sussex Limited. You consider that Evolution Sussex Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Evolution Sussex Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
31 July 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
EVOLUTION SUSSEX LIMITED
TRADING AS 'BRIGHTON MG AND BRIGHTON MITSUBISHI'
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
2
Tangible assets
3
-
0
35,731
-
0
35,733
Current assets
Stocks
5
-
356,925
Debtors
6
17,229
250,442
Cash at bank and in hand
11,748
39,149
28,977
646,516
Creditors: amounts falling due within one year
7
(28,786)
(562,184)
Net current assets
191
84,332
Total assets less current liabilities
191
120,065
Provisions for liabilities
-
0
(4,900)
Net assets
191
115,165
Capital and reserves
Called up share capital
8
125,000
125,000
Profit and loss reserves
(124,809)
(9,835)
Total equity
191
115,165

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

EVOLUTION SUSSEX LIMITED
TRADING AS 'BRIGHTON MG AND BRIGHTON MITSUBISHI'
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
Mr M R Evans
Director
Company registration number 06769053 (England and Wales)
EVOLUTION SUSSEX LIMITED
TRADING AS 'BRIGHTON MG AND BRIGHTON MITSUBISHI'
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Evolution Sussex Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.

1.2
Going concern

On the 15 September 2023 the trading business of the company was sold and transferred to another company. As a result the company is no longer trading. The director's has resolved that the company will be wound up once the assets and liabilities disclosed have been cleared. true

 

The accounts have therefore been prepared on a basis other than that of the going concern basis. As a result of this, the director's have considered the value of the assets and liabilities on the balance sheet and have determined that no specific adjustments are required.

1.3
Turnover

Turnover represents the amounts receivable in respect of parts and vehicles sold and services provided during the year exclusive of Value Added Tax, including related bonuses and commissions. Vehicle sales and related costs are recognised when the company has fulfilled all its obligations under the sale contract.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over the lease term
Plant and machinery
15% straight line per annum
Fixtures, fittings and computer equipment
15% and 25% straight line per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

EVOLUTION SUSSEX LIMITED
TRADING AS 'BRIGHTON MG AND BRIGHTON MITSUBISHI'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Parts stock is stated at the lower of cost (calculated on a first in, first out basis) and estimated selling price less costs to complete and sell. Provision is made for obsolete, slow moving or defective items where appropriate.

 

Vehicles on consignment are not recognised in the financial statements until title to the property has passed to the company, either at sale or after a period agreed with the supplier.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

EVOLUTION SUSSEX LIMITED
TRADING AS 'BRIGHTON MG AND BRIGHTON MITSUBISHI'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 11 (2022 - 17).

3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
6,994
104,298
111,292
Disposals
(6,994)
(104,298)
(111,292)
At 31 December 2023
-
0
-
0
-
0
Depreciation and impairment
At 1 January 2023
1,404
74,157
75,561
Depreciation charged in the year
312
4,725
5,037
Eliminated in respect of disposals
(1,716)
(78,882)
(80,598)
At 31 December 2023
-
0
-
0
-
0
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
5,590
30,141
35,731
EVOLUTION SUSSEX LIMITED
TRADING AS 'BRIGHTON MG AND BRIGHTON MITSUBISHI'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023
2
Disposals
(2)
At 31 December 2023
-
0
Amortisation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
2
5
Stocks
2023
2022
£
£
Stocks
-
356,925

The company held motors vehicles on consignment valued at £nil (2022 - £1,015,490) which are excluded from the above figures and are not included on the balance sheet.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
213
191,492
Other debtors
17,016
58,950
17,229
250,442
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,786
537,951
Taxation and social security
-
0
21,889
Other creditors
10,000
2,344
28,786
562,184

Included in trade creditors are vehicle stocking loans and vehicle creditors of £nil (2022 - £331,103) which are secured on the vehicles to which they relate.

EVOLUTION SUSSEX LIMITED
TRADING AS 'BRIGHTON MG AND BRIGHTON MITSUBISHI'
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
125,000
125,000
125,000
125,000
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
-
0
73,792
Between two and five years
-
0
308,167
In over five years
-
0
597,708
Land and buildings
-
0
979,667
2023-12-312023-01-01false31 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr M R EvansMr K Constablefalsefalse067690532023-01-012023-12-31067690532023-12-31067690532022-12-3106769053core:NetGoodwill2023-12-3106769053core:NetGoodwill2022-12-3106769053core:LandBuildings2023-12-3106769053core:OtherPropertyPlantEquipment2023-12-3106769053core:LandBuildings2022-12-3106769053core:OtherPropertyPlantEquipment2022-12-3106769053core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106769053core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106769053core:CurrentFinancialInstruments2023-12-3106769053core:CurrentFinancialInstruments2022-12-3106769053core:ShareCapital2023-12-3106769053core:ShareCapital2022-12-3106769053core:RetainedEarningsAccumulatedLosses2023-12-3106769053core:RetainedEarningsAccumulatedLosses2022-12-3106769053bus:Director12023-01-012023-12-3106769053core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3106769053core:PlantMachinery2023-01-012023-12-3106769053core:FurnitureFittings2023-01-012023-12-31067690532022-01-012022-12-3106769053core:LandBuildings2022-12-3106769053core:OtherPropertyPlantEquipment2022-12-31067690532022-12-3106769053core:LandBuildings2023-01-012023-12-3106769053core:OtherPropertyPlantEquipment2023-01-012023-12-3106769053core:NetGoodwill2022-12-3106769053core:NetGoodwill2023-01-012023-12-3106769053core:WithinOneYear2023-12-3106769053core:WithinOneYear2022-12-3106769053core:BetweenTwoFiveYears2023-12-3106769053core:BetweenTwoFiveYears2022-12-3106769053core:MoreThanFiveYears2023-12-3106769053core:MoreThanFiveYears2022-12-3106769053bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106769053bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106769053bus:FRS1022023-01-012023-12-3106769053bus:AuditExemptWithAccountantsReport2023-01-012023-12-3106769053bus:Director22023-01-012023-12-3106769053bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP