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Registration number: 08099238

Evolutio Care Innovations Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Evolutio Care Innovations Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Evolutio Care Innovations Limited

Company Information

Directors

Vishal Sharma

Peter Price-Taylor

Paul Heffernan

Melissa Sorenson

James Syrett

Simon Hardman-Lea

Registered office

Newtown House
Newtown Road
Henley-On-Thames
RG9 1HG

Accountants

Woodwhite Accountants Ltd
Chartered Accountants
Unit 4 City Limits
Danehill
Reading
Berkshire
RG6 4UP

 

Evolutio Care Innovations Limited

(Registration number: 08099238)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,021,678

1,384,652

Tangible assets

5

504,258

611,880

 

1,525,936

1,996,532

Current assets

 

Debtors

6

753,210

924,955

Cash at bank and in hand

 

150,465

19,629

 

903,675

944,584

Creditors: Amounts falling due within one year

7

(1,195,480)

(2,564,677)

Net current liabilities

 

(291,805)

(1,620,093)

Total assets less current liabilities

 

1,234,131

376,439

Creditors: Amounts falling due after more than one year

7

(341,536)

(627,112)

Provisions for liabilities

(95,809)

(187,474)

Net assets/(liabilities)

 

796,786

(438,147)

Capital and reserves

 

Called up share capital

151

133

Share premium reserve

3,074,002

1,998,966

Retained earnings

(2,277,367)

(2,437,246)

Shareholders' funds/(deficit)

 

796,786

(438,147)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Evolutio Care Innovations Limited

(Registration number: 08099238)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Peter Price-Taylor
Director

 

Evolutio Care Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Newtown House
Newtown Road
Henley-On-Thames
RG9 1HG

These financial statements were authorised for issue by the Board on 30 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Evolutio Care Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short Leasehold

Over the life of the lease

Clinical Equipment

4 years straight line method

Office Equipment

5 years straight line method

Computer Equipment

3 years straight line method

 

Evolutio Care Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

10 years straight line method

Development IP

5/8 years straight line method

Goodwill

10 years straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Evolutio Care Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Evolutio Care Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 89 (2023 - 41).

 

Evolutio Care Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

56,000

43,399

3,761,125

3,860,524

At 31 March 2024

56,000

43,399

3,761,125

3,860,524

Amortisation

At 1 April 2023

44,800

36,300

2,394,773

2,475,873

Amortisation charge

5,600

1,637

355,736

362,973

At 31 March 2024

50,400

37,937

2,750,509

2,838,846

Carrying amount

At 31 March 2024

5,600

5,462

1,010,616

1,021,678

At 31 March 2023

11,200

7,100

1,366,352

1,384,652

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

322,517

1,417,481

6,363

1,746,361

Additions

-

157,537

-

157,537

Disposals

-

-

(6,363)

(6,363)

At 31 March 2024

322,517

1,575,018

-

1,897,535

Depreciation

At 1 April 2023

217,522

913,414

3,545

1,134,481

Charge for the year

53,501

208,840

-

262,341

Eliminated on disposal

-

-

(3,545)

(3,545)

At 31 March 2024

271,023

1,122,254

-

1,393,277

Carrying amount

At 31 March 2024

51,494

452,764

-

504,258

At 31 March 2023

104,995

504,067

2,818

611,880

 

Evolutio Care Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Included within the net book value of land and buildings above is £51,494 (2023 - £104,995) in respect of short leasehold land and buildings.
 

6

Debtors

Current

2024
£

2023
£

Trade debtors

695,917

829,700

Prepayments

21,373

-

Other debtors

35,920

95,255

 

753,210

924,955

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

319,951

558,365

Trade creditors

 

386,014

361,724

Taxation and social security

 

228,482

173,319

Accruals and deferred income

 

22,995

223,475

Other creditors

 

238,038

1,247,794

 

1,195,480

2,564,677

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

341,536

627,112

8

Related party transactions

Summary of transactions with key management

 

Evolutio Care Innovations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Loans to related parties

2024

Key management
£

Total
£

At start of period

39,005

39,005

Repaid

(20,002)

(20,002)

At end of period

19,003

19,003

2023

Key management
£

Total
£

At start of period

30,947

30,947

Advanced

8,058

8,058

At end of period

39,005

39,005

Terms of loans to related parties

The loan to key management was repayable upon demand and interest was charged at HMRC interest rates. The loan was repaid in cash within nine months of the financial year end.