Registered number
10906545
EVOLVE FINANCIAL SERVICES LTD
Filleted Accounts
29 February 2024
EVOLVE FINANCIAL SERVICES LTD
Registered number: 10906545
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 36,000 36,000
Tangible assets 4 18,839 22,179
54,839 58,179
Current assets
Debtors 5 1,064 950
Cash at bank and in hand 56,546 46,490
57,610 47,440
Creditors: amounts falling due within one year 6 (34,698) (14,871)
Net current assets 22,912 32,569
Total assets less current liabilities 77,751 90,748
Creditors: amounts falling due after more than one year 7 - (881)
Provisions for liabilities (64) (158)
Net assets 77,687 89,709
Capital and reserves
Called up share capital 4,001 4,001
Profit and loss account 73,686 85,708
Shareholders' funds 77,687 89,709
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M D Catlyn
Director
Approved by the board on 24 September 2024
EVOLVE FINANCIAL SERVICES LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Temporary buildings straight line over 10 years
Computer equipment straight line over 4 years
Fixtures & fittings 10% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 36,000
At 29 February 2024 36,000
Amortisation
At 29 February 2024 -
Net book value
At 29 February 2024 36,000
At 28 February 2023 36,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Computer equipment Fixtures & fittings Temporary buildings Total
£ £ £ £
Cost
At 1 March 2023 2,992 685 28,463 32,140
At 29 February 2024 2,992 685 28,463 32,140
Depreciation
At 1 March 2023 2,536 310 7,115 9,961
Charge for the year 456 38 2,846 3,340
At 29 February 2024 2,992 348 9,961 13,301
Net book value
At 29 February 2024 - 337 18,502 18,839
At 28 February 2023 456 375 21,348 22,179
5 Debtors 2024 2023
£ £
Other debtors 1,064 950
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 4,240
Taxation and social security costs 13,297 9,769
Other creditors 21,401 862
34,698 14,871
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 881
8 Other information
EVOLVE FINANCIAL SERVICES LTD is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
South Yorkshire
S75 2RG
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