Silverfin false false 30/04/2024 01/05/2023 30/04/2024 C Lawford 23/11/2018 P Simmons 23/11/2018 28 January 2025 The principal activity of the Company during the financial year was the provision of electric car hire services. 11692959 2024-04-30 11692959 bus:Director1 2024-04-30 11692959 bus:Director2 2024-04-30 11692959 2023-04-30 11692959 core:CurrentFinancialInstruments 2024-04-30 11692959 core:CurrentFinancialInstruments 2023-04-30 11692959 core:ShareCapital 2024-04-30 11692959 core:ShareCapital 2023-04-30 11692959 core:RetainedEarningsAccumulatedLosses 2024-04-30 11692959 core:RetainedEarningsAccumulatedLosses 2023-04-30 11692959 core:ComputerSoftware 2023-04-30 11692959 core:ComputerSoftware 2024-04-30 11692959 2023-05-01 2024-04-30 11692959 bus:FilletedAccounts 2023-05-01 2024-04-30 11692959 bus:SmallEntities 2023-05-01 2024-04-30 11692959 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11692959 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11692959 bus:Director1 2023-05-01 2024-04-30 11692959 bus:Director2 2023-05-01 2024-04-30 11692959 core:ComputerSoftware core:TopRangeValue 2023-05-01 2024-04-30 11692959 2022-05-01 2023-04-30 11692959 core:ComputerSoftware 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 11692959 (England and Wales)

EVOLVECAR LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

EVOLVECAR LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

EVOLVECAR LIMITED

BALANCE SHEET

As at 30 April 2024
EVOLVECAR LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 9,604 11,429
9,604 11,429
Current assets
Debtors 4 111 1,401
Cash at bank and in hand 332 1,596
443 2,997
Creditors: amounts falling due within one year 5 ( 8,906) ( 112,211)
Net current liabilities (8,463) (109,214)
Total assets less current liabilities 1,141 (97,785)
Provision for liabilities ( 1,825) ( 2,172)
Net liabilities ( 684) ( 99,957)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 784 ) ( 100,057 )
Total shareholders' deficit ( 684) ( 99,957)

For the financial year ending 30 April 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 Evolvecar Limited (registered number: 11692959) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

C Lawford
Director
EVOLVECAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
EVOLVECAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Evolvecar 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 3 World Business Centre Newall Road, London Heathrow Airport, Hounslow, TW6 2TA, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £105,081. The Company is supported through loans from a Group Company. The directors have 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 Group Company will continue to support the Company. After making enquiries, the directors believe 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

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.

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. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Computer software Total
£ £
Cost
At 01 May 2023 18,250 18,250
At 30 April 2024 18,250 18,250
Accumulated amortisation
At 01 May 2023 6,821 6,821
Charge for the financial year 1,825 1,825
At 30 April 2024 8,646 8,646
Net book value
At 30 April 2024 9,604 9,604
At 30 April 2023 11,429 11,429

4. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 80 80
Other debtors 31 1,321
111 1,401

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 278 278
Amounts owed to Group undertakings 7,000 110,383
Other creditors 1,628 1,550
8,906 112,211

6. Related party transactions

At the year end, an amount of £7,000 (2023 £110,383) was owed to DiamondAir International Ltd.

7. Ultimate controlling party

Parent Company:

Diamond Selection Group Holdings Limited
3 World Business Centre, Newall Road, London Heathrow Airport, Hounslow, TW6 2TA