Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30falseThe principal activity of the Company is that of building contractors.false2023-07-017056falsefalse 07627090 2023-07-01 2024-06-30 07627090 2022-07-01 2023-06-30 07627090 2024-06-30 07627090 2023-06-30 07627090 2022-07-01 07627090 4 2023-07-01 2024-06-30 07627090 4 2022-07-01 2023-06-30 07627090 5 2023-07-01 2024-06-30 07627090 5 2022-07-01 2023-06-30 07627090 1 2023-07-01 2024-06-30 07627090 e:CompanySecretary1 2023-07-01 2024-06-30 07627090 e:Director1 2023-07-01 2024-06-30 07627090 e:Director2 2023-07-01 2024-06-30 07627090 e:Director3 2023-07-01 2024-06-30 07627090 e:Director4 2023-07-01 2024-06-30 07627090 e:Director5 2023-07-01 2024-06-30 07627090 e:Director6 2023-07-01 2024-06-30 07627090 e:RegisteredOffice 2023-07-01 2024-06-30 07627090 d:PlantMachinery 2023-07-01 2024-06-30 07627090 d:PlantMachinery 2024-06-30 07627090 d:PlantMachinery 2023-06-30 07627090 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07627090 d:MotorVehicles 2023-07-01 2024-06-30 07627090 d:MotorVehicles 2024-06-30 07627090 d:MotorVehicles 2023-06-30 07627090 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07627090 d:FurnitureFittings 2023-07-01 2024-06-30 07627090 d:FurnitureFittings 2024-06-30 07627090 d:FurnitureFittings 2023-06-30 07627090 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07627090 d:ComputerEquipment 2023-07-01 2024-06-30 07627090 d:ComputerEquipment 2024-06-30 07627090 d:ComputerEquipment 2023-06-30 07627090 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07627090 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07627090 d:CurrentFinancialInstruments 2024-06-30 07627090 d:CurrentFinancialInstruments 2023-06-30 07627090 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 07627090 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07627090 d:UKTax 2023-07-01 2024-06-30 07627090 d:UKTax 2022-07-01 2023-06-30 07627090 d:ShareCapital 2023-07-01 2024-06-30 07627090 d:ShareCapital 2024-06-30 07627090 d:ShareCapital 2022-07-01 2023-06-30 07627090 d:ShareCapital 2023-06-30 07627090 d:ShareCapital 2022-07-01 07627090 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 07627090 d:RetainedEarningsAccumulatedLosses 2024-06-30 07627090 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 07627090 d:RetainedEarningsAccumulatedLosses 2023-06-30 07627090 d:RetainedEarningsAccumulatedLosses 2022-07-01 07627090 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 07627090 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 07627090 d:RetirementBenefitObligationsDeferredTax 2024-06-30 07627090 d:RetirementBenefitObligationsDeferredTax 2023-06-30 07627090 e:OrdinaryShareClass1 2023-07-01 2024-06-30 07627090 e:OrdinaryShareClass1 2024-06-30 07627090 e:OrdinaryShareClass1 2023-06-30 07627090 e:FRS102 2023-07-01 2024-06-30 07627090 e:Audited 2023-07-01 2024-06-30 07627090 e:FullAccounts 2023-07-01 2024-06-30 07627090 e:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07627090 2 2023-07-01 2024-06-30 07627090 f:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07627090










EVABUILD LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
EVABUILD LIMITED
 
 
COMPANY INFORMATION


Directors
S G Andrew 
L J Evans 
N Evans 
A G Hughes 
J R Jones 
R D Jones 




Company secretary
L J Evans



Registered number
07627090



Registered office
Ladywell Centre

Newtown

Powys

SY16 1AF




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
EVABUILD LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12 - 13
Notes to the financial statements
 
14 - 28


 
EVABUILD LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present their Strategic Report together with the Directors' Report and audit financial statements of Evabuild Limited ("the Company") for the year ended 30 June 2024.
Principal activities
The principal activity of the Company continues to be that of building contractors for general groundworks, civil engineering and modular groundworks. 

