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Company No: 11085634 (England and Wales)

H.B. EVELYO LTD.

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

H.B. EVELYO LTD.

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

H.B. EVELYO LTD.

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
H.B. EVELYO LTD.

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 23,033 33,012
23,033 33,012
Current assets
Stocks 17,000 14,000
Debtors 4 9,554 524
Cash at bank and in hand 2,530 24,420
29,084 38,944
Creditors: amounts falling due within one year 5 ( 728,223) ( 550,302)
Net current liabilities (699,139) (511,358)
Total assets less current liabilities (676,106) (478,346)
Creditors: amounts falling due after more than one year 6 ( 4,512) ( 10,742)
Net liabilities ( 680,618) ( 489,088)
Capital and reserves
Called-up share capital 0 0
Share premium account 172,001 172,001
Profit and loss account ( 852,619 ) ( 661,089 )
Total shareholders' deficit ( 680,618) ( 489,088)

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of H.B. Evelyo Ltd. (registered number: 11085634) were approved and authorised for issue by the Director on 27 November 2024. They were signed on its behalf by:

Philip Everett-Lyons
Director
H.B. EVELYO LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
H.B. EVELYO LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

H.B. Evelyo Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £680,618. The Company is supported through loans from the Shareholders. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Shareholders will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 33 % reducing balance
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 December 2022 48,339 17,995 7,757 74,091
Additions 744 0 0 744
At 30 November 2023 49,083 17,995 7,757 74,835
Accumulated depreciation
At 01 December 2022 21,795 13,327 5,957 41,079
Charge for the financial year 8,605 1,540 578 10,723
At 30 November 2023 30,400 14,867 6,535 51,802
Net book value
At 30 November 2023 18,683 3,128 1,222 23,033
At 30 November 2022 26,544 4,668 1,800 33,012

4. Debtors

2023 2022
£ £
Trade debtors 7,433 190
VAT recoverable 1,614 0
Other debtors 507 334
9,554 524

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 3,089 3,037
Trade creditors 7 42
Amounts owed to director 27,881 29,445
Other loans 671,769 509,940
Accruals 2,751 2,750
Other taxation and social security 10,879 59
Obligations under finance leases and hire purchase contracts (secured) 0 3,955
Other creditors 11,847 1,074
728,223 550,302

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 4,512 7,601
Obligations under finance leases and hire purchase contracts (secured) 0 3,141
4,512 10,742

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 716 358

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed to the Shareholders, at the balance sheet date 671,769 509,940

No interest is charged and there are no set repayment terms.

Transactions with the entity's director

2023 2022
£ £
Amounts owed to the director, at the balance sheet date 27,881 29,445

No interest is charged and there are no set repayment terms.