IRIS Accounts Production v24.2.0.383 11388495 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 true true true false true true false false false false false false false false false false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh113884952022-12-31113884952023-12-31113884952023-01-012023-12-31113884952021-12-31113884952022-01-012022-12-31113884952022-12-3111388495ns15:EnglandWales2023-01-012023-12-3111388495ns14:PoundSterling2023-01-012023-12-3111388495ns10:Director12023-01-012023-12-3111388495ns10:Consolidated2023-12-3111388495ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3111388495ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3111388495ns10:Consolidatedns10:FRS1022023-01-012023-12-3111388495ns10:Consolidatedns10:Audited2023-01-012023-12-3111388495ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3111388495ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111388495ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3111388495ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3111388495ns10:FullAccounts2023-01-012023-12-3111388495ns5:Subsidiary12023-01-012023-12-3111388495ns5:Subsidiary22023-01-012023-12-3111388495ns5:Subsidiary32023-01-012023-12-3111388495ns5:Subsidiary42023-01-012023-12-3111388495ns5:Subsidiary52023-01-012023-12-3111388495ns5:Subsidiary62023-01-012023-12-3111388495ns5:Subsidiary72023-01-012023-12-3111388495ns5:Subsidiary82023-01-012023-12-3111388495ns5:Subsidiary92023-01-012023-12-311138849512023-01-012023-12-3111388495ns10:OrdinaryShareClass12023-01-012023-12-3111388495ns10:Consolidated2023-01-012023-12-3111388495ns10:Director22023-01-012023-12-3111388495ns10:Director32023-01-012023-12-3111388495ns10:RegisteredOffice2023-01-012023-12-3111388495ns10:Consolidated2022-01-012022-12-3111388495ns5:CurrentFinancialInstruments2023-12-3111388495ns5:CurrentFinancialInstruments2022-12-3111388495ns5:ShareCapital2023-12-3111388495ns5:ShareCapital2022-12-3111388495ns5:RetainedEarningsAccumulatedLosses2023-12-3111388495ns5:RetainedEarningsAccumulatedLosses2022-12-3111388495ns5:ShareCapital2021-12-3111388495ns5:RetainedEarningsAccumulatedLosses2021-12-3111388495ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3111388495ns5:NetGoodwill2023-01-012023-12-3111388495ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3111388495ns5:CostValuation2022-12-3111388495ns5:Subsidiary112023-01-012023-12-31113884953ns5:Subsidiary22023-01-012023-12-3111388495ns5:Subsidiary352023-01-012023-12-31113884957ns5:Subsidiary42023-01-012023-12-31113884959ns5:Subsidiary52023-01-012023-12-3111388495ns5:Subsidiary6112023-01-012023-12-3111388495ns5:Subsidiary7132023-01-012023-12-311138849515ns5:Subsidiary82023-01-012023-12-311138849517ns5:Subsidiary92023-01-012023-12-3111388495ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3111388495ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3111388495ns5:Non-currentFinancialInstruments2023-12-3111388495ns5:Non-currentFinancialInstruments2022-12-3111388495ns10:OrdinaryShareClass12023-12-31

























GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

EVOGO GROUP LTD

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Statement of Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


EVOGO GROUP LTD

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: L Streets
J D Levine
J J Levine



REGISTERED OFFICE: 201 Upwell Street
Sheffield
South Yorkshire
S4 8AL



REGISTERED NUMBER: 11388495 (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 GROUP LTD (REGISTERED NUMBER: 11388495)

GROUP STRATEGIC REPORT
for the year ended 31 December 2023

The directors present their strategic report of the company and the group 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.

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

The key performance indicators by which financial performance is measured are as follows:-
2023 2022
Revenue £41.6m £42.4m
Gross profit % 13.92% 17.16%
Number of vehicles sold 1,508 1,552
Live vehicle hire agreements 1,066 1,218
Total equity £18.7m £20.3m

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
To meet the demand of a such fast paced growing business the directors have continued to recruit new employees to meet customer demand.

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 progress to new roles within the company. This also reflect our intention to promote within where possible.


EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

GROUP 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 GROUP LTD (REGISTERED NUMBER: 11388495)

GROUP STRATEGIC REPORT
for the year ended 31 December 2023

SECTION 172(1) STATEMENT
The directors consider, both individually and collectively, that in the decisions taken during the financial year they have satisfied the requirements of section 172 of the Companies Act 2006 ("s172") in performing their duties, to promote the success of the group and company for the benefit of its members, as a whole, and in doing so having regard to the stakeholders and matters outlined in that section which will have an impact on the long-term success of the company.

