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Registration number: 06417136

Evolution Slimming Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

(filleted for filing purposes)

 

Evolution Slimming Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Evolution Slimming Limited

Company Information

Directors

N Curry

Mr O Curry

Mr L Curry

Company secretary

Batchelor Coop Ltd

Registered office

Unit 61
Maple Leaf Business Park
Ramsgate
Kent
CT12 5GD

 

Evolution Slimming Limited

(Registration number: 06417136)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

103,354

108,641

Current assets

 

Stocks

5

75,000

50,000

Debtors

6

506,596

497,853

Cash at bank and in hand

 

1,110,944

1,264,801

 

1,692,540

1,812,654

Creditors: Amounts falling due within one year

7

(600,616)

(787,631)

Net current assets

 

1,091,924

1,025,023

Total assets less current liabilities

 

1,195,278

1,133,664

Creditors: Amounts falling due after more than one year

7

(159,208)

(68,533)

Provisions for liabilities

(2,769)

(2,569)

Net assets

 

1,033,301

1,062,562

Capital and reserves

 

Called up share capital

8

101

101

Retained earnings

1,033,200

1,062,461

Shareholders' funds

 

1,033,301

1,062,562

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

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

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

Approved and authorised by the Board on 23 December 2024 and signed on its behalf by:
 

 

Evolution Slimming Limited

(Registration number: 06417136)
Balance Sheet as at 31 August 2024

.........................................
N Curry
Director

 

Evolution Slimming Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Unit 61
Maple Leaf Business Park
Ramsgate
Kent
CT12 5GD
Great Britain

These financial statements were authorised for issue by the Board on 23 December 2024.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

 

Evolution Slimming Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures and fittings

15% reducing balance

Office equipment

15% reducing balance

Freehold property

20 years straight line

Cash and cash equivalents

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

Trade debtors

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

Stocks

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

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.

 

Evolution Slimming Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Borrowings

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

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

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 directors) during the year, was 4 (2023 - 4).

 

Evolution Slimming Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

133,332

35,980

169,312

Additions

-

3,149

3,149

At 31 August 2024

133,332

39,129

172,461

Depreciation

At 1 September 2023

33,335

27,336

60,671

Charge for the year

6,667

1,769

8,436

At 31 August 2024

40,002

29,105

69,107

Carrying amount

At 31 August 2024

93,330

10,024

103,354

At 31 August 2023

99,997

8,644

108,641

Included within the net book value of land and buildings above is £93,330 (2023 - £99,997) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

75,000

50,000

6

Debtors

2024
£

2023
£

Other debtors

506,596

497,853

Total current trade and other debtors

506,596

497,853

 

Evolution Slimming Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

164,304

257,166

Trade creditors

 

53,498

108,212

Other related parties

3,240

6,787

Taxation and social security

 

236,915

280,582

Other creditors

 

142,659

134,884

 

600,616

787,631

Due after one year

 

Loans and borrowings

9

159,208

68,533



Creditors due less than one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £164,304 (2023 - £257,166)

Creditors due more than one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £159,208 (2023 - £68,533)

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share capital class 1 of £1 each

100

100

100

100

Ordinary share capital class A of £1 each

1

1

1

1

 

101

101

101

101

 

Evolution Slimming Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

159,208

68,533

2024
£

2023
£

Current loans and borrowings

Bank borrowings

164,147

257,166

Bank overdrafts

157

-

164,304

257,166

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £1,697).