Company registration number 12714406 (England and Wales)
EVOLVED PROPERTY HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
EVOLVED PROPERTY HOLDINGS LTD
COMPANY INFORMATION
Directors
Mr S J Lawson
Mr D E Summers
Company number
12714406
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Property Tax People Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Metro Bank Plc
1 Southampton Row
London
WC1B 5HA
EVOLVED PROPERTY HOLDINGS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
EVOLVED PROPERTY HOLDINGS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EVOLVED PROPERTY HOLDINGS LTD FOR THE PERIOD ENDED 29 AUGUST 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Evolved Property Holdings Ltd for the period ended 29 August 2023 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 Evolved Property Holdings Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Evolved Property Holdings Ltd and state those matters that we have agreed to state to the board of directors of Evolved Property Holdings Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Evolved Property Holdings Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Evolved Property Holdings 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 profit of Evolved Property Holdings Ltd. You consider that Evolved Property Holdings Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Evolved Property Holdings 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.
Property Tax People Limited
14 November 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
EVOLVED PROPERTY HOLDINGS LTD
BALANCE SHEET
AS AT
29 AUGUST 2023
29 August 2023
- 2 -
29 August 2023
31 July 2022
Notes
£
£
£
£
Fixed assets
Investment property
3
300,000
275,563
Investments
4
117
50
300,117
275,613
Current assets
Debtors
5
19,162
19,546
Cash at bank and in hand
190
48
19,352
19,594
Creditors: amounts falling due within one year
6
(20,930)
(95,777)
Net current liabilities
(1,578)
(76,183)
Total assets less current liabilities
298,539
199,430
Creditors: amounts falling due after more than one year
7
(269,173)
(196,850)
Provisions for liabilities
9
(4,643)
Net assets
24,723
2,580
Capital and reserves
Called up share capital
10
99
99
Non-distributable profits reserve
12
19,794
Distributable profit and loss reserves
4,830
2,481
Total equity
24,723
2,580
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 29 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
EVOLVED PROPERTY HOLDINGS LTD
BALANCE SHEET (CONTINUED)
AS AT
29 AUGUST 2023
29 August 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr S J Lawson
Director
Company registration number 12714406 (England and Wales)
EVOLVED PROPERTY HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2023
- 4 -
1
Accounting policies
Company information
Evolved Property Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
EVOLVED PROPERTY HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
2
2
3
Investment property
2023
£
Fair value
At 1 August 2022
275,563
Revaluations
24,437
At 29 August 2023
300,000
The fair value of the investment property has been arrived at on the basis of valuations carried out by the directors.
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
117
50
EVOLVED PROPERTY HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2023
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 August 2022
50
Additions
67
At 29 August 2023
117
Carrying amount
At 29 August 2023
117
At 31 July 2022
50
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
675
Other debtors
18,487
19,546
19,162
19,546
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
4,767
3,345
Other creditors
16,163
92,432
20,930
95,777
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
196,850
196,850
Other creditors
72,323
269,173
196,850
EVOLVED PROPERTY HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2023
- 7 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
196,850
196,850
Bank loans are secured by way of a fixed charge against the assets to which they relate.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
4,643
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
99
99
99
99
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the period
-
-
Non distributable profits in the period
19,794
-
At the end of the period
19,794
-
13
Ultimate controlling party
The ultimate controlling party is Mr S J Lawson.
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