Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseTelecommunications activities3633truetruefalse 06781693 2023-01-01 2023-12-31 06781693 2022-01-01 2022-12-31 06781693 2023-12-31 06781693 2022-12-31 06781693 c:Director6 2023-01-01 2023-12-31 06781693 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 06781693 d:Buildings d:ShortLeaseholdAssets 2023-12-31 06781693 d:Buildings d:ShortLeaseholdAssets 2022-12-31 06781693 d:PlantMachinery 2023-01-01 2023-12-31 06781693 d:PlantMachinery 2023-12-31 06781693 d:PlantMachinery 2022-12-31 06781693 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06781693 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06781693 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 06781693 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 06781693 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 06781693 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 06781693 d:ComputerSoftware 2023-12-31 06781693 d:ComputerSoftware 2022-12-31 06781693 d:CurrentFinancialInstruments 2023-12-31 06781693 d:CurrentFinancialInstruments 2022-12-31 06781693 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06781693 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06781693 d:ShareCapital 2023-12-31 06781693 d:ShareCapital 2022-12-31 06781693 d:SharePremium 2023-01-01 2023-12-31 06781693 d:SharePremium 2023-12-31 06781693 d:SharePremium 2022-12-31 06781693 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 06781693 d:CapitalRedemptionReserve 2023-12-31 06781693 d:CapitalRedemptionReserve 2022-12-31 06781693 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 06781693 d:OtherMiscellaneousReserve 2023-12-31 06781693 d:OtherMiscellaneousReserve 2022-12-31 06781693 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06781693 d:RetainedEarningsAccumulatedLosses 2023-12-31 06781693 d:RetainedEarningsAccumulatedLosses 2022-12-31 06781693 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06781693 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06781693 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 06781693 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 06781693 c:OrdinaryShareClass1 2023-01-01 2023-12-31 06781693 c:OrdinaryShareClass1 2023-12-31 06781693 c:OrdinaryShareClass1 2022-12-31 06781693 c:FRS102 2023-01-01 2023-12-31 06781693 c:Audited 2023-01-01 2023-12-31 06781693 c:FullAccounts 2023-01-01 2023-12-31 06781693 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06781693 d:Subsidiary1 2023-01-01 2023-12-31 06781693 d:Subsidiary1 1 2023-01-01 2023-12-31 06781693 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06781693 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06781693 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06781693 2 2023-01-01 2023-12-31 06781693 6 2023-01-01 2023-12-31 06781693 d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 06781693 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06781693 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06781693 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06781693










EVOLVEIP LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EVOLVEIP LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EVOLVEIP LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

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

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

This report is made solely to the Board of directors of EvolveIP Limited, as a body, in accordance with the terms of our engagement letter dated 15 July 2024Our work has been undertaken solely to prepare for your approval the financial statements of EvolveIP Limited and state those matters that we have agreed to state to the Board of directors of EvolveIP Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EvolveIP Limited and its Board of directors, as a body, for our work or for this report. 

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

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

  



MHA
 
MHA House
Charter Court, Phoenix Way
Swansea Enterprise Park
Swansea
SA7 9FS
11 October 2024
Page 1

 
EVOLVEIP LIMITED
REGISTERED NUMBER: 06781693

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
38,324
30,456

Tangible assets
 5 
202,119
411,133

Investments
 6 
10
10

  
240,453
441,599

Current assets
  

Stocks
  
-
1,187

Debtors: amounts falling due within one year
 7 
3,112,515
3,830,962

Cash at bank and in hand
 8 
809,511
1,463,264

  
3,922,026
5,295,413

Creditors: amounts falling due within one year
 9 
(2,432,053)
(2,328,949)

Net current assets
  
 
 
1,489,973
 
 
2,966,464

Total assets less current liabilities
  
1,730,426
3,408,063

Provisions for liabilities
  

Deferred tax
 10 
(48,529)
(89,053)

  
 
 
(48,529)
 
 
(89,053)

Net assets
  
1,681,897
3,319,010


Capital and reserves
  

Called up share capital 
 11 
1,307
1,307

Share premium account
 12 
227,237
227,237

Capital redemption reserve
 12 
39
39

Other reserves
 12 
1,016,119
1,016,119

Profit and loss account
 12 
437,195
2,074,308

  
1,681,897
3,319,010


Page 2

 
EVOLVEIP LIMITED
REGISTERED NUMBER: 06781693
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 October 2024.




