Company registration number 11941696 (England and Wales)
EVOLVED PROPERTY SOLUTIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
EVOLVED PROPERTY SOLUTIONS LTD
COMPANY INFORMATION
Directors
Mr S J Lawson
Mr D E Summers
(Appointed 25 May 2022)
Company number
11941696
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Property Tax People Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
140-146 Armada Way
Plymouth
PL1 1LA
EVOLVED PROPERTY SOLUTIONS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
EVOLVED PROPERTY SOLUTIONS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF EVOLVED PROPERTY SOLUTIONS 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 Solutions 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 Solutions 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 Solutions Ltd and state those matters that we have agreed to state to the board of directors of Evolved Property Solutions 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 Solutions 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 Solutions 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 Solutions Ltd. You consider that Evolved Property Solutions 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 Solutions 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 SOLUTIONS LTD
BALANCE SHEET
AS AT
29 AUGUST 2023
29 August 2023
- 2 -
29 August 2023
30 April 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,607
9,074
Current assets
Debtors
4
67,442
84,659
Cash at bank and in hand
352
3,601
67,794
88,260
Creditors: amounts falling due within one year
5
(99,361)
(126,790)
Net current liabilities
(31,567)
(38,530)
Total assets less current liabilities
(22,960)
(29,456)
Creditors: amounts falling due after more than one year
6
(13,892)
(16,817)
Net liabilities
(36,852)
(46,273)
Capital and reserves
Called up share capital
8
100
4
Profit and loss reserves
(36,952)
(46,277)
Total equity
(36,852)
(46,273)

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.

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 11941696 (England and Wales)
EVOLVED PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Evolved Property Solutions 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. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services and rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

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.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
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 SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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
EVOLVED PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 May 2022
16,777
-
0
16,777
Additions
3,634
200
3,834
At 29 August 2023
20,411
200
20,611
Depreciation and impairment
At 1 May 2022
7,703
-
0
7,703
Depreciation charged in the period
4,235
66
4,301
At 29 August 2023
11,938
66
12,004
Carrying amount
At 29 August 2023
8,473
134
8,607
At 30 April 2022
9,074
-
0
9,074
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,669
-
0
Other debtors
61,163
77,234
62,832
77,234
Deferred tax asset
4,610
7,425
67,442
84,659
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,406
2,422
Trade creditors
-
0
924
Amounts owed to group undertakings
18,487
-
0
Other creditors
78,468
123,444
99,361
126,790
EVOLVED PROPERTY SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
13,892
16,817
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
16,298
19,239
Bank loans are secured by way of a government-backed guarantee.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
-
4
-
4
Ordinary A of 1p each
3,333
-
33
-
Ordinary B of 1p each
6,667
-
67
-
10,000
4
100
4

During the year, the company underwent a share reorganisation.

 

The company passed a special resolution by reclassifying 4 Ordinary £1 shares into 400 Ordinary A 1p shares. The rights and privileges attached to these shares remain unaltered.

 

Subsequently, the company then issued the following shares:

2,933 Ordinary A 1p shares

6,667 Ordinary B 1p shares

9
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.

10
Control

Ultimate parent company

The ultimate parent company is Evolved Property Holdings Ltd, a company registered in England and Wales.

Ultimate controlling party

The ultimate controlling party is Mr S J Lawson by virtue of his controlling interest in the ultimate parent company.

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