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Registration number: 08580994

Evolve Asset Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024





















 

 

Evolve Asset Management Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Evolve Asset Management Limited

Company Information

Directors

Mrs S Raj

Mr N Raj

Registered office

50 Ampthill Road
Bedford
Bedfordshire
MK42 9HL

 

Evolve Asset Management Limited

(Registration number: 08580994)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

977

1,637

Current assets

 

Debtors

5

192,929

152,757

Cash at bank and in hand

 

1,285

7,308

 

194,214

160,065

Creditors: Amounts falling due within one year

6

(153,377)

(110,959)

Net current assets

 

40,837

49,106

Total assets less current liabilities

 

41,814

50,743

Creditors: Amounts falling due after more than one year

6

(21,320)

(26,618)

Provisions for liabilities

(185)

(176)

Net assets

 

20,309

23,949

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

20,209

23,849

Shareholders' funds

 

20,309

23,949

For the financial year ending 30 June 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.

 

Evolve Asset Management Limited

(Registration number: 08580994)
Balance Sheet as at 30 June 2024

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 28 March 2025 and signed on its behalf by:
 

.........................................
Mr N Raj
Director

 

Evolve Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
50 Ampthill Road
Bedford
Bedfordshire
MK42 9HL

The principal place of business is:
50 Ampthill Road
Bedford
Bedfordshire
MK42 9HL

These financial statements were authorised for issue by the Board on 28 March 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises 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.

 

Evolve Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

33% reducing balance

Office Equipment

50% reducing balance

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.

Trade debtors are recognised initially at the transaction price.

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.

Trade creditors are recognised initially at the transaction price.

 

Evolve Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

5,798

5,798

At 30 June 2024

5,798

5,798

Depreciation

At 1 July 2023

4,161

4,161

Charge for the year

660

660

At 30 June 2024

4,821

4,821

Carrying amount

At 30 June 2024

977

977

At 30 June 2023

1,637

1,637

 

Evolve Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

10,700

3,271

Amounts owed by related parties

9

142,861

147,644

Other debtors

 

39,368

1,842

   

192,929

152,757

 

Evolve Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

20,000

16,610

Trade creditors

 

67,263

38,804

Taxation and social security

 

39,971

26,524

Accruals and deferred income

 

4,500

4,500

Other creditors

 

21,643

24,521

 

153,377

110,959

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

21,320

26,618

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

21,320

26,618

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Other borrowings

10,000

6,610

20,000

16,610

 

Evolve Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Related party transactions

The directors operated an unsecured interest with loan account with the company for amounts withdrawn above £10,000, repayable on demand. At the year-end, the directors owed the company £28,500 (2023: £1,292).

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr N Raj

2022 Loan

-

-

-

-

2023 Loan

646

-

(646)

-

2024 Loan

-

14,250

-

14,250

646

14,250

(646)

14,250

Mrs S Raj

2022 Loan

-

-

-

-

2023 Loan

646

-

(646)

-

2024 Loan

-

14,250

-

14,250

646

14,250

(646)

14,250

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr N Raj

2022 Loan

8,958

-

(8,958)

-

2023 Loan

-

646

-

646

8,958

646

(8,958)

646

Mrs S Raj

2022 Loan

8,958

-

(8,958)

-

2023 Loan

-

646

-

646

8,958

646

(8,958)

646