Company registration number 01637897 (England and Wales)
EVENORT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
EVENORT LIMITED
COMPANY INFORMATION
Directors
C McKay
G McKay
D Roberts
Secretary
D McKay
Company number
01637897
Registered office
Houghton Road
North Anston Trading Estate
Dinnington
Sheffield
S25 4JJ
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
EVENORT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 32
EVENORT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Principal Risks and Uncertainties

 

Political

 

Key items for Evenort and Alexander Comley are appearing as a result of the conflict in Ukraine. The main items are the impact this conflict has on Energy which is creating impact and potential impact for Evenort.

 

Sanctions on Russia are impacting Conflict Minerals reporting and Russian material is shunned.

The activity in Ukraine dove volatility in energy markets which had cost implications for the organization on both sides of the ledger. Metals prices have been subsequently more volatile and higher. The cost of energy was higher.

 

The apparent support from China for Russia combined with the Davidson window means that there is a risk that China may be subject to sanctions in the future. Evenort has significant supply chain in China and this may either become less available or subject to sanctions in the future. Origin of raw materials could become more of an issue going forward.

 

Post Brexit landscape continues to cause potential risk for Evenort and Alexander Comley in addition to the increased cost and paperwork involved in doing business overseas.

 

Economic

 

The High Inflation, high interest rate, cost of living crisis environment means that people are looking to maximise income wherever they can. Inevitably this will create employee churn generally . This is a risk for Evenort as we rely on our people and the experience that they have within our Company.

 

Higher rates of taxation means that our customers may review their operations in the UK. In addition our profits will also be taxed to a greater extent.

 

Social

 

Increasingly people are looking to work closer to home or work from home, to save cost and enhance work life balance. This is a risk for Evenort and Alexander Comley because we rely on our experienced staff with local knowledge of our operations.

 

Technological

 

The main opportunities for Evenort and Alexander Comley are around automation and lights out production. Digitalisation is also a key theme currently being pushed by local authorities .

Significant risk exists regarding cyber crime particularly ransomware

 

Digitalisation from the customer side particularly regarding compliance and data collection is an increasing burden requiring manpower.

 

EVENORT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

Environment

Avoiding pollution and managing our impacts is an opportunity for Evenort and Alexander Comley both morally and commercially.

 

Customers are increasingly interested in our green credentials and our emissions as they try to manage and influence their scope 3 emissions.

 

Renewable energy sources are an opportunity for Evenort both commercially and in terms of reducing our emissions.

 

Attitudes towards non renewables could adversely impact Evenort as the oil and gas industry reduces in size.

 

Evenort is at risk of extreme weather events.

 

Legal

 

Evenort and Alexander Comley are committed to compliance with the with the law.

 

Increasing regulation and taxation regarding emissions should be regarded as an opportunity to get ahead of our competition.

Key Performance Indicators Financial

 

FY 23/24 was a very acceptable year for Evenort Ltd including Alexander Comley LTD, net worth remaining consistent year on year, with the combined balance sheet sitting at £5.5 Million.

Debt decreased substantially, and cash remained positive providing an additional layer of protection from the volatility in interest rates and the cost of borrowing.

Turnover was slightly down at Alexander Comley (£3,584,975) and also at Evenort (£5,850,065) from the previous financial year. This was largely due to the type and volume of project work that we delivered during the financial year. During 23/24 there were less high value project opportunities than 22/23 for Evenort including Alexander Comley, however our strong commercial offer allowed us to succeed once again despite this.

Our business performance fluctuates depending on levels of activity within each industrial sector and material grade set and whilst 23/24 was a poorer performance than 22/23 it is in my view, within our normal bandwidth.

Looking forward to 24/25 we have a more positive outlook, with firm plans in place to invest in new machinery on a key product line, meaning that the baseline business will become significantly more productive, in addition to much improved environmental performance and reduced complexity around managing Health and Safety.

