2023-04-012024-03-312024-03-31false07561542Evolution Forwarding 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Evolution Forwarding Limited

Registered Number
07561542
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Evolution Forwarding Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Mrs A Goldspink
Mr T Goldspink

Registered Address

10 Western Road
Romford
RM1 3JT

Registered Number

07561542 (England and Wales)
Evolution Forwarding Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets335,11114,993
35,11114,993
Current assets
Stocks43,7102,935
Debtors5233,589303,715
Cash at bank and on hand641,970913,859
879,2691,220,509
Creditors amounts falling due within one year6(214,414)(459,751)
Net current assets (liabilities)664,855760,758
Total assets less current liabilities699,966775,751
Provisions for liabilities7(4,922)(2,849)
Net assets695,044772,902
Capital and reserves
Called up share capital100100
Profit and loss account694,944772,802
Shareholders' funds695,044772,902
The financial statements were approved and authorised for issue by the Board of Directors on 26 November 2024, and are signed on its behalf by:
Mr T Goldspink
Director
Mrs A Goldspink
Director

Registered Company No. 07561542
Evolution Forwarding Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Premises improvements are depreciated over the remaining term of the lease.

Reducing balance (%)Straight line (years)
Land and buildings-100
Fixtures and fittings25-
Vehicles25-
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Government grants or assistance
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.Average number of employees

20242023
Average number of employees during the year88
3.Tangible fixed assets

Land & buildings

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 April 2352310,39140,99051,904
Additions15,580-11,25526,835
At 31 March 2416,10310,39152,24578,739
Depreciation and impairment
At 01 April 235236,29230,09636,911
Charge for year1561,0255,5366,717
At 31 March 246797,31735,63243,628
Net book value
At 31 March 2415,4243,07416,61335,111
At 31 March 23-4,09910,89414,993
4.Stocks

2024

2023

££
Raw materials and consumables3,7102,935
Total3,7102,935
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables222,796296,647
Amounts owed by group undertakings1,000-
Amounts owed by associates and joint ventures / participating interests5,4772,865
Other debtors-377
Prepayments and accrued income4,3163,826
Total233,589303,715
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables95,248113,590
Amounts owed to related parties-250,000
Taxation and social security84,69068,506
Other creditors31,28824,767
Accrued liabilities and deferred income3,1882,888
Total214,414459,751
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)4,9222,849
Total4,9222,849
8.Other commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: 2024 - £30,375 (2023 - £43,875).
9.Directors advances, credits and guarantees
At the year end the company owed the directors £16,085 (2023 - £19,667) by way of their current account.