The directors recognise that they have an important role in assessing and monitoring that the desired culture is embedded in the values, attitudes and behaviours that the group demonstrates, including our activities and stakeholder relationships.

When making decisions, each director ensures that he considers, in good faith, what would most likely promote the company's success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

" the likely consequences of any decision in the long term, by setting the regular process of budgeting and reforecasting over the short term in the context of the longer-term strategic plan.
" the interests of the company's employees, as the directors recognise that employees are fundamental and core to our business and the delivery of our strategic ambitions. The success of our business is dependent upon attracting, retaining and motivating employees and ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment. The directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible.
" the need to foster the company's business relationships with suppliers, customers and others, to develop strong, mutually beneficial relationships to deliver our strategy.
" the impacts of the company's operations on the community and the environment, the directors seek to recognise the effects of their long-term decisions, and the ongoing operational activities in the context of the communities in which it operates, as well as the environment in general.
" the desirability of the company maintaining a reputation for high standards of business conduct, and in recognising that the company needs to provide its solutions and services in ways which are economically, environmentally and socially responsible and seeks to make its long-term decisions and undertake its daily operations in that context.


EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

GROUP 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 GROUP LTD (REGISTERED NUMBER: 11388495)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of motor vehicle sales and related services, rental of motor vehicles, rental of forklift trucks, hire of lighting equipment and public houses and restaurants.

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

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

L Streets
J D Levine

Other changes in directors holding office are as follows:

J J Levine - appointed 1 April 2023

ENGAGEMENT WITH EMPLOYEES
It is company policy that there should be effective communication with all employees who, subject to practical and commercial considerations, should be consulted on and involved in decisions that affect their current jobs and future prospects.

The achievement of this policy has to be treated flexibly in accordance with the varying circumstances and needs of the company but, in all cases, the emphasis is on communication at the local level.

The company actively encourages the promotion of safe working conditions and procedures and the development of practices which secure and enhance the health and welfare at work of employees.

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 OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EVOGO GROUP LTD

Opinion
We have audited the financial statements of Evogo Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 group's and the parent 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 Group Strategic Report and the Report of the Directors, 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EVOGO GROUP LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 group's and the parent 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 group or the parent 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EVOGO GROUP LTD


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 GROUP LTD (REGISTERED NUMBER: 11388495)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 41,583,760 42,395,903

Cost of sales 35,793,517 35,119,908
GROSS PROFIT 5,790,243 7,275,995

Administrative expenses 5,244,311 5,545,967
545,932 1,730,028

Other operating income 113,878 162,630
GROUP OPERATING PROFIT 4 659,810 1,892,658

Share of operating profit in
Joint ventures 3,457 93,141

Interest receivable and similar income 160,770 65,933
824,037 2,051,732

Interest payable and similar expenses 5 2,132,039 1,253,460
(LOSS)/PROFIT BEFORE TAXATION (1,308,002 ) 798,272

Tax on (loss)/profit 6 246,607 554,799
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (1,554,609 ) 243,473

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(1,554,609

)

243,473

(Loss)/profit attributable to:
Owners of the parent (1,554,609 ) 243,473

Total comprehensive income attributable to:
Owners of the parent (1,551,152 ) 336,614
Non-controlling interests (3,457 ) (93,141 )
(1,554,609 ) 243,473

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

CONSOLIDATED BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 2,122,460 2,420,906
Tangible assets 9 35,744,310 38,748,533
Investments 10 100,000 -
37,966,770 41,169,439

CURRENT ASSETS
Stocks 11 5,663,721 5,038,134
Debtors 12 6,022,270 4,513,481
Cash at bank and in hand 1,964,265 2,891,844
13,650,256 12,443,459
CREDITORS
Amounts falling due within one year 13 21,106,814 12,261,654
NET CURRENT (LIABILITIES)/ASSETS (7,456,558 ) 181,805
TOTAL ASSETS LESS CURRENT LIABILITIES 30,510,212 41,351,244

CREDITORS
Amounts falling due after more than one year 14 (11,538,165 ) (20,904,421 )

