Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-31000falseHolding company02023-04-01falsefalse 12808011 2023-04-01 2024-03-31 12808011 2022-04-01 2023-03-31 12808011 2024-03-31 12808011 2023-03-31 12808011 2022-04-01 12808011 1 2023-04-01 2024-03-31 12808011 d:CompanySecretary1 2023-04-01 2024-03-31 12808011 d:Director1 2023-04-01 2024-03-31 12808011 d:Director2 2023-04-01 2024-03-31 12808011 d:Director3 2023-04-01 2024-03-31 12808011 d:Director3 2024-03-31 12808011 d:RegisteredOffice 2023-04-01 2024-03-31 12808011 c:Buildings c:LongLeaseholdAssets 2023-04-01 2024-03-31 12808011 c:PlantMachinery 2023-04-01 2024-03-31 12808011 c:MotorVehicles 2023-04-01 2024-03-31 12808011 c:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 12808011 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 12808011 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-01 2024-03-31 12808011 c:CurrentFinancialInstruments 2024-03-31 12808011 c:CurrentFinancialInstruments 2023-03-31 12808011 c:CurrentFinancialInstruments 1 2024-03-31 12808011 c:CurrentFinancialInstruments 1 2023-03-31 12808011 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 12808011 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 12808011 c:ShareCapital 2023-04-01 2024-03-31 12808011 c:ShareCapital 2024-03-31 12808011 c:ShareCapital 2022-04-01 2023-03-31 12808011 c:ShareCapital 2023-03-31 12808011 c:ShareCapital 2022-04-01 12808011 c:SharePremium 2023-04-01 2024-03-31 12808011 c:SharePremium 2024-03-31 12808011 c:SharePremium 2022-04-01 2023-03-31 12808011 c:SharePremium 2023-03-31 12808011 c:SharePremium 2022-04-01 12808011 c:CapitalRedemptionReserve 2023-04-01 2024-03-31 12808011 c:CapitalRedemptionReserve 2024-03-31 12808011 c:CapitalRedemptionReserve 2022-04-01 2023-03-31 12808011 c:CapitalRedemptionReserve 2023-03-31 12808011 c:CapitalRedemptionReserve 2022-04-01 12808011 c:RevaluationReserve 2023-04-01 2024-03-31 12808011 c:RevaluationReserve 2024-03-31 12808011 c:RevaluationReserve 2022-04-01 2023-03-31 12808011 c:RevaluationReserve 2023-03-31 12808011 c:RevaluationReserve 2022-04-01 12808011 c:ForeignCurrencyTranslationReserve 2023-04-01 2024-03-31 12808011 c:OtherMiscellaneousReserve 2023-04-01 2024-03-31 12808011 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 12808011 c:RetainedEarningsAccumulatedLosses 2024-03-31 12808011 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 12808011 c:RetainedEarningsAccumulatedLosses 2023-03-31 12808011 c:RetainedEarningsAccumulatedLosses 2022-04-01 12808011 d:OrdinaryShareClass1 2023-04-01 2024-03-31 12808011 d:OrdinaryShareClass1 2024-03-31 12808011 d:OrdinaryShareClass1 2023-03-31 12808011 d:FRS102 2023-04-01 2024-03-31 12808011 d:Audited 2023-04-01 2024-03-31 12808011 d:FullAccounts 2023-04-01 2024-03-31 12808011 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12808011 c:Subsidiary1 2023-04-01 2024-03-31 12808011 c:Subsidiary1 1 2023-04-01 2024-03-31 12808011 c:Subsidiary2 2023-04-01 2024-03-31 12808011 c:Subsidiary2 1 2023-04-01 2024-03-31 12808011 c:Subsidiary3 2023-04-01 2024-03-31 12808011 c:Subsidiary3 1 2023-04-01 2024-03-31 12808011 c:Subsidiary4 2023-04-01 2024-03-31 12808011 c:Subsidiary4 1 2023-04-01 2024-03-31 12808011 d:Consolidated 2024-03-31 12808011 d:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 12808011 2 2023-04-01 2024-03-31 12808011 6 2023-04-01 2024-03-31 12808011 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12808011










