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REGISTERED NUMBER: 11497867 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Everflow Tech Limited

Everflow Tech Limited (Registered number: 11497867)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Everflow Tech Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J Gill
A E Straker
J D Cleave
C L Dallison
J R Garrett
A Sheldon
L Armstrong



REGISTERED OFFICE: Traynor Hub (T2)
Traynor Way
Whitehouse Business Park
Peterlee
SR8 2RU



REGISTERED NUMBER: 11497867 (England and Wales)



SENIOR STATUTORY AUDITOR: Kevin Shotton BA BFP FCA



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT

Everflow Tech Limited (Registered number: 11497867)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,192,659 3,440,242
Tangible assets 5 171,209 61,685
4,363,868 3,501,927

CURRENT ASSETS
Debtors 6 142,796 721,457
Cash at bank 565 49,575
143,361 771,032
CREDITORS
Amounts falling due within one year 7 7,671,898 5,894,358
NET CURRENT LIABILITIES (7,528,537 ) (5,123,326 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,164,669

)

(1,621,399

)

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (3,164,769 ) (1,621,499 )
SHAREHOLDERS' FUNDS (3,164,669 ) (1,621,399 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





J D Cleave - Director


Everflow Tech Limited (Registered number: 11497867)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Everflow Tech Limited 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.

There were no departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company, with the support of the group, has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with the parent company and wholly owned subsidiaries within the group nor transactions conducted at a market rate.

Turnover
Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Income is recognised in the period which the licence to use the software is provided to the customer.

Intangible assets
Intangible assets are initially recorded at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is currently being amortised over 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less any accumulated depreciation and impairment.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.


Everflow Tech Limited (Registered number: 11497867)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

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 year 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.

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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 41 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 4,677,739
Additions 1,752,881
Impairments (104,667 )
At 31 December 2023 6,325,953
AMORTISATION
At 1 January 2023 1,237,497
Amortisation for year 895,797
At 31 December 2023 2,133,294
NET BOOK VALUE
At 31 December 2023 4,192,659
At 31 December 2022 3,440,242

Everflow Tech Limited (Registered number: 11497867)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 5,349 100,988 106,337
Additions 12,300 143,585 155,885
At 31 December 2023 17,649 244,573 262,222
DEPRECIATION
At 1 January 2023 2,798 41,854 44,652
Charge for year 2,165 44,196 46,361
At 31 December 2023 4,963 86,050 91,013
NET BOOK VALUE
At 31 December 2023 12,686 158,523 171,209
At 31 December 2022 2,551 59,134 61,685

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 22,820 11,878
Amounts owed by group undertakings 10,355 9,917
Other debtors 17,909 610,501
Prepayments and accrued income 91,712 89,161
142,796 721,457

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,233 91,331
Amounts owed to group undertakings 7,497,098 5,683,245
Taxation and social security 61,043 72,727
Accruals and deferred income 109,524 47,055
7,671,898 5,894,358

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 5,843

Everflow Tech Limited (Registered number: 11497867)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CALLED UP SHARE CAPITAL

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

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Shotton BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP

11. OTHER FINANCIAL COMMITMENTS

There is a cross guarantee in place in relation to the Perwyn Advisors UK Limited loan held in Everflow Holdings Limited. The cross guarantee is between Everflow Holdings Limited, Everflow Limited, Everflow Operations Limited and Everflow Tech Limited. The loan is secured with a fixed and floating charge over the assets of the company. At the year end the loan balance outstanding was £NIL (2022: £2,981,257).

There is second a cross guarantee in place in relation to the FW Capital loan held in Everflow Holdings Limited. The cross guarantee is between Everflow Holdings Limited, Everflow Limited, Everflow Operations Limited and Everflow Tech Limited. The loan is secured with a fixed and floating charge over the assets of the company. At the year end the loan balance outstanding was £228,991 (2022: £564,348).

There is a cross guarantee in place in relation to the Sansaar loan held in Everflow Holdings Limited. The cross guarantee is between Everflow Holdings Limited, Everflow Limited, Everflow Operations Limited and Everflow Tech Limited. The loan is secured with a fixed and floating charge over the assets of the company. At the year end the loan balance outstanding is £6,439,936 (2022: £nil).

12. ULTIMATE PARENT COMPANY

The ultimate parent company is Everflow Holdings Limited. The parent company registered office is Traynor Way, Hub 2, Peterless SR8 2RU