PROVISIONS FOR LIABILITIES 18 (261,443 ) (178,153 )
NET ASSETS 18,710,604 20,268,670

CAPITAL AND RESERVES
Called up share capital 19 20,000,000 20,000,000
Share premium 20 6,999,990 6,999,990
Capital redemption reserve 20 64,806 64,806
Merger reserve 20 (19,964,804 ) (19,964,804 )
Retained earnings 20 11,707,210 13,261,819
SHAREHOLDERS' FUNDS 18,807,202 20,361,811

NON-CONTROLLING INTERESTS (96,598 ) (93,141 )
TOTAL EQUITY 18,710,604 20,268,670

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 GROUP LTD (REGISTERED NUMBER: 11388495)

COMPANY BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 21,642,068 21,642,068
21,642,068 21,642,068

CURRENT ASSETS
Debtors 12 7,486,080 -
Cash in hand 2 2
7,486,082 2
CREDITORS
Amounts falling due within one year 13 9,252,676 1,642,070
NET CURRENT LIABILITIES (1,766,594 ) (1,642,068 )
TOTAL ASSETS LESS CURRENT LIABILITIES 19,875,474 20,000,000

CAPITAL AND RESERVES
Called up share capital 19 20,000,000 20,000,000
Retained earnings (124,526 ) -
SHAREHOLDERS' FUNDS 19,875,474 20,000,000

Company's loss for the financial year (124,526 ) -

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

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 GROUP LTD (REGISTERED NUMBER: 11388495)

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

Called up Capital
share Retained Share redemption
capital earnings premium reserve
£    £    £    £   
Balance at 1 January 2022 20,000,000 13,018,346 6,999,990 64,806

Changes in equity
Total comprehensive income - 243,473 - -
Balance at 31 December 2022 20,000,000 13,261,819 6,999,990 64,806

Changes in equity
Total comprehensive income - (1,554,609 ) - -
Balance at 31 December 2023 20,000,000 11,707,210 6,999,990 64,806
Merger Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2022 (19,964,804 ) 20,118,338 - 20,118,338

Changes in equity
Total comprehensive income - 243,473 (93,141 ) 150,332
Balance at 31 December 2022 (19,964,804 ) 20,361,811 (93,141 ) 20,268,670

Changes in equity
Total comprehensive income - (1,554,609 ) (3,457 ) (1,558,066 )
Balance at 31 December 2023 (19,964,804 ) 18,807,202 (96,598 ) 18,710,604

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 20,000,000 - 20,000,000

Changes in equity
Balance at 31 December 2022 20,000,000 - 20,000,000

Changes in equity
Total comprehensive income - (124,526 ) (124,526 )
Balance at 31 December 2023 20,000,000 (124,526 ) 19,875,474

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,584,888 7,501,616
Interest paid (455,803 ) (206,620 )
Interest element of hire purchase payments
paid

(1,676,236

)

(1,046,840

)
Tax paid (481,821 ) (397,465 )
Net cash from operating activities 1,971,028 5,850,691

Cash flows from investing activities
Purchase of intangible fixed assets - (2,476,434 )
Purchase of tangible fixed assets (23,389,496 ) (33,926,734 )
Purchase of fixed asset investments (100,000 ) -
Sale of intangible fixed assets 1,006 -
Sale of tangible fixed assets 21,148,328 19,415,404
Interest received 160,770 65,933
Net cash from investing activities (2,179,392 ) (16,921,831 )

Cash flows from financing activities
New loans in year - 8,983,779
Amounts owed to associates - 3,496,575
Capital repayments in year (9,954,577 ) -
Amount introduced by directors 9,235,362 160,118
Amount withdrawn by directors - (108,750 )
Net cash from financing activities (719,215 ) 12,531,722

(Decrease)/increase in cash and cash equivalents (927,579 ) 1,460,582
Cash and cash equivalents at beginning of
year

2

2,891,844

1,431,262

Cash and cash equivalents at end of year 2 1,964,265 2,891,844

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
(Loss)/profit before taxation (1,308,002 ) 798,272
Depreciation charges 5,830,440 5,402,697
(Profit)/loss on disposal of fixed assets (272,950 ) 13,926
Share of (profit)/loss in joint ventures (3,457 ) (93,141 )
Government grants (1,663 ) -
Finance costs 2,132,039 1,253,460
Finance income (160,770 ) (65,933 )
6,215,637 7,309,281
(Increase)/decrease in stocks (625,587 ) 277,723
Increase in trade and other debtors (1,319,461 ) (1,082,132 )
Increase in trade and other creditors 314,299 996,744
Cash generated from operations 4,584,888 7,501,616