EVOLUTION FASTENERS (HOLDINGS) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
M Keisner 
K Leung 
N Keisner (appointed 1 August 2024)




Company secretary
P Lee



Registered number
12808011



Registered office
One Oaks Court
Warwick Road

Borehamwood

Hertfordshire

WD6 1GS




Independent auditors
Xeinadin Audit Limited
Chartered Accounts & Statutory Auditors

Becket House

36 Old Jewry

London

EC2R 8DD





 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Balance Sheet
11 - 12
Company Balance Sheet
13
Consolidated Statement of Changes in Equity
14 - 18
Company Statement of Changes in Equity
19 - 20
Consolidated Statement of Cash Flows
21 - 22
Notes to the Financial Statements
23 - 41


 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present their strategic review of the Group for the year ended 31st March 2024.

Principal Activities and Business Review
 
The principal activity of the business is the design, production and distribution of fasteners for the construction industry.
The results for the year ended 31st March 2024 and its financial position were satisfactory.
Sales at £13,265,202 and Gross Profit of £4,883,627 were acceptable given the more difficult market conditions in the second half of the year.
Expenses reflected increased costs arising from general inflation, improvements to customer service and the cost of additional warehouse space.
The Group’s operating profit decreased from £3,062,138 to £1,939,577, whilst its Net Assets rose from £8,560,130 to £9,368,386, after dividends paid of £486,933 (2023: £911,200).

Key Performance Indicators
 
The Group's key operating parameters include turnover. operating profit and net assets. Financial performance is reviewed in many ways including overall margins. working capital efficiency and return on capital.


2024
2023
Movement
Movement
        £
        £
        £
        %
Turnover

13,265,202

14,228,932

(957,628)
 
(7)
 
Operating profit

1,939,577

3,062,138

(1,122,561)
 
(37)
 
Net assets

9,368,386

8,560,130

808,256
 
9
 

Employees
 
The welfare of the Group's employees is of the highest importance: we strive to be a responsible employer and continuously review pay and benefits and aim always to provide a safe working environment. There is a clearly stated whistle-blower policy in place with a dedicated confidential hotline, and employee policies are clearly set out in the Group Handbook. During the year we were pleased to achieve “Investors in People” certification.

Community and Environment
 
The Group aims to reduce the environmental impact of its operations by controlling all areas of its activities associated with the supply and distribution of its products. The Group is committed to reducing its carbon footprint through recyclable packaging, monitoring energy performance and considering the life cycle of its processes, products and services. 

Page 1

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal Risks and Uncertainties

The Group's operations expose it to some risks and uncertainties which the Directors believe could have an impact on the Group's financial performance. The principal risks and management's response to them are set out below.
Construction Sector
The group’s principal market is the construction sector and as such its results are heavily influenced by the health of that sector.
Financial risk management objectives and policies
The Group's activities expose it to foreign currency risk which is partially hedged by financial derivatives.
Credit Risk
The Group provides credit terms to many of its customers and there is an associate risk that customers do not pay outstanding balances as they fall due. The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any customer is subject to a limit which is reviewed on an ongoing basis.
Information Technology
Technology systems are important to the Group's operations. Loss of service of key IT systems could potentially affect the Group's ability to fulfil customer orders. IT risks are assessed by senior management with the appropriate expertise and action plans, including disaster recovery plans, are in place.
Supply Chain Risk
The Group purchases most of its product from various overseas suppliers spread across different geographical locations. The risk of supply distribution is further mitigated through holding substantial levels of stock in its warehouses.


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



M Keisner
Director

Date: 18 November 2024

Page 2

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £1,349,512 (2023 - £2,491,967).

During the year Dividends of £486,933 (2023: £911,200) were paid.

Directors

The directors who served during the year were:

M Keisner 
K Leung 

Political contributions

In the year, a wholly owned subisidary within the group, made a potical contribution to to Mr Grey Smith, a member of the Conversative Party amounting to £7,500.