On behalf of the board

C McKay
Director
24 January 2025
EVENORT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of the manufacture and supply of steel products.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £504,555. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J W McKay
(Deceased 29 July 2024)
C McKay
G McKay
D Roberts
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

EVENORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
On behalf of the board
C McKay
Director
24 January 2025
EVENORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EVENORT LIMITED
- 5 -
Opinion

We have audited the financial statements of Evenort Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

EVENORT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVENORT LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

EVENORT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EVENORT LIMITED
- 7 -

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

 

 

To address the risks of fraud through management bias and override controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

Comparative information in the financial statements is derived from prior period financial statements which were not audited.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Terri Pierpoint
For and on behalf of
24 January 2025
BHP LLP
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
EVENORT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
9,240,207
12,018,852
Cost of sales
(6,196,931)
(7,497,569)
Gross profit
3,043,276
4,521,283
Distribution costs
(171,680)
(165,394)
Administrative expenses
(2,260,328)
(2,264,599)
Other operating income
35,071
19,729
Operating profit
4
646,339
2,111,019
Interest receivable and similar income
8
28,647
1,486
Interest payable and similar expenses
9
(16,666)
(14,992)
Amounts written off investments
10
(68,985)
-
Profit before taxation
589,335
2,097,513
Tax on profit
11
(159,376)
(401,118)
Profit for the financial year
429,959
1,696,395
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
EVENORT LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
14
3,800
-
0
Tangible assets
15
1,415,203
1,439,434
1,419,003
1,439,434
Current assets
Stocks
18
1,828,546
1,955,130
Debtors
19
3,627,198
1,790,037
Cash at bank and in hand
456,018
2,428,494
5,911,762
6,173,661
Creditors: amounts falling due within one year
20
(1,498,277)
(1,610,426)
Net current assets
4,413,485
4,563,235
Total assets less current liabilities
5,832,488
6,002,669
Creditors: amounts falling due after more than one year
21
(63,371)
(163,756)
Provisions for liabilities
Deferred tax liability
24
295,000
290,200
(295,000)
(290,200)
Net assets
5,474,117
5,548,713
Capital and reserves
Called up share capital
27
120,665
120,665
Profit and loss reserves
5,353,452
5,428,048
Total equity
5,474,117
5,548,713

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
24 January 2025
C McKay
Director
Company registration number 01637897 (England and Wales)
EVENORT LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
15
1,382,288
1,411,991
Investments
16
1
1
1,382,289
1,411,992
Current assets
Stocks
18
1,365,507
1,352,413
Debtors
19
2,614,820
923,347
Cash at bank and in hand
3,419
1,822,585
3,983,746
4,098,345
Creditors: amounts falling due within one year
20
(1,382,286)
(1,160,705)
Net current assets
2,601,460
2,937,640
Total assets less current liabilities
3,983,749
4,349,632
Creditors: amounts falling due after more than one year
21
(63,371)
(163,756)
Provisions for liabilities
Deferred tax liability
24
287,000
284,000
(287,000)
(284,000)
Net assets
3,633,378
3,901,876
Capital and reserves
Called up share capital
27
120,665
120,665
Profit and loss reserves
3,512,713
3,781,211
Total equity
3,633,378
3,901,876

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £236,057 (2023 - £1,190,770 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
24 January 2025
C McKay
Director
Company registration number 01637897 (England and Wales)
EVENORT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
120,665
4,122,004
4,242,669
Year ended 30 April 2023:
Profit and total comprehensive income
-
1,696,395
1,696,395
Dividends
12
-
(390,351)
(390,351)
Balance at 30 April 2023
120,665
5,428,048
5,548,713
Year ended 30 April 2024:
Profit and total comprehensive income
-
429,959
429,959
Dividends
12
-
(504,555)
(504,555)
Balance at 30 April 2024
120,665
5,353,452
5,474,117
EVENORT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
120,665
2,980,793
3,101,458
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
1,190,769
1,190,769
Dividends
12
-
(390,351)
(390,351)
Balance at 30 April 2023
120,665
3,781,211
3,901,876
Year ended 30 April 2024:
Profit and total comprehensive income
-
236,057
236,057
Dividends
12
-
(504,555)
(504,555)
Balance at 30 April 2024
120,665
3,512,713
3,633,378
EVENORT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
31
(836,377)
2,534,766
Interest paid
(16,666)
(14,992)
Income taxes paid
(385,918)
(152,148)
Net cash (outflow)/inflow from operating activities
(1,238,961)
2,367,626
Investing activities
Purchase of intangible assets
(5,700)
-
Purchase of tangible fixed assets
(257,047)
(261,434)
Proceeds from disposal of tangible fixed assets
9,950
65,000
Repayment of loans
(47,035)
(26,061)
Interest received
28,647
1,486
Net cash used in investing activities
(271,185)
(221,009)
Financing activities
Repayment of bank loans
(6,403)
(37,761)
Payment of finance leases obligations
(115,438)
(141,524)
Dividends paid to equity shareholders
(504,555)
(390,351)
Net cash used in financing activities
(626,396)
(569,636)
Net (decrease)/increase in cash and cash equivalents
(2,136,542)
1,576,981
Cash and cash equivalents at beginning of year
2,428,494
851,513
Cash and cash equivalents at end of year
291,952
2,428,494
Relating to:
Cash at bank and in hand
456,018
2,428,494
Bank overdrafts included in creditors payable within one year
(164,066)
-
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information

