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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

EVOGO LIMITED

EVOGO LIMITED (REGISTERED NUMBER: 04609642)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Statement of Directors' Responsibilities 7

Report of the Independent Auditors 8

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


EVOGO LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: J D Levine
J Tustin
J J Levine



SECRETARY: J D Levine



REGISTERED OFFICE: 201 Upwell Street
Sheffield
S4 8AL



REGISTERED NUMBER: 04609642 (England and Wales)



SENIOR STATUTORY AUDITOR: James Timothy Card FCCA



AUDITORS: Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

STRATEGIC REPORT
for the year ended 31 December 2023

About the company
The principal activities of the business is the sales of motor vehicles and related services and the hiring of motor vehicles.

The motor vehicle sales and related services operate from a retail site in Sheffield and trade under the name of 'Mike Brewer Motors'. In addition to the garage itself, customers are served via telephone and email communication channels or via the website www.mikebrewermotors.com where details of vehicles in stock can be viewed.

In addition to this the business also operates it's vehicle rental service from the same facility in Sheffield under the Evogo name.

BUSINESS REVIEW
The directors are pleased with the overall performance of the business for the year, in what has been a challenging environment, both politically and as a result of the ongoing lack of stock availability of new rental vehicles.

The Company has seen a marginal decrease in revenue due to a reduction in the number of vehicles sold and a decrease in rental income as a result of reducing the size of the fleet. The Company has seen a significant reduction to it's gross profit margin due to increases in purchase prices, all of which have not been passed on to the customer, and vehicles purchased at a high price and without discounts during the coronavirus pandemic now being sold with lower levels of profits.

The Company's balance sheet position has also marginally weakened overall at the year end when compared to the previous year.

The key performance indicators by which financial performance is measured are as follows:-
2023 2022
Revenue £37.3m £37.7m
Gross profit % 7.22% 15.64%
Number of vehicles sold 1,508 1,552
Live vehicle hire agreements 1,066 1,218
Total equity £21.3m £21.5m

The directors are confident that the business can maintain the current level of activity, despite their expectation that the economic environment will remain difficult throughout the next year due to the availability of new cars.

Employee Strategy
The directors have continued to invest in internal training and all staff are encouraged to attend a minimum level of training workshops within the year. As well as learning new skills the directors feel the training programmes give the employees greater knowledge of the wider business and improve the efficiency in which they can work together.

The directors feel that the internal training has supported the development of many of the team who have progressed to new roles within the company. This also reflects our intention to promote from within where possible.

Customer Strategy
Evogo's aim is to provide customer satisfaction across all areas of it's trade, it's main goals in respect of each of it's operating sectors are;

Vehicle sales: To provide a selection of the highest quality, nearly-new and used cars at some of the most competitive prices in the UK.

Vehicle rental: To provide all of the benefits of owning a vehicle, just like a traditional lease, but with a level of flexibility and a range of choice and cost that is unique.


EVOGO LIMITED (REGISTERED NUMBER: 04609642)

STRATEGIC REPORT
for the year ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The management and execution of the business strategy is subject to a number of risks in addition to those noted in the Directors' report. The key risks to delivering the strategy of the business include but are not limited to:

Competition
The UK vehicle market is highly competitive and customers have a broad choice of retailers. The company primarily competes on the basis of a customer proposition which is focused on choice, value and service. If it fails to compete effectively in any of these areas, does not adapt effectively and quickly to changes in the competitive landscape, the company may fail to attract new customers and lose repeat customers.

Market risk
Due to the market the company operates within, the hire and sale of vehicle operations result in the company acquiring and disposing of significant quantities of vehicles and as such the state of the car market, particularly with regards to residual values, is identified as a potential risk. This risk is minimised by an experienced team who control the acquisition and disposal of vehicles to ensure this risk is minimised.

Brand and Reputation
Developing and maintaining the reputation of the company's brands is of importance to its success, as brand identity is a critical factor in attracting new and repeat customers. Failure to maintain the customer proposition of choice, value and service could damage the company's reputation and brand, result in a loss of customer confidence and impact levels of business. Unfavourable publicity concerning the company or the industry in which it operates could also have an adverse impact.