Future developments

The Group continues to organically develop its business by expanding customer service; products; and geographical reach. Additionally, it is focused on attaining further certification and approvals for its products and services.

Page 3

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

After the year end, the Company entered into an Enterprise Management Incentives scheme.
After the year end, the Company acquired 10,000 of its own shares.

Auditors

The auditorsXeinadin Audit Limitedwill 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.
 





M Keisner
Director

Date: 18 November 2024

Page 4

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVOLUTION FASTENERS (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of Evolution Fasteners (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's 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 Group 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 Group's or the parent 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

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVOLUTION FASTENERS (HOLDINGS) 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVOLUTION FASTENERS (HOLDINGS) 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVOLUTION FASTENERS (HOLDINGS) LIMITED (CONTINUED)


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 Group 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:
- Enquiry of management and those charged with governance around actual and potential litigation and claims to identify any instances of non-compliance with laws and regulations;
- Reviewing minutes of meetings of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
-Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequence of non compliance could have a material effect on amounts or disclosures in the financial statements. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.


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.


Page 8

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVOLUTION FASTENERS (HOLDINGS) LIMITED (CONTINUED)


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.





Alexander Wall ACA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accounts & Statutory Auditors
  
Becket House
36 Old Jewry
London
EC2R 8DD

18 November 2024
Page 9

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,265,202
14,228,932

Cost of sales
  
(8,381,575)
(8,634,981)

Gross profit
  
4,883,627
5,593,951

Administrative expenses
  
(2,947,050)
(2,558,313)

Other operating income
 5 
3,000
26,500

Operating profit
 6 
1,939,577
3,062,138

Interest receivable and similar income
 10 
1,254
51

Interest payable
  
(46,628)
(32,495)

Profit before taxation
  
1,894,203
3,029,694

Tax on profit
 12 
(544,691)
(537,727)

Profit for the financial year
  
1,349,512
2,491,967

  

Currency translation differences
  
(54,323)
57,146

Other comprehensive income for the year
  
(54,323)
57,146

Total comprehensive income for the year
  
1,295,189
2,549,113

Profit for the year attributable to:
  

Owners of the parent Company
  
1,349,512
2,491,967

  
1,349,512
2,491,967

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,295,189
2,549,113

  
1,295,189
2,549,113

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

The notes on pages 23 to 41 form part of these financial statements.

Page 10

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
REGISTERED NUMBER: 12808011

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
61,424
69,722

Tangible assets
 15 
266,901
278,296

  
328,325
348,018

Current assets
  

Stocks
 17 
7,433,058
6,731,720

Debtors: amounts falling due within one year
 18 
3,117,319
3,237,875

Cash at bank and in hand
 19 
832,689
432,619

  
11,383,066
10,402,214

Creditors: amounts falling due within one year
 20 
(2,305,940)
(2,145,411)

Net current assets
  
 
 
9,077,126
 
 
8,256,803

Total assets less current liabilities
  
9,405,451
8,604,821

Provisions for liabilities
  

Deferred taxation
 21 
(37,065)
(44,691)

  
 
 
(37,065)
 
 
(44,691)

Net assets
  
9,368,386
8,560,130


Capital and reserves
  

Called up share capital 
 22 
40,000
40,000

Share premium account
 24 
25,500
25,500

Redeemable preference shares
 24 
115,000
115,000

Capital redemption reserve
 24 
(12,500)
(12,500)

Foreign exchange reserve
 24 
(112,169)
(57,846)

Other reserves
 24 
765,822
765,822

Profit and loss account
 24 
8,546,733
7,684,154

  
9,368,386
8,560,130


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.


