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REGISTERED NUMBER: 07024982 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Evolution ABS Limited

Evolution ABS Limited (Registered number: 07024982)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Evolution ABS Limited (Registered number: 07024982)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 22,077
Tangible assets 5 24,150 19,330
24,150 41,407

CURRENT ASSETS
Debtors 6 599,379 526,015
Cash at bank 271,093 245,469
870,472 771,484
CREDITORS
Amounts falling due within one year 7 360,925 340,860
NET CURRENT ASSETS 509,547 430,624
TOTAL ASSETS LESS CURRENT LIABILITIES 533,697 472,031

CREDITORS
Amounts falling due after more than one year 8 (27,083 ) (32,083 )

PROVISIONS FOR LIABILITIES (6,037 ) (4,608 )
NET ASSETS 500,577 435,340

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 500,575 435,338
SHAREHOLDERS' FUNDS 500,577 435,340

Evolution ABS Limited (Registered number: 07024982)

Balance Sheet - continued
31 January 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:




Mrs M J Scarrott - Director



Mr D J Knight - Director


Evolution ABS Limited (Registered number: 07024982)

Notes to the Financial Statements
for the Year Ended 31 January 2024


1. STATUTORY INFORMATION

Evolution ABS Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07024982

Registered office: Oake House
Silver Street
West Buckland
Wellington
Somerset
TA21 9LR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and value added tax. It includes administration fees and interest.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost and 20% on cost
Computer equipment - 33% on cost and 20% on cost

Financial instruments
Classification
The company holds the following financial instruments:

Short term debtors and creditors; and
Cash and bank balances.

All financial instruments are classified as basic.

Recognition and measurement
The company has elected to apply the provisions FRS102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transition costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


Evolution ABS Limited (Registered number: 07024982)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 119,695
AMORTISATION
At 1 February 2023 97,618
Charge for year 22,077
At 31 January 2024 119,695
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 22,077

Evolution ABS Limited (Registered number: 07024982)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 February 2023 59,478 123,936 183,414
Additions 1,590 14,632 16,222
Disposals - (523 ) (523 )
At 31 January 2024 61,068 138,045 199,113
DEPRECIATION
At 1 February 2023 50,533 113,551 164,084
Charge for year 3,465 7,702 11,167
Eliminated on disposal - (288 ) (288 )
At 31 January 2024 53,998 120,965 174,963
NET BOOK VALUE
At 31 January 2024 7,070 17,080 24,150
At 31 January 2023 8,945 10,385 19,330

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 515,864 426,242
Amounts recoverable on contract 59,754 81,922
Other debtors 23,761 17,851
599,379 526,015

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,000 5,000
Trade creditors 9,354 9,034
Taxation and social security 281,785 229,931
Other creditors 64,786 96,895
360,925 340,860

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 27,083 32,083

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Between one and five years 5,966 8,618