Availability and terms of customer finance
Customer demand and thus vehicle sales revenue is exposed to the risk of lending institutions reducing, terminating or materially altering the terms and conditions on which they are willing to offer consumer credit to the company's customers. Commission income revenue generated by the company acting as a regulated credit broker could be impacted if either the number of such arrangements reduces, or the structure and amount of commissions earned is altered.

Availability of supply
As the company continues to grow there is a risk that vehicle supply is insufficient to satisfy customer demand or the company's business plan. Relationships with key suppliers are longstanding, however, the company does not have long-term contractual supply arrangements and a reduction in the supply of vehicles could have a material adverse effect on the business.

Regulatory risk
The markets the company operates within are regulated by the FCA. The company has various FCA "permissions" to carry on consumer credit activities from which it derives income. There is a risk that increased regulation or restrictions on the sales process or nature of these products would restrict the income available to the company.

In addition, whilst the directors believe that the company conducts its business in accordance with all applicable regulations and will endeavour to continue to do so, there remains a risk that the regulator will find that the business has not complied fully with such regulations. In such circumstances, the impact to the business of any regulatory fines and other costs, reputations damage and / or loss of FCA authorisation could be material.

Disaster Recovery and Business Continuity
The Company has an understandable reliance on its place of business, IT systems and people. The loss of key components could cause temporary disruption to business processes, whilst the company implements its established and detailed disaster recovery plan, which includes access to offsite facilities available for immediate use.


EVOGO LIMITED (REGISTERED NUMBER: 04609642)

STRATEGIC REPORT
for the year ended 31 December 2023

INDUSTRY RISKS
Vehicle pricing
Fluctuations in prices in the nearly-new and used vehicle market could impact the company's business as it rental fleet of vehicles held within property, planet and equipment would be affected by this in addition to significant inventory of such vehicles.

OEM behaviour
Although the company stocks a diverse range of OEM's s' (Original Equipment Manufacturer) vehicles, should a key OEM fail or experience a significant adverse reputational issue such as a regulatory non-compliance or health and safety based recall which negatively impacts on the desirability of some or all of its models, the Company could be required to dispose of vehicles at a loss or at a substantial discount.

In addition, if the current model of vehicle sales changes (for example, if OEMs fundamentally alter the value chain of new vehicles and their routes to market), the Company's customer base might be altered. Similarly, if the current model of individuals purchasing and owning their own vehicles changes significantly, demand for the Company's services could be adversely affected. Technological advancements could create a different model for owning, buying and selling vehicles which could challenge the Company's business.

Economic conditions
The Company operates in Great Britain and therefore its business is affected by overall economic conditions and the level of customer confidence and spending in the country, including changes in factors such as unemployment, exchange rates, inflation or deflation and the cost of fuel. Whilst the Company's recent performance has remained robust and customer demand for nearly-new and used vehicles is generally considered to be less cyclical than customer demand for new vehicles, there remains a risk that economic conditions could deteriorate and suppress demand for nearly-new and used vehicles.

Liquidity and financing
The Company uses a selection of finance facilities to fund its operations, including a stock financing facility, which is secured against its retail vehicle stocks. A change in the pricing or a reduction in funding parameters and facility limits could significantly constrain the company's ability to trade or the company could be required to dispose of assets at below their market value or at a substantial discount.

Financial instrument risk
The company's principal financial instruments consist of cash, cash equivalents and hire purchase contracts.

Interest rate risk: Hire purchase contracts are entered into with a mix of fixed and variable interest rates, therefore the company can be affected by changes in interest rates.

Liquidity risk: The company minimises this risk by actively managing cash generated from its ordinary activities.

ON BEHALF OF THE BOARD:





J D Levine - Director


24 September 2024

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review was that of the hiring of motor vehicles and motor vehicle sales with related services.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

FUTURE DEVELOPMENTS
The outlook for the company is detailed in the Strategic Report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J D Levine
J Tustin
J J Levine

Financial Risk Management
The Company's principal financial assets comprise trade and other receivables and cash at bank and in hand. Its principal financial liabilities comprise vehicle stocking facilities and trade and other payables. The main purpose of these financial liabilities is to provide working capital funding to finance the Company's operations. The main risks arising from financial liabilities are therefore funding and liquidity risk, and capital market risk, principally as a result of changes in interest rates.