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,964,265 2,891,844
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,891,844 1,431,262


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,891,844 (927,579 ) 1,964,265
2,891,844 (927,579 ) 1,964,265
Debt
Finance leases (23,337,134 ) 5,828,315 (17,508,819 )
Debts falling due within 1 year (4,299,081 ) 1,312,994 (2,986,087 )
Debts falling due after 1 year (2,813,268 ) 2,813,268 -
(30,449,483 ) 9,954,577 (20,494,906 )
Total (27,557,639 ) 9,026,998 (18,530,641 )

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Pound Sterling, which is the currency of the primary economic environment in which the Group operates. Amounts are presented to the nearest Pound, unless otherwise stated.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.

The following principal accounting policies have been applied:

Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method, except as noted in accounting policy . In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover 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 Group has transferred the significant risks and rewards of ownership to the buyer;
- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the Group will receive the consideration due under the transaction; and
- 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 turnover can be measured reliably;
- it is probable that the Group 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.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of 10 years.

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

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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 Group 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 valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 GROUP LTD (REGISTERED NUMBER: 11388495)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, 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 debtors and creditors, 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 the 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 Consolidated 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 of the recoverable amount, which is an approximation of the amount that the Group 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 Balance Sheet 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 Group 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 Group after deducting all of its liabilities. Equity instruments issued by the Group 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 Group 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 GROUP LTD (REGISTERED NUMBER: 11388495)

NOTES TO THE CONSOLIDATED 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 Consolidated 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 the shorter.

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

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

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

Merger accounting
The company was incorporated on 30 May 2018 and on 24 January 2019 acquired the entire issued share capital of Evogo Limited (formerly Evolution Funding Limited). The acquisition was made via a share for share exchange, with no changes in the rights or ownership percentages of the equity holders of Evogo Limited.

Consequently, the previously recognised book values of assets and liabilities of Evogo Limited have been retained and consolidated financial information for periods prior periods have been presented as if Evogo Group Limited had always been the parent of the group.

In accordance with FRS 102 Section 18 (Business combinations and Goodwill) the assets and liabilities of the acquired group are retained at book value, not fair value, with adjustments made to achieve uniform accounting policies if required. Intangible assets are recognised only to the extent they were recognised by the acquired group, no goodwill is recognised on the acquisition of Evogo Limited. Any expenses of the combination are written off immediately to the income statement and comparative amounts, if applicable, are restated as if the combination had taken place at the beginning of the earliest accounting period presented.

The result is that the merged group is treated as if they had been combined during the current and comparative periods. Merger accounting principles for this combination gave rise to a merger reserve in the balance sheet, being the difference between the nominal value of the new shares issued by Evogo Group Limited, the fair value of any other consideration given and the nominal value of the shares received in Evogo Limited.

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the Group 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 18.

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.

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.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 3,595,745 2,998,017
Social security costs 257,527 169,387
Other pension costs 107,510 90,097
3,960,782 3,257,501

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

3. EMPLOYEES AND DIRECTORS - continued

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

Employees 273 243

The average number of employees by undertakings that were proportionately consolidated during the year was 148 (2022 - 128 ) .

31.12.23 31.12.22
£    £   
Directors' remuneration 203,430 157,084
Directors' pension contributions to money purchase schemes 15,542 13,203

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
31.12.23
£   
Emoluments etc 60,000
Pension contributions to money purchase schemes 3,000

4. OPERATING PROFIT

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

31.12.23 31.12.22
£    £   
Hire of plant and machinery 63,700 33,578
Other operating leases 6,311 6,240
Depreciation - owned assets 1,241,461 1,239,256
Depreciation - assets on hire purchase contracts 4,287,313 4,021,639
(Profit)/loss on disposal of fixed assets (272,950 ) 13,926
Goodwill amortisation 297,440 305,356
Auditors' remuneration 15,000 15,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 153,909 103,036
Stocking loan interest 149,402 101,574
Loan 152,492 2,010
Hire purchase 1,676,236 1,046,840
2,132,039 1,253,460