Evenort Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Evenort Limited and all of its subsidiaries.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Evenort Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Computer software
33% straight line
1.7
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.

EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -

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:

Plant and machinery
15% - 25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.11
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 current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
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 if, and only if, there is 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.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

1.18
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.

EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are no significant judgements or key sources of estimation uncertainty in the current or previous period.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
9,240,207
12,018,852
2024
2023
£
£
Turnover analysed by geographical market
UK
5,593,514
7,275,553
Europe
3,643,276
4,738,854
Rest of world
3,417
4,445
9,240,207
12,018,852
2024
2023
£
£
Other revenue
Interest income
28,647
1,486
Grants received
35,071
19,729
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
8,150
(6,438)
Government grants
(35,071)
(19,729)
Fees payable to the group's auditor for the audit of the group's financial statements
31,900
11,925
Depreciation of owned tangible fixed assets
244,071
248,825
Impairment of owned tangible fixed assets
30,035
-
Profit on disposal of tangible fixed assets
(2,778)
(28,398)
Amortisation of intangible assets
1,900
-
Operating lease charges
224,000
224,000
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
31,900
11,925
For other services
Taxation compliance services
1,600
1,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and administration
27
26
16
15
Production and warehouse
33
35
26
28
Total
60
61
42
43

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,767,342
1,829,913
1,164,528
1,194,937
Social security costs
172,075
50,834
113,695
-
Pension costs
218,780
265,947
201,075
251,372
2,158,197
2,146,694
1,479,298
1,446,309
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
95,305
91,430
Company pension contributions to defined contribution schemes
164,516
220,000
259,821
311,430
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
25,663
1,379
Other interest income
2,984
107
Total income
28,647
1,486
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,195
690
Interest on finance leases and hire purchase contracts
15,471
14,302
Total finance costs
16,666
14,992
10
Amounts written off investments
2024
2023
£
£
Amounts written off current loans
(68,985)
-
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
154,576
385,918
Deferred tax
Origination and reversal of timing differences
4,800
15,200
Total tax charge
159,376
401,118
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
589,335
2,097,513
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
147,334
408,871
Tax effect of expenses that are not deductible in determining taxable profit
18,293
866
Change in unrecognised deferred tax assets
(6,270)
(546)
Permanent capital allowances in excess of depreciation
275
(10,615)
Remeasurement of deferred tax for changes in tax rate
(256)
2,542
Taxation charge
159,376
401,118
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
504,555
390,351
13
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
15
30,035
-
Recognised in:
Administrative expenses
30,035
-
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
14
Intangible fixed assets
Group
Computer software
£
Cost
At 1 May 2023
-
0
Additions
5,700
At 30 April 2024
5,700
Amortisation and impairment
At 1 May 2023
-
0
Amortisation charged for the year
1,900
At 30 April 2024
1,900
Carrying amount
At 30 April 2024
3,800
At 30 April 2023
-
0
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.

More information on impairment movements in the year is given in note 13.