Price risk, credit risk, foreign exchange risk, funding and liquidity risk
The Company has established objectives and policies to minimise financial risk. Price risks are controlled through the initial buying decisions and the constant monitoring of stock levels and sales data.

The Company trades predominantly with retail customers. Sales to such customers are for cash and/or part exchange, often with finance provided by a selected panel of financial institutions. The majority of the Company's sales are thus for cash or the remittances of funds from financial institutions, which is achieved in a short period after the sale. As such the Company does not consider that it is exposed to credit risk from retail customers. Receivable balances are monitored on an on-going basis with the result that the Company's exposure to bad debts is not considered to be significant. There is no significant concentration of credit risk within the Company. As a consequence, the Directors are satisfied that the Company's exposure to credit risk is acceptable.

With respect to credit risk arising from other financial assets of the Company, which comprise cash and cash equivalents and loans to related parties, the Company's exposure to credit risk arises from the default of counterparties, with a maximum exposure equal to the carrying amount of these instruments. Counterparty credit risk is managed through the monitoring and active management of counterparty balances.

The company requires adequate and appropriate financing facilities to be in place at all times to fund working capital requirements and expansion: The Directors believe that the Company's funding arrangements are adequate for the control of liquidity and cash-flow risks. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STREAMLINED ENERGY AND CARBON REPORTING
Greenhouse gas emissions, energy consumption and energy efficiency disclosures have not been provided as the company's energy consumption for year ended 31st December 2023 was less than 40,000 kWh.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023


AUDITORS
The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J D Levine - Director


24 September 2024

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
for the year ended 31 December 2023

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company will continue in business.

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EVOGO LIMITED

Opinion
We have audited the financial statements of Evogo Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 December 2023 and of its loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EVOGO LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.
To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control.
To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.
- We have enquired of management and the company's solicitors around actual and potential litigation and claims.
- Review of company minutes of meetings of those charged with governance.
- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations
- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.




James Timothy Card FCCA (Senior Statutory Auditor)
for and on behalf of Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

24 September 2024

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 4 35,670,405 37,722,534

Cost of sales 31,631,466 31,821,644
GROSS PROFIT 4,038,939 5,900,890

Administrative expenses 2,435,418 3,640,995
1,603,521 2,259,895

Other operating income 112,215 96,758
OPERATING PROFIT 7 1,715,736 2,356,653

Interest receivable and similar income 159,861 65,847
1,875,597 2,422,500

Interest payable and similar expenses 9 1,912,559 1,201,934
(LOSS)/PROFIT BEFORE TAXATION (36,962 ) 1,220,566

Tax on (loss)/profit 10 119,914 510,266
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (156,876 ) 710,300

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(156,876

)

710,300

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 29,478,889 33,275,444
Investments 12 417,673 317,673
29,896,562 33,593,117

CURRENT ASSETS
Stocks 13 5,471,846 4,808,962
Debtors 14 14,105,981 12,064,485
Cash at bank and in hand 1,702,161 2,312,102
21,279,988 19,185,549
CREDITORS
Amounts falling due within one year 15 18,318,891 11,795,308
NET CURRENT ASSETS 2,961,097 7,390,241
TOTAL ASSETS LESS CURRENT LIABILITIES 32,857,659 40,983,358

CREDITORS
Amounts falling due after more than one year 16 11,538,165 19,506,988
NET ASSETS 21,319,494 21,476,370

CAPITAL AND RESERVES
Called up share capital 21 35,204 35,204
Share premium 6,999,990 6,999,990
Capital redemption reserve 64,806 64,806
Retained earnings 14,219,494 14,376,370
SHAREHOLDERS' FUNDS 21,319,494 21,476,370

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





J D Levine - Director


EVOGO LIMITED (REGISTERED NUMBER: 04609642)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 35,204 13,666,070 6,999,990 64,806 20,766,070

Changes in equity
Total comprehensive income - 710,300 - - 710,300
Balance at 31 December 2022 35,204 14,376,370 6,999,990 64,806 21,476,370

Changes in equity
Total comprehensive income - (156,876 ) - - (156,876 )
Balance at 31 December 2023 35,204 14,219,494 6,999,990 64,806 21,319,494

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. GENERAL INFORMATION

Evogo Limited has two key motor vehicle business lines.

