Company registration number 08280219 (England and Wales)
EVOLYST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
EVOLYST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
EVOLYST LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
6
970,742
1,001,039
Tangible assets
7
24
329
970,766
1,001,368
Current assets
Debtors
8
2,142
3,182
Cash at bank and in hand
8,705
1,110
10,847
4,292
Creditors: amounts falling due within one year
9
(429,387)
(921,000)
Net current liabilities
(418,540)
(916,708)
Total assets less current liabilities
552,226
84,660
Creditors: amounts falling due after more than one year
10
(14,357)
(30,490)
Net assets
537,869
54,170
Capital and reserves
Called up share capital
11
372
336
Share premium account
1,069,928
534,964
Profit and loss reserves
(532,431)
(481,130)
Total equity
537,869
54,170
EVOLYST LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
Mr C Golby
Director
Company registration number 08280219 (England and Wales)
EVOLYST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2022
336
534,964
(342,256)
193,044
Year ended 31 May 2023:
Loss and total comprehensive income for the year
-
-
(138,874)
(138,874)
Balance at 31 May 2023
336
534,964
(481,130)
54,170
Year ended 31 May 2024:
Loss and total comprehensive income for the year
-
-
(51,301)
(51,301)
Issue of share capital
11
36
534,964
-
535,000
Balance at 31 May 2024
372
1,069,928
(532,431)
537,869
EVOLYST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
Evolyst Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grosvenor House, 11 St Pauls Square, Birmingham, B3 1RB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
10% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
33.3% straight line
Plant and equipment
33.3% straight line
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.
EVOLYST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in bank only. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade debtors, other debtors, and cash at bank and in hand, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade creditors, other creditors, taxation and social security, and bank loans and overdrafts, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
EVOLYST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of fixed assets.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
30,534
102,626
EVOLYST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(47,340)
(42,038)
6
Intangible fixed assets
Development costs
£
Cost
At 1 June 2023
1,364,296
Additions
106,133
At 31 May 2024
1,470,429
Amortisation and impairment
At 1 June 2023
363,257
Amortisation charged for the year
136,430
At 31 May 2024
499,687
Carrying amount
At 31 May 2024
970,742
At 31 May 2023
1,001,039
7
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
46,383
16,406
62,789
Disposals
(74)
(74)
At 31 May 2024
46,383
16,332
62,715
Depreciation and impairment
At 1 June 2023
46,383
16,077
62,460
Depreciation charged in the year
294
294
Eliminated in respect of disposals
(63)
(63)
At 31 May 2024
46,383
16,308
62,691
Carrying amount
At 31 May 2024
24
24
At 31 May 2023
329
329
EVOLYST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
243
290
Other debtors
1,899
2,892
2,142
3,182
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
32,885
21,635
Trade creditors
109,139
80,361
Taxation and social security
215,183
191,212
Other creditors
72,180
627,792
429,387
921,000
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,357
30,490
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.111914p each
332,400
300,300
372
336
During the year 32,100 Ordinary shares were issued for a total consideration of £535,000.
12
Related party transactions
Included in other creditors are aggregated balances of £55,789 (2023: £66,629) due to the directors of the company. £27,896 of this balance has been approved as part of the CVA on 9 July 2024, to be paid over 60 months. The rest of the balance is interest free and repayable on demand.
13
Events after the reporting date
On 9 July 2024, the proposal for a CVA was approved.
Included within creditors due in less than one year is a balance of £331,097 that is part of the payment plan and to be cleared within 60 months.
Included within creditors due in more than one year is a balance of £14,357 that is part of the payment plan and to be cleared within 60 months.