Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false44true2023-01-01provision of formula one entertainment facilities34trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05943514 2023-01-01 2023-12-31 05943514 2022-01-01 2022-12-31 05943514 2023-12-31 05943514 2022-12-31 05943514 2022-01-01 05943514 c:Director4 2023-01-01 2023-12-31 05943514 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 05943514 d:Buildings d:ShortLeaseholdAssets 2023-12-31 05943514 d:Buildings d:ShortLeaseholdAssets 2022-12-31 05943514 d:PlantMachinery 2023-01-01 2023-12-31 05943514 d:PlantMachinery 2023-12-31 05943514 d:PlantMachinery 2022-12-31 05943514 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05943514 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05943514 d:MotorVehicles 2023-01-01 2023-12-31 05943514 d:MotorVehicles 2023-12-31 05943514 d:MotorVehicles 2022-12-31 05943514 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05943514 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05943514 d:FurnitureFittings 2023-01-01 2023-12-31 05943514 d:FurnitureFittings 2023-12-31 05943514 d:FurnitureFittings 2022-12-31 05943514 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05943514 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05943514 d:OfficeEquipment 2023-01-01 2023-12-31 05943514 d:OfficeEquipment 2023-12-31 05943514 d:OfficeEquipment 2022-12-31 05943514 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05943514 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05943514 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05943514 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05943514 d:CurrentFinancialInstruments 2023-12-31 05943514 d:CurrentFinancialInstruments 2022-12-31 05943514 d:Non-currentFinancialInstruments 2023-12-31 05943514 d:Non-currentFinancialInstruments 2022-12-31 05943514 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05943514 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05943514 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05943514 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05943514 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 05943514 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 05943514 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 05943514 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 05943514 d:ShareCapital 2023-12-31 05943514 d:ShareCapital 2022-12-31 05943514 d:RetainedEarningsAccumulatedLosses 2023-12-31 05943514 d:RetainedEarningsAccumulatedLosses 2022-12-31 05943514 c:FRS102 2023-01-01 2023-12-31 05943514 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05943514 c:FullAccounts 2023-01-01 2023-12-31 05943514 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05943514 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05943514 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05943514 6 2023-01-01 2023-12-31 05943514 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05943514










EVOLUTION SERVICES EUROPE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
EVOLUTION SERVICES EUROPE LIMITED
REGISTERED NUMBER:05943514

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
204,971
282,093

Investments
 5 
100
100

  
205,071
282,193

Current assets
  

Debtors: amounts falling due within one year
 6 
3,688,522
1,900,687

Cash at bank and in hand
  
647,582
196,182

  
4,336,104
2,096,869

Creditors: amounts falling due within one year
 7 
(4,139,904)
(1,966,841)

Net current assets
  
 
 
196,200
 
 
130,028

Total assets less current liabilities
  
401,271
412,221

Creditors: amounts falling due after more than one year
 8 
(25,000)
(100,000)

Provisions for liabilities
  

Deferred tax
 10 
(49,279)
(50,058)

  
 
 
(49,279)
 
 
(50,058)

Net assets
  
326,992
262,163


Capital and reserves
  

Called up share capital 
  
1,500
1,500

Profit and loss account
  
325,492
260,663

  
326,992
262,163


Page 1

 
EVOLUTION SERVICES EUROPE LIMITED
REGISTERED NUMBER:05943514
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J P Street
Director

Date: 25 February 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
EVOLUTION SERVICES EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Evolution Services Europe Limited is a private company limited by shares incorporated in England and Wales, registration number 05943514. The address of its principal place of business is Unit 5, Cherwell Valley Business Park, Twyford Road, Kings Sutton, Banbury, Oxfordshire, OX17 3AS. 
The principal activity of the Company is the provision of formula one entertainment facilities. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors assess whether the use of going concern is appropriate i.e. whether there are any
material uncertainties related to events or conditions that may cast significant doubt on the ability of
the Company to continue as a going concern. The directors make this assessment in respect of a
period of at least one year from the date of authorisation for issue of the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
EVOLUTION SERVICES EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 4

 
EVOLUTION SERVICES EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
EVOLUTION SERVICES EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short term leasehold property
-
Over the term of the lease
Plant and machinery
-
10% - 20% on cost
Motor vehicles
-
25% on cost
Fixtures and fittings
-
25% on cost
Office equipment
-
25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
EVOLUTION SERVICES EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the period was 44 (2022 - 34).


4.


Tangible fixed assets





Short term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
141,506
546,026
90,872
17,281
72,390
868,075


Additions
-
89,075
-
-
-
89,075


Disposals
-
-
(20,000)
-
-
(20,000)



At 31 December 2023

141,506
635,101
70,872
17,281
72,390
937,150



Depreciation


At 1 January 2023
141,505
319,886
42,069
14,262
68,260
585,982


Charge for the period on owned assets
-
123,736
20,794
3,019
4,130
151,679


Charge for the period on financed assets
-
5,490
-
-
-
5,490


Disposals
-
-
(10,972)
-
-
(10,972)



At 31 December 2023

141,505
449,112
51,891
17,281
72,390
732,179



Net book value



At 31 December 2023
1
185,989
18,981
-
-
204,971



At 31 December 2022
1
226,140
48,803
3,019
4,130
282,093

Page 7

 
EVOLUTION SERVICES EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
100



At 31 December 2023
100







6.


Debtors

2023
2022
£
£


Trade debtors
1,407,895
681,937

Other debtors
479,027
352,143

Prepayments and accrued income
1,801,600
866,607

3,688,522
1,900,687



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
313,574
70,587

Bank loans
75,000
75,000

Trade creditors
1,317,151
499,328

Amounts owed to other participating interests
1,017,955
444,619

Corporation tax
127,260
49,477

Other taxation and social security
969,200
732,527

Obligations under finance lease and hire purchase contracts
62,700
2,961

Other creditors
73,853
10,940

Accruals and deferred income
183,211
81,402

4,139,904
1,966,841


Monies owed to the bank are secured by fixed and floating charges over the assets of the company.

Page 8

 
EVOLUTION SERVICES EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
25,000
100,000



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
75,000
75,000


75,000
75,000

Amounts falling due 1-2 years

Bank loans
25,000
75,000


25,000
75,000

Amounts falling due 2-5 years

Bank loans
-
25,000


-
25,000


100,000
175,000


Page 9

 
EVOLUTION SERVICES EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(50,058)
(58,795)


Charged to profit or loss
779
8,737



At end of year
(49,279)
(50,058)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(49,279)
(50,058)


11.


Controlling party

There is no ultimate controlling party.

 
Page 10