IRIS Accounts Production v25.1.4.42 06880887 Board of Directors 1.10.23 30.9.24 30.9.24 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh068808872023-09-30068808872024-09-30068808872023-10-012024-09-30068808872023-04-30068808872023-05-012023-09-30068808872023-09-3006880887ns15:EnglandWales2023-10-012024-09-3006880887ns14:PoundSterling2023-10-012024-09-3006880887ns10:Director12023-10-012024-09-3006880887ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3006880887ns10:SmallEntities2023-10-012024-09-3006880887ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-3006880887ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3006880887ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3006880887ns10:FullAccounts2023-10-012024-09-3006880887ns10:OrdinaryShareClass12023-10-012024-09-3006880887ns10:Director22023-10-012024-09-3006880887ns10:RegisteredOffice2023-10-012024-09-3006880887ns5:CurrentFinancialInstruments2024-09-3006880887ns5:CurrentFinancialInstruments2023-09-3006880887ns5:Non-currentFinancialInstruments2024-09-3006880887ns5:Non-currentFinancialInstruments2023-09-3006880887ns5:ShareCapital2024-09-3006880887ns5:ShareCapital2023-09-3006880887ns5:RevaluationReserve2024-09-3006880887ns5:RevaluationReserve2023-09-3006880887ns5:FurtherSpecificReserve1ComponentTotalEquity2024-09-3006880887ns5:FurtherSpecificReserve1ComponentTotalEquity2023-09-3006880887ns5:RetainedEarningsAccumulatedLosses2024-09-3006880887ns5:RetainedEarningsAccumulatedLosses2023-09-3006880887ns5:LandBuildings2023-09-3006880887ns5:PlantMachinery2023-09-3006880887ns5:LandBuildings2023-10-012024-09-3006880887ns5:PlantMachinery2023-10-012024-09-3006880887ns5:LandBuildings2024-09-3006880887ns5:PlantMachinery2024-09-3006880887ns5:LandBuildings2023-09-3006880887ns5:PlantMachinery2023-09-3006880887ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-3006880887ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3006880887ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-09-3006880887ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-3006880887ns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3006880887ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3006880887ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3006880887ns5:Secured2024-09-3006880887ns5:Secured2023-09-3006880887ns10:OrdinaryShareClass12024-09-3006880887ns5:RevaluationReserve2023-09-30
REGISTERED NUMBER: 06880887 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2024

FOR

EVOLUTION SHEET METAL LIMITED

EVOLUTION SHEET METAL LIMITED (REGISTERED NUMBER: 06880887)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EVOLUTION SHEET METAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: J R Collins
A T Collins





REGISTERED OFFICE: Hangar 4
Upwood Air Park
Ramsey Road
Bury
Cambridgeshire
PE26 2RA





REGISTERED NUMBER: 06880887 (England and Wales)





ACCOUNTANTS: Thompson Taraz Rand Ltd
Chartered Accountants
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA

EVOLUTION SHEET METAL LIMITED (REGISTERED NUMBER: 06880887)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 844,700 842,636
Investment property 6 222,000 214,000
1,066,700 1,056,636

CURRENT ASSETS
Stocks 30,112 25,347
Debtors 7 204,505 168,932
Cash at bank and in hand 41,922 100,992
276,539 295,271
CREDITORS
Amounts falling due within one year 8 (168,090 ) (172,078 )
NET CURRENT ASSETS 108,449 123,193
TOTAL ASSETS LESS CURRENT LIABILITIES 1,175,149 1,179,829

CREDITORS
Amounts falling due after more than one
year

9

(134,191

)

(191,880

)

PROVISIONS FOR LIABILITIES (59,355 ) (20,760 )
NET ASSETS 981,603 967,189

CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 12 190,020 157,724
Other reserves - 35,142
Retained earnings 791,483 774,223
SHAREHOLDERS' FUNDS 981,603 967,189

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

EVOLUTION SHEET METAL LIMITED (REGISTERED NUMBER: 06880887)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2025 and were signed on its behalf by:





J R Collins - Director


EVOLUTION SHEET METAL LIMITED (REGISTERED NUMBER: 06880887)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Evolution Sheet Metal Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the sale of metallic goods fabricated from sheet metal. Turnover is measured at the fair value of consideration received or receivable net of Value Added Tax.

