Caseware UK (AP4) 2023.0.135 2023.0.135 No description of principal activity2true2023-08-01false4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11295292 2023-08-01 2024-03-31 11295292 2022-05-01 2023-07-31 11295292 2024-03-31 11295292 2023-07-31 11295292 c:Director1 2023-08-01 2024-03-31 11295292 d:OfficeEquipment 2023-08-01 2024-03-31 11295292 d:OfficeEquipment 2024-03-31 11295292 d:OfficeEquipment 2023-07-31 11295292 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-03-31 11295292 d:ComputerEquipment 2023-08-01 2024-03-31 11295292 d:ComputerEquipment 2024-03-31 11295292 d:ComputerEquipment 2023-07-31 11295292 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-03-31 11295292 d:OwnedOrFreeholdAssets 2023-08-01 2024-03-31 11295292 d:CurrentFinancialInstruments 2024-03-31 11295292 d:CurrentFinancialInstruments 2023-07-31 11295292 d:Non-currentFinancialInstruments 2024-03-31 11295292 d:Non-currentFinancialInstruments 2023-07-31 11295292 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11295292 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 11295292 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 11295292 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 11295292 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 11295292 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 11295292 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 11295292 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 11295292 d:ShareCapital 2024-03-31 11295292 d:ShareCapital 2023-07-31 11295292 d:SharePremium 2024-03-31 11295292 d:SharePremium 2023-07-31 11295292 d:RetainedEarningsAccumulatedLosses 2024-03-31 11295292 d:RetainedEarningsAccumulatedLosses 2023-07-31 11295292 c:OrdinaryShareClass1 2023-08-01 2024-03-31 11295292 c:OrdinaryShareClass1 2024-03-31 11295292 c:OrdinaryShareClass1 2023-07-31 11295292 c:FRS102 2023-08-01 2024-03-31 11295292 c:AuditExemptWithAccountantsReport 2023-08-01 2024-03-31 11295292 c:FullAccounts 2023-08-01 2024-03-31 11295292 c:PrivateLimitedCompanyLtd 2023-08-01 2024-03-31 11295292 6 2023-08-01 2024-03-31 11295292 e:PoundSterling 2023-08-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11295292










Evolve Therapeutic Children's Services Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the period ended 31 March 2024

 
Evolve Therapeutic Children's Services Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Evolve Therapeutic Children's Services Ltd for the period ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Evolve Therapeutic Children's Services Ltd for the period ended 31 March 2024 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 Evolve Therapeutic Children's Services Ltd, as a body, in accordance with the terms of our engagement letter dated 20 June 2024Our work has been undertaken solely to prepare for your approval the financial statements of Evolve Therapeutic Children's Services Ltd and state those matters that we have agreed to state to the Board of directors of Evolve Therapeutic Children's Services Ltd, 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 Evolve Therapeutic Children's Services Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Evolve Therapeutic Children's Services Ltd 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 loss of Evolve Therapeutic Children's Services Ltd. You consider that Evolve Therapeutic Children's Services Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Evolve Therapeutic Children's Services Ltd. 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.

  



Kreston Reeves LLP
Chartered Accountants
Discovery Park
5 September 2024
Page 1

 
Evolve Therapeutic Children's Services Ltd
Registered number: 11295292

Balance sheet
As at 31 March 2024

31 March
31 July
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,104
14,649

Investments
 5 
188
38

  
11,292
14,687

Current assets
  

Debtors: amounts falling due after more than one year
 6 
-
2,000

Debtors: amounts falling due within one year
 6 
97,009
84,604

Cash at bank and in hand
  
1,016
3,410

  
98,025
90,014

Creditors: amounts falling due within one year
 7 
(705,016)
(428,262)

Net current liabilities
  
 
 
(606,991)
 
 
(338,248)

Total assets less current liabilities
  
(595,699)
(323,561)

Creditors: amounts falling due after more than one year
  
(536,756)
(533,543)

  

Net liabilities
  
(1,132,455)
(857,104)


Capital and reserves
  

Called up share capital 
  
93
93

Share premium account
  
249,982
249,982

Profit and loss account
  
(1,382,530)
(1,107,179)

  
(1,132,455)
(857,104)


Page 2

 
Evolve Therapeutic Children's Services Ltd
Registered number: 11295292

Balance sheet (continued)
As at 31 March 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 by: 




J Toomey
Director
Date: 5 September 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
Evolve Therapeutic Children's Services Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2024

1.