J O Molina
Director

The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
EVOLVEIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Evolve IP Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 6 Cefn Coed, Parc Nantgarw, Treforest, Cardiff, United Kingdom, CF15 7QQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
EVOLVEIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue 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. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue 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.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest 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.

Page 5

 
EVOLVEIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Licenses
-
4
years
Research and development
-
5
years

Page 6

 
EVOLVEIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20%
per annum
Plant and machinery
-
20%
per annum

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 profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock 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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 7

 
EVOLVEIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 8

 
EVOLVEIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 9

 
EVOLVEIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)


 
2.18

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 an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2022 - 33).


4.


Intangible assets




Licenses
R&D
Total

£
£
£



Cost


At 1 January 2023
21,860
651,472
673,332


Additions
21,000
9,750
30,750



At 31 December 2023

42,860
661,222
704,082



Amortisation


At 1 January 2023
4,289
638,587
642,876


Charge for the year on owned assets
8,047
14,835
22,882



At 31 December 2023

12,336
653,422
665,758



Net book value



At 31 December 2023
30,524
7,800
38,324



At 31 December 2022
17,571
12,885
30,456



Page 10

 
EVOLVEIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2023
330,246
1,206,508
1,536,754


Additions
-
23,396
23,396


Disposals
25,000
-
25,000



At 31 December 2023

355,246
1,229,904
1,585,150



Depreciation


At 1 January 2023
201,763
923,857
1,125,620


Charge for the year on owned assets
109,511
147,900
257,411



At 31 December 2023

311,274
1,071,757
1,383,031



Net book value



At 31 December 2023
43,972
158,147
202,119



At 31 December 2022
128,483
282,650
411,133


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
10



At 31 December 2023
10






Page 11

 
EVOLVEIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

TVF Cloud Inc
6965 Piazza Grande Ave, STE, 313, Orlando, FL 32835
Ordinary
100%


7.


Debtors

2023
2022
£
£


Trade debtors
2,657,973
1,915,096

Amounts owed by group undertakings
360,952
1,453,116

Other debtors
21,092
3,828

Prepayments and accrued income
72,498
458,922

3,112,515
3,830,962



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
809,511
1,463,264



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
299,080
283,641

Amounts owed to group undertakings
92,991
43,720

Corporation tax
532,691
573,278

Other taxation and social security
319,451
181,462

Accruals and deferred income
1,187,840
1,246,848

2,432,053
2,328,949


Amounts owed to group undertakings are considered to be normal trading balances.

Page 12

 
EVOLVEIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(89,053)


Charged to profit or loss
40,524



At end of year
(48,529)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(40,959)
(90,780)

Short term timing differences
(7,570)
1,727

(48,529)
(89,053)





11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



130,730 (2022 - 130,730) Ordinary shares of £0.01 each
1,307
1,307


Page 13

 
EVOLVEIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Reserves

Share premium account

The share premium account arose from historic issue of shares at a premium.

Capital redemption reserve

The capital redemption reserve arose following a historic purchase of own shares.

Other reserves

On 18 April 2018, 100% of the issued share capital of the company was acquired by Evolve IP LLC. As part of this transaction, all bank and loan debt was settled in full with a capital contribution of £1,106,119 being provided by Evolve IP LLC.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


13.


Related party transactions

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the compay as an individual entity and not about its group.


14.


Controlling party

The company is a wholly owned subsidiary of immediate parent company Evolve IP LLC.
EIP Holdco Inc, whose registered office is 989 Old Eagle Road Suite 815 Waybe, PA 19087, United States, is the ultimate parent undertaking and is the largest and smallest Group in which the results of the company are consolidated, copies of which are publically available.



15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 11 October 2024 by James Dobson BSc FCA (Senior statutory auditor) on behalf of MHA.

 
Page 14