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Registration number: 07975172

eVerity Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 March 2024

 

eVerity Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

eVerity Ltd

Company Information

Director

O T Hamilton

Registered office

8 High Street
High Street
Heathfield
East Sussex
TN21 8LS

Accountants

Manningtons
8 High Street
High Street
Heathfield
East Sussex
TN21 8LS

 

eVerity Ltd

(Registration number: 07975172)
Balance Sheet as at 30 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,644

7,468

Current assets

 

Stocks

5

10,000

10,000

Debtors

6

382,801

205,667

Cash at bank and in hand

 

896

54

 

393,697

215,721

Creditors: Amounts falling due within one year

7

(361,615)

(176,757)

Net current assets

 

32,082

38,964

Total assets less current liabilities

 

41,726

46,432

Creditors: Amounts falling due after more than one year

7

(41,600)

(45,638)

Net assets

 

126

794

Capital and reserves

 

Called up share capital

1

1

Retained earnings

125

793

Shareholders' funds

 

126

794

For the financial year ending 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2024
 

.........................................
O T Hamilton
Director

 

eVerity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 High Street
High Street
Heathfield
East Sussex
TN21 8LS
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

eVerity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

eVerity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 2).

 

eVerity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 31 March 2023

19,185

119

19,304

Additions

7,698

279

7,977

At 30 March 2024

26,883

398

27,281

Depreciation

At 31 March 2023

11,824

12

11,836

Charge for the year

5,763

38

5,801

At 30 March 2024

17,587

50

17,637

Carrying amount

At 30 March 2024

9,296

348

9,644

At 30 March 2023

7,361

107

7,468

5

Stocks

2024
£

2023
£

Work in progress

10,000

10,000

6

Debtors

2024
£

2023
£

Trade debtors

11,800

14,640

Taxation and social security

105

959

Other debtors

110,733

51,079

Director loan account

260,163

138,989

382,801

205,667

 

eVerity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

65,617

27,609

Trade creditors

 

7,238

4,905

Taxation and social security

 

266,385

124,692

Accruals and deferred income

 

2,000

2,000

Other creditors

 

20,375

17,551

 

361,615

176,757

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

41,600

45,638

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

41,600

45,638

Current loans and borrowings

2024
£

2023
£

Bank borrowings

15,000

14,550

Bank overdrafts

50,617

13,059

65,617

27,609

Bank borrowings

Barclays Bank pLC is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 30 June 2031. The carrying amount at year end is £20,617 (2023 - £23,988).

Funding Circle is denominated in £ with a nominal interest rate of %, and the final instalment is due on . The carrying amount at year end is £24,763 (2023 - £47,000).

 

eVerity Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2024

9

Related party transactions

Key management personnel

Loan - interest being charged at 5%

Transactions with the director

2024

At 31 March 2023
£

Advances to director
£

At 30 March 2024
£

O T Hamilton

138,989

121,174

260,163

2023

At 31 March 2022
£

Advances to director
£

At 30 March 2023
£

O T Hamilton

-

138,989

138,989

Summary of transactions with other related parties

Eye See Solutions Ltd
 O. Hamilton is a director and shareholder
 

Income and receivables from related parties

2024

Other related parties
£

Amounts receivable from related party

22,929

2023

Other related parties
£

Amounts receivable from related party

4,170