REGISTERED NUMBER: 10489160 (England and Wales)

Financial Statements

for the Year Ended 31st December 2024

for

EVOLVE DYNAMICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

V M Chavez

H T F Minnock

Ms H M Reynolds

M S J Sims

T Redman

SECRETARY:

Mrs L Valteris

REGISTERED OFFICE:

Redhill Chambers

2d High Street

Redhill

Surrey

RH1 1RJ

REGISTERED NUMBER:

10489160 (England and Wales)

ACCOUNTANTS:

Cheeld Wheeler & Co

Chartered Certified Accountants

Redhill Chambers

2d High Street

Redhill

Surrey

RH1 1RJ

FIXED ASSETS

Tangible assets

5

402,209

371,963

CURRENT ASSETS

Stocks

6

2,140,885

1,278,760

Debtors

7

3,534,617

1,023,620

Cash at bank

525,204

49,638

6,200,706

2,352,018

CREDITORS

Amounts falling due within one year

8

1,752,672

2,992,230

NET CURRENT ASSETS/(LIABILITIES)

4,448,034

(640,212

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,850,243

(268,249

)

CREDITORS

Amounts falling due after more than one year

9

4,943

15,081

NET ASSETS/(LIABILITIES)

4,845,300

(283,330

)

CAPITAL AND RESERVES

Called up share capital

617

411

Share premium

10,708,063

2,490,947

Retained earnings

(5,863,380

)

(2,774,688

)

SHAREHOLDERS' FUNDS

4,845,300

(283,330

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

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 25th September 2025 and were signed on its behalf by:

T Redman - Director

1.	STATUTORY INFORMATION

Evolve Dynamics 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.

2.	GOING CONCERN

The company has made a loss this year after taxation of £3,088,692 due to ongoing research and development expenditure. The directors of the company are satisfied that the company can continue to trade with the support of its creditors.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 24 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st January 2024

277,410

27,842

54,616

Additions

15,782

7,084

14,735

At 31st December 2024

293,192

34,926

69,351

DEPRECIATION

At 1st January 2024

70,144

16,238

17,701

Charge for year

53,380

3,856

11,349

At 31st December 2024

123,524

20,094

29,050

NET BOOK VALUE

At 31st December 2024

169,668

14,832

40,301

At 31st December 2023

207,266

11,604

36,915

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st January 2024

15,495

169,661

545,024

Additions

-

104,221

141,822

At 31st December 2024

15,495

273,882

686,846

DEPRECIATION

At 1st January 2024

4,827

64,151

173,061

Charge for year

2,667

40,324

111,576

At 31st December 2024

7,494

104,475

284,637

NET BOOK VALUE

At 31st December 2024

8,001

169,407

402,209

At 31st December 2023

10,668

105,510

371,963

6.

STOCKS

2024

2023

£

£

Stocks

2,140,885

1,278,760

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

307,357

362,229

Other debtors

41,064

35,583

Deferred tax asset

2,279,184

505,879

Tax

439,875

32,369

VAT

1,436

-

Accrued income

134,665

-

Prepayments

331,036

87,560

3,534,617

1,023,620

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 10)

9,882

9,882

Other loans (see note 10)

433,333

1,500,030

Trade creditors

323,933

673,170

Social security and other taxes

96,616

203,147

VAT

-

76,729

Other creditors

4,650

5,828

Deferred Income

377,312

389,973

Accrued expenses

465,356

105,001

Customer deposits

41,590

28,470

1,752,672

2,992,230

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans (see note 10)

4,943

15,081

10.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

12

12

Bank loans

9,870

9,870

Other loans

433,333

1,500,030

443,215

1,509,912

Amounts falling due between two and five years:

Other loans - 2-5 years

4,943

15,081

11.	ULTIMATE CONTROLLING PARTY

There are no controlling parties.