The company retails motor vehicles, and products ancillary to the sale of vehicles including vehicle guarantees and vehicle protection treatments.

The company also operate a vehicle rental fleet on short term hire contracts.

2. STATUTORY INFORMATION

Evogo 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.

The presentation currency of the financial statements is the Pound Sterling (£).


3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost convention unless otherwise specified within these accounting policies.

The financial statements are presented in Sterling (£).

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Evogo Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Evogo Group Limited, 201 Upwell Street, Sheffield, S4 8AL.

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Turnover
Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Commissions
Turnover includes commissions received from third party lenders for brokering the sale of motor finance hire purchase agreements. These are credited to the profit and loss account when the brokerage service has been provided, after taking into account expected refunds payable on customer early settlements and defaulted agreements and are stated net of value added tax.

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably, and;
- the costs incurred and the costs to complete the contract can be measured reliably.

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

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.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Office equipment - Straight line over 3 years
Motor vehicles - 18.5% on cost
Fixture & fittings - 20% on reducing balance

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

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Impairment of fixed assets
An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the Company estimates the recoverable amount of the asset or, for goodwill, the recoverable amount of the cash-generating unit to which the goodwill belongs.
Shortfalls between the carrying value affixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments are recognised in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in profit or loss. On reversal of an impairment loss, the depreciation or amortisation is adjusted to allocate the asset's revised carrying amount (less any residual value) over its remaining useful life. ·

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The Company 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, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income..

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial instruments
The Company classifies financial instruments, or their component parts, on initial recognition as financial assets, financial liabilities or equity instruments according to the substance of the contractual arrangements entered into.

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.

Financial assets
Financial assets are classified on initial recognition in the following categories: loans and receivables; held at fair value through profit and loss and available for sale. The classification depends upon the purpose for which the assets were acquired.

Financial assets at fair value through the profit and loss include derivatives classified as held for trading. Derivatives, which can be a financial asset or financial liability are initially recognised at fair value and are subsequently re-measured at fair value. The method of recognising the gain or loss depends upon whether the derivative is designated as a hedging instrument and the nature of the hedge arrangement. The Company currently has no hedge arrangements and the gain or loss is recognised in profit or loss in administrative expenses.

Financial liabilities
Financial liabilities are classified on initial recognition as either other financial liabilities measured at amortised cost or at fair value through profit or loss.


EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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 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.

Operating leases - the company as lessor
Rental income from assets leased under operating leases is recognised on a straight-line basis over the term of the lease. Rent free periods or other incentives given to the lessee are accounted for as a reduction to the rental income and recognised on a straight-line basis over the lease term.

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.

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated, see note 20.

Operating Leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease. Lease incentives are recognised over the period of the lease.

Share Capital
Ordinary shares are classified as equity. Costs incurred in issuing equity are deducted from the equity instrument.

Trade receivables
Trade receivables represent the principal amounts outstanding from finance companies in respect of the financed element of sales to customers for motor vehicle and related products. Trade receivables are recognised net of any provision for impairment.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and at bank and deposits held at call with banks. Where applicable, bank overdrafts are shown within borrowings in current liabilities.

Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at the annual general meeting.

Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost using the effective interest rate method.

The effective interest rate method is a method of calculating the amortised cost and allocating the interest cost over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument.

Trade payables
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables include stocking facilities. These are short term liabilities which are settled on the sale of a vehicle or a fixed maturity not greater than 180 days and as a result form part of the normal business operating cycle.

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, unless the effect is immaterial.

Trade payables, including stocking finance facilities; are, recognised initially at fair value and
subsequently measured at amortised cost using the effective interest method, unless the effect is immaterial.