15
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
3,960,933
187,949
198,946
139,585
4,487,413
Additions
185,712
33,028
1,547
36,760
257,047
Disposals
(8,018)
-
0
-
0
(39,384)
(47,402)
At 30 April 2024
4,138,627
220,977
200,493
136,961
4,697,058
Depreciation and impairment
At 1 May 2023
2,674,192
85,330
174,462
113,995
3,047,979
Depreciation charged in the year
199,358
17,796
12,527
14,390
244,071
Impairment losses
30,035
-
0
-
0
-
0
30,035
Eliminated in respect of disposals
(6,109)
-
0
-
0
(34,121)
(40,230)
At 30 April 2024
2,897,476
103,126
186,989
94,264
3,281,855
Carrying amount
At 30 April 2024
1,241,151
117,851
13,504
42,697
1,415,203
At 30 April 2023
1,286,741
102,619
24,484
25,590
1,439,434
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
15
Tangible fixed assets
(Continued)
- 25 -
Company
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
3,949,310
173,873
193,311
139,585
4,456,079
Additions
185,712
22,159
1,547
36,760
246,178
Disposals
(8,018)
-
0
-
0
(39,384)
(47,402)
At 30 April 2024
4,127,004
196,032
194,858
136,961
4,654,855
Depreciation and impairment
At 1 May 2023
2,674,047
84,495
171,551
113,995
3,044,088
Depreciation charged in the year
197,615
15,810
10,859
14,390
238,674
Impairment losses
30,035
-
0
-
0
-
0
30,035
Eliminated in respect of disposals
(6,109)
-
0
-
0
(34,121)
(40,230)
At 30 April 2024
2,895,588
100,305
182,410
94,264
3,272,567
Carrying amount
At 30 April 2024
1,231,416
95,727
12,448
42,697
1,382,288
At 30 April 2023
1,275,263
89,378
21,760
25,590
1,411,991

More information on impairment movements in the year is given in note 13.

16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
1
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
1
Carrying amount
At 30 April 2024
1
At 30 April 2023
1
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
17
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Alexander Comley Limited
United Kingdom
Manufacture of other fabricated metal products
Ordinary
100.00
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,828,546
1,955,130
1,365,507
1,352,413
19
Debtors
Group
Company
2024
2023
2024
2023
as restated
as restated
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,375,403
1,586,439
2,440,224
737,263
Amounts owed by group undertakings
-
-
-
40,114
Other debtors
10,360
33,183
4,176
33,183
Prepayments and accrued income
196,435
170,415
125,420
112,787
3,582,198
1,790,037
2,569,820
923,347
Amounts falling due after more than one year:
Other debtors
45,000
-
0
45,000
-
0
Total debtors
3,627,198
1,790,037
2,614,820
923,347
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
as restated
as restated
Notes
£
£
£
£
Bank loans and overdrafts
22
164,066
6,403
164,066
6,403
Obligations under finance leases
23
94,284
137,037
94,284
137,037
Trade creditors
630,226
721,133
500,662
511,054
Amounts owed to group undertakings
-
0
-
0
240,211
-
0
Corporation tax payable
154,576
385,918
91,666
268,153
Other taxation and social security
324,387
274,158
194,722
168,595
Other creditors
13,655
12,019
5,094
6,265
Accruals and deferred income
117,083
73,758
91,581
63,198
1,498,277
1,610,426
1,382,286
1,160,705
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
23
16,863
89,548
16,863
89,548
Government grants
25
46,508
74,208
46,508
74,208
63,371
163,756
63,371
163,756
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
6,403
-
0
6,403
Bank overdrafts
164,066
-
0
164,066
-
0
164,066
6,403
164,066
6,403
Payable within one year
164,066
6,403
164,066
6,403

The overdraft and bank loans are secured by a debenture comprising fixed and floating charges over all assets and undertakings of the group.

EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
94,283
137,037
94,283
137,037
In two to five years
16,864
89,548
16,864
89,548
111,147
226,585
111,147
226,585

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
295,000
290,200
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
287,000
284,000
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
290,200
284,000
Charge to profit or loss
4,800
3,000
Liability at 30 April 2024
295,000
287,000
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
25
Government grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
46,508
74,208
46,508
74,208
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
218,780
265,947

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
30,290
30,290
30,290
30,290
Ordinary B Shares of £1 each
30,125
30,125
30,125
30,125
Ordinary C Shares of £1 each
30,125
30,125
30,125
30,125
Ordinary D Shares of £1 each
30,125
30,125
30,125
30,125
120,665
120,665
120,665
120,665
28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
136,135
109,765
26,686
20,765
Between two and five years
477,460
367,509
25,460
11,509
In over five years
16,718
103,833
-
-
630,313
581,107
52,146
32,274
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
29
Related party transactions
Transactions with related parties

Evenort Limited has taken advantage of the exemption allowed within Section 33.1A of FRS 102, and has therefore not disclosed transactions with Alexander Comley Limited, which is a wholly owned subsidiary of Evenort.

 

During the year rent totalling £135,000 (2023: £135,000) was paid by Evenort Limited to a pension fund, in which three of the directors are beneficiaries, for the use of the property. At the year end a balance of £40,500 (2023: £13,500) was owed to the pension fund.

 

A donation of £10,000 was made to a charitable organisation over which one of the directors of Evenort Limited has significant influence.

 

A motor vehicle was sold to one of the directors of Evenort Limited for £2,050, resulting in a profit on disposal of £nil.

30
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Amounts written off
Closing balance
£
£
£
£
£
£
Directors
2.25
26,061
98,399
2,803
(54,167)
(68,985)
4,111
26,061
98,399
2,803
(54,167)
(68,985)
4,111
31
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
429,959
1,696,395
Adjustments for:
Taxation charged
159,376
401,118
Finance costs
16,666
14,992
Investment income
(28,647)
(1,486)
Gain on disposal of tangible fixed assets
(2,778)
(28,398)
Amortisation and impairment of intangible assets
1,900
-
Depreciation and impairment of tangible fixed assets
274,106
248,825
Other gains and losses
68,985
-
Movements in working capital:
Decrease/(increase) in stocks
126,584
(305,049)
(Increase)/decrease in debtors
(1,859,111)
1,122,929
Increase/(decrease) in creditors
4,283
(601,630)
Decrease in deferred income
(27,700)
(12,930)
Cash (absorbed by)/generated from operations
(836,377)
2,534,766
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
32
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,428,494
(1,972,476)
456,018
Bank overdrafts
-
0
(164,066)
(164,066)
2,428,494
(2,136,542)
291,952
Borrowings excluding overdrafts
(6,403)
6,403
-
Obligations under finance leases
(226,585)
115,438
(111,147)
2,195,506
(2,014,701)
180,805
33
Prior period adjustment
Reconciliation of changes in equity - group
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Sale recognised in FY24 instead of FY23
-
4,757
Equity as previously reported
4,242,669
5,543,956
Equity as adjusted
4,242,669
5,548,713
Analysis of the effect upon equity
Profit and loss reserves
-
4,757
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Sale recognised in FY24 instead of FY23
4,757
Profit as previously reported
1,691,638
Profit as adjusted
1,696,395
EVENORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
33
Prior period adjustment
(Continued)
- 32 -
Reconciliation of changes in equity - company
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Sale recognised in FY24 instead of FY23
-
4,757
Equity as previously reported
3,101,458
3,897,119
Equity as adjusted
3,101,458
3,901,876
Analysis of the effect upon equity
Profit and loss reserves
-
4,757
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Sale recognised in FY24 instead of FY23
4,757
Profit as previously reported
1,186,012
Profit as adjusted
1,190,769
Notes to reconciliation

In Evenort Limited, during the previous financial period an amount of £168,070 was incorrectly transferred from Trade Creditors to Other Debtors, overstating both balances by this amount. This error has been corrected retrospectively in accordance with FRS 102. This adjustment has no impact on previously reported profit or net assets.

In Evenort Limited, a sale amounting to £4,757 was incorrectly recognised in the financial statements for the year ended 30 April 2024 instead of the year ended 30 April 2023. This error has been corrected retrospectively in accordance with FRS 102. The adjustment increases revenue and other debtors by £4,757 in FY23 and reduces revenue by £4,757 in FY24. This adjustment has no impact on previously reported net assets or profit for the combined periods.

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