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Registered number: 05813538
Evoluted New Media Limited
Financial Statements
For The Year Ended 31 May 2024
Gravitate Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05813538
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 11,204 16,808
Tangible Assets 5 552,952 551,383
564,156 568,191
CURRENT ASSETS
Debtors 6 391,791 399,772
Cash at bank and in hand 330,635 386,360
722,426 786,132
Creditors: Amounts Falling Due Within One Year 7 (392,920 ) (383,260 )
NET CURRENT ASSETS (LIABILITIES) 329,506 402,872
TOTAL ASSETS LESS CURRENT LIABILITIES 893,662 971,063
Creditors: Amounts Falling Due After More Than One Year 8 (156,243 ) (178,944 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (18,773 ) (16,676 )
NET ASSETS 718,646 775,443
CAPITAL AND RESERVES
Called up share capital 10 1,112 1,112
Profit and Loss Account 717,534 774,331
SHAREHOLDERS' FUNDS 718,646 775,443
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A Young
Director
C Young
Director
26th February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Evoluted New Media Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05813538 . The registered office is 35 Lambert Street, Sheffield, S3 7BH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated imparement losses. 
All intangible assets are considered to have a finite useful life. If a reliable estimate of the usful life cannot be made, the useful life shall not exceed ten years. 
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% to 10% straight line
Motor Vehicles 5% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 20% straight line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Government Grant
Government grants are recognised in the Profit and Loss Account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 38 (2023: 39)
38 39
4. Intangible Assets
Other
£
Cost
As at 1 June 2023 56,035
As at 31 May 2024 56,035
Amortisation
As at 1 June 2023 39,227
Provided during the period 5,604
As at 31 May 2024 44,831
Net Book Value
As at 31 May 2024 11,204
As at 1 June 2023 16,808
5. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 545,449 81,893 168,287 795,629
Additions 39,428 1,202 4,415 45,045
Disposals - (22,754 ) (32,033 ) (54,787 )
As at 31 May 2024 584,877 60,341 140,669 785,887
Depreciation
As at 1 June 2023 60,768 70,349 113,129 244,246
Provided during the period 11,753 3,103 23,403 38,259
Disposals - (20,194 ) (29,376 ) (49,570 )
As at 31 May 2024 72,521 53,258 107,156 232,935
...CONTINUED
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Net Book Value
As at 31 May 2024 512,356 7,083 33,513 552,952
As at 1 June 2023 484,681 11,544 55,158 551,383
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 355,331 363,768
Prepayments and accrued income 18,528 18,072
Other debtors 17,932 17,932
391,791 399,772
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 62,729 25,197
Bank loans and overdrafts 20,083 17,172
Other creditors 310,108 337,819
Accruals and deferred income - 3,072
392,920 383,260
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 156,243 178,944
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 18,773 16,676
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,112 1,112
11. Related Party Transactions
Included within Other Debtors are loans to related parties amounting to £17,932 (2023: £17,932). These loans are unsecured, interest free and repayable on demand. 
Included within Other Creditors are loans from related parties amounting to £198,184 (2023: £198,784). These loans are unsecured, interest free and repayable on demand. 
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