Business review
 
The results for the Company are as shown in the annexed financial statements. The financial statements report on another year of significant growth with revenues of £25.3m being an increase of 59% on the previous financial year. 
The Company's growth continues to be driven through strong relationships with our key clients who, like us, are growing themselves. The financial size of projects undertaken continues to grow, just as modular building continues to be chosen as the preferred option for many new contracts in our core markets.
In line with the growth of the Company we continue to recruit key members into the team which has grown to an average of 70 members during the year under review. Recruitment has happened alongside the internal promotion of staff members which allows us to continue to build a robust management structure to support the larger contracts we are delivering.
The gross profit margin has remained relatively consistent year on year and the directors are satisfied with both the gross profit of £10,777,185 (2023: £6,600,701) and the profit before tax of £4,628,113 (2023: £2,363,673) in what continues to be difficult market conditions with challenging external economic influences.
The profit after tax generated in the year has largely been retained in the Company and this is reflected with a continued strengthening of net current assets to £10,979,248 (2023: £7,933,856) and net assets to £11,176,525 (2023: £8,123,185).

Principal risks and uncertainties
 
The principal risks and uncertainties relate predominantly to external market factors which affect the global price of materials. The directors continue to act swiftly to changes in prices.
The Company is also exposed to credit risk on its trade debtors and sales retentions. The recoverability of sales retentions is historically very high which is a great reflection on the quality of our customer service and our ability to deliver to the agreed specification. Overall recoverability of trade debtors is managed through a robust assessment of the creditworthiness of each customer and ensuring that the payment terms on contracts keeps the overall credit exposure per contract and per customer an acceptable level.

Page 1

 
EVABUILD LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial key performance indicators
 
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, being turnover, gross profit margin, profit before tax, net current assets and net assets. Commentary on the performance and position of the Company with reference to these key performance indicators is included in the business review above.  

Other key performance indicators
 
The Company has a range of non-financial key performance indicators against which it measures performance. Our key stakeholders are our employees who are at the heart of our purpose and work to service our customers. We remain dedicated to being a key employer in the community and an analysis of average employee numbers during the year is included in the business review above. 


This report was approved by the board and signed on its behalf.



L J Evans
Director

Date: 7 November 2024

Page 2

 
EVABUILD LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £3,450,841 (2023 - £1,877,030).

During the period the Company declared dividends totaling £397,501 (2023: £364,000).

Directors

The directors who served during the year were:

S G Andrew 
L J Evans 
N Evans 
A G Hughes 
J R Jones 
R D Jones 

Page 3

 
EVABUILD LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Future developments

The Company continues to drive its growth strategy through delivering an exceptional customer experience. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

On 29 July 2024 the Company became a wholly owned subsidiary of Evabuild Group Limited. This was as a result of an internal reorganisation with no change in the ultimate controlling parties and facilitates the continued strategic growth objectives of the business.  

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





L J Evans
Director

Date: 7 November 2024

Page 4

 
EVABUILD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVABUILD LIMITED
 

Opinion


We have audited the financial statements of Evabuild Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 30 June 2024 and of its profit 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 5

 
EVABUILD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVABUILD LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.


Page 6

 
EVABUILD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVABUILD LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is 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 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 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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR).
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Page 7

 
EVABUILD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVABUILD LIMITED (CONTINUED)


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





John Fletcher BA (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
7 November 2024
Page 8

 
EVABUILD LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
25,315,338
15,940,791

Cost of sales
  
(14,538,153)
(9,340,090)

Gross profit
  
10,777,185
6,600,701

Administrative expenses
  
(6,250,477)
(4,294,570)

Other operating income
 5 
60,464
20,942

Operating profit
  
4,587,172
2,327,073

Interest receivable and similar income
 10 
40,941
41,623

Interest payable and similar expenses
 11 
-
(5,023)

Profit before tax
  
4,628,113
2,363,673

Tax on profit
 12 
(1,177,272)
(486,643)

Profit for the financial year
  
3,450,841
1,877,030

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 9

 
EVABUILD LIMITED
REGISTERED NUMBER: 07627090

BALANCE SHEET
AS AT 30 JUNE 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
238,544
227,824

  
238,544
227,824

Current assets
  

Stocks
 15 
281,000
55,655

Debtors: amounts falling due within one year
 16 
8,197,369
6,770,121

Cash at bank and in hand
 17 
4,701,521
2,672,730

  
13,179,890
9,498,506

Creditors: amounts falling due within one year
 18 
(2,200,642)
(1,564,650)

Net current assets
  
 
 
10,979,248
 
 
7,933,856

Total assets less current liabilities
  
11,217,792
8,161,680

Deferred tax
 19 
(41,267)
(38,495)

Net assets
  
11,176,525
8,123,185


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Profit and loss account
 21 
11,175,525
8,122,185