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

6. 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 134,052 516,623
Prior year corporation tax 29,265 1,240
Total current tax 163,317 517,863

Deferred tax 83,290 36,936
Tax on (loss)/profit 246,607 554,799

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023 2,947,173
Disposals (1,258 )
At 31 December 2023 2,945,915
AMORTISATION
At 1 January 2023 526,267
Amortisation for year 297,440
Eliminated on disposal (252 )
At 31 December 2023 823,455
NET BOOK VALUE
At 31 December 2023 2,122,460
At 31 December 2022 2,420,906

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

9. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
COST
At 1 January 2023 6,937,684 1,157,588 15,185 4,099,890
Additions 867,035 43,366 - 632,735
Disposals (147,446 ) (2,465 ) - (370,525 )
At 31 December 2023 7,657,273 1,198,489 15,185 4,362,100
DEPRECIATION
At 1 January 2023 313,016 74,279 1,599 1,767,124
Charge for year 74,918 83,996 1,599 291,760
Eliminated on disposal (4,792 ) (315 ) - (197,210 )
At 31 December 2023 383,142 157,960 3,198 1,861,674
NET BOOK VALUE
At 31 December 2023 7,274,131 1,040,529 11,987 2,500,426
At 31 December 2022 6,624,668 1,083,309 13,586 2,332,766

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 2,411,544 29,462,463 125,842 44,210,196
Additions 278,197 21,498,595 69,568 23,389,496
Disposals (40,253 ) (24,913,835 ) (17,886 ) (25,492,410 )
At 31 December 2023 2,649,488 26,047,223 177,524 42,107,282
DEPRECIATION
At 1 January 2023 491,994 2,721,782 91,869 5,461,663
Charge for year 290,766 4,746,378 39,357 5,528,774
Eliminated on disposal (12,743 ) (4,396,142 ) (16,263 ) (4,627,465 )
At 31 December 2023 770,017 3,072,018 114,963 6,362,972
NET BOOK VALUE
At 31 December 2023 1,879,471 22,975,205 62,561 35,744,310
At 31 December 2022 1,919,550 26,740,681 33,973 38,748,533

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 635,597 22,307,693 22,943,290
Additions - 16,078,508 16,078,508
Disposals - (19,509,469 ) (19,509,469 )
Transfer to ownership (635,597 ) - (635,597 )
At 31 December 2023 - 18,876,732 18,876,732
DEPRECIATION
At 1 January 2023 436,821 1,974,305 2,411,126
Charge for year - 4,287,313 4,287,313
Eliminated on disposal - (3,820,513 ) (3,820,513 )
Transfer to ownership (436,821 ) - (436,821 )
At 31 December 2023 - 2,441,105 2,441,105
NET BOOK VALUE
At 31 December 2023 - 16,435,627 16,435,627
At 31 December 2022 198,776 20,333,388 20,532,164

10. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
Additions 100,000
At 31 December 2023 100,000
NET BOOK VALUE
At 31 December 2023 100,000
Company
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1,642,070 19,999,998 21,642,068
NET BOOK VALUE
At 31 December 2023 1,642,070 19,999,998 21,642,068
At 31 December 2022 1,642,070 19,999,998 21,642,068

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

10. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Evogo Ltd
Registered office: 201 Upwell Street, Sheffield, S4 8AL
Nature of business: Sale of motor vehicles and related services
%
Class of shares: holding
Ordinary 100.00

Alton Fork Truck Services Ltd
Registered office: 201 Upwell Street, Sheffield, S4 8AL
Nature of business: Fork truck hire, sales and maintenance
%
Class of shares: holding
Ordinary 100.00

Nexus Dry Hire Ltd
Registered office: Unit 2 Redwood Court, Tytherington Business Park, Macclesfield, Cheshire, SK10 2XH
Nature of business: Hire of lighting equipment
%
Class of shares: holding
Ordinary 46.67

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

Caistor Lakes Ltd
Registered office: 201 Upwell Street, Sheffield, S4 8AL
Nature of business: Holiday park
%
Class of shares: holding
Ordinary 100.00

JLCS1 Ltd
Registered office: 201 Upwell Street, Sheffield, S4 8AL
Nature of business: Unlicensed restaurant
%
Class of shares: holding
Ordinary 100.00

Extra Time Sports Bar Ltd
Registered office: 201 Upwell Street, Sheffield, S4 8AL
Nature of business: Public house
%
Class of shares: holding
Ordinary 100.00