General information

Succeed Social Care Ltd ("the company") is a private company limited by shares and is incorporated in England with the registration number 11295292. The address of the registered office is C/O Kreston Reeves LLP Innovation House, Innovation Way, Discovery Park, Sandwich, Kent, United Kingdom, CT13 9FF.
The company's functional and presentational currency is Pounds Sterling.
The financial statements are rounded to the nearest Pound.

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 director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

 
2.3

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:

Office equipment
-
20%
Computer equipment
-
33%

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.

Page 4

 
Evolve Therapeutic Children's Services Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2024

2.Accounting policies (continued)

 
2.4

Taxation

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

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.

 
2.7

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.

 
2.8

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
Page 5

 
Evolve Therapeutic Children's Services Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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 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
Page 6

 
Evolve Therapeutic Children's Services Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 May 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Page 7

 
Evolve Therapeutic Children's Services Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the period was 4 (2023 - 2).


4.


Tangible fixed assets







Computer equipment
Office equipment
Total

£
£
£



Cost or valuation


At 1 August 2023
40,712
2,001
42,713



At 31 March 2024

40,712
2,001
42,713



Depreciation


At 1 August 2023
27,941
123
28,064


Charge for the period on owned assets
3,278
267
3,545



At 31 March 2024

31,219
390
31,609



Net book value



At 31 March 2024
9,493
1,611
11,104



At 31 July 2023
12,771
1,878
14,649

Page 8

 
Evolve Therapeutic Children's Services Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2024

5.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 August 2023
38


Additions
150



At 31 March 2024
188





6.


Debtors

31 March
31 July
2024
2023
£
£

Due after more than one year

Other debtors
-
2,000

-
2,000


31 March
31 July
2024
2023
£
£

Due within one year

Amounts owed by group undertakings
82,497
58,070

Other debtors
-
23,070

Prepayments and accrued income
14,512
3,464

97,009
84,604


Page 9

 
Evolve Therapeutic Children's Services Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2024

7.


Creditors: Amounts falling due within one year

31 March
31 July
2024
2023
£
£

Bank loans
7,005
43,958

Trade creditors
69,760
33,534

Amounts owed to group undertakings
558,813
274,463

Other taxation and social security
6,330
11,098

Other creditors
60,158
60,276

Accruals and deferred income
2,950
4,933

705,016
428,262



8.


Creditors: Amounts falling due after more than one year

31 March
31 July
2024
2023
£
£

Bank loans
33,572
-

Other creditors
503,184
533,543

536,756
533,543



9.


Loans


Analysis of the maturity of loans is given below:


31 March
31 July
2024
2023
£
£

Amounts falling due within one year

Bank loans
7,005
43,958


7,005
43,958

Amounts falling due 1-2 years

Bank loans
7,006
-


7,006
-

Amounts falling due 2-5 years

Bank loans
26,566
-


26,566
-


40,577
43,958


Page 10

 
Evolve Therapeutic Children's Services Ltd
 

 
Notes to the financial statements
For the period ended 31 March 2024

10.


Share capital

31 March
31 July
2024
2023
£
£
Allotted, called up and fully paid



9,300 (2023 - 9,300) Ordinary shares shares of £0.01 each
93
93



11.


Related party transactions

All related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions.


12.


Controlling party

The directors consider there to be no ultimate controlling party.


Page 11