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Registered number: 06776499








EVASYS LIMITED (FORMERLY KNOWN AS ELECTRIC PAPER LTD)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




















 
EVASYS LIMITED (FORMERLY KNOWN AS ELECTRIC PAPER LTD)
 
 
Company Information


Director
B W P Johnson 




Company secretary
Taylor Wessing Secretaries Limited



Registered number
06776499



Registered office
5 New Street Square
London

EC4A 3TW




Bankers
Barclays Bank Plc
7th Floor

United Kingdom House

180 Oxford Street

London

W1D 1EA





 
EVASYS LIMITED (FORMERLY KNOWN AS ELECTRIC PAPER LTD)
Registered number: 06776499

Balance sheet
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,860
3,550

  
4,860
3,550

Current assets
  

Debtors: amounts falling due within one year
 5 
421,911
562,315

Cash at bank and in hand
 6 
462,915
332,386

  
884,826
894,701

Creditors: amounts falling due within one year
 7 
(811,078)
(867,493)

Net current assets
  
 
 
73,748
 
 
27,208

Total assets less current liabilities
  
78,608
30,758

  

Net assets
  
78,608
30,758


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
  
77,608
29,758

  
78,608
30,758


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 May 2025.




B W P Johnson
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
EVASYS LIMITED (FORMERLY KNOWN AS ELECTRIC PAPER LTD)
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

evasys Limited ("the Company") is a private limited company incorporated in the United Kingdom, and registered in England and Wales. The Company's registered office is 5 New Street Square, London, EC4A 3TW.
The Company's principal activity is the provision of software, hardware and consulting services within the tertiary education sector.
On 3 June 2024, the Company changed its name from Electric Paper Ltd to evasys Limited.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 2

 
EVASYS LIMITED (FORMERLY KNOWN AS ELECTRIC PAPER LTD)
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue arising from the sale of software, the provision of consultancy services and the provision of training and coaching is recognised in full at the point of the provision of the service.
Revenue arising from the sale of subscription licenses and the provision of hosting and related support services is recognised evenly over the term of the contract.
Sale of goods
Revenue arising from the sale of hardware is recognised in full at the point of delivery.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
EVASYS LIMITED (FORMERLY KNOWN AS ELECTRIC PAPER LTD)
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
33.3% straight line
Office equipment
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 4

 
EVASYS LIMITED (FORMERLY KNOWN AS ELECTRIC PAPER LTD)
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short-term creditors are measured at the transaction price.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 5

 
EVASYS LIMITED (FORMERLY KNOWN AS ELECTRIC PAPER LTD)
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 7).


4.


Tangible fixed assets





Fixtures & fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
760
13,104
13,864


Additions
380
3,455
3,835


Disposals
-
(3,762)
(3,762)



At 31 December 2024

1,140
12,797
13,937



Depreciation


At 1 January 2024
337
9,977
10,314


Charge for the year on owned assets
295
2,230
2,525


Disposals
-
(3,762)
(3,762)



At 31 December 2024

632
8,445
9,077



Net book value



At 31 December 2024
508
4,352
4,860



At 31 December 2023
423
3,127
3,550

Page 6

 
EVASYS LIMITED (FORMERLY KNOWN AS ELECTRIC PAPER LTD)
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

5.


Debtors

2024
2023
£
£


Trade debtors
128,930
161,119

Amounts owed by group undertakings
-
100,000

Other debtors
-
344

Prepayments - cost of sales
257,729
250,401

Prepayments - administrative
30,534
34,479

Deferred taxation
4,718
15,972

421,911
562,315



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
462,915
332,386

462,915
332,386



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
29,756
37,562

Other taxation and social security
39,944
61,892

Other creditors
2,227
1,844

Accruals
18,082
23,730

Deferred income
721,069
742,465

811,078
867,493


Page 7

 
EVASYS LIMITED (FORMERLY KNOWN AS ELECTRIC PAPER LTD)
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and partly paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company in the period and amounted to £68,886 (2023: £46,740). Contributions totaling £2,227 (2023: £1,844) were payable to the fund at the balance sheet date and are included in other creditors.


10.


Related party transactions

The Company has adopted the exemption permitted by paragraph 33.1A of FRS 102 and has not disclosed transaction with other group members, where the group members are wholly owned.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 7 May 2025 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

 
Page 8