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COMPANY REGISTRATION NUMBER: 09926428
EVOVE LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
EVOVE LTD
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
Contents
Page
Balance sheet 1
Notes to the financial statements 3
EVOVE LTD
BALANCE SHEET
30 June 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
3,568,765
2,034,534
Tangible assets
7
904,198
492,213
------------
------------
4,472,963
2,526,747
Current assets
Stocks
8
72,056
Debtors
9
904,175
646,040
Cash at bank and in hand
3,704,627
3,337,643
------------
------------
4,680,858
3,983,683
Creditors: amounts falling due within one year
10
( 798,479)
( 265,268)
------------
------------
Net current assets
3,882,379
3,718,415
------------
------------
Total assets less current liabilities
8,355,342
6,245,162
Creditors: amounts falling due after more than one year
11
( 840,668)
( 972,899)
------------
------------
Net assets
7,514,674
5,272,263
------------
------------
Capital and reserves
Called up share capital
13
747
534
Share premium account
14,242,477
9,242,690
Profit and loss account
( 6,728,550)
( 3,970,961)
-------------
------------
Shareholders funds
7,514,674
5,272,263
-------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EVOVE LTD
BALANCE SHEET (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
Dr C Wyres
Director
Company registration number: 09926428
EVOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7, Shell Green, Widnes, WA8 0GW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from intellectual property rights such as technology licenses and patents is recognised based on the contractual terms and substance of the relevant agreement with the licensee.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. These include both patents and product development costs. Product development costs include purchases, staff costs and travel and subsistence costs directly attributable to developing an asset for future sale. Development costs are capitalised only after technical and commercial feasibility of the asset for sale have been established and it is probable that future revenues will be achieved. Amortisation in relation to product development costs and patent costs will commence following the first commercial sale of a product resulting from the product development cost/patent cost.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset.
Product development costs
-
Up to 10 years
Patent costs
-
Up to 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
33% straight line / 10% straight line
Plant and machinery
-
33% straight line
Office equipment
-
20% straight line
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2023: 24 ).
5. Tax on loss
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
( 241,833)
( 419,167)
Adjustments in respect of prior periods
27,978
25,471
------------
------------
Total current tax
( 213,855)
( 393,696)
------------
------------
------------
------------
Tax on loss
( 213,855)
( 393,696)
------------
------------
6. Intangible assets
Product development costs
Patent costs
Total
£
£
£
Cost
At 1 July 2023
1,652,686
384,248
2,036,934
Additions
1,412,024
235,303
1,647,327
Disposals
( 60,608)
( 60,608)
------------
------------
------------
At 30 June 2024
3,064,710
558,943
3,623,653
------------
------------
------------
Amortisation
At 1 July 2023
2,400
2,400
Charge for the year
40,236
12,252
52,488
------------
------------
------------
At 30 June 2024
40,236
14,652
54,888
------------
------------
------------
Carrying amount
At 30 June 2024
3,024,474
544,291
3,568,765
------------
------------
------------
At 30 June 2023
1,652,686
381,848
2,034,534
------------
------------
------------
7. Tangible assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
25,479
797,237
14,384
72,402
909,502
Additions
77,072
643,272
5,548
12,540
738,432
------------
------------
------------
------------
------------
At 30 June 2024
102,551
1,440,509
19,932
84,942
1,647,934
------------
------------
------------
------------
------------
Depreciation
At 1 July 2023
12,968
360,594
2,569
41,158
417,289
Charge for the year
9,407
294,901
3,125
19,014
326,447
------------
------------
------------
------------
------------
At 30 June 2024
22,375
655,495
5,694
60,172
743,736
------------
------------
------------
------------
------------
Carrying amount
At 30 June 2024
80,176
785,014
14,238
24,770
904,198
------------
------------
------------
------------
------------
At 30 June 2023
12,511
436,643
11,815
31,244
492,213
------------
------------
------------
------------
------------
8. Stocks
2024
2023
£
£
Raw materials and consumables
72,056
------------
------------
9. Debtors
2024
2023
£
£
Trade debtors
8,115
20,217
Prepayments and accrued income
488,673
141,878
Corporation tax repayable
288,792
408,194
Other debtors
118,595
75,751
------------
------------
904,175
646,040
------------
------------
10. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
391,806
180,385
Accruals and deferred income
165,343
15,033
Social security and other taxes
60,308
43,408
Obligations under finance leases and hire purchase contracts
13,015
13,015
Other loans
152,199
Other creditors
15,808
13,427
------------
------------
798,479
265,268
------------
------------
11. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other loans
835,245
954,461
Obligations under finance lease and hire purchase contracts
5,423
18,438
------------
------------
840,668
972,899
------------
------------
12. Secured liabilities
2024
2023
£
£
Other loans
987,444
954,461
Obligation under finance lease and hire purchase contracts
18,438
31,453
------------
------------
1,005,882
985,914
------------
------------
13. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.0001 each
2,646,008
265
2,432,902
243
A Ordinary shares of £ 0.0001 each
579,668
58
579,668
58
B Ordinary shares of £ 0.0001 each
108,567
11
108,567
11
Seed Preferred shares of £ 0.0001 each
2,219,785
222
2,219,785
222
Seed 2 Preferred shares of £ 0.0001 each
1,917,957
192
------------
------------
------------
------------
7,471,985
747
5,340,922
534
------------
------------
------------
------------
On 26 February 2024, 213,106 Ordinary shares were issued for £500,000. During the year the following Seed 2 Preferred share issues were made: On 26 February 2024, 213,106 Seed 2 Preferred shares were issued for £500,000. On 28 February 2024, 426,213 Seed 2 Preferred shares were issued for £1,000,000. On 1 March 2024, 639,319 Seed 2 Preferred shares were issued for £1,500,000. On 6 March 2024, 639,319 Seed 2 Preferred shares were issued for £1,500,000. Seed Preferred shares, Seed 2 Preferred shares and the A Ordinary shares rank pari pasu with the other shares other than they have preferential rights on sale of the company and if the company is wound up. The B Ordinary shares rank pari pasu with the other shares other than they have preferential rights if the company is wound up.