Where projects span more than one financial year income is recognised only when a reasonable stage of completion can be identified. When payments are received in advance of work being done, income is deferred to the period in which the work is completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - Straight line over 10 to 13 years

The directors believe the residual value of the freehold property to be equal or more than the current valuation, resulting in a depreciation charge of £nil in both the current and previous year.

Investment property
Investment property is measured at its fair value as at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


EVOLUTION SHEET METAL LIMITED (REGISTERED NUMBER: 06880887)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are recognised in the statement of
financial position as assets and liabilities at the lower of the fair value of the assets and the
present value of the minimum lease payments, which is determined at the inception of the lease
term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding
lease liability using the effective interest method. Finance charges are allocated to each period so
as to produce a constant rate of interest on the remaining balance of the liability.

Freehold property
Freehold property is held at its fair value at the year end date with external valuations carried out every 5 years. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

No depreciation has been charged on the freehold property as it is expected the future resale value will exceed the current carrying value.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

EVOLUTION SHEET METAL LIMITED (REGISTERED NUMBER: 06880887)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 665,000 520,875 1,185,875
Additions - 34,068 34,068
At 30 September 2024 665,000 554,943 1,219,943
DEPRECIATION
At 1 October 2023 - 343,239 343,239
Charge for year - 32,004 32,004
At 30 September 2024 - 375,243 375,243
NET BOOK VALUE
At 30 September 2024 665,000 179,700 844,700
At 30 September 2023 665,000 177,636 842,636

The freehold property was revalued to £665,000. The valuation was done on an
open market, existing use basis by Barker Storey Matthews.

If the land & buildings had not been included at valuation, they would be included under the
historical cost convention, as follows:

2024 (£)2023 (£)
Cost of Freehold Property478,857478,857
Cost of investment property160,850160,850

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 October 2023
and 30 September 2024 24,330
DEPRECIATION
At 1 October 2023 4,974
Charge for year 4,839
At 30 September 2024 9,813
NET BOOK VALUE
At 30 September 2024 14,517
At 30 September 2023 19,356

EVOLUTION SHEET METAL LIMITED (REGISTERED NUMBER: 06880887)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. TANGIBLE FIXED ASSETS - continued

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


Plant & machinery
(£)
At 30 September 202120,191
At 30 September 202020,191

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 214,000
Revaluations 8,000
At 30 September 2024 222,000
NET BOOK VALUE
At 30 September 2024 222,000
At 30 September 2023 214,000

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2020 40,449
Valuation in 2024 8,000
Cost 173,551
222,000

If the investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 173,551 173,551

Investment property was valued on an open market basis on 30 September 2024 by the director .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 193,411 159,545
Other debtors 11,094 9,387
204,505 168,932

EVOLUTION SHEET METAL LIMITED (REGISTERED NUMBER: 06880887)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 48,868 24,693
Hire purchase contracts - 1,570
Trade creditors 75,078 48,814
Taxation and social security 23,579 41,946
Other creditors 20,565 55,055
168,090 172,078

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 134,191 191,880

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,692 81,100

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 183,059 216,573
Hire purchase contracts - 1,570
183,059 218,143

Bank loans have been secured by way of fixed charge over the company's trading premises, fixed plant and machinery and a floating charge over moveable machinery.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

EVOLUTION SHEET METAL LIMITED (REGISTERED NUMBER: 06880887)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12. RESERVES
Revaluation
reserve
£   
At 1 October 2023 157,724
No description 32,296

At 30 September 2024 190,020

13. RELATED PARTY DISCLOSURES

The directors were owed £8,310 (2023: £39,149) at the year end. The amount is repayable on demand, bears no interest and is disclosed within other creditors.