M Keisner
Director

The notes on pages 23 to 41 form part of these financial statements.
Page 11

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
REGISTERED NUMBER: 12808011
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


Page 12

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
REGISTERED NUMBER: 12808011

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
166,000
166,000

  
166,000
166,000

Current assets
  

Cash at bank and in hand
 19 
5,858
1,800

  
5,858
1,800

Creditors: amounts falling due within one year
 20 
(726,085)
(730,808)

Net current liabilities
  
 
 
(720,227)
 
 
(729,008)

Total assets less current liabilities
  
(554,227)
(563,008)

  

  

Net liabilities
  
(554,227)
(563,008)


Capital and reserves
  

Called up share capital 
 22 
40,000
40,000

Share premium account
 24 
25,500
25,500

Revaluation reserve
 24 
115,000
115,000

Capital redemption reserve
 24 
(12,500)
(12,500)

Profit and loss account
 24 
(722,227)
(731,008)

  
(554,227)
(563,008)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.


M Keisner
Director

The notes on pages 23 to 41 form part of these financial statements.

Page 13
 

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Share premium account
Capital redemption reserve
Redeemable preference shares
Foreign exchange reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company


£
£
£
£
£
£
£
£


At 1 April 2023
40,000
25,500
(12,500)
115,000
(57,846)
765,822
7,684,154
8,560,130



Comprehensive income for the year


Profit for the year

-
-
-
-
-
-
1,349,512
1,349,512


Currency translation differences
-
-
-
-
(54,323)
-
-
(54,323)



Other comprehensive income for the year
-
-
-
-
(54,323)
-
-
(54,323)



Total comprehensive income for the year
-
-
-
-
(54,323)
-
1,349,512
1,295,189



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
-
-
(486,933)
(486,933)



Total transactions with owners
-
-
-
-
-
-
(486,933)
(486,933)



At 31 March 2024
40,000
25,500
(12,500)
115,000
(112,169)
765,822
8,546,733
9,368,386


Page 14

 

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024



Total equity


£


At 1 April 2023
8,560,130



Comprehensive income for the year


Profit for the year

1,349,512


Currency translation differences
(54,323)



Other comprehensive income for the year
(54,323)



Total comprehensive income for the year
1,295,189



Contributions by and distributions to owners


Dividends: Equity capital
(486,933)



Total transactions with owners
(486,933)



At 31 March 2024
9,368,386


Page 15

 

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


The notes on pages 23 to 41 form part of these financial statements.

Page 16

 

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Share premium account
Capital redemption reserve
Redeemable preference shares
Foreign exchange reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company


£
£
£
£
£
£
£
£


At 1 April 2022
38,500
-
(12,500)
115,000
(114,992)
765,822
6,103,387
6,895,217



Comprehensive income for the year


Profit for the year

-
-
-
-
-
-
2,491,967
2,491,967


Currency translation differences
-
-
-
-
57,146
-
-
57,146



Other comprehensive income for the year
-
-
-
-
57,146
-
-
57,146



Total comprehensive income for the year
-
-
-
-
57,146
-
2,491,967
2,549,113



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
-
-
(911,200)
(911,200)


Shares issued during the year
1,500
25,500
-
-
-
-
-
27,000



Total transactions with owners
1,500
25,500
-
-
-
-
(911,200)
(884,200)



At 31 March 2023
40,000
25,500
(12,500)
115,000
(57,846)
765,822
7,684,154
8,560,130


Page 17

 

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023



Total equity


£


At 1 April 2022
6,895,217



Comprehensive income for the year


Profit for the year

2,491,967


Currency translation differences
57,146



Other comprehensive income for the year
57,146



Total comprehensive income for the year
2,549,113



Contributions by and distributions to owners


Dividends: Equity capital
(911,200)


Shares issued during the year
27,000



Total transactions with owners
(884,200)



At 31 March 2023
8,560,130



The notes on pages 23 to 41 form part of these financial statements.

Page 18

 

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Share premium account
Capital redemption reserve
Redeemable preference shares
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 April 2023
40,000
25,500
(12,500)
115,000
(731,008)
(563,008)



Comprehensive income for the year


Profit for the year

-
-
-
-
495,714
495,714



Other comprehensive income for the year
-
-
-
-
-
-



Total comprehensive income for the year
-
-
-
-
495,714
495,714



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(486,933)
(486,933)



Total transactions with owners
-
-
-
-
(486,933)
(486,933)



At 31 March 2024
40,000
25,500
(12,500)
115,000
(722,227)
(554,227)



The notes on pages 23 to 41 form part of these financial statements.