Going concern
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company 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.

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business for the year ended 31 December 2022 is given below:

£   
Revenue from finance brokerage 302,076
Revenue from sale of vehicles 31,799,991
Revenue from vehicle rental 5,620,467
37,722,534

This analysis is not considered to be applicable to the year ended 31 December 2023.

All turnover arose within the United Kingdom.

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,540,761 1,328,336
Social security costs 159,784 140,802
Other pension costs 72,987 65,841
1,773,532 1,534,979

The average number of employees during the year was as follows:
31.12.23 31.12.22

Employees 47 41

6. DIRECTORS' EMOLUMENTS
31.12.23 31.12.22
£    £   
Directors' remuneration 143,430 103,500
Directors' pension contributions to money purchase schemes 14,221 11,904

Total directors emoluments including social security and pension contribution for the year amounted to £174,934 (2022: £128,488).

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 567,186 682,051
Depreciation - assets on hire purchase contracts 4,287,313 3,935,334
Profit on disposal of fixed assets (257,469 ) (4,031 )

8. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

15,000

15,000

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 86,921 53,520
Stocking loan interest 149,402 101,574
Hire purchase 1,676,236 1,046,840
1,912,559 1,201,934

10. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 119,914 510,266
Tax on (loss)/profit 119,914 510,266

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
(Loss)/profit before tax (36,962 ) 1,220,566
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

(8,694

)

231,908

Effects of:
Expenses not deductible for tax purposes 16,376 193,235
Income not taxable for tax purposes - (767 )
Depreciation in excess of capital allowances 363,884 206,447
Group relief (251,652 ) (120,557 )
Total tax charge 119,914 510,266

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. TANGIBLE FIXED ASSETS
Freehold Plant and Office
property machinery equipment
£    £    £   
COST
At 1 January 2023 6,691,829 285,322 21,568
Additions 204,045 17,474 18,062
Disposals (147,446 ) (20,783 ) (2,993 )
At 31 December 2023 6,748,428 282,013 36,637
DEPRECIATION
At 1 January 2023 290,310 221,378 3,949
Charge for year 72,601 17,723 10,471
Eliminated on disposal (4,792 ) (8,583 ) (1,555 )
At 31 December 2023 358,119 230,518 12,865
NET BOOK VALUE
At 31 December 2023 6,390,309 51,495 23,772
At 31 December 2022 6,401,519 63,944 17,619

Motor Fixture &
vehicles fittings Totals
£    £    £   
COST
At 1 January 2023 29,443,045 162,835 36,604,599
Additions 21,488,314 4,273 21,732,168
Disposals (24,911,635 ) (5,812 ) (25,088,669 )
At 31 December 2023 26,019,724 161,296 33,248,098
DEPRECIATION
At 1 January 2023 2,699,342 114,176 3,329,155
Charge for year 4,739,674 14,030 4,854,499
Eliminated on disposal (4,393,942 ) (5,573 ) (4,414,445 )
At 31 December 2023 3,045,074 122,633 3,769,209
NET BOOK VALUE
At 31 December 2023 22,974,650 38,663 29,478,889
At 31 December 2022 26,743,703 48,659 33,275,444

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 22,307,693
Additions 16,078,508
Disposals (19,509,469 )
At 31 December 2023 18,876,732
DEPRECIATION
At 1 January 2023 1,974,305
Charge for year 4,287,313
Eliminated on disposal (3,820,513 )
At 31 December 2023 2,441,105
NET BOOK VALUE
At 31 December 2023 16,435,627
At 31 December 2022 20,333,388

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 317,673
Additions 100,000
At 31 December 2023 417,673
NET BOOK VALUE
At 31 December 2023 417,673
At 31 December 2022 317,673

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Alton Fork Truck Services Ltd
Registered office: Thompson Close, Whittington Moor, Chesterfield, Derbyshire, S41 9AZ
Nature of business: Rental of fork lift trucks
%
Class of shares: holding
Ordinary 100.00

The Hillsborough Club Ltd
Registered office: 201 Upwell Street, Sheffield, South Yorkshire, S4 8AL
Nature of business: Bar and function room
%
Class of shares: holding
Ordinary 100.00

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

12. FIXED ASSET INVESTMENTS - continued

Sheffield F.C. The Oldest Football Club In The World' Est 1857 Ltd
Registered office: Home Of Football C/O Coach & Horses, Sheffield Road, Dronfield, Derbyshire, S18 2GD
Nature of business: Football club
%
Class of shares: holding
Ordinary 38.91

13. STOCKS
31.12.23 31.12.22
£    £   
Finished goods 5,471,846 4,808,962

The replacement cost of inventories is not considered to be materially different from the above values.

14. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 451,134 601,414
Amounts owed by group undertakings 6,942,841 6,286,024
Amounts owed by participating interests 1,607,865 1,565,799
Amounts owed by associates 2,833,116 1,494,900
Other debtors 247,029 260,037
Tax 14,129 14,129
VAT 626,546 840,523
Prepayments and accrued income 322,987 111,629
13,045,647 11,174,455

Amounts falling due after more than one year:
Other debtors 552,937 382,633
Deferred tax asset 507,397 507,397
1,060,334 890,030

Aggregate amounts 14,105,981 12,064,485

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 17) - 146,828
Other loans (see note 17) 2,986,087 4,070,970
Hire purchase contracts (see note 18) 5,970,654 5,245,981
Trade creditors 1,510,076 922,959
Amounts owed to group undertakings 7,086,080 -
Amounts owed to associates 201,954 103,755
Tax (183,540 ) 142,482
Social security and other taxes 40,800 34,777
Other creditors 89,149 130,719
Vehicle servicing provision 241,813 274,603
Directors' current accounts 62,408 45,193
Accruals and deferred income 313,410 677,041
18,318,891 11,795,308

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 17) - 1,415,835
Hire purchase contracts (see note 18) 11,538,165 18,091,153
11,538,165 19,506,988

17. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans - 146,828
Vehicle stocking loan 2,986,087 4,070,970
2,986,087 4,217,798

Amounts falling due between one and two years:
Bank loans - 1-2 years - 149,859

Amounts falling due between two and five years:
Bank loans - 2-5 years - 1,265,976

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 6,336,233 5,663,054
Between one and five years 12,736,046 19,422,358
19,072,279 25,085,412

Finance charges repayable:
Within one year 365,579 417,073
Between one and five years 1,197,881 1,331,205
1,563,460 1,748,278

Net obligations repayable:
Within one year 5,970,654 5,245,981
Between one and five years 11,538,165 18,091,153
17,508,819 23,337,134

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

18. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year - 65,425
Between one and five years - 16,356
- 81,781

19. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans - 1,562,663
Vehicle stocking loan 2,986,087 4,070,970
Hire purchase contracts 17,508,819 23,337,134
20,494,906 28,970,767

Hire purchase and stocking loans are secured against the individual vehicles in which amounts are advanced against.

20. DEFERRED TAX
£   
Balance at 1 January 2023 (507,397 )
Balance at 31 December 2023 (507,397 )

The deferred tax asset is only recognised to the extent that it is considered probable that it can be recovered against future taxable profits based on profit forecasts for the foreseeable future.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
35,204 Ordinary £1 35,204 35,204

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
J D Levine
Balance outstanding at start of year (42,268 ) 3,951
Amounts advanced 175,049 107,974
Amounts repaid (190,000 ) (154,193 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (57,219 ) (42,268 )

EVOGO LIMITED (REGISTERED NUMBER: 04609642)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

23. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.12.23 31.12.22
£    £   
Amount due from related party 6,942,841 1,642,070
Amount due to related party 7,086,080 -

Entities over which the entity has control, joint control or significant influence
31.12.23 31.12.22
£    £   
Amount due from related party 4,440,982 8,709,653
Amount due to related party 201,954 (78,319 )
Recognised bad or doubtful debts due from related parties - (1,005,000 )

24. ULTIMATE CONTROLLING PARTY

The immediate controlling parent is Evogo Group Limited and the single ultimate controlling party of Evogo Group Limited was Mr Jeremy Levine.