Company registration number 06955874 (England and Wales)
EVERON UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
EVERON UK LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
EVERON UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
39,747
-
0
Tangible assets
5
37,153
42,415
76,900
42,415
Current assets
Stocks
375,228
552,246
Debtors
6
908,548
540,783
Cash at bank and in hand
157,546
68,929
1,441,322
1,161,958
Creditors: amounts falling due within one year
7
(5,751,358)
(5,013,728)
Net current liabilities
(4,310,036)
(3,851,770)
Total assets less current liabilities
(4,233,136)
(3,809,355)
Creditors: amounts falling due after more than one year
8
(6,160)
(16,514)
Provisions for liabilities
9
(20,238)
(8,908)
Net liabilities
(4,259,534)
(3,834,777)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(4,259,634)
(3,834,877)
Total equity
(4,259,534)
(3,834,777)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 13 March 2025 and are signed on its behalf by:
P Kerly
Director
Company Registration No. 06955874
EVERON UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Everon UK Limited (the 'company') is a private company limited by shares incorporated in England and Wales. The registered office is 20 Hollingworth Court Turkey Mill Business Park, Ashford Road, Maidstone, ME14 5PP.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company realised a loss of £424,757 during the year ended 31 December 2024. At the same date, the company had a net liabilities position of £4,259,534. true

The directors are confident that the trading environment has improved in recent months, and the associated risks to the company have reduced. The company continued to grow in 2024 and growth is projected for 2025 too. The directors have prepared detailed profit and loss and cashflow projections for 12 months from the date of approving these financial statements, which include projects in relation to the analogue to digital upgrade, and are aligned to the increase in current pipeline growth and subsequent tenders being made public. The planned release of new products and services across the group will allow the penetration of new markets and support the planned growth into the NHS, Health, and Social Care markets. Overheads have been addressed throughout 2024 which has resulted in efficiencies which the company will benefit from during this financial year. Accordingly, the directors consider the going concern basis to be appropriate for preparing these financial statements.

Should the need arise, the company’s parent, Oy Everon AB, has expressed its willingness to support the company such that it can meet any and all obligations as they fall due. The directors have received assurances that the support already given by Oy Everon AB of £5,358,954 will remain in place for at least 12 months from the date of approval of these financial statements. Of this amount, £1,332,055 (2023: £1,764,538) relates to a working capital loan which the company is repaying. The remainder, £4,026,899, relates to trading balances. The parent is, however, subject to a trading environment consistent with the company, so in certain downside scenarios, there may be a limit to the level of support that Oy Everon AB can actually provide to the company. Oy Everon AB group continues to be in a net liability position and the group loss is ongoing.

Overall, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to adopt the going concern basis of accounting in preparing the financial statements. The financial statements do not include any adjustments which would be necessary if the going concern basis of preparation were to be inappropriate.

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.

EVERON UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch or installation of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Research and development expenditure

Expenditure on development activities is capitalised if the recognition criteria for development expenditure, as set out in FRS 102 s18, are met. The expenditure capitalised includes all directly attributable costs, from the date that the intangible asset meets the recognition criteria.

Development expenditure is identified as being capital in nature if the costs can be measured reliably, the product is technically and commercially feasible, future economic benefits are probable and the company intends to and has sufficient resources to complete development and to use/sell it. Other development expenditure not meeting these criteria is recognised in the profit and loss account as incurred. Likewise any research costs are expensed as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses.

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation commences when the asset is brought into use.

1.5
Intangible fixed assets other than goodwill

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:

Software
4 years 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. The company has a policy of only capitalising assets with costs in excess of £300.

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:

Office Equipment
25% reducing balance
Vehicles
25% reducing balance

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.

EVERON UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Impairment of fixed assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. Stocks are valued using the First In First Out (FIFO) inventory valuation method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
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.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

EVERON UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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 stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