Page 19

 

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Share premium account
Capital redemption reserve
Redeemable preference shares
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 April 2022
38,500
-
(12,500)
115,000
(742,045)
(601,045)



Comprehensive income for the year


Profit for the year

-
-
-
-
922,237
922,237



Other comprehensive income for the year
-
-
-
-
-
-



Total comprehensive income for the year
-
-
-
-
922,237
922,237



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(911,200)
(911,200)


Shares issued during the year
1,500
25,500
-
-
-
27,000



Total transactions with owners
1,500
25,500
-
-
(911,200)
(884,200)



At 31 March 2023
40,000
25,500
(12,500)
115,000
(731,008)
(563,008)



The notes on pages 23 to 41 form part of these financial statements.

Page 20
 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,349,512
2,491,967

Adjustments for:

Amortisation of intangible assets
10,766
9,457

Depreciation of tangible assets
68,135
71,006

Loss on disposal of tangible assets
1,057
(4,918)

Interest paid
46,628
32,495

Interest received
(1,254)
(51)

Taxation charge
544,691
537,727

(Increase) in stocks
(701,338)
(2,188,899)

Decrease/(increase) in debtors
120,556
(469,928)

Increase/(decrease) in creditors
17,146
(450,821)

Corporation tax (paid)
(642,675)
(101,795)

Foreign exchange
(7,237)
8,559

Net cash generated from operating activities

805,987
(65,201)


Cash flows from investing activities

Purchase of intangible fixed assets
(2,468)
(32,212)

Purchase of tangible fixed assets
(69,565)
(90,409)

Sale of tangible fixed assets
9,168
8,979

Interest received
1,254
51

Net cash from investing activities

(61,611)
(113,591)

Cash flows from financing activities

Issue of ordinary shares
-
27,000

Movements on invoice discounting
189,255
968,175

Dividends paid
(486,933)
(911,200)

Interest paid
(46,628)
(32,495)

Net cash used in financing activities
(344,306)
51,480

Net increase/(decrease) in cash and cash equivalents
400,070
(127,312)

Cash and cash equivalents at beginning of year
432,619
559,931

Cash and cash equivalents at the end of year
832,689
432,619


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
832,689
432,619
Page 21

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£


832,689
432,619


The notes on pages 23 to 41 form part of these financial statements.

Page 22

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Evolution Fasteners (Holdings) Limited is a private Company, limited by shares incorporated in England and Wales, United Kingdom. The Company's registration number is 12808011 and address of registered office 1 Oaks Court, Warwick Road, Borehamwood, Hertfordshire, WD6 1GS.
The principal activity of the Company is the parent holding company of its subsidiaries.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 23

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 24

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group 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.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 25

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Research and Development
-
Reducing balance over 5 years
Trademarks
-
10% straight line method

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and
the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of
the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost
less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a
straight line basis to the consolidated statement of comprehensive income over its useful economic
life.

Page 26

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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 following methods.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10% straight line method
Plant and machinery
-
10-25% straight line method
Motor vehicles
-
20% reducing balance
Testing Laboratory
-
12.5% straight line method

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.



 
2.14

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.

 
2.15

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 Consolidated 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 Group's cash management.

Page 27

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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 Group'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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans 
Page 28

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

due to fellow group companies 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 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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

 
2.18

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 29

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Critical judgements
Obsolete stock -  The products that the Group stores are not prone to be perishable and tend to have a long shelf life. The Group reviews stock on a regular basis for any indication of obsolete items and where any are found a necessary provision is made.
The directors are of the view that there are no further critical judgements (apart from those involving estimates) in applying their accounting policies that have had a significant effect on amounts recognised in the financial statements.
Key sources of estimation uncertainty
The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Manufacture and distribution of fasteners
13,265,202
14,228,932

13,265,202
14,228,932


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
11,505,902
11,734,232

Rest of Europe
1,718,517
2,491,553

Rest of the World
40,783
3,147

13,265,202
14,228,932


Page 30

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Other operating income

2024
2023
£
£

COVID 19 insurance loss claim
-
25,500

Development grant
3,000
1,000

3,000
26,500



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
68,135
71,006

Other operating lease rentals
476,211
322,717

Amortisation
10,766
9,457


7.