  
11,176,525
8,123,185


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L J Evans
Director

Date: 7 November 2024

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
EVABUILD LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
1,000
6,609,155
6,610,155


Comprehensive income for the year

Profit for the year
-
1,877,030
1,877,030


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,877,030
1,877,030


Contributions by and distributions to owners

Dividends: Equity capital
-
(364,000)
(364,000)


Total transactions with owners (as restated)
-
(364,000)
(364,000)



At 1 July 2023 (as restated)
1,000
8,122,185
8,123,185


Comprehensive income for the year

Profit for the year
-
3,450,841
3,450,841


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
3,450,841
3,450,841


Contributions by and distributions to owners

Dividends: Equity capital
-
(397,501)
(397,501)


Total transactions with owners
-
(397,501)
(397,501)


At 30 June 2024
1,000
11,175,525
11,176,525


The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
EVABUILD LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,450,841
1,877,030

Adjustments for:

Depreciation of tangible assets
42,587
54,953

Loss on disposal of tangible assets
11,137
(4,597)

Interest paid
-
5,023

Interest received
(40,941)
(41,623)

Taxation charge
1,177,272
486,643

(Increase) in stocks
(225,345)
(655)

(Increase) in debtors
(1,090,399)
(344,625)

(Increase)/decrease in amounts owed by participating ints
(336,849)
328,477

Increase/(decrease) in creditors
340,914
(23,896)

Increase in amounts owed to associates
17,989
-

Corporation tax (paid)
(897,411)
(728,191)

Net cash generated from operating activities

2,449,795
1,608,539


Cash flows from investing activities

Purchase of tangible fixed assets
(106,509)
(54,307)

Sale of tangible fixed assets
42,065
114,292

Interest received
40,941
41,623

HP interest paid
-
(5,023)

Net cash from investing activities

(23,503)
96,585
Page 12

 
EVABUILD LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

As restated

2024
2023

£
£



Cash flows from financing activities

Repayment of/new finance leases
-
(94,400)

Dividends paid
(397,501)
(364,000)

Net cash used in financing activities
(397,501)
(458,400)

Net increase in cash and cash equivalents
2,028,791
1,246,724

Cash and cash equivalents at beginning of year
2,672,730
1,426,006

Cash and cash equivalents at the end of year
4,701,521
2,672,730


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,701,521
2,672,730

4,701,521
2,672,730


Page 13

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Evabuild Limited (company number 07627090) is a private company, limited by shares, incorporated in England and Wales and domiciled in the United Kingdom. Its registered office and principal place of business is located at Ladywell Centre, Newtown, Powys, Wales, SY16 1AF.
The principal activity of the Company is that of building contractors. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company's forecasts and projections, taking account of reasonable possible changes in trading performance, show that the Company is expected to operate within the levels of its current facilities.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 14

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

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:

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.

Revenue from construction contracts
Revenue from construction contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The revenue is calculated on a prudent basis to reflect the stage of completion of any contracts that are in progress at the year end. Turnover and related costs are recorded as contract activity progresses. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on contracts in the year in which they are first foreseen.

 
2.4

Interest income

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

 
2.5

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 15

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

Page 16

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Computer equipment
-
20%

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 17

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

Page 18

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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 payments 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.

 
2.14

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.

Page 19

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Sales retentions recoverability
The Company makes an assessment of the recoverability of sales retentions at each year end. The recoverability of sales retentions is historically very high which is a great reflection on the quality of our customer service and our ability to deliver to the agreed specification. Sales retentions as at 30 June 2024 were £949,813 and the Directors consider them to be fully recoverable.  


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
56,464
17,042

Sundry income
4,000
3,900

60,464
20,942


Page 20

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

(Profit)/loss on sale of tangible assets
11,137
(4,597)


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,600
5,000

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,632,173
2,421,243

Social security costs
326,276
304,895

Cost of defined contribution scheme
43,267
217,532

4,001,716
2,943,670


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
70
56

Page 21

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
487,325
297,957

Company contributions to defined contribution pension schemes
3,980
180,000

491,305
477,957


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £162,690 (2023 - £130,255).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).

The total accrued pension provision of the highest paid director at 30 June 2024 amounted to £NIL (2023 - £NIL).

