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Registration number: 08088231

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

for
 

Evolution FS Ltd

 

Evolution FS Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Evolution FS Ltd

Company Information

Director:

Mr Andrew Rowe

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

08088231

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Evolution FS Ltd

(Registration number: 08088231)
Balance Sheet as at 31 May 2024

Note

31.05.24

31.05.23

   

£

£

£

£

FIXED ASSETS

   

 

Intangible assets

4

 

61,784

 

152,413

Tangible assets

5

 

20,522

 

41,102

Other financial assets

6

 

1

 

40,156

   

82,307

 

233,671

CURRENT ASSETS

   

 

Debtors

7

456,128

 

511,780

 

Investments

8

120,000

 

120,000

 

Cash at bank and in hand

 

26,446

 

202,699

 

 

602,574

 

834,479

 

CREDITORS

   

 

Creditors within 1yr

9

(420,081)

 

(269,815)

 

Net current assets

   

182,493

 

564,664

Total assets less current liabilities

   

264,800

 

798,335

Loans and borrowings

   

(126,489)

 

(209,403)

Net assets

   

138,311

 

588,932

CAPITAL AND RESERVES

   

 

Called up share capital

 

200

 

200

Profit and loss account

 

138,111

 

588,732

Shareholders' funds

   

138,311

 

588,932

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

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.

 

Evolution FS Ltd

(Registration number: 08088231)
Balance Sheet as at 31 May 2024 (continued)

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 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 10 February 2025

.........................................
Mr Andrew Rowe
Director

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1.

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the director on 10 February 2025.

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 presentational currency is 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.

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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

Motor Vehicles

20% on reducing balance

Fixtures & Fittings

20% on reducing balance

Computer Equipment

20% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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 11 (2023 - 12).

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4.

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

899,713

899,713

At 31 May 2024

899,713

899,713

Amortisation

At 1 June 2023

747,300

747,300

Amortisation charge

90,629

90,629

At 31 May 2024

837,929

837,929

Carrying amount

At 31 May 2024

61,784

61,784

At 31 May 2023

152,413

152,413

5.

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

18,502

34,806

28,369

81,677

Disposals

-

-

(13,500)

(13,500)

At 31 May 2024

18,502

34,806

14,869

68,177

Depreciation

At 1 June 2023

14,075

12,958

13,542

40,575

Charge for the year

887

4,866

741

6,494

Eliminated on disposal

-

-

586

586

At 31 May 2024

14,962

17,824

14,869

47,655

Carrying amount

At 31 May 2024

3,540

16,982

-

20,522

At 31 May 2023

4,427

21,848

14,827

41,102

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6.

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2023

1

1

At 31 May 2024

1

1

Impairment

Carrying amount

At 31 May 2024

1

1

7.

Debtors

Current

Note

31.05.24
£

31.05.23
£

Amounts owed by related parties

439,935

447,877

Prepayments

 

13,500

12,669

Other debtors

 

2,693

51,234

   

456,128

511,780

8.

Current asset investments

31.05.24
£

31.05.23
£

Other investments

120,000

120,000

 

Evolution FS Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9.

Creditors

Creditors: amounts falling due within one year

Note

31.05.24
£

31.05.23
£

Due within one year

 

Loans and borrowings

10

81,336

64,868

Trade creditors

 

8,360

177

Taxation and social security

 

289,788

182,152

Accruals and deferred income

 

33,000

21,000

Other creditors

 

7,597

1,618

 

420,081

269,815

Creditors: amounts falling due after more than one year

Note

31.05.24
£

31.05.23
£

Due after one year

 

Loans and borrowings

10

126,489

209,403

10.

Loans and borrowings

31.05.24
£

31.05.23
£

Non-current loans and borrowings

Bank borrowings

126,489

203,407

Hire purchase contracts

-

5,996

126,489

209,403

31.05.24
£

31.05.23
£

Current loans and borrowings

Bank borrowings

81,336

59,247

Hire purchase contracts

-

5,621

81,336

64,868