Auditors' remuneration

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


2024
2023
£
£



Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
16,875
16,875

Fees payable to the Company's auditors for non audit services
5,625
5,625

22,500
22,500

Page 31

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Employees

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


2024
2023
£
£

Wages and salaries
1,685,856
1,562,920

Cost of defined contribution scheme
61,369
61,877

1,747,225
1,624,797


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


        2024
        2023
            No.
            No.







Employees
34
36

The Company has no employees other than the director, who did not receive any remuneration (2023 - £NIL)

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
132,695
74,551

Group contributions to defined contribution pension schemes
3,425
3,238

136,120
77,789


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £67,939 (2023 - £60,905).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £3,238).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
1,254
51

1,254
51

Page 32

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
42,830
19,611

Other interest payable
3,798
12,884

46,628
32,495


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
489,519
531,817

Adjustments in respect of previous periods
62,798
-


552,317
531,817


Total current tax
552,317
531,817

Deferred tax


Fixed asset timing differences
(7,626)
5,929

Short term timing differences
-
(19)

Total deferred tax
(7,626)
5,910


Tax on profit
544,691
537,727
Page 33

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
1,894,203
3,029,694


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
473,551
575,642

Effects of:


Fixed asset timing differences
-
(3,019)

Expenses not deductible for tax purposes
3,377
1,533

Remeasurement of deferred tax for changes in tax rates
-
1,419

Foreign taxation
4,965
(18,996)

Adjustments to tax charge in respect of previous periods
62,798
(19,380)

Income Taxation withheld
-
528

Total tax charge for the year
544,691
537,727


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends
486,933
911,200

486,933
911,200

Page 34

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Intangible assets

Group





Research and Development
Trademarks
Total

£
£
£



Cost


At 1 April 2023
164,279
16,626
180,905


Additions
2,028
440
2,468



At 31 March 2024

166,307
17,066
183,373



Amortisation


At 1 April 2023
96,982
14,201
111,183


Charge for the year on owned assets
9,103
1,663
10,766



At 31 March 2024

106,085
15,864
121,949



Net book value



At 31 March 2024
60,222
1,202
61,424



At 31 March 2023
67,297
2,425
69,722



None of the Group's intangible fixed assets are held in the Parent Company

Page 35

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Testing Laboratory
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
71,847
428,530
38,993
366,991
906,361


Additions
7,564
24,140
21,298
16,563
69,565


Disposals
-
-
(10,998)
-
(10,998)


Exchange adjustments
928
(2,680)
274
-
(1,478)



At 31 March 2024

80,339
449,990
49,567
383,554
963,450



Depreciation


At 1 April 2023
49,971
254,759
2,866
320,469
628,065


Charge for the year on owned assets
3,561
42,200
7,812
14,562
68,135


Disposals
-
-
(733)
-
(733)


Exchange adjustments
1,050
(977)
1,009
-
1,082



At 31 March 2024

54,582
295,982
10,954
335,031
696,549



Net book value



At 31 March 2024
25,757
154,008
38,613
48,523
266,901



At 31 March 2023
21,876
173,771
36,127
46,522
278,296

None of the Group's tangible fixed assets are held in the Parent Company

Page 36

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
166,000



At 31 March 2024
166,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Evolution Fasteners (UK) Limited
1 Oaks Court, WarwickRoad, Borehamwood,Hertfordshire, WD6 1GS
Manufacture and distribution of premium quality, high performance fasteners
Ordinary
100%
Evolution Fasteners (IE) Limited *
Unit 11, FinglasBusiness Centre,Jamestown Road,Finglas, Dublin 11,Dublin
Manufacture and distribution of premium quality, high performance fasteners
Ordinary
100%
Evolution Fasteners (NL) BV *
Pastoorslaan 57
Hillegom
2182 BW
Netherlands
Manufacture and distribution of premium quality, high performance fasteners
Ordinary
100%
Evolution Fasteners (HK) Limited *
Unit 2212, 22/F, CC WuBuilding, 302-308Hennessy Road,Wanchai, Hong Kong
Manufacture and distribution of premium quality, high performance fasteners
Ordinary
100%