Copa Caffe Ltd
Registered office: 201 Upwell Street, Sheffield, S4 8AL
Nature of business: Licensed restaurant
%
Class of shares: holding
Ordinary 100.00

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

10. FIXED ASSET INVESTMENTS - continued

JLTS1 Ltd
Registered office: 201 Upwell Street, Sheffield, S4 8AL
Nature of business: Public house
%
Class of shares: holding
Ordinary 100.00


11. STOCKS

Group
31.12.23 31.12.22
£    £   
Stocks 5,663,721 5,038,134

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

12. DEBTORS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 654,248 821,890 - -
Amounts owed by group undertakings 55,099 25,436 7,486,080 -
Amounts owed by associates 2,834,144 1,495,928 - -
Other debtors 304,960 325,121 - -
Directors' current accounts 26,142 6,479 - -
Tax 183,794 14,129 - -
VAT 469,394 715,833 - -
Prepayments and accrued income 434,155 218,635 - -
4,961,936 3,623,451 7,486,080 -

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

Aggregate amounts 6,022,270 4,513,481 7,486,080 -

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 15) - 228,111 - -
Other loans (see note 15) 2,986,087 4,070,970 - -
Hire purchase contracts (see note 16) 5,970,654 5,245,981 - -
Trade creditors 1,672,742 1,087,552 - -
Amounts owed to group undertakings - - - 1,642,070
Amounts owed to associates 220,282 103,882 - -
Tax - 148,839 - -
Social security and other taxes 75,320 66,441 - -
Other creditors 127,977 134,350 - -
Vehicle servicing provision 241,813 274,603 - -
Directors' current accounts 9,313,288 45,267 9,249,376 -
Accruals and deferred income 498,651 855,658 - -
Accrued expenses - - 3,300 -
21,106,814 12,261,654 9,252,676 1,642,070

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31.12.23 31.12.22
£    £   
Bank loans (see note 15) - 2,813,268
Hire purchase contracts (see note 16) 11,538,165 18,091,153
11,538,165 20,904,421

15. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans - 228,111
Vehicle stocking loan 2,986,087 4,070,970
2,986,087 4,299,081
Amounts falling due between one and two years:
Bank loans - 1-2 years - 234,882
Amounts falling due between two and five years:
Bank loans - 2-5 years - 2,578,386

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
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

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

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.12.23 31.12.22
£    £   
Bank loans - 3,041,379
Vehicle stocking loan 2,986,087 4,070,970
Hire purchase contracts 17,508,819 23,337,134
20,494,906 30,449,483

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

Bank loans are secured against the property located at 201 Upwell Street, Sheffield, S4 8AL.

EVOGO GROUP LTD (REGISTERED NUMBER: 11388495)

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

18. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Deferred tax 261,443 178,153

Group
Deferred
tax
£   
Balance at 1 January 2023 178,153
Charge to Statement of Comprehensive Income during year 83,290
Balance at 31 December 2023 261,443

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
20,000 Ordinary £1 20,000,000 20,000,000

20. RESERVES

Group
Capital
Retained Share redemption Merger
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 January 2023 13,261,819 6,999,990 64,806 (19,964,804 ) 361,811
Deficit for the year (1,554,609 ) (1,554,609 )
At 31 December 2023 11,707,210 6,999,990 64,806 (19,964,804 ) (1,192,798 )


21. ULTIMATE CONTROLLING PARTY

The controlling party is J D Levine.

22. AUDIT EXEMPTION FOR SUBSIDIARY UNDERTAKINGS

For the year ended 31 December 2023, the group has taken advantage of the exemption offered in sections 479A-479C of the Companies Act 2006 and its subsidiary undertakings have not been subject to an individual audit. Evogo Group Ltd has given a statutory guarantee to each of these subsidiary undertakings guaranteeing their liabilities, a copy of which will be filed at Companies House.

The companies which have taken this exemption are as follows;

Name Company number
Alton Fork Truck Services Limited 04711997
The Hillsborough Club Ltd 08237059
Nexus Dry Hire Limited 09590906
Caistor Lakes Limited 09352450
JLCS1 Ltd 12857601
Copa Cafe Ltd 13249814
Extra Time Sports Bar Ltd 13248468
JLTS1 Ltd 14119999