Evolve Business Centre (Watford) Limited

(Registration number: 10839350) (England and Wales)
Balance Sheet as at 31 December 2024

	Note	31 December 2024 £	31 December 2023 £
Current assets
Debtors	5	51,212	58,612
Cash at bank and in hand		1,920	697
		53,132	59,309
Creditors: Amounts falling due within one year	6	(26,340)	(22,482)
Total assets less current liabilities		26,792	36,827
Creditors: Amounts falling due after more than one year	6	(26,119)	(31,446)
Net assets		673	5,381
Capital and reserves
Called up share capital	8	2	2
Retained earnings		671	5,379
Shareholders' funds		673	5,381

For the financial year ending 31 December 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 financial statements 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 financial statements.

These financial statements have been prepared and 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.

The financial statements were approved and authorised for issue by the Board on 3 December 2025 and signed on its behalf by:
 

......................................... Mr Raman Thukral Director

Evolve Business Centre (Watford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

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

The address of its registered office is:
861 Coronation Road
Park Royal
London
NW10 7PT
United Kingdom

These financial statements were authorised for issue by the Board on 3 December 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.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary and accordingly these financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current 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.

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.

Evolve Business Centre (Watford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 and subsequently measured at amortised cost using the effective interest method.

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.

Evolve Business Centre (Watford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3	Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 0 (2023: 0).

Director's remuneration for the year was £Nil (December 2023: £Nil) and no operational contract exists with the director. There were no employees in either December 2024 or December 2023.

Evolve Business Centre (Watford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Taxation

Tax charged/(credited) in the profit and loss account

	12 months to 31 December 2024 £	6 months to 31 December 2023 £
Current taxation
UK corporation tax adjustment to prior periods	75	-

5

Debtors

	Note	31 December 2024 £	31 December 2023 £
Amounts owed by related parties	9	30,900	38,300
Corporation tax recoverable		20,312	20,312
		51,212	58,612

6

Creditors

Creditors: amounts falling due within one year

	Note	31 December 2024 £	31 December 2023 £
Due within one year
Loans and borrowings	7	6,210	6,210
Trade creditors		3,480	-
Other creditors		1,198	-
Taxation and social security		13,622	13,622
Accruals and deferred income		1,830	2,650
		26,340	22,482

Creditors: amounts falling due after more than one year

	Note	31 December 2024 £	31 December 2023 £
Due after one year
Loans and borrowings	7	26,119	31,446

Evolve Business Centre (Watford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7	Loans and borrowings

Current loans and borrowings

	31 December 2024 £	31 December 2023 £
Bank borrowings	6,210	6,210

Non-current loans and borrowings

	31 December 2024 £	31 December 2023 £
Bank borrowings	26,119	31,446

Bank borrowings consists of a government-backed Bounce Back Loan of £32,329 (December 2023: £37,656) with a repayment term of 10 years from July 2020. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

8	Share capital

Allotted, called up and fully paid shares

	31 December 2024		31 December 2023
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

9	Related party transactions

Summary of transactions with other related parties

As at 31 December 2024 the company was owed £30,900 (2023: £38,300) by a company with a common director and shareholder. The loan is interest free and reyable on demand.