* held indirectly

Page 37

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and materials
7,433,058
6,731,720
-
-

7,433,058
6,731,720
-
-



18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,936,780
3,023,135
-
-

Other debtors
23,946
67,080
-
-

Prepayments and accrued income
156,593
147,660
-
-

3,117,319
3,237,875
-
-



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
832,689
432,619
5,858
1,800

832,689
432,619
5,858
1,800


Page 38

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
320,561
277,076
-
-

Amounts owed to group undertakings
-
-
726,080
729,799

Corporation tax
266,370
312,242
5
9

Other taxation and social security
368,961
365,023
-
-

Proceeds of factored debts
1,157,430
968,175
-
-

Other creditors
62,380
121,422
-
1,000

Accruals and deferred income
130,238
101,473
-
-

2,305,940
2,145,411
726,085
730,808


HSBC UK Bank PLC holds charges over companies within the group. These include a fixed and floating charge over all assets and a legal assignment of contract monies. The floating charge covers all the property or undertaking of the relevant companies. This contains a negative pledge.
HSBC Invoice Finance (UK) LTD holds charges over companies within the group. These include a fixed and floating charge. The floating charge covers all the property or undertaking of the relevant companies. This contains a negative pledge.


21.


Deferred taxation


Group



2024


£






At beginning of year
(44,691)


Charged to profit or loss
7,626



At end of year
(37,065)

Group
Group
2024
2023
£
£

Fixed asset timing differences
(38,398)
(45,837)

Short term timing differences
1,333
1,146

(37,065)
(44,691)

Page 39

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



400,000 (2023 - 400,000) Ordinary shares of £0.10 each
40,000
40,000



23.


Redeemable preference shares

2024
2023
£
£

Allotted, called up and fully paid


115,000 Redeemable preference shares of £1.00 each
115,000
115,000

115,000
115,000


24.


Reserves

Share premium account

Share premium includes any premium recevied on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Foreign exchange reserve

Foreign exchange reserve records the difference between translated values of assets and liabilities of foreign operations into the entity's functional currency.

Other reserves

Other reserves includes initial investment advanced into subsidiary's companies prior to the restructure of the group.

Profit and loss account

Profit and loss includes all current and prior periods retained profit.


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £61,369 (2023: £56,178). Contributions totalling £7,637 (2023: £6,536) were payable to the fund at the balance sheet date and are included in creditors.

Page 40

 
EVOLUTION FASTENERS (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.


Commitments under operating leases

At 31 March 2024 the Group  had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
381,879
367,486

Later than 1 year and not later than 5 years
1,118,525
1,286,135

Later than 5 years
641,643
838,371

2,142,047
2,491,992
The Company had no commitments under non-cancellable operating leases at the balance sheet date.


27.


Related party transactions

During the year the Group had a loan account with the directors. Advances totalled £100,002 (2023: £151,461) and credits totalled £39,798 (2023: £245,737). At the year end the directors were owed by the Group £52,240 (2023: £112,444). The amount owed to the directors was fully repaid after the year end.
At the year end there were amounts owed to Evolution Fasteners (UK) Limited by a connected party. Amounts owed were £NIL (2023: £18,789). 
The Group has taken the exemption available to not disclose transactions within the year, between wholly owned subsidiaries, within the Group.


28.


Post balance sheet events

After the year end, the Company entered into an Enterprise Management Incentives scheme.
After the year end, the Company acquired 10,000 of its own shares.


29.


Controlling party

The ultimate controlling party is M Keisner by virtue of his shareholding.

 
Page 41