EVERON UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
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
19
22
4
Intangible fixed assets
Website development costs
£
Cost
At 1 January 2024
-
0
Additions
41,475
At 31 December 2024
41,475
Amortisation and impairment
At 1 January 2024
-
0
Amortisation charged for the year
1,728
At 31 December 2024
1,728
Carrying amount
At 31 December 2024
39,747
At 31 December 2023
-
0
EVERON UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Tangible fixed assets
Office Equipment
Vehicles
Total
£
£
£
Cost
At 1 January 2024
20,980
46,556
67,536
Additions
10,258
-
0
10,258
Disposals
-
0
(9,167)
(9,167)
At 31 December 2024
31,238
37,389
68,627
Depreciation and impairment
At 1 January 2024
5,372
19,749
25,121
Depreciation charged in the year
5,595
5,807
11,402
Eliminated in respect of disposals
-
0
(5,049)
(5,049)
At 31 December 2024
10,967
20,507
31,474
Carrying amount
At 31 December 2024
20,271
16,882
37,153
At 31 December 2023
15,608
26,807
42,415
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
855,054
444,212
Amounts owed by group undertakings
-
0
13,500
Other debtors
53,494
83,071
908,548
540,783
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,354
10,098
Trade creditors
113,874
85,566
Amounts owed to group undertakings
5,358,954
4,675,902
Taxation and social security
198,119
163,619
Other creditors
70,057
78,543
5,751,358
5,013,728
EVERON UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Creditors: amounts falling due within one year
(Continued)
- 8 -

Amounts owed to group undertakings are not subject to any formal loan agreement and hence classified as current liabilities.

 

Interest is charged at a rate of 2.8% per annum, on a daily basis, on any 'working capital' amounts transferred to the business. At the year end, the portion of interest-bearing 'working capital' payables amounted to £1,332,055 (2023: £1,764,538). The counterparty is expecting to receive cash repayments of £500,000 in the year ended 31 December 2025.

 

The residual £4,026,899 relates to 'trading' balances with group undertakings are not subject to interest.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
6,160
16,514

On 13 July 2020 the company drew-down £50,000 in respect of a Coronavirus Business Interruption Loan (‘CBIL’) facility from HSBC UK. The loan is repayable over six years from the draw-down date with an initial twelve month capital repayment holiday. Interest accrues at a fixed rate of 2.5%.

9
Provisions for liabilities
2024
2023
£
£
Warranty provision
20,238
8,908
10
Retirement benefit schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £33 (2023: £33) were payable to the fund at the balance sheet date, and are included within other creditors.

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
288,517
307,917
12
Deferred tax

At the balance sheet date the company had a deferred tax asset in respect of tax adjusted losses totalling £677,683 (2023: £570,218) and which has been calculated at a rate of 25% (2023: 25%). This has not been incorporated as an asset in accordance with the company's accounting policy of deferred taxation.

EVERON UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
13
Related party transactions

The company has taken exemption from disclosing related party transactions which occur under normal market conditions, in accordance with section 1AC.35 of the Financial Reporting Standards 102, s1A.

 

Furthermore, the company is exempt from disclosing transactions with group members, on the basis that all related entities which the company has traded with are wholly-owned by the controlling party (section 33.1A).

14
Parent company

Oy Everon Ab is the immediate parent of the company, forming the smallest and largest group which draws up consolidated financial statements. Its registered office is Teräskatu 8, 20520 Turku, Finland, where copies of the consolidated financial statements can be obtained.

15
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Qualified opinion

We have audited the financial statements of Everon UK Limited (the 'company') for the year ended 31 December 2024 which comprise , the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities and valuation at the prior year end.

Inventories were included in the 31 December 2023 balance sheet at £552,246. Consequently we were unable to determine whether any adjustment to this amount at 31 December 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2024. Due to this limitation of scope, it is not possible to quantify the financial impact of any potential adjustment that might arise.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

EVERON UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Audit report information
(Continued)
- 10 -
Material uncertainty related to going concern

We draw your attention to note 1.2 to the financial statements which indicates that the company incurred a net loss during the year ended 31 December 2024 and, as of that date, the company’s liabilities exceed its total assets. Losses are narrowing and the loan extended by the group to the company is reducing as cashflows permit – reducing to £1,332,055 (2023: £1,764,538). The directors have prepared projections for future periods which indicate sufficient profit and cash inflows will arise to enable the company to operate for the foreseeable future. However, the company’s going concern status is largely reliant upon these projections being achieved. Under plausible worst cases scenarios, there is a risk as to whether the company would be able to secure additional funding to be able to meet liquidity requirements, such that the company can continue to operate as a going concern. Whilst the company’s parent has offered its support to the company, it too is subject to similar plausible worst case scenarios that could impede the group’s ability to extend such support if required. Any liquidity issues faced by the group would likely have an adverse impact on the company’s ability to operate as a going concern. These events and conditions, along with the other matters explained in note 1.2, constitute a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Senior Statutory Auditor:
Sarah Jennings FCA
Statutory Auditor:
Azets Audit Services
Date:
17 March 2025
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