Silverfin false false 31/03/2024 01/04/2023 31/03/2024 M Cotterill A V Patel B C Patel V C Patel 22 December 2024 The principal activity of the company during the period was as that of vehicle leasing to corporate and commercial customers. 13874845 2024-03-31 13874845 2023-03-31 13874845 core:CurrentFinancialInstruments 2024-03-31 13874845 core:CurrentFinancialInstruments 2023-03-31 13874845 core:Non-currentFinancialInstruments 2024-03-31 13874845 core:Non-currentFinancialInstruments 2023-03-31 13874845 core:ShareCapital 2024-03-31 13874845 core:ShareCapital 2023-03-31 13874845 core:RetainedEarningsAccumulatedLosses 2024-03-31 13874845 core:RetainedEarningsAccumulatedLosses 2023-03-31 13874845 core:Vehicles 2023-03-31 13874845 core:Vehicles 2024-03-31 13874845 2023-04-01 2024-03-31 13874845 bus:FilletedAccounts 2023-04-01 2024-03-31 13874845 bus:SmallEntities 2023-04-01 2024-03-31 13874845 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13874845 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13874845 bus:Director1 2023-04-01 2024-03-31 13874845 bus:Director2 2023-04-01 2024-03-31 13874845 bus:Director3 2023-04-01 2024-03-31 13874845 bus:Director4 2023-04-01 2024-03-31 13874845 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 13874845 2022-04-01 2023-03-31 13874845 core:Vehicles 2023-04-01 2024-03-31 13874845 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 13874845 (England and Wales)

EVM FINANCE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

EVM FINANCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

EVM FINANCE LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
EVM FINANCE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS M Cotterill
A V Patel
B C Patel
V C Patel
REGISTERED OFFICE 12 Helmet Row
London
EC1V 3QJ
United Kingdom
COMPANY NUMBER 13874845 (England and Wales)
ACCOUNTANT Evelyn Partners LLP
Stonecross
Trumpington High Street
Cambridge
CB2 9SU
EVM FINANCE LIMITED

BALANCE SHEET

As at 31 March 2024
EVM FINANCE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,158,081 759,187
1,158,081 759,187
Current assets
Debtors 4 78,272 124,664
Cash at bank and in hand 24,779 411,146
103,051 535,810
Creditors: amounts falling due within one year 5 ( 76,190) ( 3,835)
Net current assets 26,861 531,975
Total assets less current liabilities 1,184,942 1,291,162
Creditors: amounts falling due after more than one year 6 ( 1,300,000) ( 1,300,000)
Net liabilities ( 115,058) ( 8,838)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 115,158 ) ( 8,938 )
Total shareholders' deficit ( 115,058) ( 8,838)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of EVM Finance Limited (registered number: 13874845) were approved and authorised for issue by the Board of Directors on 22 December 2024. They were signed on its behalf by:

A V Patel
Director
EVM FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
EVM FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

EVM Finance Limited (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 12 Helmet Row, London, EC1V 3QJ, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of EVM Finance Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from leasing motor vehicles represents the value of the operating lease on a straight line basis over the term of the lease.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Vehicles Total
£ £
Cost
At 01 April 2023 831,019 831,019
Additions 1,395,992 1,395,992
Disposals ( 875,087) ( 875,087)
At 31 March 2024 1,351,924 1,351,924
Accumulated depreciation
At 01 April 2023 71,832 71,832
Charge for the financial year 229,734 229,734
Disposals ( 107,723) ( 107,723)
At 31 March 2024 193,843 193,843
Net book value
At 31 March 2024 1,158,081 1,158,081
At 31 March 2023 759,187 759,187

4. Debtors

2024 2023
£ £
Trade debtors 49,314 88,366
Prepayments 121 3,000
VAT recoverable 0 1,200
Other debtors 28,837 32,098
78,272 124,664

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 7,107 0
Accruals 69,083 3,835
76,190 3,835

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

2024 2023
£ £
Amounts owed to Group undertakings 1,300,000 1,300,000

There are no amounts included above in respect of which any security has been given by the small entity.

The loan is interest bearing at a rate of 6% per annum, although the loan is repayable on demand it is not expected to be recalled within the next 12 months.