The amount of the accrued lump sum in respect of the highest paid director at 30 June 2024 amounted to £NIL (2023 - £NIL).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
40,941
41,623

40,941
41,623


11.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
-
5,023

-
5,023

Page 22

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,174,500
507,301


1,174,500
507,301


Total current tax
1,174,500
507,301

Deferred tax


Origination and reversal of timing differences
2,772
(20,658)

Total deferred tax
2,772
(20,658)


Tax on profit
1,177,272
486,643

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,628,113
2,363,673


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
1,157,028
484,553

Effects of:


Expenses not deductible for tax purposes
8,088
1,413

Timing differences net of movement in tax rates
9,372
1,619

Book profit on chargeable assets
2,784
(942)

Total tax charge for the year
1,177,272
486,643


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Dividends

2024
2023
£
£


On ordinary share capital
397,501
364,000

397,501
364,000


14.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
171,498
269,275
54,111
34,745
529,629


Additions
27,259
45,912
16,572
16,766
106,509


Disposals
(89,137)
(91,700)
-
(4,934)
(185,771)



At 30 June 2024

109,620
223,487
70,683
46,577
450,367



Depreciation


At 1 July 2023
103,697
160,314
19,373
18,421
301,805


Charge for the year on owned assets
12,336
17,296
7,510
5,445
42,587


Disposals
(66,473)
(61,952)
-
(4,144)
(132,569)



At 30 June 2024

49,560
115,658
26,883
19,722
211,823



Net book value



At 30 June 2024
60,060
107,829
43,800
26,855
238,544



At 30 June 2023
67,801
108,961
34,738
16,324
227,824

Page 24

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Stocks

2024
2023
£
£

Raw materials and consumables
50,000
40,000

Work in progress (goods to be sold)
231,000
15,655

281,000
55,655



16.


Debtors

As restated
2024
2023
£
£


Trade debtors
4,534,996
4,096,100

Amounts owed by related parties
2,164,590
1,827,741

Other debtors
886,091
512,183

Prepayments and accrued income
45,836
54,758

VAT
565,856
279,339

8,197,369
6,770,121



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,701,521
2,672,730

4,701,521
2,672,730


Page 25

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,133,151
867,174

Amounts owed to related parties
17,989
-

Corporation tax
514,500
237,411

Other taxation and social security
104,140
82,577

Other creditors
77,871
14,868

Accruals and deferred income
352,991
362,620

2,200,642
1,564,650



19.


Deferred taxation




2024


£






At beginning of year
(38,495)


Charged to profit or loss
(2,772)



At end of year
(41,267)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(42,920)
(38,495)

Other short term timing differences
1,653
-

(41,267)
(38,495)

Page 26

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Share capital

As restated
2024
2023
£
£
Allotted, called up and fully paid



1,000,000 (2023 - 1,000,000) Ordinary shares of £0.001 each
1,000
1,000

Prior year adjustment
A prior year adjustment has been made to correct the share capital reported in the prior year financial statements which included an error in relation to share capital that had not been formally issued.



21.


Reserves

Profit and loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders.

22.


Analysis of net debt




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

2,672,730

2,028,791

4,701,521


2,672,730
2,028,791
4,701,521


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £43,267 (2023: £217,532). Contributions totaling £6,611 (2023: £nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 27

 
EVABUILD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


Transactions with directors

Included within other debtors are loans due from the directors totaling £691,673 (2023: £440,891). Interest is charged on the outstanding balances at the official rate.


25.


Related party transactions

Sales made to EvaBuild Plant Limited, a company under common ownership, amounted to £3,900 (2023: £100,297). The debtor owed to EvaBuild Limited amounted to £Nil (2023: £340,600).
Purchases made from EvaBuild Plant amounted to £291,698 (2023: £264,481). The creditor owed by EvaBuild Limited amounted to £17,989 (2023: £38,471).
Vastre Properties Limited, a company under common ownership, owed £394,585 to the Company at year end (2023: £nil).
Glandyfi Castle Limited, a company under common ownership, owed £276,751 to the Company at year end (2023: £nil).
EvaBuild Developments Limited, a company under common ownership, owed £1,493,254 to the Company at year end (2023: £nil).
Purchases made from EvaBuild Developments Limited amounted to £70,054 (2023: £71,687). The creditor owed by EvaBuild Limited amounted to £Nil (2023: £Nil).


26.


Post balance sheet events

On 29 July 2024 the Company became a wholly owned subsidiary of Evabuild Group Limited. This was as a result of an internal reorganisation with no change in the ultimate controlling parties and facilitates the continued strategic growth objectives of the business.  

 
Page 28